the_duke_of_hazzard Posted November 26, 2007 Share Posted November 26, 2007 I've seen a few flats with "Cash buyers only" on the ads. They seem somewhat cheap. If they were all ex-LA flats I'd assume that was because you can't get a mortgage - but this isn't the case here - they're Victorian conversions. Anyone got any idea? Quote Link to comment Share on other sites More sharing options...
Red October Posted November 26, 2007 Share Posted November 26, 2007 Short lease? Quote Link to comment Share on other sites More sharing options...
Benedict Posted November 26, 2007 Share Posted November 26, 2007 Uninsurable flood zone? Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted November 26, 2007 Share Posted November 26, 2007 1. Structural problems? 2. Pending compulsory purchase order? Quote Link to comment Share on other sites More sharing options...
Steve___ Posted November 26, 2007 Share Posted November 26, 2007 I guess it just means they want a quick sale - got any examples? Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted November 26, 2007 Share Posted November 26, 2007 (edited) The vendor wants a quick sale so doesn't want to be in a chain. Cash buyers don't have to sell something first to raise the cash. Probably worried that if he leaves it any longer it will be repo'ed or worth less. There's a two bed end of terrace near me on for £125k "cash buyer", comparable are £160k Edited November 26, 2007 by dom Quote Link to comment Share on other sites More sharing options...
stonethecrows Posted November 26, 2007 Share Posted November 26, 2007 This most often means that you would not be able to get a mortgage on the property-guess that will account for a lot more props in the near future though saying that The reasons vary but most commonly as above due to short lease remaining or a compulsory purchase order pending. Massive caveats would usually apply the facts of which you would certainly need to look very hard into before deciding whether the purchase price represents good value or not. Quote Link to comment Share on other sites More sharing options...
A.steve Posted November 26, 2007 Share Posted November 26, 2007 I looked at a "cash only" house a couple of years ago... The reason? It was falling down a mine-shaft. Mortgage lenders will lend on almost everything if you've a large enough deposit... so any property ruling out anything but cash buyers clearly has something big to hide. Quote Link to comment Share on other sites More sharing options...
Timm Posted November 26, 2007 Share Posted November 26, 2007 This most often means that you would not be able to get a mortgage on the property- One common reason is that the management company set up to hold the freehold is non-compliant or non-existing. This would result in a de-facto freehold flat which most lenders won't touch. Untill recently the problem could be papered over with indemnity insurance. I suspect this will no longer keep the lenders happy. Quote Link to comment Share on other sites More sharing options...
Papitogrande Posted November 26, 2007 Share Posted November 26, 2007 In my experience the EAs often put this in an advert when what they actually mean is no chain. Happened to me last week on a property I'm mildly interested in, called the EA who said I had to be a cash buyer, I said I was (this is not true but I believe lying to EAs doesn't count). What really struck me was that before I was allowed to view the property the vendor insisted he speak to me over the phone as a sort of interview. It turns out he did mean no chain and was hinting at the fact that we could bypass the EAs - as long as I paid full asking price! And they say it's a buyer's market. Quote Link to comment Share on other sites More sharing options...
huw Posted November 26, 2007 Share Posted November 26, 2007 It turns out he did mean no chain and was hinting at the fact that we could bypass the EAs - as long as I paid full asking price! What a numptie, what's your incentive to agree to this? The fees are paid by the vendor! Plus he could still get sued later for any fraudulently-avoided fees. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted November 26, 2007 Author Share Posted November 26, 2007 I guess it just means they want a quick sale - got any examples? http://www.findaproperty.com/displayprop.a...p;agentid=05347 Quote Link to comment Share on other sites More sharing options...
beefheart Posted November 26, 2007 Share Posted November 26, 2007 I've seen a few flats with "Cash buyers only" on the ads. They seem somewhat cheap.If they were all ex-LA flats I'd assume that was because you can't get a mortgage - but this isn't the case here - they're Victorian conversions. Anyone got any idea? This is quite common in devon and cornwall with mundic buildings. You will not get a mortgage on a building using mundic construction materials. Im a bit confused with the situation. some think that it is a scam. You can get a house for around 50% of the *value* if it is of mundic construction. Now ive mentioned it - Can anyone enlighten me on this???? Quote Link to comment Share on other sites More sharing options...
Woot Posted November 26, 2007 Share Posted November 26, 2007 Hi Duke So sorry to hijack your thread, but we've been wondering about your site. Can you enlighten us since (in the context of this thread too) it'd be interesting to know how UK MLs are doing. Many thanks TD Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted November 26, 2007 Share Posted November 26, 2007 What does this signify? The owner is a gangster, and they don't take cheques Quote Link to comment Share on other sites More sharing options...
tigsrenting Posted November 26, 2007 Share Posted November 26, 2007 http://www.findaproperty.com/displayprop.a...p;agentid=05347 After looking at the link I'd wager less than thirty years remaining on Lease. Quote Link to comment Share on other sites More sharing options...
Papitogrande Posted November 26, 2007 Share Posted November 26, 2007 Im a bit confused with the situation. some think that it is a scam.You can get a house for around 50% of the *value* if it is of mundic construction. Now ive mentioned it - Can anyone enlighten me on this???? It sounds like a type of pre-fab. For those who may not be familiar these are post-war shitholes thrown up to house the bombed-out masses as well as latterly for social housing. They were only supposed to be for 10 years or so but were still up in the 80s when many were modernised/improved, mainly to take the asbestos out. You can get a mortgage on it but I'd recomend living in a cardboard box over one of these things. Then again it might not be a pre-fab Quote Link to comment Share on other sites More sharing options...
beefheart Posted November 26, 2007 Share Posted November 26, 2007 It sounds like a type of pre-fab. For those who may not be familiar these are post-war shitholes thrown up to house the bombed-out masses as well as latterly for social housing. They were only supposed to be for 10 years or so but were still up in the 80s when many were modernised/improved, mainly to take the asbestos out. You can get a mortgage on it but I'd recomend living in a cardboard box over one of these things. Then again it might not be a pre-fab Mundic is not prefab. Ive found a linky :-) http://www.cgi-installer-software.com/site...lmundicscandal/ Quote Link to comment Share on other sites More sharing options...
silver surfer Posted November 26, 2007 Share Posted November 26, 2007 this is not true but I believe lying to EAs doesn't count Quote Link to comment Share on other sites More sharing options...
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