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Original poster

If property buyer is cash-only with no chain ...

46 replies

lljkk · 03/08/2023 12:16

Have you been a seller or buyer in this situation, what discount did you give the cash-only-no-chain buyer (CONCB), or discount did you get for being a CONCB?

Ideal to compare if people have answers as raw ££££ or % below the asking price of any other offers.

My experience as CONCB: we didn't get a discount or notice any favourable treatment from seller.

OP posts:
Twiglets1 · 04/08/2023 03:28

The trouble is that some people who claim to be CONCBs turn out not to be or to still have complicated finances.

I wouldn’t offer money off to a CONCB. But I would choose them over someone getting a mortgage. That is the small advantage they have.

PostageAndPackaging · 04/08/2023 04:37

Our cash buyer with no chain has caused us no end of trouble this year and if we don't exchange by this weekend then we are utterly screwed. We are expecting them to come at us for a discount in the morning which is why I'm still awake unable to sleep. The stress they've caused us and our vendor (who has no onward chain) is indescribable.

Karmatime · 04/08/2023 07:27

Being a CONCB doesn’t automatically make you an easy person to deal with. There can be difficult, indecisive buyers whatever their situation. The advantages are no chain and no lender approvals and if you can combine that with a pragmatic, committed buyer then it’s likely to be a speedy process. We went from offer to exchange in less than 8 weeks.
However there’s nothing to stop any cash buyer deciding to gazunder at the last minute and it’s easier for them to do so as they don’t need to get a revaluation from a lender so in some ways it’s more of a risk.

CatherineMaitland · 04/08/2023 07:54

Being a cash buyer didn't benefit us - we were buying in a rising market and a ton of other buyers were also some form of cash buyer, so it didn't provide any advantage.

mondaytosunday · 04/08/2023 08:06

No discount. It makes you more attractive if competing with those who need a mortgage as you can presumably be quicker though.

XVGN · 04/08/2023 10:05

Whataretheodds · 03/08/2023 12:23

I might choose an offer from a cash buyer over a mortgage-reliant buyer, or a chain free buyer over a chain buyer if it was important for me to move quickly , but I wouldn't give them a discount unless I was prepared to accept a lower price for speed. Why would I?

A buyer requiring a mortgage can be prevented from stupidly over-paying by the mortgage company refusing to value the home at the agreed price.

A cash buyer may not have the skill or good luck to identify whether they are being stiffed.

GoodChat · 04/08/2023 10:33

Why should someone lose money because you've got the cash ready? It just means you're preferable over other buyers because you're ready to go - that doesn't mean a seller should accept less.

CrotchetyQuaver · 04/08/2023 11:33

I had this a few months ago selling my late parents house. The buyers were already exchanged on their property and sale proceeds from that were more than the asking price of ours. They offered full asking price and sale went through in 5 weeks, very satisfying after being messed about by 2 previous buyers who offered less and messed us about, the first pulling out at the point of exchanging contracts at the beginning of this year.

Summering23 · 04/08/2023 12:01

We had cash buyers offer 50k under asking when we sold our last place several years ago. This was during a boom and they'd assured the EA they could afford the asking and we'd even allowed them to bring family members to their second viewing. Turned out they couldn't afford the asking price and had assumed as cash buyers we'd accept their offer. They were staggered that we declined but it didn't matter to us whether the money came from their account or a mortgage company.

We ended up selling for 10k over asking.

Mirabai · 04/08/2023 12:06

Cash buyers are much more attractive than mortgage/chain. A good conveyancer should be able to to get a cash purchase through in 2-4 weeks for a freehold property - searches and other party depending. However always ask for proof of funds before accepting.

Recycledblonde · 04/08/2023 12:14

We are going to be cash buyers with no chain (currently in rented) when the sale of my FIL's house goes through. We certainly don't expect a discount but will want to proceed reasonably quickly. Our rental contract ends next August but the landlady wants to sell so is open to us leaving early and we can afford an overlap.

TheJRTwontLetMeBe · 04/08/2023 12:23

Personally I think only the 'no chain' bit is relevant. If buyers have a MIP then I don't really care if they have ready cash or not.

We've moved a few times and on 3 occasions we moved into rented to put us in a no chain position. It's a hassle yes, but it's always worked to our advantage. This place was on at 450k, we liked it but didn't love it so offered 415k (which meant we'd be mortgage free). The couple had their names down for an off plan apartment in a retirement village and needed to complete by a set date, so they accepted to save their purchase. It was only 8 weeks from them accepting our offer to us moving in!

Mirabai · 04/08/2023 12:36

MIP can be a moveable feast though - most people get a MIP but some get refused further along the line.

Andifeelheavymetal · 04/08/2023 12:38

I wouldn't give a discount nor expect one. The conveyancing process is the time consuming part of house buying so there's no advantage to being a cash buyer.

SabrinaThwaite · 04/08/2023 12:41

We’ve been chain free a few times, I think that makes the difference rather than being a cash buyer as well. Current property we were cash buyers and chain free, we paid a fair price and as we were in rented at the time could go with the vendors timings (they were moving overseas). Easy transaction, sellers were very pleasant to deal with, nobody messed anyone around.

crosstalk · 04/08/2023 12:50

I've been a seller with a cash buyer sniffing around. He offered 20% under asking price. No deal. I was not in a hurry to move but even if I had been, it was a very cheeky offer. And, as other people have said, some cash buyers actually aren't.

UpendedPineapple · 04/08/2023 12:56

We offered asking against a CONCB and they offered £30k under. We lost!

Funnily enough I noticed we moved first though, despite it taking another couple of weeks to find a house.

CharlotteStreetW1 · 04/08/2023 12:56

This reminds of the "cash buyers" who bought our pub-type business and premises. Cash buyers my arse!

First they decided they were going to borrow against the equity in their house (as we had done) but then realised that wasn't enough so decided to sell their house (sigh) which they did quite quickly actually - using different solicitors from their purchase.

A year down the line, we finally exchanged but the day before completion their buying solicitor called saying their lender wasn't sending the equity funds (still with me?)...

...because of course they'd sold the house so had nothing to borrow against and they hadn't thought to tell anyone on the buying/lending side 🙄

Amazingly their mortgage broker turned up something because they completed two weeks later by which time I had gone totally grey.

hauntedvagina · 04/08/2023 13:07

Personally wouldn't want to sell to a cash buyer. Far more likely to piss about towards exchange.

Chain free however is a bonus.

Original poster
lljkk · 04/08/2023 20:03

funny enough, I have a priority to only look at chain free sellers next time I sell. I feel burnt by people who list their homes speculatively, not really that bothered about selling. so vacant possession or a forced sale, etc.

OP posts:
Ralye · 04/08/2023 20:08

We paid cash. No 'discount' as we felt the price was fair and wanted a smooth sale.

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