Cash buyer

Mrp791

I excepted an offer on a property I have , we excepted way under as it was a cash buyer! It has taken 2 months for him to pass aml checks and now we’ve found out he’s getting a 50% mortgage feel like we’ve been lied to to get a lower rate . We were told should be done in a few months and it’s been 2 months and searches do not start till tomorrow . My ea went through lifetime legal apparently to do aml originally how come this wasn’t picked up our ea have been awful. Property left unlocked list goes on

Jemma01

I have zero tolerance to crap like this. You only accepted a lower offer because they lied and claimed to be cash buyers. I'd change the price back up, and he either takes it or leaves it.

Mrp791

Jemma01 said:

I have zero tolerance to crap like this. You only accepted a lower offer because they lied and claimed to be cash buyers. I'd change the price back up, and he either takes it or leaves it.

Problem is we’re using the sale of this property 
to buy our new home so stuck between a rock and a hard place! 

Surely this should’ve been picked up before memos of sale were sent out!

BarelySentientAI

Plenty of people use "cash buyer" to mean "not selling a house so there is no chain", even though those things are not the same.

Jemma01

Mrp791 said:

Jemma01 said:

I have zero tolerance to crap like this. You only accepted a lower offer because they lied and claimed to be cash buyers. I'd change the price back up, and he either takes it or leaves it.

Problem is we’re using the sale of this property 
to buy our new home so stuck between a rock and a hard place! 

Surely this should’ve been picked up before memos of sale were sent out!

Are you willing to put it back on the market and see if you get a genuine cash buyer while the other is progressing their application? I despise gazumping, but if come lying to get away with a low offer, you brought it on yourself.

My agent asked for a proof of fund, and I sent it to them. Did he present your agent with such evidence? (I'm not a cash buyer and they still asked for a proof).

9elf

Mrp791 said:

I excepted an offer on a property I have , we excepted way under as it was a cash buyer!

What’s the logic here to expect/accept a ‘way under’ offer because they are a cash buyer.  So what?  You still get paid if they have a mortgage.  Is it just a speed thing?  How normal is it to expect a cash buyer to pay ‘way under’?

propertyrental

It's a simple choice. Either

* you grit your teeth, ignore what was said in the past, and continue the sale however long it takes, or

* you increase the sale price and see if the buyer agrees or walks away, or

* you walk away.

Up to you.

bobster2

BarelySentientAI said:

Plenty of people use "cash buyer" to mean "not selling a house so there is no chain", even though those things are not the same.

Indeed. People should use the term "chain free".

propertyrental

A 'real' cash buyer has cash in the bank.

Not tied up in either an existing property, or a mortgage application.

BungalowBel

People use the term 'cash buyer' to mean : I have nothing to sell, so won't be in a chain but might need a mortgage (as mentioned above)
or :  I will be a cash buyer when my house sale has completed (which means they don't have the cash now) - they should use the term 'cash buyer on completion',  don't need a mortgage.
Neither of these are cash buyers.  One is not a cash buyer at all and the other one is not a cash buyer yet.

A cash buyer is one who has the full amount  of cash in the bank, ready and waiting.

user1977

propertyrental said:

A 'real' cash buyer has cash in the bank.

Nah, a real cash buyer has a carrier bag full of tenners....