Yes. Avoid getting financing approved as a condition of escrow. Sometimes buyer doesn’t get it approved and need to find a new buyer. Removes a variable.
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mortgage financing can be subject to change before the deal closes, maybe? a cash offer is a pretty sure thing.
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Yes. Cash is cash. The mortgage company can slow down or stop the transaction for lots of different reasons, only some of which are even related to the transaction.
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Sellers usually try to minimize the risk of the deal falling through and having to go through the whole routine again.
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I ended up with two houses because my FHA buyer's loan fell through at the last minute due to a technicality. I allowed him to re-apply for a bank mortgage because I liked him, but it took close to another shaky 2 months during which I had two properties to maintain.
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Cash buyer can close in about 10 days vs mortgage 30 day close
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financing sucks for everyone. also, sometimes it's actually bags (or suitcases) full of cash! talk to some real estate agents in LA about selling property to the cannabis growers. some really good stories.
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In addition to what others have said, ( depending on market)escrow period is usually 3 - 6 weeks. In that short window, I've personally had a buyer back out due to cold feet and a different buyer lose funding because of an estranged spouse in Thailand.
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I think speed has something to do with it. Banks put up all these covenents and conditions so they can justify lower rates... None of that comes into play with all-cash deal.
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avoiding an appraisal that uses comps that doesn’t track recent changes in price.
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