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Darkman

"cash Buyers Only...."

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Low price, cash buyers only.

Why would an agent specify cash buyers only? Why does the seller care where the money is coming from?

Any idea?

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It may be a wierd construction method that is unmortgageable. You get a few of those around here: Concrete walls, steel (I kid you not!), no proper foundations, etc.

OR, it's in such a shocking condition, possibly due to subsidence, that you won't get a loan on it at any price.

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The house will fall to bits during the next Micheal Fish incorrect weather forecast.

Even then it should be possible to get a mortgage for 75% of the value of the land minus the cost of removing the rubble, say about 35% LTV. Maybe it is a house that is about to fall down and built on top of a toxic rubbish dump, which is in turn situated over a collapsing coalmine.

Last time I remember a thread about this, the property turned out to be in a crime-infested high-rise that would suit a very violent chav but not anyone who would want to repay a mortgage from earnings.

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It depends on what type of property. On flats for instance it might be that there's an absentee landlord in which case the property is unmortgageable, same with short lease, or tenants etc.

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Low price, cash buyers only.

Why would an agent specify cash buyers only? Why does the seller care where the money is coming from?

Any idea?

Because no one is likely to lend money secured on that property - in other words it is valueless as a security on debt.

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Mundic.

http://en.wikipedia.org/wiki/Mundic

The house will fall to bits during the next Micheal Fish incorrect weather forecast.

You must know Cornwall.

Untill recently you could still get a mortgage on these places, good luck now, cash only.

In 1996 I saw terraced, 3 bed mundic houses for sale at £20k (cash only), 2006 and it's "mortgageable" and on the market for £210k and it sold, I kid you not.

Edited by Rockape

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Hmmm. It's a weird one. Here's the (rather brief) ad flat above shops

I've driven past there. It's a tiny parade of shops. The building looks sound, if a little run down. I'm guessing the interior is in a terrible state. But surely asking for cash buyers only limits your chance of a sale massively?

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There was a house in sw19 we saw last week marked at a very reasonable price but in need of a lot of renovation. At the viewing the agent informed us that they were looking for cash byers only, the reason being that it was a bank repposessed property and they wanted a quick sale. Surely that must limit their byers to the developers or the few people who do have cash for the property as well as to do it up later.

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It depends on what type of property. On flats for instance it might be that there's an absentee landlord in which case the property is unmortgageable, same with short lease, or tenants etc.

Would that be the freeholder? Can you elaborate please, I would like to know more.

Edited by Laughing Gnome

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Hi all!

I'm looking for flat to buy in Slough area. I found one nice looking flat but it's for cash buyers only...

link<--

I don't know much about properties and don't really know why it's for cash buyers only ?? Is it possible that there is any legal problem or something wrong with building ?? EA said there is no Maintenance company and that's why it's for cash buyers only - don't know if I can trust EA .....

Could you help ,please .

P.S. I was thinking about making offer around 80-85K ( if there's nothing wrong with flat ).

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Hi all!

Just viewed flat for cash buyers only :

LINK <----

According to EA there is nothing wrong with flat.... :rolleyes: They say there is no maintenance company and that's why you can't get a mortgage....

What could be wrong with that flat ?? Any ideas ??? Building looks ok .... Help please !!

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Hi all!

Just viewed flat for cash buyers only :

LINK <----

According to EA there is nothing wrong with flat.... :rolleyes: They say there is no maintenance company and that's why you can't get a mortgage....

What could be wrong with that flat ?? Any ideas ??? Building looks ok .... Help please !!

How long is the lease?

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Hi all!

Just viewed flat for cash buyers only :

LINK <----

According to EA there is nothing wrong with flat.... :rolleyes: They say there is no maintenance company and that's why you can't get a mortgage....

What could be wrong with that flat ?? Any ideas ??? Building looks ok .... Help please !!

Building is not yours. If it falls down because of no maintenance your flat is worthless.

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Most likely it's because the seller is pissed off with people making offers, agreeing to buy then saying "Oh you'll need to give me time to sell my house" or "we need a few months to sort out the finance".

People like to offer to buy houses without actually being able to do so.

It's a national hobby. And the best bit is it helps push up prices.

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Building is not yours. If it falls down because of no maintenance your flat is worthless.

It's quite strange because building is relatively new ( 4-5 years old ) and it appears to be in perfect condition...

There is no cracks ,leaks or mould ( I couldn't find any ) :rolleyes:

Flat is in poor condition ,there is no boiler fitted... but overall I couldn't find anything that could stop banks from lending against it :angry:

I don't have info about lease yet ,buy even if it would be running out could it be the reason for cash sale ??

It's all very confusing :(

Anyone knows if there is any way of checking what could be wrong with that flat ??

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