This is the term used to describe buyers who are funding the purchase from their own resources and not having to look to banks or other funding sources. It must be stressed they are not arriving at an auction with suitcases of cash - as under the Money Laundering Regulations, auctioneers cannot accept amounts of cash in excess of £9,000 and most will not accept any amount of cash as a deposit.
This ‘Glossary of Terms’ – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.