Cash buyer

RHemmings

NameUnavailable said:

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

Certainly I was believed when I said I was a cash buyer (which I was). I'm sure that many people who say the above do actually follow through. 

Jemma01

RHemmings said:

NameUnavailable said:

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

Certainly I was believed when I said I was a cash buyer (which I was). I'm sure that many people who say the above do actually follow through. 

Did the agent not ask follow up questions? Like "what's your situation? Are you selling your current house?" "Do you need the money from your house sale to buy this?"

I've been working with 7 agencies before I found the one I'm buying now. As soon as I say I want to arrange a viewing, the same standard questions are asked "do you need a mortgage? " "Are you currently renting?" "Are you a ftb?" and then create a profile for you.

I find it hard to believe that someone's genuine false understanding of "cash buyer" got them this far.

Grumpy_chap

Mrp791 said:

we excepted way under as it was a cash buyer! 

How did you determine that you accepted "way under"?
Did you have multiple offers via the EA, assessed the offers and went for the cash buyer?
Or did you have just one offer who happened to claim to be a cash buyer?

RHemmings

Jemma01 said:

RHemmings said:

NameUnavailable said:

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

Certainly I was believed when I said I was a cash buyer (which I was). I'm sure that many people who say the above do actually follow through. 

Did the agent not ask follow up questions? Like "what's your situation? Are you selling your current house?" "Do you need the money from your house sale to buy this?"

I've been working with 7 agencies before I found the one I'm buying now. As soon as I say I want to arrange a viewing, the same standard questions are asked "do you need a mortgage? " "Are you currently renting?" "Are you a ftb?" and then create a profile for you.

I find it hard to believe that someone's genuine false understanding of "cash buyer" got them this far.

I was asked those questions, pretty much the first time I talked to agents. Certainly before viewings. But, I my point is that I was never challenged nor do I remember any estate agent being skeptical of my status. I only proved my status (with bank statements) when I made a firm offer on a house. The house I'm sitting in now. 

I was responding to a post by an ex-agent who was saying that they eventually ignored claims of being a cash buyer. 

ReadySteadyPop

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!

How many other offers did you have?

ReadySteadyPop

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.

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.

That`s right, everyone else needs a buyer which is one of the reasons for why the market won`t be supported by "cash buyers" as some people hoped.

[Deleted User]

What the estate agent and lawyers should have done is ask for the proof of funds otherwise anyone can claim to be a cash buyer.

Also, personally will not be accepting a price lower because someone is a cash buyer. They should buy at auction instead. 

Jaybee_16

NameUnavailable said:

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

I was a cash buyer. Sold my flat and moved into a rental flat in the area I wanted to move to. 

badger09

Jaybee_16 said:

NameUnavailable said:

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

I was a cash buyer. Sold my flat and moved into a rental flat in the area I wanted to move to. 

And here. 

Proceeded with our sale despite losing our purchase & moved into temp accommodation during lockdowns. Not much fun moving twice, across border, during Covid (both 70+). Cash sat in bank. 

In non Covid times we’d have taken more time to find new home. But it is what it is. 

Consumer3

We were genuine cash buyers, sold and put everything into storage. Also had to wait to move cross border during covid…
EA we were buying through asked us for proof of funds as soon as we offered on the property we are in now.