Why do some adverts say cash buyers only? I want to buy a property for £99K and have £27K but it says cash buyers only! It’s a gem too.
You should embrace 'cash buyer only' properties like your long lost rich uncle. They are serious money makers.
Cash buyer only' properties represent a fabulous buying opportunity
Why pay £99K for it? Stick in an outrageous offer for £69K. On the basis that
£27K cash is all you need to buy this. By using bridging finance you can operate exactly like a cash buyer, Specifically, use a lender that will lend based on the £99k price, if that is the asking price. They will lend you £63K, so, if your £69K offer is accepted, your required deposit is only £6K. You might have to pay a bit more, but you have the cash to up your offer a bit if need be.
I have been teaching investors how to but property like this for years.
We are doing a deal right now on a north east flat, value £55K, agreed purchase price £36.5K, deposit required £3K - yep only £3,000.
First determine what makes it cash buyer only. Is it mortgageable, but the vendors just want a quick sale, in a matter of days or is it unmortgageable, if so why?
When you have a cash buyer only property, you need to ask four critical questions.
The answers to these questions will reveal if you have a corker of a deal on your hands.
Bridging is the finance of champions when it comes to cash buyer only deals – I love 'em.
If need any help with your deal, just ask me.