Cash buyer?

HRH_MUngo

I would say a cash buyer is a person with money in the bank who could buy the house without having to sell their own first.

babyblade41

My experience with cash buyers isn't always the best & I have been one many times.

My last house had an offer from a cash buyer, no surveys, nothing to sell, but they hadn't invested any money so just 2 days before exchange they pulled out 

This has happened twice before 

My ideal buyer is  mortgage required, in rented & with more than 10% deposit & I really like end of chain purchases

movilogo

Cash buyer is a misleading. It can mean 2 things:

[1] Entire cash sitting on the bank, no need to sell anything - so not in a chain
[2] Don't need a mortgage as will be getting the money after selling current property - so in a chain

canaldumidi

movilogo said:

Cash buyer is a misleading. It can mean 2 things:

[1] Entire cash sitting on the bank, no need to sell anything - so not in a chain

[2] Entire cash sitting in a suitcase, no need to sell anything - so not in a chain

[3] Don't need a mortgage as will be getting the money after selling current property - so in a chain

...................................................

theartfullodger

Advertise yourself as a cash buyer, may be very attractive to some sellers.

You might decide on a mortgage now or later this liberating funds for something else....

powerful_Rogue

I also would prefer to sell to someone needing a mortgage over a 'cash buyer'.

TheJP

Doesn't really matter what you are to be honest. The money is all the same when it reaches the bank account of the seller!

Aliss08

Thanks for all the replies, there seems a lot of confusion over exactly what a cash buyer is.  My question was prompted by an estate agent telling me I would be a cash buyer due to downsizing and no mortgage needed. I didn’t think I would be.

justwhat

Cash buyer is someone that can pay straight away. Has access to the cash with no ties. However the definition is getting cloudy.

So i would say you are not and only become one when you have sold your house. A cash buyer can move on a sale rapidly. (you can't, it may take you 2 years to sell your house as an example).  

If i was a seller i would much prefer to sell to a buyer with no ties and cash at the ready.

Megaross

Think of it like this - whereby you see properties of non standard construction the ad will often say "Cash buyers only" because you are unlikely to be able to secure a mortgage on such a property.

Subsequently, any non mortgaged buyer can be considered a cash buyer.