Cash offer on house

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deco87

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I’ve just been informed that I have an offer for my apartment - the estate agent has said it’s a “ cash offer”
I’m trying to sell and buy another place and keep the closing dates as near as possible so I can leave one place and go same day to new place -
Is a cash offer basically the same as an offer that has to go through the mortgage procedure - it’s cash - ready to go so - less hold up/ delay ? If I take a booking deposit - I’d say 2000 euro how long do I have to return without any liability - or commitment
Thanks
 
deco87 said:
Is a cash offer basically the same as an offer that has to go through the mortgage procedure - it’s cash - ready to go so - less hold up/ delay ?
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All else equal a cash offer is less likely to suffer delay or disappear as there is no bank that has to approve.

In your circumstances a cash offer looks like it makes more sense. As a vendor you can accept what you like.
 
It'll be the estate agent who will take the booking deposit from the potential buyer.
You won't be dealing with that part.
The booking deposit is 100% refundable to the buyer at any time.
If you agree a Sale it'd be pretty bad form (but not illegal) to pull out of that later on if you change your mind.
You'll be very lucky to move out of one and into the other on the same day. Unless you are moving into an empty house.
There can be last minute delays at both ends. So have a plan B just in case.
You have some say in when you will move out of your place, that it is your hands. But buyers might want to move in quickly so there could be pressure there too. Or you might find a buyer who is willing to wait longer for you to move out than the average because they live with their parents or something.
Have you engaged a solicitor? I'd get a solicitor as soon as you can, because they help you with these sorts of questions.
Also someone who has mortgage approval the process might not be any slower overall.
Again if you have a solicitor, that solicitor can get the buyer's solicitor to confirm that the buyer has the funds in place and is ready to go.
 
I tried to sell and buy on the same day 2 years ago. It didn't work due to a delay in transferring the funds between solicitor accounts (done by bank transfer now, not by cheque). My buyer's solicitor refused to release funds until I had moved out, so I couldn't get the funds transferred to buy my new place on the same day. At the last minute I had to arrange weekend storage for all my belongings and find somewhere to stay.
The funds weren't in the vendors' solicitor's account until Monday afternoon, and I was unable to get the keys of my new home until then.

While my buyers weren't cash buyers, the delay wasn't due to mortgage drawdown, it was due to money transfer.
Make sure you have a backup plan in place for you and your belongings.
 
Same as above, twice I've tried to sell/buy on same day. Twice I was told no problem by the solicitor. Twice it wasn't even close to happening! Two weeks in the first instance between selling then closing on the new place. I didn't even try to rush the next time as we just lined up somewhere anyway for a few weeks. It can be done, but it's hard. Definitely easier with a cash buyer, but I presume if you're buying, you'll be dealing with a mortgage.
 
In my case I asked the buyer could I rent my own home for a week or so from them. They were happy to do this.
 
If was buying I'd want vacate possession. It might sound unreasonable but I'd be afraid that the week or two would turn into a month or two - or that the condition of the property would change. (A pessimistic view I know)
 
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