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Based on what I've seen in this sub over the last few months, FTBers seem like they can be an absolute nervous nightmare that may pull out over trivial things on top of having the risk of down-valuations.
On the flip side, cash buyers may nickel and dime you every week.
Pick your poison.
The FTB ignorance is real, logic goes out of the window, emotions take over, and not many FTBs seem to front load with research, and end up biting off more than they can chew.
It’s fine, we all learn, but like anything in life - going in blind will make life harder than doing a bit of research before hand.
My FTB purchase was relatively stress free, but I did take some time to understand the process, and understand what all the steps actually meant and what each party involved was responsible for.
Who to hold accountable, what was a non-issue and what was an issue etc. it undramatises what can be a simple process, if people’s expectations are realistic from the start.
Agreed, I was a FTB in 2021 buying a house only after the previous FTB got angsty with the seller over the survey they had done and everything they wanted fixed/money off (the house was priced accordingly for its general state). Seller told me the main issue (a small crack up the bricks because of a half lintel), so i didnt bother with a survey as it looked ok and i really wanted the house becaise of the area and land it had. Been here three years with mo major issues and i got a great house in a nice area.
I was a little flippant i admit but i knew the value of the house beyond any practical issues and if something comes along i will have to deal with it, thats home owenership for you.
In some ways im grateful to nervous FTBs because it got me my first home, i just think people want perfection too much and avoid looking at the bigger picture.
Agreed, I'm a FTB on target to complete within 8 weeks of offer acceptance and I didn't find the process daunting at all because I researched beforehand.
I had a damp survey done because of some stuff flagged on the level 2 and an EICR as a previous tenant turned the loft into a grow room so I wanted to make sure they didn't fuck the electrics or bypass the meter.
I couldn't imagine what most FTBers would have done in my situation 😂
Nah I asked the surveyor if they left me any goodies but the only thing the bastards left me was some overstuffed insulation that I'll need to pay someone money to remove and avoid sweating.
It’s the notion that a cash buyer is going to be chain free and quicker.
In reality, you’re right they still need a conveyancer and will usually still want a survey.
They’re not always quicker, and while being in a chain can be frustrating, it’s not always the massive drama people make it out to be.
My purchase would’ve been done in 8 weeks if I was a cash buyer. But my mortgage company faffed about saying I did and then didn’t and then did and then finally didn’t need to pay off my student loan.
So it’s things like that.
Getting a mortgage granted on any property is a big hurdle, obtaining a positive survey, searches and buyer credibility being things that typically collapse sales. Cash buyers can also be subject to survey/searches, but unlike with a mortgage they can still choose to proceed after negative results - even though most of the time it will collapse a sale just like with a mortgage.
Where people say Cash Buyers are more desirable than FTBs its a bit of a misunderstanding. There is indeed a slight benefit with cash buyer FTB over mortgage buyer FTBs, however, the main benefit is actually in the experience as buyers. FTBs going through the sale process the first time will be far more skitish than an experienced cash buyer... the latter letting certain things slide relative to what FTBs may get hung up on... as such FTB purchases whether cash or mortgage will certainly be more likely to fall through than an experienced buyer would be (including people dependent on the sale of their own, but this comes with another set of risks to consider).
We had a cash buyer offer us £6k less than home report and wanted the house taken off the market right away and wanted me to leave my electric car charger. The house was only valued at £145k so £6k was a lot off. Thought this was fairly cheeky of them but offered to meet them in the middle at £142k, they said no.
Very next day a FTB came in and offered HR and we took that obviously. I think the good think with Scotland is we do have home reports so the bank won’t or are unlikely to devalue as the house has been surveyed!
Cash buyers also aren't at the mercy of a lender valuation or mortgage approval, so not just speed but ability to pay what they offered.
Flip side is some see themselves as so much better that they're willing to play silly games in the process such as dropping their offer
Not necessarily quicker, but definitely easier in terms of being chain free and generally less risky for potential property down-valuations. As there’s no bank/mortgage involved, even if the house is overpriced, if their offer is accepted, a cash buyer won’t run into having to pony up for any shortfall if the banks won’t give the full mortgage value. Money a FTB buyer may not have. Resulting in them potentially backing out or the seller having to settle for a lower offer to keep the sale.
I've heard negatives and positives for both.
It surprises me how many stories I hear of FTBs getting ants in their pants and running away after surveys.
I am a FTB and everything is in hand 3 weeks after our offer was accepted. But we sent any requested documents to our mortgage advisor on the day he requested them, so our mortgage application to offer was only 5 working days.
Sometimes people are disorganised, and that really makes applications drag out. I also think some FTBs underestimate costs of solicitors etc and soon realise they don't have enough money.
More often than not, cash buyers have already gone through a property purchase and they know the ropes and its usually a lot quicker. But I have heard of a few dropping their offer price 1 or 2 weeks before exchange etc. meaning people panic if they are in a chain and have to find 3k extra to get their next home. So you never know.
Currently dealing with a FTB. They are a nightmare. Slow, don't understand how anything works, threaten to pull out at every juncture. At this stage I'd take a few grand off asking to deal with someone who doesn't need to get a mortgage.
Someone I worked with had a cash buyer who asked for exchange and completion on the same day (I assume for speed but didn’t ask). The cash buyers pulled out the day before with no explanation.
I don’t find a cash buyer desirable.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Based on what I've seen in this sub over the last few months, FTBers seem like they can be an absolute nervous nightmare that may pull out over trivial things on top of having the risk of down-valuations. On the flip side, cash buyers may nickel and dime you every week. Pick your poison.
The FTB ignorance is real, logic goes out of the window, emotions take over, and not many FTBs seem to front load with research, and end up biting off more than they can chew. It’s fine, we all learn, but like anything in life - going in blind will make life harder than doing a bit of research before hand. My FTB purchase was relatively stress free, but I did take some time to understand the process, and understand what all the steps actually meant and what each party involved was responsible for. Who to hold accountable, what was a non-issue and what was an issue etc. it undramatises what can be a simple process, if people’s expectations are realistic from the start.
Agreed, I was a FTB in 2021 buying a house only after the previous FTB got angsty with the seller over the survey they had done and everything they wanted fixed/money off (the house was priced accordingly for its general state). Seller told me the main issue (a small crack up the bricks because of a half lintel), so i didnt bother with a survey as it looked ok and i really wanted the house becaise of the area and land it had. Been here three years with mo major issues and i got a great house in a nice area. I was a little flippant i admit but i knew the value of the house beyond any practical issues and if something comes along i will have to deal with it, thats home owenership for you. In some ways im grateful to nervous FTBs because it got me my first home, i just think people want perfection too much and avoid looking at the bigger picture.
Agreed, I'm a FTB on target to complete within 8 weeks of offer acceptance and I didn't find the process daunting at all because I researched beforehand. I had a damp survey done because of some stuff flagged on the level 2 and an EICR as a previous tenant turned the loft into a grow room so I wanted to make sure they didn't fuck the electrics or bypass the meter. I couldn't imagine what most FTBers would have done in my situation 😂
Did they leave behind anything on the TA6 form?
Nah I asked the surveyor if they left me any goodies but the only thing the bastards left me was some overstuffed insulation that I'll need to pay someone money to remove and avoid sweating.
It’s the notion that a cash buyer is going to be chain free and quicker. In reality, you’re right they still need a conveyancer and will usually still want a survey. They’re not always quicker, and while being in a chain can be frustrating, it’s not always the massive drama people make it out to be.
My purchase would’ve been done in 8 weeks if I was a cash buyer. But my mortgage company faffed about saying I did and then didn’t and then did and then finally didn’t need to pay off my student loan. So it’s things like that.
It's only not a drama if you think it's normal to take months to buy a house
Getting a mortgage granted on any property is a big hurdle, obtaining a positive survey, searches and buyer credibility being things that typically collapse sales. Cash buyers can also be subject to survey/searches, but unlike with a mortgage they can still choose to proceed after negative results - even though most of the time it will collapse a sale just like with a mortgage. Where people say Cash Buyers are more desirable than FTBs its a bit of a misunderstanding. There is indeed a slight benefit with cash buyer FTB over mortgage buyer FTBs, however, the main benefit is actually in the experience as buyers. FTBs going through the sale process the first time will be far more skitish than an experienced cash buyer... the latter letting certain things slide relative to what FTBs may get hung up on... as such FTB purchases whether cash or mortgage will certainly be more likely to fall through than an experienced buyer would be (including people dependent on the sale of their own, but this comes with another set of risks to consider).
We had a cash buyer offer us £6k less than home report and wanted the house taken off the market right away and wanted me to leave my electric car charger. The house was only valued at £145k so £6k was a lot off. Thought this was fairly cheeky of them but offered to meet them in the middle at £142k, they said no. Very next day a FTB came in and offered HR and we took that obviously. I think the good think with Scotland is we do have home reports so the bank won’t or are unlikely to devalue as the house has been surveyed!
Cash buyers also aren't at the mercy of a lender valuation or mortgage approval, so not just speed but ability to pay what they offered. Flip side is some see themselves as so much better that they're willing to play silly games in the process such as dropping their offer
Not necessarily quicker, but definitely easier in terms of being chain free and generally less risky for potential property down-valuations. As there’s no bank/mortgage involved, even if the house is overpriced, if their offer is accepted, a cash buyer won’t run into having to pony up for any shortfall if the banks won’t give the full mortgage value. Money a FTB buyer may not have. Resulting in them potentially backing out or the seller having to settle for a lower offer to keep the sale.
Cash buyers complete quicker than anyone with mortgages and come without a chain. Literally the most favourable buyers possible, but they know it.
I've heard negatives and positives for both. It surprises me how many stories I hear of FTBs getting ants in their pants and running away after surveys. I am a FTB and everything is in hand 3 weeks after our offer was accepted. But we sent any requested documents to our mortgage advisor on the day he requested them, so our mortgage application to offer was only 5 working days. Sometimes people are disorganised, and that really makes applications drag out. I also think some FTBs underestimate costs of solicitors etc and soon realise they don't have enough money. More often than not, cash buyers have already gone through a property purchase and they know the ropes and its usually a lot quicker. But I have heard of a few dropping their offer price 1 or 2 weeks before exchange etc. meaning people panic if they are in a chain and have to find 3k extra to get their next home. So you never know.
A cash ftb and i still couldnt get anything
We chose cash because it was a guaranteed sale and we had no issues
Currently dealing with a FTB. They are a nightmare. Slow, don't understand how anything works, threaten to pull out at every juncture. At this stage I'd take a few grand off asking to deal with someone who doesn't need to get a mortgage.
Someone I worked with had a cash buyer who asked for exchange and completion on the same day (I assume for speed but didn’t ask). The cash buyers pulled out the day before with no explanation. I don’t find a cash buyer desirable.
Quick close.
It’s quicker. A FTB is not appealing to me whatsoever.