More and more properties are being marketed as cash only when they’re being sold.
This has resulted in homeowners asking questions about what this means. And why cash only is a common request for houses on the market. Sell My House Quickly Doncaster looks into why some houses are being sold as cash only and clearing up some concerns about what this can mean regarding the quality of the property.
What does cash buyers only really mean?
If a property is listed as cash buyers only, this means that the seller is not interested in potential buyers that are either waiting for a mortgage approval to be able to buy or that are waiting for a sale of their own to then have the funds to complete on the property. They are looking for a seller who has the cash liquidated and is able to buy the house outright. This can be for a number of reasons. But often, it’s assumed that a seller does this because the property is in an unmortgageable state. Sometimes, this can be true, but it isn’t always the case. As a potential buyer it is important for you to know more about the different reasons a property is marketed as cash buyers only.
The immediate assumption for these properties is that they are in such poor condition. That a potential buyer will not be able to get a mortgage to complete the sale. This can be the case for some properties, especially if they have fire damage, severe subsidence, or is in such a poor state of repair. That a full renovation is needed to render the property habitable. What’s important to know is that while this can be the case for some properties, it isn’t the only reason. Contact Sell My House Quickly Doncaster!