How to prove you are a cash buyer?

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How do you prove your are a genuine cash buyer? Naturally the sales agent needs to know your not a Walter Mitty  character. Lets be clear here, it’s money you have in a savings account and not what a bank will promise to lend to you.

A, Do you show the sales agent your savings account via your mobile phone?

B, Do you bring in bank a paper statement?

Also say for example you have £500k in a NS&I bond, but the house you want to buy (new build) is £350K. You really don’t want to show your hand when negotiating with the sale agent do you.

seven-day-weekend

I just showed them my bank statement, with the bits they didn't need to see crossed out.

comeandgo

Why does it matter how much you have in the bank?  Surely you will only pay what you think a property is worth?

user1977

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Also say for example you have £500k in a NS&I bond, but the house you want to buy (new build) is £350K. You really don’t want to show your hand when negotiating with the sale agent do you.

Only if you were planning to use the "no I really can't afford that" argument. I mean, if Tesco knew that I had £100 in my pocket, it doesn't make it any more likely that I'd pay that for a tin of beans.

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comeandgo said:

Why does it matter how much you have in the bank?  Surely you will only pay what you think a property is worth?

I bought a new build a while back, I was incredibly naive It was my would be dream home and I wanted it!  Like a idiot I was telling the sales agent all the good things about the house and I will be back to think about it and bring a cash deposit. The house builder priced it up another £10,000 next day I think.....I still bought the house. This is a lesson I do not intend to repeat!

Doozergirl

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comeandgo said:

Why does it matter how much you have in the bank?  Surely you will only pay what you think a property is worth?

I bought a new build a while back, I was incredibly naive It was my would be dream home and I wanted it!  Like a idiot I was telling the sales agent all the good things about the house and I will be back to think about it and bring a cash deposit. The house builder priced it up another £10,000 next day I think.....I still bought the house. This is a lesson I do not intend to repeat!

People don't think about other people when they do things. They didn't think about you when they put the price up.  Even if they did, they don't know you're prepared to pay it.  

Developers do put prices up.  All the time.  It sounds like an unfortunate coincidence for you.  

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user1977 said:

Thumbs_Up said:

Also say for example you have £500k in a NS&I bond, but the house you want to buy (new build) is £350K. You really don’t want to show your hand when negotiating with the sale agent do you.

Only if you were planning to use the "no I really can't afford that" argument. I mean, if Tesco knew that I had £100 in my pocket, it doesn't make it any more likely that I'd pay that for a tin of beans.

I do get the supply and demand argument but Its called negotiation or brinkmanship. Many a time I have gone in a coffee shop with a 100 quid in the wallet chatting up the cashiers and coming out with free cookies with the bought coffee. Surely you try it on. Admittedly it's a bit cheeky you want 5 grand knock off a new car even though you walked in as a Multi-Millionaire.

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Doozergirl said:

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comeandgo said:

Why does it matter how much you have in the bank?  Surely you will only pay what you think a property is worth?

I bought a new build a while back, I was incredibly naive It was my would be dream home and I wanted it!  Like a idiot I was telling the sales agent all the good things about the house and I will be back to think about it and bring a cash deposit. The house builder priced it up another £10,000 next day I think.....I still bought the house. This is a lesson I do not intend to repeat!

People don't think about other people when they do things. They didn't think about you when they put the price up.  Even if they did, they don't know you're prepared to pay it.  

Developers do put prices up.  All the time.  It sounds like an unfortunate coincidence for you.  

Doozergirl said:

Thumbs_Up said:

comeandgo said:

Why does it matter how much you have in the bank?  Surely you will only pay what you think a property is worth?

I bought a new build a while back, I was incredibly naive It was my would be dream home and I wanted it!  Like a idiot I was telling the sales agent all the good things about the house and I will be back to think about it and bring a cash deposit. The house builder priced it up another £10,000 next day I think.....I still bought the house. This is a lesson I do not intend to repeat!

People don't think about other people when they do things. They didn't think about you when they put the price up.  Even if they did, they don't know you're prepared to pay it.  

Developers do put prices up.  All the time.  It sounds like an unfortunate coincidence for you.  

 

I truly think in this case they did. I lived local to the new build site and with me stupidly talking up the house I was certainly profiled as a positive buyer.

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user1977 said:

Thumbs_Up said:

Also say for example you have £500k in a NS&I bond, but the house you want to buy (new build) is £350K. You really don’t want to show your hand when negotiating with the sale agent do you.

Only if you were planning to use the "no I really can't afford that" argument. I mean, if Tesco knew that I had £100 in my pocket, it doesn't make it any more likely that I'd pay that for a tin of beans.

I do get the supply and demand argument but Its called negotiation or brinkmanship. Many a time I have gone in a coffee shop with a 100 quid in the wallet chatting up the cashiers and coming out with free cookies with the bought coffee. Surely you try it on. Admittedly it's a bit cheeky you want 5 grand knock off a new car even though you walked in as a Multi-Millionaire.

To be clear i am not a Multi-Millionaire!

user1977

Thumbs_Up said:

user1977 said:

Thumbs_Up said:

Also say for example you have £500k in a NS&I bond, but the house you want to buy (new build) is £350K. You really don’t want to show your hand when negotiating with the sale agent do you.

Only if you were planning to use the "no I really can't afford that" argument. I mean, if Tesco knew that I had £100 in my pocket, it doesn't make it any more likely that I'd pay that for a tin of beans.

I do get the supply and demand argument but Its called negotiation or brinkmanship. Many a time I have gone in a coffee shop with a 100 quid in the wallet chatting up the cashiers and coming out with free cookies with the bought coffee. Surely you try it on. Admittedly it's a bit cheeky you want 5 grand knock off a new car even though you walked in as a Multi-Millionaire.

You negotiate based on what the value of the item is, not how much money the buyer might have available.

Thrugelmir

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Also say for example you have £500k in a NS&I bond, but the house you want to buy (new build) is £350K. 

Why would you spend £500k on a £350k house. You offer what the house is worth to you. If a unique property comes onto the market after 50 years in the same ownership. Then bidders may well go over asking to secure the purchase. Some people will spend to get what they desire.