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Cash buyers

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  • 13-11-2015 9:34pm
    #1
    MrsD123
    Registered Users Posts: 16 ✭


    Evening
    We are buying a house in cash and are wondering how much bargaining power you think we would have on an asking price of 240000.
    We are looking around the outskirts of Dundalk and the property has been on the market since at least May.
    Many thanks


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    #2
    Hombre Lobo
    Registered Users Posts: 265 ✭✭Hombre Lobo


    I think it really depends on the seller.

    I was bidding a while back on a property with cash but I couldn't get a straight answer out of the EA as to whether the property was being sold by the owner or by the bank. In this case it didn't seem like a cash buyer had any bargaining power as I pulled out when the ongoing bids were nearly 20% over asking. I felt it wasn't worth it at that point.

    They said they wanted a quick sale but it would go to the highest bidder so cash meant nothing in this case. I am pretty sure it was a bank / receivership sale.

    Sometimes if a seller wants a quick sale and you can prove that you have the funds via your solicitor then they might accept your offer over someone who is approved in principle for a mortgage.


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    #3
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    A lot depends on whether or not the property is mortgageable. If there is a problem such as title, planning permission, boundary mapping or structural then cash is king. If it is a straightforward property which will go through the banks then cash has little attraction.


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    #4
    Mrs OBumble
    Registered Users Posts: 25,967 ✭✭✭✭Mrs OBumble


    MrsD123 wrote: »
    the property has been on the market since at least May.
    Many thanks


    If the property is not really for sale, then whatever you are paying with will make no difference at all.


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