Buying a house with cash. Does it give me an advantage?

[ThorsMistress]

Hi all

Looking at a house tomorrow. Its the perfect location and the price is really good. It’s exactly what I’m looking for.

I’m viewing it tomorrow and I know there is another viewing before me. I am very fortunate in that I can buy this house outright with cash.

The price states ‘offers over’ I can probably go slightly higher than the price advertised but I really would prefer not too. If I fall in love with the house than I obviously will go slightly higher.

So. Does being a cash buyer give me a good advantage? Would they be likely to take the advertised offer because of this?

If you are a cash buyer with no chain then great. You definitely have an advantage. If you do go ahead do remember to have surveys etc. just as you would to satisfy a lender. Unlike my parents who when trying to sell again found that their buyer insisted they replace the whole roof!

I'll be honest, I have no idea. But when you say buy with cash do you mean like a (disappointingly boring) bank transfer via solicitors or do you mean you will rock up with a suitcase full of banded used notes handcuffed to your wrist.
Please tell me you'll be doing the latter?

Yes first time buyer so can move in straight away. Will look into a survey, thank you.

Haha! I have no idea how it all works! I’m having some help!

Cash buyer means no chain as you're not reliant on a sale to be able to buy.

Boringly, the cash is transferred via Solicitors, not in used notes and a locked briefcase.

Yes!

Depends on the seller. I thought it would n3 an advantage cash, private sale and no chain. The vendor took it as carte blanche to take the pee and increased the sale price by 25k. We managed to find the extra and he asked for an extra 35k. We walked after that apparently the house eventually sold 10k under our initial offer!

@Singletomingle that’s the concern. I really don’t want to go over the advertised price, although I can to a certain extent. I really want this house so preying the seller is nice and just wants it gone! It’s currently empty which is an advantage?

Only thing I can suggest is to make a reasonable offer and stick to it.

Depends. I’m an estate agent in an area of Scotland (I’m assuming your viewing is up here since offers over) which is popular with English buyers as the houses here are exceptionally good value (I have a 5 bed detached for £229,000 if anyone’s interested) so to be honest being a cash buyer isn’t all that unusual! Where it can come in handy is in a closing date situation. I regularly see cash buyers with a lower offer than one which is higher but subject to a mortgage get the house at a closing date.