How much would you get off price of house if paying cash?

biggebruv

Roughly how many 1000s does it knock off a house price?

srsly78

Depends what you mean by cash!

punisher5112

You won't know till you try.

People will take what they are willing to take so there is no sure way of knowing.

We just bought and tried even €500 off and it was a no go.

dudara

Don’t think it would knock anything off to be honest, unless it helps hasten a sale.

When a mortgage is drawn down, the buyer will get all the sale price transferred to them. In fact a mortgage buyer is straightforward in that sense

salmocab

Well the seller receives the money regardless of whether your paying a mortgage or from your account if you mean it that way, so really unless the seller is in a massive rush it’s unlikely they will give you any discount. Where it might be of help is if there are few bidders they might accept a small bit less of it avoids a chain.

manonboard

punisher5112 wrote: »

You won't know till you try.

People will take what they are willing to take so there is no sure way of knowing.

We just bought and tried even €500 off and it was a no go.

wow... thats surprising to me.
I would definitely drop that little to have a cash buyer rather than a mortgage buyer. Though perhaps other bidders were also cash. Interesting to note!

Graham

I wouldn't expect any discount unless the seller were under pressure to sell quickly. What I would generally expect is a slight edge over buyers relying on finance.

Sellers prefer cash buyers as there's theoretically less to go wrong.

GGTrek

I am selling and give preference to cash buyers if the bids are very similar (1-2k difference), since a non cash buyer will have to go through the hoops of the bank which will cause (sometimes substantial) delays. For me time is money. Clearly I want the cash buyer to understand right from the start that his/her solicitor has to be quick (otherwise the buyer solicitor wastes my time and my solicitor time).

Askthe EA

Hard to answer, depends on so many vendor related factors. Are they in a rush? Are they buying elsewhere (no chain would be attractive), do they have some concern over the mortgage-ability of the property.

Most vendors just want the most money and as such wont discount for cash.

theteal

As above, I wouldn't expect any discount. It'll put you at the front of the queue against other similar bids but it's not like you're buying a car where you're saving the dealer time and effort by being a cash buyer, there's still the usual faff to go through in the house purchase process.

banie01

TBH your "cash" offer becomes the new baseline for every other bidder to beat.
The majority of sellers will be in a chain in any case and will be in no huge rush to close.

Cash has its place, very often it allows someone enough liquidity to take of a seller in a rush.
In Ireland however, with the lack of speed in conveyancing and the length of time in general to close a sale its not really conducive to negotiating a discount IMO.

Gumbo

manonboard wrote: »

wow... thats surprising to me.
I would definitely drop that little to have a cash buyer rather than a mortgage buyer. Though perhaps other bidders were also cash. Interesting to note!

Why would you drop it?
You don't get the money any sooner? any quicker? and its still has to go through their solicitors account to your solicitor to you.

GingerLily

How does it work with bidding if ones a cash buyer?

How do you bid against a cash buyer if your already offering more than them?

It seems confusing to offer a discount!

Obviously if you have two bids, you pick the easiest offering

the_syco

I would imagine if the seller has had a sale fall through, they may prefer a cash sale, but then again; if the seller prefers cash buyers, I'd wonder if there was something wrong with the house that made it unmortgageable? Boundary issues, for example.

whippet

Usually the mortgage is the last thing to delay a sale ! It’s all the other nonsense with solicitors, management companies, planning departments etc that delay stuff.

BRYAN Is Ainm Dom

the_syco wrote: »

I would imagine if the seller has had a sale fall through, they may prefer a cash sale, but then again; if the seller prefers cash buyers, I'd wonder if there was something wrong with the house that made it unmortgageable? Boundary issues, for example.

My parents managed to get 4k knocked off because the seller didn't want to deal with mortgage buyers as previous sale fell through because of problems with the bank. Cant be certain of what they paid but was close to 350k and seller was making nice profit either way so 4k probably wasnt such a big deal.