At what point can i start to view, (cash buying)

HouseMartin567

pjs493 said:

I’d start viewing now. By the time you make an offer, do all the searches, enquiries, etc, you’ll likely be looking at March or beyond as a completion date anyway. Be open and upfront about your situation. 

For context, I’m selling a flat that was previously rented out. It has been empty and on the market since September. I’ve had a mixture of viewings from first time buyers able to move fast once an offer is made and people who would have to sell their current property and haven’t even marketed their property yet. 

I’ve had an offer from someone who hasn’t sold their house yet (which I discounted because they aren’t in a proceedable position and suggested they wait until they can proceed to make an offer). Two or three times I’ve had first time buyers torn between my flat and one other and ultimately they made an offer on the other property. If someone viewed, made an offer, and explained they’d be a cash buyer with a completion date in March, I’d accept that offer. 

My flat was almost sold in the summer and the buyer backed out at the 11th hour because they couldn’t get their finances to work. They made me an offer in February and dragged things out for over six months before finally admitting they couldn’t move forward for financial reasons. 

I’ll start by saying everyone is different but I’ll counter the above post by saying I fall into the cynical camp, and if I had an offer based off a declaration of ‘I’ll have the cash in March’, I wouldn’t be removing my property from the market - and I say this as someone with a property on the market.

theoretica

I think there is a difference between saying, unsupported, the cash is coming, and being able to show that the pension is there and the request put in for cashing it after a birthday.  That seems more similar to a mortgage offer - or someone in a chain - where the buyer doesn't actually have the cash either, just an arrangement to get it. But perhaps an explanation needs to be worded a bit carefully.

Would you be happy to exchange now for completion in March?  That might give sellers some reassurance.

MobileSaver

HouseMartin567 said:

pjs493 said:

If someone viewed, made an offer, and explained they’d be a cash buyer with a completion date in March, I’d accept that offer.

I fall into the cynical camp, and if I had an offer based off a declaration of ‘I’ll have the cash in March’, I wouldn’t be removing my property from the market - and I say this as someone with a property on the market.

Same here. I'm selling a property right now and have just accepted one of several cash offers; the buyer had to show proof of funds and there is zero chance I would have accepted if they'd said they could not afford it until March next year.

My view is that now is far too soon to be viewing properties, the OP is wasting both their own and the seller's time and is just setting themselves up to be disappointed.

newsgroupmonkey_

MobileSaver said:

HouseMartin567 said:

pjs493 said:

If someone viewed, made an offer, and explained they’d be a cash buyer with a completion date in March, I’d accept that offer.

I fall into the cynical camp, and if I had an offer based off a declaration of ‘I’ll have the cash in March’, I wouldn’t be removing my property from the market - and I say this as someone with a property on the market.

Same here. I'm selling a property right now and have just accepted one of several cash offers; the buyer had to show proof of funds and there is zero chance I would have accepted if they'd said they could not afford it until March next year.

My view is that now is far too soon to be viewing properties, the OP is wasting both their own and the seller's time and is just setting themselves up to be disappointed.

I'm absolutely with you here.

The OP has nothing. No money. No cash. They're currently not a cash buyer.

When they have the money in their account, they become a cash buyer. Until then, they're not.

Herzlos

theoretica said:

I think there is a difference between saying, unsupported, the cash is coming, and being able to show that the pension is there and the request put in for cashing it after a birthday.  That seems more similar to a mortgage offer - or someone in a chain - where the buyer doesn't actually have the cash either, just an arrangement to get it. But perhaps an explanation needs to be worded a bit carefully.

Would you be happy to exchange now for completion in March?  That might give sellers some reassurance.

Exactly. OP presumably has evidence that the cash will be available in March, which is more secure than having a house with a sale in progress since that could collapse last minute.

The only risk is if the market changes and the pay out is lower than predicted, but if it's a pension then it's almost certain to be mostly cash rather than stock at this point.

If you're up front with buyers then I don't see the problem. Some will allow it and some will refuse. I don't think it's necessary to wait until the cash is in your account to start asking.

Miri_J

As others have said, until you have the money in the bank, you're not a cash buyer and therefore not proceedable. No buyer will accept an offer on the basis that you will get the funds in March. The EA will expect you to show proof of funds (in this case with a bank statement) before they can issue a memorandum of sale. 

We had a buyer who was being gifted their deposit in a month's time. We couldn't accept the offer until another family member stepped in and helped them out.

So, no harm in looking online and getting used to what's out there. You can even start to do viewings, so that you can get a feel of the property market. But you will get a mixed reaction from estate agents at this point, some will actively encourage it, others will be a bit stand-offish. (I've been there, but was downsizing so wanted to get my head around what I would end up with before my property sold.) But you can't expect to make an offer until you have the money in the bank. You may have to get used to the fact that some properties you love will sell before you get the chance to make a serious offer!

Northern_Wanderer

Nobody has factored in that the OP might take a while to find their perfect property. Yes, they miss out on some as they aren't ready to proceed, but my point is that they need to know exactly what they want out of a property/ the area etc. Therefore, why not start looking now? The posts here talk like the OP will find a house immediately, in reality this is very seldom the case. If they wait till they have the money, they are actually losing time that they could be spending researching, seeing what is good value, and of course a better idea of what suits them and what does not. Buying a house is usually the most expensive purchase you ever make, you need to get it right.

RAS

I'd suggest that the OP starts exploring the housing market where they'd like to live. Check out rightmove, ferret round Google, go for a walk round the town at different times. 

If they see something they really like, let the EA know and ask to view. A bit like leaving an offer on the table, if rebutted, advise they'd like to know if the opportunity became available later. 

I looked at this less popular area because I couldn't afford my local area anymore and had to withdraw from the market altogether when prices got too high. I'd wandered back then to an EA's office via this street, so when I re-entered the fray two years later and spotted a house in the area, I viewed, decided against and wandered back via this street to the EA's office. This house had been on the market for months with little interest. 

dinosaur66

i would look right now

when i have put propertys up for sale in december hardly ever had a viewing / so would welcome a viewing from someone in op situation

/ come mid january from then on get about 2 viewings a day with usually a few lowball offers   and then an asking price offer and i say no more viewing / i would be happy with an offer with the OP situation

despite most of the  property`s i have sold being empty and with no chain my end and sold in january then in my expierence of london and essex conveyencers is end of april or mid may before i get the money never earlier

albeit i learned my lesson a few times and would not list in november/december now but buying wise you have a slight advantage albeit i like to walk an area for an hour completely before a viewing and need daylight and preferably no rain to do that