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Any discount for cash buyers?
lostinfrance72
Posts: 11 Forumite
Hello
I have heard it said that cash buyers can maybe negotiate a reduction in the price for a property... is this true these days? Was it ever? We'd be buying in Scotland (if that makes any difference).
I have heard it said that cash buyers can maybe negotiate a reduction in the price for a property... is this true these days? Was it ever? We'd be buying in Scotland (if that makes any difference).
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Comments
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Isn't everybody a cash buyer?
I've never sold a house and received anything other than cash..4 -
Not any more. Plus the EAs will all hate you as they can't flog you their tied financial services!2
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high deposit/cash may put you in a better position that someone with a 5%/10% deposit if property is going for more than valuation (which, depending on location, may be the case) but I would not expect a discount0
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If you're literally a cash buyer ie money is already in the bank, you can be flexible with the date of entry etc, that might make you a bit more attractive a buyer. But if the people with mortgages are offering thousands more...0
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Depends. The best offer is not always the highest. If genuinely a cash offer & if can exchange & complete within say 5 days may be more attractive than a slightly higher offer that will take 3, 6 months.
IE speed can be the key.
Do you have full price in the bank today? Or otherwise readily accessible?
Worked for me once.0 -
In my experience people with lower LTV or nothing to sell are in better buying positions, for obvious reasons.
I think real cash buyers with nothing to sell are in the best position to negotiate.5 -
We were cash buyers (the money was on deposit) and it made no difference to our house search and purchase.
Sellers were only interested in the maximum they could get for their house, which is fair enough. We were outbid on several houses. One house we matched another buyer but the vendor still went with the other buyer as they had put in their bid first. Go figure (actually, that was a blessing in disguise for a number of reasons but we definitely dodged a bullet there).
The only thing cash did for us was to speed the actual conveyancing as we had the keys seven weeks after our offer was accepted.0 -
The vendor receives 100% of the purchase price on completion, whether you borrow money or not.
It is, frankly, not their problem whether you're a "cash buyer" or not.
The only time it's relevant is if the property may be difficult to use as security for a lender for some reason.1 -
I'd personally rather go with someone with a mortgage then a cash buyer.
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Why is that?powerful_Rogue said:I'd personally rather go with someone with a mortgage than a cash buyer.0
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