Advice on wording an offer on a house please

London_Beano

Hello,

My parents have very reluctantly accepted that they need to move house, mainly to be closer to amenities / family support. After 3 months of house searching, with me despairing that they would ever find anything, they saw somewhere yesterday they would like to make an offer on.

However, this house had 10 viewings yesterday so I suspect there will be some competition. I know you might make an offer & say you have your mortgage is in place, but my parents won't need one. So is it correct to say they are cash buyers? Am not sure as of course they need the funds from their current house. They have accepted an offer on theirs from someone who is selling their house to people in rented, so it's quite a short chain though.

The EA for this particular house hasn't been much use throughout the search unfortunately, so I'd like to be sure my parents are presenting as much information as possible to make them strong contenders. As well as saying their house is under offer, is there anything else they should say?

I really don't want to to lose this just because they / me aren't very experienced in this area and might sell themselves short!

Thanks all.

kinger101

Just explain that your parents have a buyer, and will be using the proceeds from that sale to buy the house, and won't require a mortgage. Explain the motivation for the move too.

Cakeguts

To be a cash buyer you have got to have all the money needed to pay for the house in the bank now ready to pay over. If you have to sell a house to get the cash you are not a real cash buyer but someone who doesn't need a mortgage. If your parents sold their house and put the money from the sale in the bank and then rented they would then be a cash buyer. The point about a cash buyer is that they are not in any sort of chain because they already have all the money ready and they don't need a mortgage.

Your parents are not cash buyers because they have to sell their house to get the cash.