‘Cash Buyers Only’ – What could possibly go wrong?
The Homeowners Alliance have written a useful article on buying property as a cash buyer.
A cash buyer is someone who can afford to buy without needing a mortgage or other forms of funding. The good news is cash buyers can normally buy at bargain prices. Also, transcations are generally a lot quicker as there’s no messing around with tardy ‘tick box mentaility’ banks and delays getting mortgage valuations arranged.
But it’s important to understand why someone is selling to ‘cash buyers only’, knowing that the sale will likely be at a lower price that if their property were marketed normally.
It may be that the seller needs to move very quickly, perhaps because it’s a forced sale to satisfy creditors or a Court Order.
But ‘cash buyer sales’ tend to ring alarm bells with surveyors because it may suggets that previous buyers haven’t been able to get a mortgage due to the property being ‘unmortgageable’. This might becuase there are legal problems or more likley the construction type is one that lenders don’t accept. Either way, it means the market value will be significantly lower.
You can read the full article here.
Our next blog – coming soon ……
Selling privately (continued)
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