Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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:
Eyevorbig0ne · 02/05/2021 16:25

Pick the family. The cash buyers usually dick around.

TheLastLotus · 02/05/2021 16:27

No experience in selling houses but lots of rentals.. every time I've had bad vibes about an LL I've turned out to be right

TheLastLotus · 02/05/2021 16:29

Also what's with the function of each pipe..?
There's being thorough, and there's messing with people
They don't seem to know what they want actually seem to be asking Q's just for the heck of it. Also if they initially dismissed the house what's to stop them from gazumping you and going for a better one? You're clearly second choice

SelkieFly · 02/05/2021 16:32

Wow, reading this thread I can see why gay politicians feel obliged to get married.

This thread is bonkers. Yes, trust your gut. But question why your gut is so convinced that family + children = good people and couple with cash = bad people Confused

Did they both offer at the same time? The same amount?

Skyliner001 · 02/05/2021 16:35

Family 💯 %

Tambora · 02/05/2021 16:39

If your gut instinct is telling you there's something 'off' then I would trust that feeling.

I've ignored my gut instincts and gone with sensible logic a couple of times in the past. Didn't work out well.

Original poster
LongLiveGoblingKing · 02/05/2021 16:44

@SelkieFly

Wow, reading this thread I can see why gay politicians feel obliged to get married.

This thread is bonkers. Yes, trust your gut. But question why your gut is so convinced that family + children = good people and couple with cash = bad people Confused

Did they both offer at the same time? The same amount?

The family seem good not because they are a family with children, but because they were pleasant, responded really positively to our house, and put in an offer quickly.

In comparison the cash buyers initially said they would not be progressing after the first viewing for a list of reasons. A little over a week later they came back for a second viewing with a tonne of questions (what material is the garage roof made out of, have you ever dinged your car on the wall outside). They don't seem to love it, but rather see it as the best they can afford/ the best currently for sale? It feels like they would jump ship if a preferable house came up. But they are in an advantageous position no doubt.

OP posts:
Itscoldouthere · 02/05/2021 16:52

I think things are a bit different to normal at the moment, quite a lots of people who are now cash/non chain buyers have sold and gone in to rented accommodation, so they are not all property developers or investment buyers.
Also with mortgage applications and searches etc taking so much longer, there are just more risks with getting into a long chain, if anyone in the chain hasn’t found somewhere yet you have no idea how long it might take.
We sold to our preferred couple last year rather than a slightly pushy solicitor who wanted our house as a second home, our chosen buyers took ages (3 months) to get their mortgage approved and then reduced their offer by £20,000 the week before exchange, by that time we were so invested with our onward plans (and there was so much uncertainty about Covid) that we had to accept it... so we were completely wrong about them being nice easy buyers!

ElphabaTWitch · 02/05/2021 16:56

Have never seen any proof that a cash buyer means anything at all. Other than they will deposit the cash instead of a bank transfer I guess. It didn’t mean anything to me when I sold. Go for the family. You’re in the position that technically it doesn’t matter who you pick, so you might as well go with the reasons you have.

mumwon · 02/05/2021 16:57

we were told that one (!)our prospective buyers was a cash buyer they weren't they lied -they kept delaying everything & finally we were told 6 weeks in that they had just got their mortgage & than they changed their minds & bought another property!
We did sell eventually to someone who did need a small mortgage & they only viewed the property once but it went through quite quickly

diddl · 02/05/2021 16:59

I'd be concerned I think about the cash buyers changing their minds.

Buying a house is a big thing & you want it o be right of course, but it sounds as if the cash buyers would soon go for something else if possible

rwalker · 02/05/2021 17:00

Whilst cash buyers can seem ideal the thing is something better comes up in a few weeks ,they'll drop you like a stone and pull out .A family will be more committed to buying .

FlaviaAlbiaWantsLangClegBack · 02/05/2021 17:02

You'd be absolutely mad to go with the cash buyers. They sound like they'd be the house buyers from hell.

Christmasfairy2020 · 02/05/2021 17:04

Cash buyers as less of a chain

Bluntness100 · 02/05/2021 17:04

There is risks with both. The families chain might fall through or they may find a better house, there few questions may indicate a lack of seriousness. The cash buyers could be much more serious.

I’d go cash buyer,

SpiderinaWingMirror · 02/05/2021 17:46

I went for family who had sold over cash buyers. They were highly motivated to move in thr same time frame as us to get their eldest into the primary school
It worked.

iamtherealwalrus · 02/05/2021 17:46

Who does your Estate Agent think you should go with?

Missmollypolly · 02/05/2021 17:50

We sold to a chain free cash investor. Turned out to be a massive pain in the backside who lied about his financial Situation and then decided to lower his offer before exchanging. We got there eventually but it was very stressful and he held us up for months

LondonStone · 02/05/2021 18:12

Given the cash buyers have already dismissed your house once (and given you a list of reasons why) I’d be concerned if anything ‘better’ comes up between now and then they’ll have no hesitation about leaving you high and dry.

Of course the family could do that as well but this is weighting up risks and probabilities and someone who openly isn’t very keen from the get-go seems more likely to change their mind imo.

drpet49 · 02/05/2021 18:14

Buyer A the family. But then I am sentitmental.

WhoIsH · 02/05/2021 18:48

Offer A. I've known people have problems with cash buyers who pull out of sales at the drop of a hat. The family presumably need a mortgage and will and will be more invested in seeing the process through etc.

Jarstastic · 02/05/2021 18:48

@ElphabaTWitch

Have never seen any proof that a cash buyer means anything at all. Other than they will deposit the cash instead of a bank transfer I guess. It didn’t mean anything to me when I sold. Go for the family. You’re in the position that technically it doesn’t matter who you pick, so you might as well go with the reasons you have.
Well they don’t have a mortgage so it takes any potential delay out of the equation. Ltv issues, valuation etc. Also a cash buyer may not get a survey.

Also I’ve never heard of any “cash buyer” depositing cash rather than bank transfer! I’d be a bit worried about wads of cash!

Jarstastic · 02/05/2021 18:51

This is a tricky one.

Cash buyer asking a lot of questions. Some of the questions seem a bit odd. Flip side is they asked the questions upfront rather than offer and chip off at survey (though they may still do that)

Family love your house and should be motivated. But in a chain anyone can pull out for any random reason. So can your cash buyer though.

Minster2012 · 02/05/2021 22:03

Cash buyers all the way, especially if they have done their homework on your house & neighbourhood. I would hate to be in a chain I didn't have to be in.

If worried about them trying to niggle things down after a survey then do what we've done before & said, in writing, that we will accept their offer subject to no negotiations on any "normal age related problems coming up on the survey" this was for a 1950s house which turned out to be very solid just need new timber on the windows which we knew. Nothing suspicious but we made it clear we wanted to "come out with the amount they offered"

They aren't weird for being thorough! I've flushed toilets and ran showers in every house I've bought to check things worked and had good pressure for instance

BrilliantBetty · 02/05/2021 22:08

I'd go with the family.

I became v attached to previous house and feel really pleased that a nice young family with 2 DD are living there today. It made it easier to leave.

The cash buyers do sound like a pain.