Seller will only sell to cash buyers - what is he hiding?

Housebuy12345

I’m looking for a house and they have all seemed to dry up over the past few weeks. I now know what to expect for prices and potential areas.

I do however like this one https://www.rightmove.co.uk/property-for-sale/property-56050803.html which could potentially look like this. https://www.purplebricks.co.uk/property-for-sale/3-bedroom-terraced-house-manchester-243523

It was taken of the market and put back on earlier his year, according to the EA who seemed a bit bored by my 5:45pm call.

However why would the seller want a cash buyer when the seller has been ohhing and aahing about the sale for many years?

Why doesn’t Right Move list this as a new listing?

The house seems very cheap.

AdrianC

Perhaps there's already been a few sales squashed by pessimistic lender valuations?
Perhaps it's an unmortgageably short lease?

On the market for 3.5yrs certainly suggests there's something that's causing a BIG problem. And that's being reflected in "seeming very cheap". But clearly not cheap enough...

davidmcn

Housebuy12345 wrote: »

However why would the seller want a cash buyer when the seller has been ohhing and aahing about the sale for many years?

Does it currently have a tenant? They might be wanting to sell with the tenant in place, which lenders tend not to like. Or there's something about it which makes it unmortgageable e.g. structural problems.

Why doesn’t Right Move list this as a new listing?

Dunno, but I think there's the option of "pausing" marketing, and I think some properties get advertised as for sale or to let, and if a tenant goes in then they just remove the listing for the duration of the tenancy.

G_M

where does it say cash buyers only? Have I missed something?


Or did the EA say this to you whe you rang? If so I imagine that's because they were instructed to do soby the sellers.


Unmortgagable?
tenanted? (does not look it though)
structural issue?
Previous let-down by FTB with mortgage?
who knows.....

Gwendo40

How have you arrived at the conclusion that this one seems ''very cheap''??

The second one you linked to sold for £150k only 18 months ago and had a very large back garden and off road parking.

The one you're interested in would possibly cost the best part of £50k to bring up to the same standard of finish (and you still wouldn't have a back garden or off road parking)

Even if there aren't any structural issues and the 'cash buyer' demand is just the vendors preference it's still massively overpriced.

walwyn1978

Non-standard construction making it very hard/impossible to secure a mortgage on?

[Deleted User]

Or, the vendor wishes to eliminate the perpetual merry go round of: loads of viewings...….eventually an offer accepted.....wait then for purchaser to actually sell theirs......that chain falls through......vendor back to square one again :mad:


A few years ago I sold through an agency that only sent viewers who were immediately proceedable - e.g. people who do not rely on the funds of their own sale completing to buy the new place.thus eliminating that very scenario.


I chose that agency specifically so that their system weeded-out all non proceedables, and i'd do it again.

AnotherJoe

Does that estate agent charge by the picture? I've never seen such a paucity. Just three of the inside, one of which is a picture of a bed ! And another appears to show a leopard, which potentially is putting off viewers as well !?
I also am unsure if its really a three bed, it looks more like a two bed with a loft conversion not providing much ceiling height, that is masquerading as bedroom 3.
Also, only one toilet, and no rear garden.

Housebuy12345

Thanks everyone. I can’t quote but I’ll reply by this....

@AdrianC it is plausible that it’s a landlord who thought the price would rise and has a tenant so isn’t that bothered about selling? Perhaps a few years ago they wanted to sell and now they don’t, but RightMove will list it as the first time it was listed.

@davidmnc I wouldn’t know about tenants but as a potential house buyer why would that cause an issue?

@G_M the estate agent said this. Why not put it in the listing? The place looks ok. I didn’t have a chance to have a look last night. As above, what does a tenant mean for a buyer?

@Gwendo40 yes you raise interesting points. I find it ideal for what I want and the price is what I can afford. I don’t agree with your comments on £50k to bring it up to standard as it seems like it just needs cosmetic touches. You do however raise good points about the parking and garden. Indeed there isn’t parking on the road which will cause inconvenience. There is possibly only one path that the adjacent houses would use.

I do agree with your comments it is overpriced, but I would still pay for it lol.

Housebuy12345

@walwyn1978 seems to be a fairly standard house?

@Catsacor ok, but the housing market in Manchester seems to be very fast and lots of offers. The house isn’t in the best of areas but the house is what i like.... so I dunno. It was apparently back on the market since January so in four months it’s not sold, yet my mortgage in principle is way in excess of the cost of the house.

@AnotherJoe haha. Yes no floor plan and lack of pictures.

davidmcn

Housebuy12345 wrote: »

@davidmnc I wouldn’t know about tenants but as a potential house buyer why would that cause an issue?

I mean if it's not being sold with vacant possession ie you'd become the current tenant's landlord. I presume you're looking for something to live in?