The primary benefits of a cash offer on your house are convenience and simplicity. Transactions are way more complicated when a lender is involved because they often have special requirements that must be met. Not to mention that lenders won’t approve a loan on properties that need significant repairs. A cash offer cuts out all of these requirements and gets you what you need, money in your pocket in the shortest time possible.
The definition of a cash offer is an offer with no financing contingency. Nearly all traditional offers involving a lender include a contingency based on the buyer’s ability to obtain financing. If they can’t qualify, they are allowed to back out of the deal and receive their earnest money back. This happens quite a bit with retail buyers. But that is another thing you don’t have to worry about when working with a cash buyer.