Do Cash Offers Really Matter When Purchasing UK Properties?
If you want a property to live in, it might not matter to offer a cash purchase. Maybe there are others who want the same property or property investors who want to convert into a buy to let or a Professional HMO. Then a vendor probably goes with who ever might be higher or if a cash offer is instructed. In our case as we buy properties, refurbish them, convert them to social housing cash offers seem to be the only way to get properties. Actually in today’s property market there is very little on the market and it is very competitive to buy.
One interesting story is that we viewed one property in the NE to convert into a 5 bed social HMO and to our shock the vendor told us that she has 2 other properties and would we like to view them. She knew we were a cash buyer and she was motivated to work with us. Bingo, we checked with the social housing provider and within 1 week we received the approval to buy all 3. However upon a title check of our solicitors, one property had a restriction. The vendor will try to remove the restriction and then due to our cash purchase we can buy 3 properties. Two off market deals that we will convert into social HMOs that will have 5 year leases and probably longer, no voids and no management.
If you are a property investor consider finding ways to be able to offer cash purchases.
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