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Original poster

Pick nice family buyers or weird cash buyers?

80 replies

LongLiveGoblingKing · 02/05/2021 14:09

We have two offers on our house for the same amount. It's an amount we're happy to accept and will give us what we need to buy the property we like.

Offer A is a family with small children who looked around, were lovely, asked a few normal questions and then put in an offer later that day. They are selling their house to first time buyers.

Offer B is a couple who viewed a week ago and initially dismissed the house for a few reasons, but then wanted a second viewing and have made an offer. They are cash buyers.

On paper you should accept from the cash buyers, but my gut is telling me that they will be very hard work! They asked so many questions. Some were as you'd expect (how old is the boiler) and others were a bit intense (wanting to know the function of each pipe visible on the outside of the house).
I might be being really unfair but I just get a PITA vibe from them. I think they'd really pick a survey apart.

Would I be unreasonable to go with offer A? Are the advantages of having a cash buyer worth putting up with a possibly difficult buyer? Does anyone have any stories where they wish they'd followed their gut in a similar instance?

OP posts:

Spanglebangle · 02/05/2021 14:11

I'd pick the family. Just because I'd rather imagine my old house with a nice happy family in it but I'm sentimental like that!

HettieHelvetica · 02/05/2021 14:13

Always, always follow your gut.

Original poster

LongLiveGoblingKing · 02/05/2021 14:16

I should also mention that last week I noticed from a bedroom window that people were peering over the fence into my neighbour's garden. I took photos just in case because it looked a bit odd. It was the cash buyers! I recognised them during their first viewing.

Then yesterday they walked passed our house four or five times, spent a lot of time looking at the house and our neighbors.

It's good to do your research when buying a house but does add to my feelings that they might be a bit... Intense.

OP posts:

Redskyyy · 02/05/2021 14:16

I’d go with the family too!

tuliplily · 02/05/2021 14:19

I would go for the family! We sold our last place to cash buyers and it made no difference to the time frame. Our sols said sometimes it can make it harder because they might have to prove where their cash is coming from, withdraw it from different accounts etc. We were advised that a cash buyer doesn't necessarily make it quicker and it didn't. But then again it might. To echo pp, I would follow my gut instinct. Good luck!

Bobbots · 02/05/2021 14:20

Depends whether the family buyers chain means you will miss the SDLT cut off?

I’d be tempted to accept the cash offer on the condition that exchange and completion is well before the cut off.

4amWitchingHour · 02/05/2021 14:22

Go with the family. The cash buyers do sound like they'd be a pain in the arse, and might try to wangle money off / extras due to them being "in a strong position as cash buyers" yada yada yada. Avoid!

LubaLuca · 02/05/2021 14:25

I'd go for the cash buyers. I think being overly thorough in checking everything early on is a good sign that they're very serious about the purchase. Laissez-faire buyers can be last minute pains in the arse.

RolloTomassi · 02/05/2021 14:25

Go with the family, sold to FTBs it's not like they're in a bad position themselves. If not for the cash people you'd probably be thrilled to have their offer? And they were sure enough to offer same day, compared to the others who had doubts. Trust your instincts.

mklanch · 02/05/2021 14:26

i would say pick the family.

we just missed out on our dream home (we have been looking for over 1.5 years).
we offered £30k more than the cash buyers but they accepted the cash buyer instead!
its was a perfect house for a family and we would have hopefully have spent the rest of our lives in the house!
we have lost out to a few now as cash buyers are more desirable.
also note that alot of cash buyers haggle people down at the last minute

Porridgeislife · 02/05/2021 14:28

Cash buyers can be problematic in that they have no mortgage & so if they fancy gazundering the day of exchange, there’s nothing to stop them. They are also notorious for creating a chain of conditions that isn’t immediately apparent on going under offer - it often comes out that their purchase is contingent on a house sale, settling probate etc.

With mortgaged buyers, at the very least they need to get their mortgage application re-approved if the price changes so it does hold up the process for a few weeks.

The family buyer will not be able to complete before June 30 so make sure they acknowledge that (preferably in writing). We went under offer about 8 weeks ago & will be completing in June most likely.

MaidofKent78 · 02/05/2021 14:31

@HettieHelvetica

Always, always follow your gut.

No. Don't 'follow your gut'. It is a type of heuristic; shortcut to decision making that can prevent you from making a rational, thought-through decision. House buying/selling is a bit deal and not one to be done on gut.

Has the family got their mortgage-in-principle in place? How far along in their selling process are they?
Similarly, what money-laundering checks need to be carried out on the cash-buyers.
What about your purchase? Where are you in that? If all of you are trying to take advantage of the SDLT, which of these two potential buyers will put you in a better position to do so?

NewYearNewTwatName · 02/05/2021 14:32

go with your gut.

I would go for the family.

MaidofKent78 · 02/05/2021 14:32

*big deal.

MrsLeclerc · 02/05/2021 14:34

Agree with @tuliplily. We sold to a cash buyer and the process was no quicker. He seemed to treat the whole thing like he was doing us a favour.

We found out he applied for planning permission on our property days after agreeing his offer. Obviously this was declined as he didn’t own the place yet.

On the evening we moved in to our new place (after we waited all day in our van as the people were taking forever to get out of our new house) we had 2 calls from the estate agent on his behalf. First was about the number of keys we said we’d leave. We’d written that we were leaving 2 and we left 2 but he was convinced it was 3. Then later asking which bin in the communal bin hut was his. There were 6 all labelled with the numbers of the properties .

Go with your gut, if they seem like hard work now it will likely get worse.

apsisj · 02/05/2021 14:36

After dealing with an awful buyer previously I'd always follow my gut going forwards. We had several buyers to pick from, went for the one in the best position but got the 'pain in the arse vibe' and it proved to be correct.

redcandlelight · 02/05/2021 14:37

are the cash buyers developers? if yes, go with the family.

YetAnotherSpartacus · 02/05/2021 14:37

Cash. I guess I must have seemed 'weird' to some as I was not a 'family' buyer @@.

RandomUsernameHere · 02/05/2021 14:38

That's a really difficult one. How far along is the sale to the FTBs? Is your purchase dependent on a quick sale?
We were supposed to be selling our first flat to a cash buyer about seven years ago. Everything seemed great to begin with but then they just kept delaying and delaying over everything and nothing for no reason. Interestingly my DDad was suspicious right from the start, so I wish I'd gone with his gut feeling! In the end the sale fell through, I think the "buyer" had offered on several properties at the same time with the intention of gazundering at the last minute and only buying whichever one he could get cheapest. It was very stressful as we ended up completing on the new house the day after I gave birth!
Re the cash buyers you have an offer from though, I don't think it's that unusual to go back and look at the house at different times of day. That wouldn't raise any suspicions for me.

WallaceinAnderland · 02/05/2021 14:39

I'd go with the cash buyer. They seem to have done their homework and know what they're looking for.

MapleMay11 · 02/05/2021 14:39

We found out he applied for planning permission on our property days after agreeing his offer. Obviously this was declined as he didn’t own the place yet.

You don't need to own a property to apply for planning permission.

Viviennemary · 02/05/2021 14:41

I'd go with the first ones. I don't trust cash buyers.

Diamondnights · 02/05/2021 14:41

@MrsLeclerc

Agree with *@tuliplily*. We sold to a cash buyer and the process was no quicker. He seemed to treat the whole thing like he was doing us a favour.

We found out he applied for planning permission on our property days after agreeing his offer. Obviously this was declined as he didn’t own the place yet.

Go with your gut, if they seem like hard work now it will likely get worse.

You don't need to own a house that you apply for PP on. If it was turned down it would have been for reasons other than he didn't own it.

Silvergreen · 02/05/2021 14:42

You need to be rational not emotional. Who cares if they've got kids and were polite to your face?

2bazookas · 02/05/2021 14:42

Any competent buyer (or their solicitor or surveyor ) is going to ask a lot of questions. Taking a close look round the neighbourhood is also a sign of a competent serious buyer.

The cash buyers have no chain. Your sale won't be held up because their mortgage fell through or their buyer backed out/died/lost their job.

The family can only pay for your house if their own gets sold on time. If their buyer gets cold feet or delayed then so does your sale and so does your next purchase.

I'd take a cash buyer every time.

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