Cash buyers only

yksi

Sometimes it isn't unmortgageable and still listed as cash buyers only - mine was a repossession which had already cost the mortgagee a fortune and they wanted it gone quickly. The agent did invite offers from those needing to arrange finance, but my cash offer, although not the highest offer, was the one they accepted. Like eddddy noted mine was also one where previous purchases had fallen through, and perhaps your property's previous buyer panicked over the cracking, which might not even be a problem anymore. The mortgage process itself can also add time to the completion date. Ask the agent why it's cash buyers only.

stevenbecca

sometimes you get lucky and they dona desktop valuation as happened in our town recently, an unmortgagebale property got a mortgage on it by a desktop valuation 

Thecrazy1

Thank you. I have spoken with the estate agent and his take on it, was that the vendor wants a quick sale and if some could get a mortgage and process it quickly they would not discount them. I think it is because it is an inheritance property.

eddddy

Thecrazy1 said:

Thank you. I have spoken with the estate agent and his take on it, was that the vendor wants a quick sale and if some could get a mortgage and process it quickly they would not discount them. I think it is because it is an inheritance property.

That sounds very suspicious.

If the property is advertised as only available to cash buyers, it will sell for a lot less than it would if it was available to people needing mortgages.

Is the seller really saying that they're happy to "throw away" £10k or £20k or more by advertising it as "cash buyers only" - in the hope of getting the funds a few weeks earlier?

Personally, I would happily wait a few weeks if it meant I ended up with extra tens of thousands of pounds in my trouser pocket.

I guess I'm a cynical person - but I'd suspect that somebody was hiding something from me.

lookstraightahead

eddddy said:

Thecrazy1 said:

Thank you. I have spoken with the estate agent and his take on it, was that the vendor wants a quick sale and if some could get a mortgage and process it quickly they would not discount them. I think it is because it is an inheritance property.

That sounds very suspicious.

If the property is advertised as only available to cash buyers, it will sell for a lot less than it would if it was available to people needing mortgages.

Is the seller really saying that they're happy to "throw away" £10k or £20k or more by advertising it as "cash buyers only" - in the hope of getting the funds a few weeks earlier?

Personally, I would happily wait a few weeks if it meant I ended up with extra tens of thousands of pounds in my trouser pocket.

I guess I'm a cynical person - but I'd suspect that somebody was hiding something from me.

You'd be surprised what happens with inheritance properties sometimes.

greatcrested

If it is indeed an inheritance property, the next important question is: "Has probate been granted?"