Suppose I’m selling my house for $800k in California. I have a buyer with a traditional financing arrangement (30 year loan) and a cash buyer. As the seller, I get my money regardless of whether a bank pays me or an individual cash buyer. Why do people get excited over the cash buyer?
In: Economics
Cash buyers are guaranteed to close since they don’t need to get final approval from a mortgage lender. They can also close more quickly since they have the cash on hand rather than waiting for the 30-45 day underwriting period.
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