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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...
dickyboy , the marketcrash is imminent dont you know....
Surely a cash buyer is only a cash buyer if has nothing to sell? Mortgage aspect is less important - as long as they can prove then can get one in principle.
[quote=trail_rat ]meanwhile a house i offered on and missed out on by over 80k(nearly 50% more than asking) ).... is still on the market - seller got greedy and sold it to cash buyer developers who only wanted the land..... but only IF and WHEN the land around it was designated commerical.....
Greedy and/or bad legal advice.
Currently selling mums house to a cash buyer developer - selling to best offer which is partly conditional on planning, but getting money up front for the non-conditional bit and have a solicitor making the contract watertight for the other bit (quite confident of getting planning and the conditional extra money is more than enough to make the hassle worth it). In that case a real cash buyer with no mortgage is the only option, as I don't think it would be possible to get a mortgage on it in its current state - at least not for anywhere near what it's selling for, given traditional London commuter belt making a house needing complete renovation still worth silly money (round here, which isn't even the big bad North, something similar size but in good condition and fully modernised would be only just over half the price).
or overconfident that what was expected to happen would happen.
i was offering on it speculatively also as i expected it would be converted to commercial. id love neighbours who were out at all the times i am in.... and in at all the times when im out.....
Mortgage aspect is less important - as long as they can prove then can get one in principle.
As has been said, there's a difference between someone having a mortgage in principle and having a load of mortgage money in their (solicitor's) bank account en route to your bank account and not held up by "unexpected problems" or being spent on another property that popped up on the market in the meantime.
Cash helps, being proceedable (i.e. not in a chain helps),
Not being a dick helps, people like to deal with people.
All of these things help to get the deal you want, needs to be win win, not out and out combat 🙂
there's a difference between someone having a mortgage in principle and having a load of mortgage money in their (solicitor's) bank account
Yeah but what would you rather have? A buyer with nothing to sell or a buyer with a chain but no need for a mortgage? Once buyer, who comes across well, who has nothing to sell has invested in a survey they're a good bet IMO and better than one with a chain.
[quote=mudshark spake unto the masses, saying]there's a difference between someone having a mortgage in principle and having a load of mortgage money in their (solicitor's) bank account
Yeah but what would you rather have? A buyer with nothing to sell or a buyer with a chain but no need for a mortgage? Once buyer, who comes across well, who has nothing to sell has invested in a survey they're a good bet IMO and better than one with a chain.
That's another question. My response assumed other things are equal.
I paid the asking price. I wanted the house, knew it was fairly priced and knew that others were interested. While they were talking to their banks I produced some bank statements and signed. I put a couple of conditions in the initial contract - termites or "urbanisation" issues as there was no time for surveys between viewing and contract signing.
Yes OP, what happened?
[quote=Edukator spake unto the masses, saying]I paid the asking price. I wanted the house, knew it was fairly priced and knew that others were interested. While they were talking to their banks I produced some bank statements and signed. I put a couple of conditions in the initial contract - termites or "urbanisation" issues as there was no time for surveys between viewing and contract signing.
In France? Things work different there! To buy a flat in Paris you more or less have to go to a viewing with the cash in your pocket!
In France, yes. But I think the same applies anywhere. If you think it's a good deal then others will too so best get your signature on a piece of paper before someone else does. We're not in Paris but a desirable part of Pau. Our neighbour sold her house in a week.
Aaah Pau - know it well, from work visits. Always came home several kg heavier after expenses dinners at Le Berri 🙂
Do you know Bill and Anne Page?
The Berry has moved and now resembles a milk bar, however the food is still good, so I've heard, I've never eaten there.
"Yah, we've just sold our bedsit in [insert not-yet-gentrified area] in London and we'd like to buy your.... Sorry, I didn't quite hear that...."
"I said **** off you townie bastards!"