Cash versus mortgage

[webuiltthiscityonrockandwheat]

We are in the process of selling our house and we have been offered £5K under our asking (which has already been dropped twice 😭) for a cash buyer. Ideally we want the asking price or slightly over. It's on for offers over £160k. Is there a massive benefit to a cash buyer over someone who needs a mortgage? I realise they can move quicker but we don't actually have anywhere to go at the moment so I don't know if it would benefit us really. We've never sold before so don't really know what we're doing!

No worry about funds.

People can get a mortgage in principal but once it comes to the application they can get declined.

A cash buyer can make the move quicker but if you have nowhere to go that may not be of much help to you. On the other hand, if you refuse them you may wait a long time for another buyer. You have no way of knowing. If you accept the offer and rent yourselves while you look around you too could be a cash buyer. Sometimes selling chains collapse when one seller in the chain pulls out because they have lost a buyer and can't proceed. Your cash buyer isn't reliant on having to sell their property so that can be an advantage.
If you are not in a hurry to sell, I would stick to your guns on price and see if they bite. If you would rather get on with the sale I would give a final offer dropping £2000 and see what happens. Buying and selling can be a nightmare and no matter what you decide you could well end up wishing you had done something else. 😁 Good luck. 💐