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  • FIRST POST
    • zacepi
    • By zacepi 13th Jan 19, 10:41 PM
    • 44Posts
    • 5Thanks
    zacepi
    Cash Buyers Only
    • #1
    • 13th Jan 19, 10:41 PM
    Cash Buyers Only 13th Jan 19 at 10:41 PM
    I (and google) have an idea what it means when a property advert says CASH BUYERS ONLY but is there an industry standard definition of what an estate agent means by this?
Page 1
    • alumende27
    • By alumende27 13th Jan 19, 10:44 PM
    • 357 Posts
    • 340 Thanks
    alumende27
    • #2
    • 13th Jan 19, 10:44 PM
    • #2
    • 13th Jan 19, 10:44 PM
    It generally means it won't be possible to get a mortgage on the property for one reason or another.
    • G_M
    • By G_M 13th Jan 19, 10:51 PM
    • 47,358 Posts
    • 57,799 Thanks
    G_M
    • #3
    • 13th Jan 19, 10:51 PM
    • #3
    • 13th Jan 19, 10:51 PM
    In some contexts, 'cash buyer' can mean someone who is not relying on selling a property to finance the purchase.


    But in this context, as alumende27 says above.
    • alanobrien
    • By alanobrien 14th Jan 19, 12:19 PM
    • 3,235 Posts
    • 1,814 Thanks
    alanobrien
    • #4
    • 14th Jan 19, 12:19 PM
    • #4
    • 14th Jan 19, 12:19 PM
    or could be tenant in situ so looking for investor/cash buyer.
    • davidmcn
    • By davidmcn 14th Jan 19, 12:25 PM
    • 10,439 Posts
    • 11,421 Thanks
    davidmcn
    • #5
    • 14th Jan 19, 12:25 PM
    • #5
    • 14th Jan 19, 12:25 PM
    If you want to know what it means for a particular property, you'd be best simply to ask the estate agent. Or put a link here and we might have a guess.
    • AdrianC
    • By AdrianC 14th Jan 19, 12:36 PM
    • 21,130 Posts
    • 19,834 Thanks
    AdrianC
    • #6
    • 14th Jan 19, 12:36 PM
    • #6
    • 14th Jan 19, 12:36 PM
    or could be tenant in situ so looking for investor/cash buyer.
    Originally posted by alanobrien
    That wouldn't necessarily stop somebody needing a BtL mortgage.
    • zacepi
    • By zacepi 14th Jan 19, 4:08 PM
    • 44 Posts
    • 5 Thanks
    zacepi
    • #7
    • 14th Jan 19, 4:08 PM
    • #7
    • 14th Jan 19, 4:08 PM
    Thanks guys.

    The EA said it was a PRC construction in this case, and having researched these a bit, sounds like loads of people (and councils) are lumbered with barely saleable houses.
    • stator
    • By stator 14th Jan 19, 4:12 PM
    • 7,059 Posts
    • 4,844 Thanks
    stator
    • #8
    • 14th Jan 19, 4:12 PM
    • #8
    • 14th Jan 19, 4:12 PM
    Many PRC houses can be converted into standard construction.
    But the costs are high and can be difficult if the house is attached to another.


    If the value of the house isn't high then most of them get bought by cash buyer landlords to rent out.
    Changing the world, one sarcastic comment at a time.
    • alumende27
    • By alumende27 14th Jan 19, 4:40 PM
    • 357 Posts
    • 340 Thanks
    alumende27
    • #9
    • 14th Jan 19, 4:40 PM
    • #9
    • 14th Jan 19, 4:40 PM
    Many PRC houses are still perfectly sound but as they were condemned as fundamentally defective under the 1985 Housing Act it has become all but impossible to get a mortgage on them.

    It is entirely possible to get them repaired to a standard that will allow a mortgage but they will probably still continue to attract a discount.

    My sister-in-law is buying a Wates PRC house (cash buyer) and I believe the estimate to do it up to mortgageable standard is about 50K, and that is (more than) taken into consideration with the purchase price. You must get a decent survey if you plan to go for one of these houses and be fully aware of what you are potentially getting yourself into.
    • AdrianC
    • By AdrianC 14th Jan 19, 4:49 PM
    • 21,130 Posts
    • 19,834 Thanks
    AdrianC
    The EA said it was a PRC construction in this case, and having researched these a bit, sounds like loads of people (and councils) are lumbered with barely saleable houses.
    Originally posted by zacepi
    There's a big difference between non-standard construction and "defective" construction.

    "Defective" construction types are designated by law - a law that's unchanged since mid 80s, so anybody that's "lumbered" with them has been for over a third of a century...
    • stator
    • By stator 15th Jan 19, 9:24 AM
    • 7,059 Posts
    • 4,844 Thanks
    stator
    Many PRC houses are still perfectly sound but as they were condemned as fundamentally defective under the 1985 Housing Act it has become all but impossible to get a mortgage on them.
    Originally posted by alumende27
    Only some types of PRC are designated 'defective'. Many are not, although they may still be unmortgagable or require a specialist mortgage.
    For example a BISF house is stil mortgagable
    Changing the world, one sarcastic comment at a time.
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