Selling to cash buyer

Kread1985

Advice please!

We are looking to sell my nan’ House as she I saw now in 24 hour care. We possibly have a cash buyer, but we are unsure if the process. Do we need a solicitor? Are there any fees for us?

Any help/advice would be very welcome!

Thanks!

Davesnave

Is your Nan's house in a bad state of repair and likely to be hard to sell? This is the main reason I could imagine why you'd consider selling to a single individual than place the property on the open market.

At the very least you need a solicitor and someone in the family who has the legal authority to act for your Nan, if she is unable to manage her own financial affairs.

That person has a duty to obtain the best price they can for the property, not just accept the first offer that comes along from a 'cash buyer,' whatever that is. Many people say they are cash buyers and later turn out to be stretching the truth.

The solicitor will charge a fee, but it can come from the sale of the property.

glentoran99

Davesnave wrote: »

Is your Nan's house in a bad state of repair and likely to be hard to sell? This is the main reason I could imagine why you'd consider selling to a single individual than place the property on the open market.

At the very least you need a solicitor and someone in the family who has the legal authority to act for your Nan, if she is unable to manage her own financial affairs.

That person has a duty to obtain the best price they can for the property, not just accept the first offer that comes along from a 'cash buyer,' whatever that is. Many people say they are cash buyers and later turn out to be stretching the truth.

Indeed, there was a thread on here a while ago that the OP believed he was a cash buyer even when getting a mortgage as they then have cash

Kread1985

The house isn’t in a bad state, it needs modernising of course, but other than that it’s in good condition.

She has dementia & hasn’t after a gal has been sent to a care Home after fall. They are not allowing her to return home & my Mum is her power of attorney.

Someone has approached her saying they are a cash buyer & want to buy. For ease & speed we thought it’s be a good idea, however we’ve not been in this situation before.

Thanks for your help

Cakeguts

Your mum has got to get the best possible price because of the power of attorney so it isn't a good idea to accept the first offer like this.

Get some valuations from 3 estate agents and see how they compare to the cash offer. If the cash offer is a lot lower you will be able to think about what to do.

betsie

I would also want proof they have the cash.

Hoogle

Also protect yourself with a solicitor last thing you want is money laundering or anything along those lines. Have heard stories of people saying no chain money in place, house gets taken off market etc and all falls through last minute

Davesnave

betsie wrote: »

I would also want proof they have the cash.

No worries. Your solicitor will check that out.

theartfullodger

Who has got the authority to act on nan's behalf, or is nan OK & signing all the paperwork herself.

For the protection of her interests and to ensure nobody suggests anyone else is up to no good, do it through a solicitor.

agrinnall

theartfullodger wrote: »

Who has got the authority to act on nan's behalf, or is nan OK & signing all the paperwork herself.

For the protection of her interests and to ensure nobody suggests anyone else is up to no good, do it through a solicitor.

Post #4. Op's mum, and no if her nan has dementia.

G_M

Kread1985 wrote: »

.....my Mum is her power of attorney.
....

Your mum should take that resonsibility seriously. She must act in your nan's 'best interests', and that means


a) getting the best price possible for the property and
b) being able to show she got the best price

That means she should put the property on the open market to see if anyone is willing to pay more.

Put the property with a local estate agent, on a 'sole agent' contract (that means just one agent can sell), but not a 'sole selling rights' contract (which would mean paying the agent even if the property is eventually sold to this cash buyer who the agent did not find).

Give the agent the cash-buyer's name and make it clear that if they buy, no fee will be due to th agent.

I sometimes suggest that in some cases, sellers can DIY the conveyancing (no solicitor). In this case - no. You should choose a solicitor to do the converancing.

I would visit several local ones, speak to them, see how you like each one, and see what fees they quote. then choose one.

Explain wat you are doing to the cash buyer, and why. If they are willing to wait till the property has been advertised for 2-3 weeks, and no better offers are received, then sell to the cash buyeer.