Cash Buyer

apt2view

I'm looking at apartments to mortgage. After viewing the selling company said it is only for cash buyer and they have cash buyer offer but not full price. I said I will offer more as my mortgage gives me more money.

Why is cash buyer better than bank which is safe? I offer 15000 more but still they won't take it.

Is there more tax if seller uses mortgage buyer?

DelBoy Trotter

There is something majorly wrong with the apartment so therefore a bank would never give a mortgage on it, hence they only want cash buyers

apt2view

DelBoy Trotter wrote: »

There is something majorly wrong with the apartment so therefore a bank would never give a mortgage on it, hence they only want cash buyers

Thank you. How can you sell the apartment if something is wrong? They did not say something is wrong. They told me everything is fine to sell in 4/6 weeks.

The selling company does not talk about cash buyer till I was making the offer.

It is very strange. So much money and they are not telling you.

Glass fused light

You can sell a broken vase and a dwelling is like any other property


There is no legislation obliging a seller to make any declarations
Its a buyer beware situation

Property is always sold under written contract
So in theory the contract could specify all kinds of assurance

But ultimately its still up to the buyer to carry out proper checks

apt2view

The problem is lying selling companies. They lie to sell...

Mike3549

There might be problems with management co. Or something where your bank might say no, thats why cash buyer is the only option, or sold with tenants in situ

Archaeoliz

Or the seller may want a quick and more guaranteed sale. Mortgage approval is only an in-principle agreement so it's not guaranteed. If the buyer loses their job or the bank decides that they're not going to lend for whatever reason the seller has to start again. If you agree a sale with a cash buyer you are only negotiating with the buyer not the buyer plus the buyer's bank. Doesn't necessarily mean that there's anything wrong with the property. The seller is free to sell to whom they choose. Price doesn't have to be the only motivation.

pwurple

It most likely means it's not possible to get a mortgage on it.

Property may be uninsurable for some reason, or have a legal issue, such as a problem with the title, planning, management company problem etc.

Mic 1972

apt2view wrote: »

I'm looking at apartments to mortgage. After viewing the selling company said it is only for cash buyer and they have cash buyer offer but not full price. I said I will offer more as my mortgage gives me more money.

Why is cash buyer better than bank which is safe? I offer 15000 more but still they won't take it.

Is there more tax if seller uses mortgage buyer?

I had the same issue a few years ago, the agency told me that the building had structural damage and was black listed by banks.

You have the right to demand the full story as to why this only applies to cash buyers, the agency surely knows

TSQ

Cash buyer could also be preferred because there will be less delay in completing the sale. Seller could be in a hurry to get hands on the proceeds for any number of reasons.

cruizer101

Mic 1972 wrote: »

You have the right to demand the full story as to why this only applies to cash buyers, the agency surely knows

Really??

What if it is just a case of sellers only wants cash buyers as doesn't want hassle of mortgage sale, can't see how they are under any obligation to tell you why.

Mic 1972

cruizer101 wrote: »

Really??

What if it is just a case of sellers only wants cash buyers as doesn't want hassle of mortgage sale, can't see how they are under any obligation to tell you why.

If the property is blacklisted by the banks due to structural issues or other problems it won't show on the sales ad on Daft/MyHome. That's why you need to call the agency and ask them the full story, it's in their interest too, if things come up later it will only slow down the sale process
I don't see any reason why a seller wouldn't want to bother with mortgage buyer. A seller is looking for the best offer, it doesn't matter if the money is lent or not