What Does “Cash Buyers Only” Mean?

Posted by Foxtons New Homes on 18th October 2022 -

When you're house hunting or planning to sell, and you come across a property ad that says, "cash buyers only," what does that mean? Here we'll answer your questions on cash buying.

What does cash buyers only mean?

Often, when we say, “cash buyer only,” it’s because a buyer requires an especially quick sale. They’re asking only for offers where all the money is available immediately – no waiting on inheritance, or the sale of a house, or a mortgage application. 

There are many reasons a seller might prefer a cash buyer. There could be an issue with the property that would make getting a mortgage difficult. In this case, they’re often looking for a professional investor that would be willing to put work in to majorly fix up the property. But that’s not the only reason. They might be trying to purchase at the same time and need money quickly, they might have had an issue with a buyer backing out before, they could be leasehold with a short lease remaining that would make a mortgage impossible, or they could be relocating. It is important to know why the vendor is looking for a cash buyer and, while it’s not a requirement, we suggest you have a surveyor review the property. 

So if you’re hoping to buy one of these properties, you’ll need to provide proof of funds – like a bank statement confirmed by your conveyancer. 

Putting "cash buyers only" on a property ad is not the only way to get a quick sale – Foxtons Auctions are exceptional for completing sales quickly, and walk sellers through the process to make it easy as possible.

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