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Cash buyers - what is the advantage?

(14 Posts)
ilikemysleep Sat 29-Mar-14 15:16:38

We have a house we are selling that is a family home - was expecting to get in a chain. We have got an offer for £20,000 below the asking price of mid 300000s from a couple who are cash buyers and not in any chain. We were hoping to get £10,000 more. Is it worth it to accept a lower offer from a cash buyer? Is there any advantage over a mortgaged couple?

WWYD? We have till Monday to mull it over!

summerlovingliz Sat 29-Mar-14 15:21:11

The bonus is that it's not dependant on them selling something which can take ages or fall through.. If u have already found somewhere it can be great to have a cash buyer to keep things speedy.. U could try asking for £2000 more and see what they say

noddyholder Sat 29-Mar-14 15:23:50

Speeds things up and as a survey is not going to be used by mortgage lender if anything shows or it is under valued a bit you can still proceed with some negotiation

specialsubject Sat 29-Mar-14 18:34:00

speeds things up, no sale, can make their own decision without a mortgage.

but check they are REALLY cash buyers, your agent should confirm 'proof of funds'. (I've been a cash buyer and the agent needs to see a statement of the account showing the money).

as for the offer; how long have you been on the market? Is your expected price realistic?

the return deal from you is for quick exchange - you can delay completion if you like. This would also make you good buyers.

ilikemysleep Sat 29-Mar-14 19:19:15

Been on the market about 10 days. Inclined to turn this down and hope they offer a bit more. Not in a massive rush to move, though no chain would be great.

SquinkiesRule Sat 29-Mar-14 20:53:17

I wouldn't turn it down, I'd go back with an offer about 10,000 higher and see if they will up their offer.

ilikemysleep Sat 29-Mar-14 22:08:06

That's what meant - I mean say no to their original offer but that we are interested and prepared to negotiate.

pilates Sat 29-Mar-14 22:20:05

Yes I would go back and see if they will meet you in the middle, then you are getting what you want. Good luck.

lessonsintightropes Sun 30-Mar-14 00:19:40

Yep turn them down - if you are confident in your asking price they may be trying their luck due to position and there's every chance either they'd up it, or you'd get a better offer.

noddyholder Sun 30-Mar-14 07:43:56

I would take it.

Amethyst24 Sun 30-Mar-14 12:03:01

I would try to establish whether they are in fact a cash buyer. Have heard horror stories of people accepting low offers on that basis then getting stuck with long delays while their "cash buyer" sorts out a mortgage.

PiratePanda Sun 30-Mar-14 12:07:32

You've had an offer within 10 days of putting your house on the market. That probably means you're in a stron negotiating position -- see if you can get them to up theur offer by £10K, and stick to your guns. There will be other offers.

Bowlersarm Sun 30-Mar-14 12:08:07

I'd take it as well. I'd ask them to go up first, but I'd probably take it. A cash buyer makes things much easier, and normally happy to work to your time scale.

Although make sure they are actually cash buyers though with money easily accessible in the bank - it's amazing how many people think they are cash buyers but actually the cash bit is with a mortgage, or they have the cash but have to give a zillion months notice to get access to it.

Sunnyshores Sun 30-Mar-14 20:06:38

We had a 'cash' buyer before, that turned out not to be, so def check that out. I dont think they will be much quicker than a mortgaged buyer, they should still need a survey (if your house is older), solicitor still needs to do land registry transfer, checks etc.

The huge advantage here is that they are not in a chain. But as you've only recently come to market and arent in a hurry to move, I'd say a £20k reduction is too much. £10k is probably reasonable.

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