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Isn't everyone a cash buyer?
Comments
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Forget the term: Consider the attraction of a prospective purchaser who can buy today (or such timescale as vendor desires), might wish to have survey & searches done, but that can be quick.
That's what you are up against. Time, more certainty:0 -
PokerPlayer111 wrote: »Cash buyers do not have to do survey, no searches needed unless they want, no waiting around for banks on anything at any point.
True - but to really be a "cash buyer" then the cash has to be sitting in the bank. The name "cash buyer" spells it out quite clearly what it means = someone who has cash.
I didnt have to do a survey/searches/etc on swopping to my current house - as I didnt need a mortgage. But the sale was being funded from the proceeds from my last house - and therefore I wasnt a cash buyer (because my money was tied-up in that house, rather than sitting in the bank). So I didnt lie and say I was a cash buyer.
I guess the fact I didnt need a mortgage was evident by the agegroup I'm in (ie an agegroup where we should be clear of mortgage by now - retirement age). But I didnt even state that I didnt need a mortgage. I just put my offer in and that was that - take it or leave it.
Telling lies seems to be a pretty standard practice in the course of house buying/selling in Britain - not surprisingly, because we don't score very highly on any research as to how honest (or otherwise!!) we are as a nation. Saying one is a cash buyer when one isnt at all is one of the lies many people go in for. The one in the other direction being - "Oh yes....of course we'll go into rented...so the buyer can proceed smoothly" - and then many don't do so at all, as they just lied to get the buyer.
Your friend is telling you to lie - don't.0 -
If you describe yourself as a "cash buyer", the first response from the EA will be to ask and prove what you mean. One of the following situations will be soon unearthed
a) chain free
b) mortgage free
c) cash in bank, no chain & no mortgage
The EA will then describe it as they choose to the vendor / other buyers. Unfortunately it doesn't always work the other way, but you should try to ask what the EA means if they use the term 'cash buyer'0 -
Cash buyer to me mean you have the cash to buy - no chain, no mortgage.
It means you can progress quickly and not rely on any other transaction (mortgage or sale)0 -
... and you are not dependent on the sale of a property for your cash!Cash buyer means you dont need a mortgage...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
1 You are not a cash buyer.
2 You are a first time buyer.
3 It isn't the cash buyer that takes it from you. It is the vendor, the person selling the house who decides who to sell to.
4 House sales can fall through anytime between offer accepted and contracts exchanged. Many do.
5 You are expecting too much. You need more patience.0
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