What is the advantages of a cash buyer?

edited 19 May 2015 at 5:37PM in House Buying, Renting & Selling
18 replies 13.8K views
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  • jbainbridgejbainbridge Forumite
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    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
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    Are you happy with the offer?

    Any more viewings?

    Is your EA giving you any advice?
  • Thanks to all - have decided to refuse offer and see how things go. They may come back with another offer.
    Looking forward to the day I have nothing left to list on eBay
  • eawest29eawest29 Forumite
    15 Posts
    Tenth Anniversary 10 Posts Combo Breaker
    As above get EA to qualify that they are a cash buyer (ie no mortgage) and there is no chain (which in my mind is the definition of a cash buyer)
    Pros of a cash buyer - no hold up whilst a mortgage company decides whether to lend them the money, they don't even have to get a survey done if they don't want, should be no chain so should go through quicker
    Cons - I think a cash buyer is more likely to try and 'gazunder' - to reduce an offer on a property immediately before exchanging contracts, having previously agreed a higher price with (the seller) - as they are frequently BTL investors who want to add to their portfolio or rather than buying for personal use
    However if I got a cash buyer I would more often than not accept them over a person with a mortgage/in a chain even if it meant taking a few quid less
  • Bart1Bart1 Forumite
    170 Posts
    One advantage is that the sale won't fall through due to nit picking by the bank as often happens
  • ellie27ellie27 Forumite
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    Cash buyer or not, is the price they have offered what you were hoping to get?

    You mention your house is offers over. Are you in Scotland?

    You had the offer on the house after a first viewing and within first few days its been on the market, I woudnt be accepting that. Are there any other viewers lined up?

    If they set a date of entry of mid-June, have you thought about where would you go?
  • Some of the advantages of selling a home to a house cash buyer are the speed of the sale, the convenience of the sale, and to make sure that the home is sold without worrying about any complications.
    Sell Poor Condition House in Hampton Roads
  • dragonsoupdragonsoup Forumite
    511 Posts
    We are cash buyers at the moment ( sadly no fancy cars!)

    It made no difference to the amount we offered for the property at all. If our offer had been rejected then we'd have looked elsewhere. Just because we don't have to worry about a mortgage didn't mean we would pay more.

    Legals are taking forever though - its been 4 weeks already and we are still waiting for the searches. We could have chosen to avoid doing them and in the case we could have exchanged and completed within 7 days, even with having a survey- quicker still if we'd also foregone the enquiries. However with such a lot of money at stake it would have been foolhardy to do so.
  • kaflinklekaflinkle Forumite
    137 Posts
    Didn't take first offer or 2nd, ended up haggling which I think he loved. I felt I was at a market in Morocco!

    Anyway we agreed on a price. Lower than what I got originally but not by much and I had a feeling that if I pushed too much, he'd walk away and I needed a quick sale.
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