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Original poster

What's a cash offer worth?

13 replies

wereonthemarket · 04/01/2024 22:02

House is on the market for offers over £600,000.

We wanted £600,000 at the very least, in honesty.

We had a cash offer of £575,000 and declined. They've not offered £585,000 and say it's final offer. We have another viewing tomorrow - their house is sold but is in a chain and they would need to mortgage.

Feel like for the sake of ease I just want to accept the cash offer even though it's below what we wanted. I don't know how much more someone would need to offer to make that more appealing?

Currently we don't have a house we want to buy but could rent short term making us then a strong cash buyer.

Any experience? Thoughts? Opinions?

OP posts:
Twiglets1 · 04/01/2024 22:19

If it genuinely is a cash offer and they don’t have to sell a property to raise the cash then I would accept 575k in this market as the deal is more likely to reach completion than a deal in a chain.

Twiglets1 · 04/01/2024 22:21

Having said that I would allow tomorrow’s viewing to go ahead. Because if the viewers make an offer at over 575k a skilful EA may be able to use that to squeeze a bit more money out of the cash buyers.

NorthernSpirit · 04/01/2024 22:29

wereonthemarket · 04/01/2024 22:02

House is on the market for offers over £600,000.

We wanted £600,000 at the very least, in honesty.

We had a cash offer of £575,000 and declined. They've not offered £585,000 and say it's final offer. We have another viewing tomorrow - their house is sold but is in a chain and they would need to mortgage.

Feel like for the sake of ease I just want to accept the cash offer even though it's below what we wanted. I don't know how much more someone would need to offer to make that more appealing?

Currently we don't have a house we want to buy but could rent short term making us then a strong cash buyer.

Any experience? Thoughts? Opinions?

You need to check / ask how ‘liquid’ the £585k is.

Is that money in the bank ready to be released?

If it’s not - it’s going to take time to release, or they are being lent the funds for example, I would be wary.

Many times buyers say they are cash buyers but they don’t actually have the money sitting in an account ready to be paid.

If the money is liquid & ready to go, personally I would accept this offer.

KnickerlessParsons · 04/01/2024 22:33

All offers are effectively cash offers, in that you get the money. It doesn't really matter to you whether the buyer has to borrow money to pay you or whether he can pay you I'm used pound notes.
The only reason I'd accept a cash offer lower than the advertised price would be if I was concerned that the house might be unmortgagable, or whether it needed work done in order for the buyers to get a mortgage on it.

mrsmacmc · 04/01/2024 22:35

Just had a similar situation with our house sale.

First offer we accepted turned into a 💩 show as the buyer said they were cash buyers but turned out they weren't and could've caused us to lose the house we are going too.

Fortunately our EA had kept a note of others who had missed out and we accepted second offer which was slightly lower but they were a confirmed cash buyer (they sent proof to EA and lawyer it was readily available 💰 before we accepted) to save us the stress of losing house we are heading too and avoid going back on the market.

DrySherry · 05/01/2024 07:36

True cash buyers are getting thin on the ground so it's perfectly reasonable to ask for proof of funds before you decide. I agree with others that if they are really cash, take the 575, but with a caveat - and that's your property condition. They are generally hard negotiators if the survey throws up issues ! Are you confident that your survey will go smoothly and not throw up problems that give them good reason to further adjust the offer ?? Are you confident that a market valuation won't come in lower and again give them good reason to negotiate down ? The chances of you finding a cash buyer these days that doesn't do a thorough survey and a separate market valuation are small. They usually, but not always, have cash for a reason - they know thier strengths and may be less emotionally involved and more business deal driven.

OddityOddityOdd · 05/01/2024 07:39

I've never found any advantage in being a cash buyer or accepting a cash offer. The process takes just as long regardless.

UngratefulOldCabbage · 05/01/2024 07:43

Is that a typo? Do you mean they've now offered £585k? If so and they are a true 'cash in the bank and ready to go' cash buyer then I'd accept to be honest. Especially if you haven't found anywhere else yet and are looking at going into rental anyway.

Original poster
wereonthemarket · 05/01/2024 07:48

Thanks. The cash buyer is a company. The estate agent has dealt with them before. They make all their purchases cash and finance later. They sound legitimately cash buyers but I guess the estate agent would be asking for proof of that anyway should we accept.

OP posts:
Original poster
wereonthemarket · 05/01/2024 07:49

UngratefulOldCabbage · 05/01/2024 07:43

Is that a typo? Do you mean they've now offered £585k? If so and they are a true 'cash in the bank and ready to go' cash buyer then I'd accept to be honest. Especially if you haven't found anywhere else yet and are looking at going into rental anyway.

It is Blush

They have NOW offered £585,000

OP posts:
NewFriendlyLadybird · 05/01/2024 17:57

Take it. You will make the difference back in a year or less.

Original poster
wereonthemarket · 06/01/2024 16:10

Thanks everyone.

We now have another offer - in a chain but they don't need a mortgage for £600k. Will go back to the cash buyer with this info and see if they change their offer.

Just need some new sensibly priced houses to hit the market now!

OP posts:
SandyUK · 26/05/2024 13:20

Can you update us on the outcome of this? would love to know.

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