Have I screwed up... yep probably

[user1485851222]

Accepted an offer on my house nearly 2 weeks ago, from a couple who will be cash purchasers after an inheritance property has completed. They should complete in the next week or so. Was i stupid to accept offer?

Why would this be any different to accepting an offer from someone selling their current property in the usual way?

Why do you think you have screwed up?

Very true CellophaneFlower, I think I just need to give my head a wobble, a sale fell thru earlier this year, so think I'm being a worry wort. The British process of buying and selling is so antiquated and worrisome.

Helpmyback, gawd knows, I think I'm just worrying, as they haven't exchanged yet and my sale is dependant on them completing.

A lot of house purchases depend on the sale of the previous house. It just means that you're in a chain, despite then being cash buyers.

I know, I'm being stupid

Can't see why it shouldn't be fine. Sending hugs user. It's a very stressful process

You haven't messed up but they're not cash purchasers if they're dependent on selling a property to buy yours.

It'll be fine.

I don't think you were stupid, no. Just keep an eye on the stated time frames but I don't think it's any different to a usual situation where the purchase is dependent on a sale.

Thanks Igmum, this will be our last move, if it happens, if it falls apart, we will stay where we are.

Bitsalty they aren't selling their home, but an inherited one.

That doesn't make any difference. They need to sell a property to get the funds to buy yours so they're not actually cash buyers at all. If they'd already sold the property and had the proceeds in their bank account then they would be cash buyers.

Ok…

Cash buyer is often used to mean they don't need a mortgage.

You were only stupid to accept if there was another better offer on the table. Otherwise, you have accepted an offer tou are happy with and are in a chain, which is normal. However they are not cash buyers as they are reliant on selling a property, they just don't need a mortgage.

A true cash buyer is money in the bank, immediately available.

Update, I've had solicitors docs re sale & onward purchase, buyers solicitors haven't opened a file yet, 2.5 weeks since offer was accepted, MOS issued week just ending. Another couple want to view a 2nd time with a view to offering asking price, 5 k more. No I won't gazump my 1st offer. But would you let them view.

Yes I would but there’s only any point if you’re interested in their potential offer.

I would be because I would be concerned that previous buyers aren’t getting a move on.

I would too and would consider accepting a new offer. If the first buyers haven't instructed a solicitor yet they haven't spent any money either. You can pull out now without costing them.

Sorry, I see they have a solicitor, just they haven't started work yet. Same applies though really.
How saleable is the inheritance property? If it's in need of complete refurbishment it might be a long time on the market.

Don't be blinded by their position (which isn't a strong as they or you might think) - their purchase is still dependent on them completing which until it happens is far from a done deal. If they haven't yet started any of the legal process in your property they may well not be as invested as you would hope. Their stamp duty has also just gone up by 2% on the full purchase price so they might be reviewing purchasing a second property.

No. If you are not interested in letting fine the first people then why let the others view?
And it's VERY early in the process, even for a cash buyer. I bought with cash (actually sitting in my back) to people who had moved abroad, so bourse was empty and they were keen to get the money. Still took four weeks and that's with all the paperwork already done and my solicitor being on top of it as I was living in an Airbnb (two purchases already having fallen through) and in a hurry.

Their solicitor said they are a couple of weeks away from completion on the inherited property, and should open the file for our purchase shortly, hadn't previously due to staff shortages 🤷‍♀️. Was going to give them to mid-week to open file.

People are right, this buyer isnt unusual really, they need to sell a house to buy yours. The good news is it seems that sale is already well progressed.
Are they having a survey? Most people would if your property is 10+ years old and I do think 3 weeks to not yet start the process is a bit tardy. As in any other selling situation, yes I would accept more viewings.