Benefits of cash offer for property

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I have an offer for 760,000, but it is 20,000 less than asking.
Property on the market for 6 months.
It is a cash offer, with proven funds and no chain.

What are the benefits in accepting this, over a mortgaged offer of 769,000?

Many thanks!

Do you have another offer? Benefit is that they can definitely afford it, mortgages can fall through for a number of reasons

Your solicitor doesn't have to wait for a mortgage to come through or meet the survey/mortgage offer stipulations, if any.

Otherwise not much, it's up to you.

Houses are often being down valued by lenders at the moment - meaning a mortgaged buyer may renegotiate after the lenders survey decides wether or not you and the agent priced it right.

Cash only deals tend to move quicker, as PPs have said, no waiting around for mortgage offer or worry it'll fall through if there are problems found by mortgage company when doing their survey - which does happen (happened to my DS twice!) One less hurdle to potentially fall over in the crazy process of house buying!

The main benefit is that there's no chain, down at least. That puts you in a great position to move, have a good offer accepted or just complete the deal and move out.

The danger of getting a mortgage is that the lender will insist on a valuation and the valuer may value it at less than the price agreed.

Forget the 780k the house was on at. I would be trying to get the cash buyer to match the 769k that the other interested party has offered.

Good point is they can move quickly so thats a plus if needed.
Bad point are they able to move quickly and may want in asap regardless of you are in a position to complete resulting in them walking away or you going into rented.

Good point is not waiting around for mortgage stuff.
Bad point is cash buyers tend to use their cash status to dick all over sellers and several lowball just before exchange.

Good point id their funds are guaranteed.
Bad point is they offer under asking (as you have found out)

Its all horses for courses.

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