Cash Purchasing – Information from Progressive Property This can be ...

Cash Purchasing – Information from Progressive Property This can be of benefit and offers a lot of clout when doing a deal. Being a cash purchaser means that you theoretically can move quickly and complete quickly, therefore getting the other side their money fast. To prove you are cash purchaser it is best to have the funds ready and waiting in a easy access account, the last thing you want to do is promise to complete in 7 days and then it take 21 days to draw down your cash! Cash also means that you can take a view on certain aspects of the property that a mortgage company may be more hung up on, for example a mortgage company may be worried the house doesn’t have a bathroom or kitchen but in reality you know it is only going to cost an extra £2k to do this!

There may be people that are in a good position such as having JV finance or are planning to use bridging as a method of purchasing. It is important NOT to say that you are a cash buyer unless you have cleared funds sitting in a bank account. You may wish to stress the fact that you can complete in 7 days using cleared funds, but it is important not to say you are cash if you aren’t. From an estate agents point of view 80% of people that say they are cash buyers but later on down the line they are waiting for a mortgage offer....therefore it is actually cash from The Halifax!