Cash buyer

Schwarzwald

if you accepted a lower offer due to the claim the buyer is a cash buyer.
and that is / has never been the case.
tell them you remarket.
if they start like this, likely more "surprises" to come ...

BikingBud

BungalowBel said:

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.

There are a number of differing interpretations that people may wish to try and use but what is not negotiable is what the vendor expects and what the potential buyer might offer.

They only way to really determine how it affects your transaction is to establish your own understanding of the purchasers status based upon your own expectations, it seems to be focussed on speed of progress to completion rather than source of funds or anything else, and if there is a mismatch then do not accept the offer.

propertyrental

user1977 said:

propertyrental said:

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

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

I did that once years ago.

NameUnavailable

Have they even got the mortgage offer? What they're saying is they don't have ALL the cash needed and now have to borrow. How do you know they will get the mortgage in any case? Sounds like time wasters.

I was strung along by a so called 'cash buyer developer' who wanted to buy my place, but there was one delay after another (illness, emergency with family overseas, etc. etc.) until it then transpired they needed to sell other property to have the cash to buy mine. I gave up and put it up for sale again.

Hoenir

Probably find they've been offering on other properties as well. Stringing you along. 

AlexMac

user1977 said:

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

This happened to a mate of ours, 40 odd years ago. 

The geezer, called Johnny, was local… but mate wisely declined the offer. 

Just as well. He and his spouse had a couple of dogs;  one called Brinks. One called Matt. 

We kid you not

YoungBlueEyes

propertyrental said:

user1977 said:

propertyrental said:

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

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

I did that once years ago.

Well you can't just leave that there! What happened next...? 

Albermarle

BungalowBel said:

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.

Even a 'real' cash buyer is unlikely to have the whole amount just sitting in their bank account for months on end. 
I would think normally they would have to arrange transfers from other accounts in the week before completion, and there could still then be unexpected delays.

BungalowBel

Albermarle said:

BungalowBel said:

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.

Even a 'real' cash buyer is unlikely to have the whole amount just sitting in their bank account for months on end. 
I would think normally they would have to arrange transfers from other accounts in the week before completion, and there could still then be unexpected delays.

We did.    

We transferred it into the Solicitor's account by Bank Transfer.

The property was only £85k though.

NameUnavailable

When I was an estate agent the most common things I heard and learnt to ignore after finding nearly every time to be untrue were;

I'm a cash buyer

I've already sold/don't have a property to sell

I can move into rented to get a quick sale