Cash house buying

DeeConVal

Hi, can anyone give any advise, tips Do's & don'ts regarding buying our first a house for cash? Thanks 

whizzywoo

Do you mean without a mortgage or with a wheelbarrow full of notes?

Are you posting in the correct place?  This is a section for Disability Money Matters.  Surely you would be better posting in the house buying section. 

greatcrested

See

https://www.waterstones.com/book/how-to-buy-your-first-home-and-how-to-sell-it-too/phil-spencer/9780091935375

Flugelhorn

well - the cash is usually in the bank for one thing and you have to produce a bank statement which shows it is there. My main problem first time round was to convince the estate agent that the statement was genuine - silly woman wouldn't, it was an online account and the pdf printout was all there was - was about to withdraw  the offer when they deigned to accept it. Solicitor accepted the pdf with no problem.
Second time around lovely agent accepted a screenshot of the account balance 

AdrianC

DeeConVal said:

Hi, can anyone give any advise, tips Do's & don'ts regarding buying our first a house for cash? Thanks 

Absolutely no different to any other first house purchase... except you don't need a mortgage.

Davesnave

 Paying cash may make a purchase experience different from those where a mortgage is involved. It opens up the more 'tricky' end of the market,where the unmortgageable property resides.

We paid cash for our property because no one would lend on it at sensible rates and we weren't technically qualified to buy it anyway because of a legal restriction. It was cheap because all the people who couldn't pay cash for it were, effectively, excluded.

But yes, for the normal sort of FTB  property, the act of paying cash won't make any difference.

MobileSaver

Flugelhorn said:

you have to produce a bank statement which shows it is there. My main problem first time round was to convince the estate agent that the statement was genuine - ... Second time around lovely agent accepted a screenshot of the account balance

@Flugelhorn, you must look well dodgy!

I've bought several properties for cash and never been asked by the EA for proof of funds. However I obviously did have to provide proof to my solicitors.

To the OP, one "don't" is don't expect a discount just because you have cash; the vast majority of sellers couldn't care less whether you pay with your cash or the bank's cash so focus on "no chain" as to why they should accept your offer over someone else's.

Flugelhorn

MobileSaver said:

Flugelhorn said:

you have to produce a bank statement which shows it is there. My main problem first time round was to convince the estate agent that the statement was genuine - ... Second time around lovely agent accepted a screenshot of the account balance

@Flugelhorn, you must look well dodgy!

I've bought several properties for cash and never been asked by the EA for proof of funds. However I obviously did have to provide proof to my solicitors.

To the OP, one "don't" is don't expect a discount just because you have cash; the vast majority of sellers couldn't care less whether you pay with your cash or the bank's cash so focus on "no chain" as to why they should accept your offer over someone else's.

seems to have changed lately - wasn't asked until last year, sounds like people needing mortgages are also asked for more evidence these days.   But yep - deffo dodgy  - agree re chance of discount, found there were far too many cash buyers around for that to be attractive