We agreed to sell our house for a lower value than we wanted as they are cash buyers which means we can proceed on the repo we are buying.

They had a survey done on Tuesday which I guess was all clear as we hadn’t heard anything until today when the EA contacted us saying they are now getting a mortgage survey done on the house. ???

Why would they be doing this if they are cash buyers ?

My wife did contact the EA about it but they said not to worry as they are cash buyers???

Am I right to be concerned?

Thanks.

They’ve decided to mortgage some of it?

First time buyers?
“As good as cash buyers!” (No chain) or not…
Ask the agent to clarify.

Nope not first time buyers but a middle age couple buying a couple of houses to let.

They have already shown the EA that they have the cash to proceed so this is why I am a little concerned as we are trying to buy a repo and have 28 days to exchange. Their mortgage survey is a week today which may delay things.

I’d be asking the agent to ask them WTF is going on, reminding them the discount was based on a cash purchase. They could be about to F you about. Is your house their first BTL or are they seasoned landlords?

Is it an actual survey for the mortgage they now need?

If I was cash-buying, I’d want a survey to reassure me the when I came to sell on the future that potential buyers would be able to get a mortgage.

Just a thought. You never know what might turn out to annoy lenders, even if not a problem in reality. This would affect my buying decision.

That, or you’re being lied to!

They have already had a survey done earlier this week for themselves. Now they have phoned to arrange a convenient time to have a mortgage survey carried out ?

They are getting a mortgage and the survey (valuation) is a quick visit from the bank to make sure they are safe to give a mortgage away and the property has been valued correctly. They’re not coming round to check walls etc.

So they are not cash buyers.

Decided to put some debt in there I suspect so their cash goes further (ie more properties). maybe if they fear a possible interest rate increase before long, going fixed now might be looking attractive while they still can? Pure speculation on my part.

What you need to do first is put a rocket under the EA to find out what’s going on remembering they work for you. I wouldn’t speak to one of the spiky haired youths either get hold of the manager or owner.

To me a ‘cash buyer’ is one who doesn’t need to sell to buy.

How they are financing this, shouldn’t really be an issue for you – except I guess if an additional survey down-rates your property.

It was the manger that told my wife not to worry.

They may be planning to pay you cash, as they said, and then mortgage to free their cash up again. Not necessarily bad but needs clarifying.

I am just concerned that if they are getting a mortgage it may delay us over the 28 day Mark for the repo we are buying.

BR I tend to disagree cash buyer is you have cash (certainly that’s how I would assess/interpret it). Chain free means you have no chain. OP br’s point is valid however in terms of the choice of language an agent or the buyer might have put on the offer so worth asking them to be clear which of mine and br s view is their meaning of cash buyer.

The mortgage market has hardened a lot this year due to enhanced regulation. A mortgage is far from a dead cert. If they are going to remortgage post completion then that’s another matter and I can understand starting that now but sounds like you don’t want your deal held up if that doesn’t go smoothly.

The fact they have surveyed separately already suggests to me that this was possibly not always in the plan. Of course it might be that it was and they wanted a proper structural or whatever rather than a home buyer type thing.

Can’t you get a completion date agreed now?

Paying in cash then converting to a mortgage could be what’s happening and won’t delay the sale.

To me a ‘cash buyer’ is one who doesn’t need to sell to buy.

Not to me – lenders can cause all sort of trouble so as to delay things.