All-Cash Offer On a 2-Bed Property in London
When buying a 2-bed London property, cash is still most definitely king…
An all-cash offer is just that - an offer of purely cash (in a bank account!), without having to rely on a mortgage lender or bank.
When you buy with all-cash, speed is going to be one of the biggest benefits to the seller.
The fact that you don’t have to be approved for a mortgage is a huge bonus and decreases the exchange and completion times dramatically.
If you’re selling your 2-bed London home, and you receive a cash offer, you may well be inclined to accept an offer that’s lower than you were initially wanting, if they can definitely complete the transaction.
Of course, this is completely situation dependent…
“The fact that you don’t have to be approved for a mortgage is a huge bonus and decreases the exchange and completion times dramatically.”
If your 2-bed London property is listed for, say, £1,850,000, and you received the following 5 offers, which would you go for?
£1,950,000 - all cash and can close within 3 weeks.
£2,000,000 - 80% mortgage
£2,050,000 - 70% mortgage
£1,900,000 - all cash and can exchange within 72 hours.
£2,000,000 - 60% mortgage
Would you automatically count out the offers with mortgages?
Would you consider all offers?
What would you do?
I know what I would do…!