What does 'Cash Buyer' mean?
Cash Buyer
A cash buyer is someone who does not need to borrow (take out a mortgage) or to sell anything in order to buy. Some first time buyers sometimes believe they are 'cash buyers' but this is incorrect if they need someone else's funds, i.e. a mortgage.
Some properties are offered for sale to 'Cash Buyers Only'. These are usually ones where a bank or other lender would not feel comfortable lending. Common cash only purchases would include properties with subsidence (and no insurance) or properties with no inside bathroom.
Search Results for 'cash buyer' in How to Really Buy a Property
Chapter 15:
How to Really Make an Offer on a Property
"... works in your favour.
Being open and clear - the more the agent can tell the vendor, the more your offer will shine. If the agent can say, "This is a cash buyer and he has shown me his bank statement as proof" this is much better than "He says he is a cash buyer".
Laying down timescales -..."
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Chapter 17:
The Property Buying Process in Theory
"... degrees of certainty!
What Can Go Wrong
As a cash buyer and the surveyor was instructed by you then there is little that can go wrong in the process, although there is plenty that can be wrong in the report (See What a Property Survey Really Means.
If you are applying for a mortgage there..."
"...As a buyer there are certain inspections that you may want to carry out to make sure the property is in the condition that you believe it to be. The most basic and recognised is a survey. As a cash buyer you may simply want to carry out a valuation survey to get a second opinion of the price you think the property is worth. If you are applying for a mortgage the lender will have carried this out for their own records and will make you aware of the results (see above).
..."
"...Once officially instructed by you, your solicitor has a set number of actions to undertake. Most are dictated by the lender you are using via the CLM Handbook (see above) but if you are lucky enough to be a cash buyer you can choose to opt out of certain requirements such as local searches (see below).
..."
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