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Finance check on house buyer

Had a couple of offers on house one buyer is able to buy with cash. Estate agent is doing finance checks on buyer.

What are these and how long do they take ?

Whats the next step in the chain of things ?

Thanks.

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,193
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    The estate agent just needs to see proof of funds which should not take more than a day or two if your cash buyer really does have a large pot of cash to spend. 

    We put an offer in on a house just before Christmas. We intend to buy with the sale of our existing house but we also have an emergency back up plan to use our ISAs for a cash purchase should our sale go pear shaped. The selling estate agent had accepted our proof of funds within a few hours of us sending the evidence. 

    We now have a cash buyer for our place and again proof of funds was sorted in a couple of days of the offer going in.
  • Flugelhorn
    Flugelhorn Posts: 5,418
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    we have bought with cash and just produced a download of the bank statement - one agent wanted yer actual paper statement and we told them to get lost, either accept the printed statement for the online account or we would look elsewhere.  approval took less than a day 
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