Not informed buyer needed a mortgage - confused

BungalowBel

Also some people say they are cash buyers when in reality they will not have the cash until their property sale has completed.  These people should say they are 'cash buyers on completion'.  (i.e. they won't need a mortgage).

A genuine cash buyer has the money available and waiting and doesn't need to sell their house before buying another.

I agree that the OP may have misunderstood 'ready to go'.  Unless they used the term 'cash buyer', I think they probably meant that they  had a proceedable buyer for their own house.

ReadySteadyPop

Bigphil1474 said:

If the buyer needs a mortgage of less than half the agreed price, then they are unlikely to struggle if the survey devalues the house, unless that value is massively less. They may wish to renegotiate the price, but it's unlikely the mortgage will be the issue. Yes, ready to go doesn't necessarily mean they don't need a mortgage. The buyer in 2026 might be a non goer anyway. When we sold our house last year, we got an offer of asking price in the first week but they buyer wasn't proceedable so we said get back to us when they were. They didn't.

Yes, but also unlikely to overpay? The mortgage angle is probably designed to get a lower valuation and price discount?

ReadySteadyPop

Albermarle said:

I’m furious that we made a decision based on incorrect knowledge as not only did we accept slightly lower on the house, it also means we now have two sales to do (imagining a future where the other seller was still around in January who intended to buy the house and land, cash). 

The other seller may have had trouble getting the cash when it came to the crunch. It is quite common for buyers to exaggerate their position. Did they provider prove to the EA that they had the money, or would have in future? The fact they did not have it available now is a bit of a red flag.

Or a bargaining ploy, very few buyers now will willingly overpay for a property?