Sorry that this is a bit long winded!
We accepted an offer on our house late last week - slightly lower than we were hoping for, but the estate agent explained they were cash buyers and keen to move, so we decided to accept as we would like to move quickly.
We decided on a house this weekend, not made an offer yet as it's a repossession, so I wanted to get everything straight with our buyers first as I've heard that they expect you to get on with everything quickly with a repo. So I called the estate agents on Mon to ask them to speak to our buyers, see when they had planned with a survey.
Estate agent called back - they're not ready to move yet as they have a problem with selling their property - a holiday home. The estate agent insists that they are cash buyers, because when they sell their property, they'll have the cash not a mortgage to buy the house. I thought a cash buyer was someone who literally had the cash in their bank account, ready to go, no need to sell anything or get a mortgage approved.
I am pretty annoyed as we accepted a lower offer based on our definition of 'cash buyer'. Am I right to be annoyed? Is my understanding of 'cash buyer' wrong? I don't want to get angry with the estate agent if my understanding is wrong!
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What is a 'cash buyer'? Angry at estate agent!
41 replies
Chelvis · 14/11/2012 09:40
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