Cash buyer

[badgerread]

My property has been on the market for 24hrs. Viewing today. Cash buyer. Apparently. Seems interested and asked whether I'd accept an offer. I said no as is only been on the market 24hrs. He said for cash though. I said depends what the offer is...

Property is a 4 bed terrace. South East. On at £350k..

WWYD?

I'd try to negotiate it up, but I'd probably bite his hand off. Selling houses is bloody painful usually.

He sounds really keen - if his wife likes it I think you might be able to get them to split the difference, but to be honest as a cash buyer with no chain it sounds pretty darn good.

My only note of caution would be the possibility of a last minute price cut. Be prepared for that and be ready to hold your nerve and tell him where to go, unless you are willing and able to entertain it.

(But in my experience, people who do that will try and take the piss at every stage thereafter too.)

We were cash buyers last year, W Sussex too, vendors up front about moving overseas, and we offered and had accepted 5% below asking (fairly sizeable sum). I'm sure the EA was expecting us to do the last minute renegotiation trick (we didn't) as we had a phone call from them thanking us for being perfect buyers on completion.

Be clear with him upfront about the timeframe you need and that the agreed price (once agreed) isn't open to re-negotiation. As others have said, this is the main issue with cash buyers ime.

£10k is nothing on a £350k house. A bird in the hand and all that. The market is very wobbily at the moment and could collapse at any time (IMO).

Couldn't agree more Beany !

He's now asking if the curtains and blinds can be included. I have 3 pairs of curtains and 5 blinds!!

Makes sense. Why would you take them - they wont fit a different house.

They may do and they cost a fortune! I've always sold them as an extra?

Told ya - this may well be just the beginning of him taking the piss on a mighty scale.

Tell him no, they are not included, but you will sell them for £x

Curtains never fit the next house. Don't be mean and difficult.

It's not really the point @MrsBakedBean.

Last week it was "here's my offer, 10k below asking for cash"
This week it is "here's my offer, 10k below asking for cash...oh and by the way I want all the curtains and blinds thrown in"

What's he going to want next week? All the white goods?
At exchange? Another 10k off?

I assert that he will keep pushing and pushing, and OP needs to stand her ground now. After all, it was only available for 24hrs so not like she has been waiting ages for a buyer.

Why don't you say curtains and blinds are not included, say that you're happy to negotiate separately for them, but point out if they are included then they many stamp duty on them. If they are separate they don't (pretty sure that's how it works, but no expert!)

I'm not being mean. They cost a lot of money and if it means being able to use them in my next house, why wouldn't I? I'll only have to fork out for more. White goods are all in as they're integrated. If he does proceed on Friday I will say that they're not included but are available at a cost of £xxx...

If you know they will fit the next house, take them off the fixtures and fittings list.

Integrated white goods cost a lot more!

Beware of cash buyer now a day! Not all of them have the money in the bank. I really feel like publishing this "CASH BUYER" definition on the front page of all the newspapers so that everyone knows what does it really mean before they start going around telling the estate agent that they are "cash buyer"! lol

Please allow me to vent on here .... 😭😭😭
I am so upset, stressed and so depressed at the moment with the whole selling property issue! The government really needs to sort the shit out in this country! The amount of time wasters out there not serious about buying properties have wasted so many peoples times and messed with peoples emotions. I am one of them suffering from these.

Basically my boyfriend and i are in a long distance relationship. We have been together for a while now and we have decided to move in together. We have found a house in between us which means we dont have far to travel to for work.

Firstly, his property was sold early this year end on 31 of March, long story, after spending 2 months completing all the paperwork, carrying out all the searches and valuations etc, few days before we were due to exchange contract, we received a call from our estate agent that the buyer is unable to exchange due to personal reason. My heart was broken into pieces and i got so upset and went into depression mode. I was very disappointed and unable to eat and sleep about the whole thing. I was struggling at work too.

Fine! We put the property back on the market again (around 29 May), and waited for almost 6 weeks and theres not a single person enquiry about my bf's property due to the whole BREXIT election thing ....

Until the 6 July, we finally had a viewing. We got told by our estate agent that it is a single lady and she is a "CASH BUYER" ... She came to view the property twice and really like it.

Now i thought i've done all the researches online about all the issues everyone have experienced with what they thought was CASH BUYER. I cannot believe i missed another part!

We asked our estate agent has this lady got a property to sell, twice? They confirmed that the lady IS a CASH BUYER and she has NOTHING TO SELL. She is ready to move asap.

I was so happy and relieved that finally we have a serious cash buyer!
She asked us to reduce the asking price by £5k. We have already reduced the listing price by £5k due to no viewing in the last 6 weeks. For us to reduce another £5k is a big ask as we are listing as reasonable price. However, we thought if she is a cash buyer and ready to move then we are happy to meet her half way by reducing £2500 which she has accepted! GREAT!! Here comes the most upsetting and disappointed part!

After accepting the offer, we thought we might be able to exchange in 3 or 4 weeks time cause i heard alot of cash buyer able to exchanged in 2 weeks. We waited for over a week for the documents to arrive but until now we still have not received a single piece of relevant documents from her solicitor confirming the purchase of the property. All the searches and valuation have already been carried out for the previous buyer who pulled out. We did told the lady before she puts in the offer that she can purchase the searches which already been done recently and this will save us plenty of times.

Anyway, we chased the buyer solicitor last friday for an update and the response we have was that the buyer solicitor hasn't even start working on the paperwork yet!

We followed up with another email this morning as we really wants to know what is going on. We received a call from our estate agent that this woman "NEEDS TO SUBMIT AN APPLICATION TO RELEASE HER EQUITY" on one of her property so that she can use the money to purchase my bf's property??!!! I mean are you f kidding me!!!! It has been almost two weeks i was waiting for their solicitor to send me the documents and now you havent even got the cash in your bank??!! How can you say you are a cash buyer??? You are not really a cash buyer arent you? The fact is you dont even have the cash ready in the bank, you should not say it out loud that you are a cash buyer!

The fact is she HASNT even submit the GOD DAMN FORM to apply for releasing the equity???!!!!! This can takes up to 8 weeks!!!! I mean we have told her that if shes a real cash buyer, we want to exchange and complete very soon by end of next month. She agreed to everything hence we ended up accepting her offer less than the asking price.

I have waited long enough for a new buyer and this cropped up, this is soooo time consuming, energy draining! I dont have time for this sh*t! i have enough people mess me around for being so dishonest! I am about to give up on our dream home!

SIGH!!! "rant over"

So yeah, guys, if any of you are selling your property and come across "CASH BUYER". Make sure you ask for proof of bank statement showing CASH in the bank ready to go! I do not wish anyone ends up in my situation at all.

😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭

Mad hatter, this is the fault of your estate agent. When the sale was agreed, the buyer should have shown proof, that her finances were in order. If I were you, I would continue marketing my house at the original asking price. If the buyer isn't already on the ball, you might have a long wait.

The market has changed hugely in the past few weeks and there is uncertainty. If you're being told the market is slow where you are, I'd see if they can maybe go up by £2k and accept it and be VERY grateful.