What does 'Cash Buyer' mean when buying a property?

Find out what Cash Buyer means when you are buying a property. 'What does Cash Buyer mean?' plus over 150 other property related terms and jargon in plain English

Cash Buyer

A cash buyer is someone who does not need to borrow (take out a mortgage or loan) or to sell any property in order to buy.

Some first time buyers sometimes believe they are "cash buyers" this is untrue if they need a mortgage. The correct term for this type of purchaser is "Chain Free Buyer".

Cash Buyer Only Properties

Some properties are offered for sale to "Cash Buyers Only". These are usually ones where a bank or other mortgage provider would not feel comfortable lending. Common cash only purchases would include :

  • Properties with no inside kitchen or bathroom - a requirement needed for a building to qualify as "uninhabitable" and this be mortgageable.

    • There are actually ways to raise a mortgage on properties described as Cash Buyer Only via a 100% retention.

    To find out more about cash buyers as well as Cash Buyer Only Properties (and how you can purchase one even if you need a mortgage) pick up a copy of my ebook How to Really Buy a Property.

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    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
    "... 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 Chapter 20: What a Property Survey Really Means). If you are applying for a mortgage..."
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    "... 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..."
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    "... 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..."
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