Do you need cash buyers only?
Cash buyers only what does it mean?
Definition of cash buyers only
If you need cash buyers only, it is a possibility that the property you are selling is unmortgageable. This makes it difficult for a traditional buyer to obtain a mortgage. The condition of property could have structural issues, subsidence, has roof damage or is fire damaged that means that cash buyers only can buy it.
Often estate agents will list a property on Rightmove for cash buyers only due to construction type that is prone to materials or deterioration, or foundation that can cause subsidence such as red shale.
If the seller knows that it would impossible to get a mortgage on the property, they will advertise the property for cash buyers only so that they do not have to go through the whole process only to find out that sale of property will not go ahead. If the property has short lease or a defective lease, it will only appeal to cash buyer only.
The second reason if seller needs certainty of sale and not wait around for a chain, or the time it takes for a mortgage offer to come through. This is because the seller has:
- found their dream home and do not wish to miss out on it
- looking to release equity tied up in a property to start a new business
- Or need to move abroad.
If a seller is buying another property, and have been given an ultimatum to buy in next 3 months, then they will look for cash buyers only for their current house so that process of conveyancing goes through quickly, and they do not end up losing their dream property that they’d like to buy.
What do cash buyers only mean when selling a house?
The sellers may also want to attract cash buyers only because they have been let down previously, for instance if their buyer could not get a mortgage, or if they are concerned that price of their dream house could go up if selling of their property takes 3 months.
Estate agents will do what they can to encourage sellers to ask for cash only buyers if they have to meet their own monthly sales target, and want to ensure that their commission is paid. If a sale takes up time to sell, it gives other estate agents the opportunity to jump in, and say to a seller ‘I will sell this house for you fast’. Asking for cash buyers only means that this is less like to happen.
Often a cash buyer may not be a real cash buyer, and you need to qualify your buyer.
Property Saviour are true cash buyers. When you accept our offer, we will exchange contracts within 10 days. There is no need for you to wait for months for cash buyers only. We aim to complete at a date to suit your life plans. With no fees to pay, we pay £500 towards your conveyancing too!