Lost out on my dream home to a cash buyer

robatwork

We were all first time buyers, and I'm sure you're more than reasonable, but frankly some of the questions and opinions of FTBs on this board make it obvious why someone would prefer a "cash buyer".

Also, we've lost out on 2 "dream houses". Both times the one we found afterwards was better than said dream home.

MaryNB

robatwork said:

We were all first time buyers, and I'm sure you're more than reasonable, but frankly some of the questions and opinions of FTBs on this board make it obvious why someone would prefer a "cash buyer".

Also, we've lost out on 2 "dream houses". Both times the one we found afterwards was better than said dream home.

I was a first time buyer not long ago and had spent a lot of time reading up about the process and asking friends who had already bought not long before me, I still learnt a lot more actually going through the process. I was very green. 

If I was selling I would be wary of a prospective buyer who was already applying for a mortgage before I had accepted their offer, especially if their valuation surveyor gets in contact to have a nose around my house. Means the buyer hadn't even bothered spending 5 minutes reading up about the process of buying a house. 

lookstraightahead

Thrugelmir said:

lookstraightahead said:

It's because cash buyers often don't require valuations, or surveys, and lots of sellers are wanting to sell for more than the house is worth (although it could be anything).

Generally speaking anybody that doesn't have a survey for such an expensive purchase is foolish. Dream looking homes can hide a multude of sins. Been there myself in the past. 

I absolutely agree 

MysteryMe

Thrugelmir said:

MysteryMe said:

do you really need a second viewing?

You notice far more on subsequent vists to the property.  Why rush an expensive purchase? People that view for 10 minutes then offer are often the ones to mess you about subsequently. 

Who said anything about a 10 minute viewing? Not me for a start.  

Who says people aren't capable of looking out for the potential issues I highlighted in my post in one viewing?  Write a list if need be. The OP has been house hunting for a long time. They should know what they want by now.  It seems they did find a house that fit their criteria and lost out because someone who also recognized that the property fitted their criteria did what the OP should have done and actually offered on it.  That's not "rushing" that's being prepared to make a decision based on what they have learned from their previous experience.  It's not the number of viewings that counts, it's what you actually do during the viewing.

I've bought three houses on one viewing, none during a hot property market, and had no regrets at all, least of all financially, about any of them.  That's because I do my research on everything that can be researched beforehand so that the actual viewing is solely about the property. I didn't mess anyone around either so your claim "are often the ones to mess you around" may be based on your first hand experience, but not mine. I'd counter by saying people who know what they want are less likely mess people around.

Slithery

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

It's because cash buyers often don't require valuations, or surveys, and lots of sellers are wanting to sell for more than the house is worth (although it could be anything).

Generally speaking anybody that doesn't have a survey for such an expensive purchase is foolish. Dream looking homes can hide a multude of sins. Been there myself in the past. 

I absolutely agree 

Not necessary foolish at all.

I've bought properties for cash before without searches or surveys because I lived in the area and knew what I was looking at.

How much more money-saving can you get?

MzH_2021

When selling our property we had two offers at the same price, one FTB and one investor with cash. We picked the FTB though we knew it would be riskier and slower, we preferred the idea of selling to someone who would live in the house and wanted to help a FTB as it had been our first home. Accepted their offer, 24 hours later they withdrew their offer due to "personal reasons". Cash buyer has thankfully agreed to buy at same price as previously offered. 

lookstraightahead

Slithery said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

It's because cash buyers often don't require valuations, or surveys, and lots of sellers are wanting to sell for more than the house is worth (although it could be anything).

Generally speaking anybody that doesn't have a survey for such an expensive purchase is foolish. Dream looking homes can hide a multude of sins. Been there myself in the past. 

I absolutely agree 

Not necessary foolish at all.

I've bought properties for cash before without searches or surveys because I lived in the area and knew what I was looking at.

How much more money-saving can you get?

Wow really how do you know everything about the house without any surveys and searches?

I've bought a house 200 years old this year with a very small mortgage so the lenders weren't that bothered, but it was really useful to have a structural engineers report to hand as I'm no expert. Will save us loads of money down the line with lots of things, and the order to do things in.

csgohan4

Slithery said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

It's because cash buyers often don't require valuations, or surveys, and lots of sellers are wanting to sell for more than the house is worth (although it could be anything).

Generally speaking anybody that doesn't have a survey for such an expensive purchase is foolish. Dream looking homes can hide a multude of sins. Been there myself in the past. 

I absolutely agree 

Not necessary foolish at all.

I've bought properties for cash before without searches or surveys because I lived in the area and knew what I was looking at.

How much more money-saving can you get?

but surely not as  FTB?

MobileSaver

Slithery said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

It's because cash buyers often don't require valuations, or surveys, and lots of sellers are wanting to sell for more than the house is worth (although it could be anything).

Generally speaking anybody that doesn't have a survey for such an expensive purchase is foolish. Dream looking homes can hide a multude of sins. Been there myself in the past. 

I absolutely agree 

Not necessary foolish at all. I've bought properties for cash before without searches or surveys because I lived in the area and knew what I was looking at.

Similar here. I bought my mum a house for cash with no searches or survey. I didn't know the area but other family members did and a builder mate checked the house wasn't about to fall down.

That was around ten years ago now and she's still loving every minute of being there.

user1977

lookstraightahead said:

Slithery said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

It's because cash buyers often don't require valuations, or surveys, and lots of sellers are wanting to sell for more than the house is worth (although it could be anything).

Generally speaking anybody that doesn't have a survey for such an expensive purchase is foolish. Dream looking homes can hide a multude of sins. Been there myself in the past. 

I absolutely agree 

Not necessary foolish at all.

I've bought properties for cash before without searches or surveys because I lived in the area and knew what I was looking at.

How much more money-saving can you get?

Wow really how do you know everything about the house without any surveys and searches?

I've bought a house 200 years old this year with a very small mortgage so the lenders weren't that bothered, but it was really useful to have a structural engineers report to hand as I'm no expert. Will save us loads of money down the line with lots of things, and the order to do things in.

A survey on a 200 year old house is fair enough - but what did the searches tell you that was news to you, and/or couldn't have been figured out from other sources? Things like planning applications are freely available on the council's website. If you already know the area then you'll know that e.g. HS2 isn't about to be built through the back garden, you don't need to wait weeks/months for somebody else to reassure you.