Cash offers only thanks

collegeme

We have been lookimg to move for over 2 months and only 4 hpuses have been suitable for us.
Out of the 4 if them, 3 we were told that offers were only accepted from cash buyers.

What makes this more annoying is that they domt tell you this before you view but as you are viewing.
Like its not as if i will change my mind on getting a mortgage and withdraw the 180k from my current ac

gaius c

And why were they looking for cash offers?
Was it the bank selling wanting hard cash to clear a loan?

collegeme

yes bank selling or combination of bank and owner ...whatever that means. But its so disheartening that we dont have a chance.

We put in an offer of over 20% greater than the lowest cash offer to see if we can persuade bit dont feel confident.

yes cash to clear the loan i presume. they camt be arsed waiting for the mortgage approved buyer.

the_syco

Not so long ago, people wanted X amount of euro, or Y amount if you give them €20k, when Y amount was €80k cheaper.

I'd wonder if that's what they're doing now; they sell the house, know they're going to see nothing of the proceeds, so are looking for some cash under the table?

ted1

Cash only can imply that there is an issue with the house and that when your sake agreed and the bank surveyor does his inspection he noticed it and the sake falls through

The_Conductor

Not necessarily- I'm personally aware of one house gone sale agreed 4 times since June- on each occasion the sale falling through because the bank valuer was unhappy with the valuation for mortgage purposes, causing the mortgage reliant potential purchaser to have to pull out.

Cash is king. If someone wants a reasonably quick sale- go cash only. You're not going to loose out price wise- often the cash buyers are really really aggressive in comparison to mortgage approved buyers- because they're not constrained in the same way a mortgagee might be.

If there are cash buyers out there- let them spend their cash.........

Henry Ford III

Would "cash" buyer in this instance more properly mean "non chain"?

p.s. How would a perspective seller know if you were a cash buyer or not? Are you obliged to tell them?

Pawwed Rig

You would need to provide a proof of fund (I would assume anyway).

Valentine1

Henry Ford III wrote: »

Would "cash" buyer in this instance more properly mean "non chain"?

p.s. How would a perspective seller know if you were a cash buyer or not? Are you obliged to tell them?

No, it is usually taken to mean that no lending institution are involved and they not in a chain of sales.

I recently was involved with a "cash buyer" until it came to completion when it transpired that they were in a chain but trading down so didn't need a Mortgage and the sale of their house was delayed. The Client was furious as were we.

Henry Ford III

Pawwed Rig wrote: »

You would need to provide a proof of fund (I would assume anyway).

"I brought this to prove my bona fides" - produce €50 note

Imagine trying to actually do anything with say €400,000 in cash - money laundering report written large all over it.

Pawwed Rig

Do you remember the J Gallagher sketch where he went into an estate agent wearing a tracksuit and a thick Dublin accent with a Tescos bag full of cash saying he wanted to buy a gaf?