When cash means cash
The phone rings. You’re desperate to sell your home having already set your heart on another and it’s your estate agent on the end of the line reporting an offer.
“If the price is acceptable, the next question has to be about the position of the buyers and if they say they’re cash buyers, it’s not always what it might seem,” says Ben Green, partner at Henry Adams in East Wittering.
“Sometimes people describe themselves as ‘cash buyers’ but there can often be some confusion about what this actually means. Even if they have nothing to sell themselves, if they need a mortgage of any level, it means they don’t have readily available funds and obtaining a mortgage may prove challenging and time consuming.
“Alternatively, they may not need to raise any mortgage funds, but instead will be using the cash from the sale of their own property which is great - providing they have a buyer for their property already in place and the chain is proceedable,” advises Ben.
“A genuine cash buyer already has all the money to buy the property to hand, not tied away in long term accounts without ready access for when they need to pass the funds across to their solicitor for exchange and completion.”
A professional agent will ask all the appropriate questions to ascertain whether the potential buyer really is a ‘cash buyer’ with the funds at the ready, or whether other circumstances apply.
“A local agent who you have come to know and trust will be able to act on your behalf and will investigate the buyers’ position including their finances and chain, even before you get the call about the offer,” said Ben.
“It’s having the full information which allows you, as the owner, to decide whether or not to accept the offer so it’s vital that your decision is made with the full facts available.”
For further advice on selling your home, contact Ben Green at Henry Adams on 01243 672721 or email email@example.com.