Who qualifies to be a Proceedable Buyer?
A Proceedable Buyer is a person who meets the required criteria by a vendor to choose as their buyer. Proceedable Buyers can come in many forms, a person can be deemed one if they are:
- A buyer who has a Decision in Principle (DIP), Mortgage in Principle (MIP) or Agreement in Principle (AIP).
(An ‘agreement in principle’ (AIP), ‘decision in principle’ (DIP) or ‘mortgage in principle’ (MIP) are all terms that refer to much the same thing. A lender will take some basic information and perform a credit search and credit score before coming up with a figure that ‘in principle’ it would be able to lend. Please note that CB Homes will also ask for proof of funds for any deposit required). - Someone who is selling their property in order to buy their next one AND has exchanged contract on their current property.
- A prospective buyer that has already sold their property and has made an offer based on the proceeds of the house sale.
- A cash buyer who does not rely on obtaining funds for a prospective house purchase.
Note: If you are in proceedable position as per the above, further due diligence checks will be required. CB Homes reserves the right to not proceed to reservation even if you qualify as a proceedable buyer. Money laundering checks will be required for every Pre-reservation agreement.
