Obviously ‘Cash Buyers only’ is written in the description to only attract cash buyers. Why would a vendor allow an agent to only attract cash buyers we look at some likely situations this could happen?
Several Situations may arise were a vendor requests cash buyer only. So, if you are planning on viewing these properties make sure you take no offence when an agent requests proof of funding prior to viewing the property.
Quick Efficient sale
Many times, sell-fast.co.uk is contacted for the same reason that agents advertise to Cash buyers alike. Vendors situations sometimes warrant advertising to cash buyers only. Some situations are listed below: –
- Facing Repossession cash buyers can move faster than your mortgage lenders?
- Going Through a divorce & just want a clean break.
- Are you involved in a chain and you need to sell quick or you may lose your onward purchase?
- Are you the executor of a probate property? And have limited information on the asset you are selling, and the beneficiaries just want their funds?
- Has there been a legal dispute that you are tired of fighting and just want out?
- Does your property have structural issues?
- Have you been made aware your property has Japanese knotweed?!?
We talk below through some not so straightforward issues. Sell-fast.co.uk are always available to discuss buying your property with our cash funds. Call 08003687399.
When selling a leasehold flat
We often come across flats being marketed as cash buyers only due to the length of their leases. Most lenders will not lend to a property that has a lease below 70 years. Lease extensions are possible, but this may be a lengthy procedure. If you are interested in buying a leasehold flat because it appears to be cheaper than comparable flats beware the shorter the lease the higher the premium for a lease extension. Always ask a Vendors agent if they have had any written indication of what the lease will cost to extend this is a good indicator of potential costs but unless the freeholder has made a written offer one should not make any presumption there are some lease extension calculators online but without a surveyors professional advice I would be cautious when making firm presumptions on the value of your lease extension. Usually in these situations cash buyers not only attracts cash buyers but also attracts property professionals that are well equipped with the correct professionals around them to deal with such situations. Our team at sell-fast.co.uk ae able to help anyone sell a flat with a short lease we have attended many leasehold tribunals and our professional team have always been able to deliver a successful result. More recently we have bought flats that were un mortgageable due to the in-correct cladding on the façade this issue is now very common on apartment blocks and leaseholders should be very weary of potential charges attached with rectifying such issues.
The vendor is well aware of structural issues on his premises and has opted not to attract buyers that will not be able to fulfil an agreement for sale even if a full asking price offer was made. Structural issues will usually on survey put any building society off lending on the property therefore wasting your time (if you were applying for a mortgage & that of the vendors) this approach insures that the vendor only attracts a person that is fully aware of what they are buying and will complete on the sale all the way to the end.
6 Month Rule?
Did you know several mortgage lenders will not lend on a property where the vendor has owned the property for less than 6 months, a huge chunk of the mortgage marketplace will not lend on properties that are being sub-sold or back to backed, Vendors that need a clean & quick sale may opt for cash buyers only to avoid any delays caused by mortgage buyers loans being rejected. Cash Buyers rely on their own funds so will not face these issues and a sale can complete with no issues.
Japanese Knotweed what is it& why do lenders not lend on properties that have Japanese Knotweed
Japanese knotweed is a plant that was brought over from Japan circa 1825. It us strangely beautiful with heart shaped leaves. But when this green fingered explorer brought this plant who would of thought that it would one day lead to properties being un mortgageable and if you decide to keep and plant it in your garden face criminal prosecution under anti-social behaviour laws!
This is not an exhaustive list of why some sellers opt for cash buyers, if indeed a Cash Buyer is what you need to sell your home you need not look further than Sell-fast.co.uk we are the nation’s Number one cash buyer with cash funds ready to complete your purchase. Get a free cash valuation now and save on Agents costs we will even pay your legal fees.