What does ‘cash buyers only’ mean?
If an estate agent advertises a house as ‘cash buyers only’, it means that the buyer does not want anyone to put in an offer if they would require a mortgage in order to complete the sale.
Be sure to ask the seller why they’re asking for cash only.
Why do people want cash buyers?
If you need cash buyers only, it is a possibility that the property you are selling is unmortgageable. This makes it difficult for a traditional buyer to obtain a mortgage. The condition of property could have structural issues, subsidence, has roof damage or is fire damaged that means that cash buyers only can buy it.
What does it mean to be a cash buyer for a house?
A cash buyer is someone who has the cash available to buy a property outright without needing to secure a mortgage or sell something, such as another property. This can be a private individual or a company that specialises in buying property for cash, such as Reader’s Digest Property.
Does cash buyer mean no mortgage?
This is incorrect; if a buyer doesn’t have the cash readily available at the current time of putting in an offer, they are not cash buyers. The official definition of a cash buyer is: “Someone who is able to buy, without needing to take out a loan or mortgage.”
Is a cash buyer better?
Strictly speaking a cash buyer is always better – less risk, faster turn round and more control. However, if you are the cash buyer, you know you are in a good strong buying position and will often use that to negotiate a lower offer.
Why do sellers want cash only?
If the seller knows that it would be impossible to obtain a mortgage on the property, they may specify they only want buyers who can pay with cash so that they don’t go through the whole process only to find out the purchase can’t go ahead.
Do sellers prefer cash offers?
Sellers prefer cash offers—and they’re good for buyers, too
While it’s true that all transactions lead to cash in the end, the realities of financing place obstacles between buyers and that the end. Sellers naturally want to deal with buyers who face the fewest obstacles.