Which is where being a cash buyer comes in handy…
No more so than someone who already had sold their house/first time buyer and had their mortgage ready to go – they’re all ‘cash’ buyers.
No.
If a mortgage is required, whether agreed in principal or not, then a whole new set of requirements has to be satisfied.
A cash buyer, to me, is a buyer who is free, and able, to buy without consulting any other party. Needing a mortgage obviously rules this out.
I’d choose someone with cash in the bank over someone with a MIP anyday. I’m not saying I’d give them a discount though…