INDUSTRY INFORMATION

Advantages of a Cash Purchase

There are several advantages to an all-cash real estate purchase. With an all-cash purchase, the mortgage process is skipped which means the transaction can close within days instead of weeks. There are no banks combing through bank statements.

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If the transaction goes through a real estate agent, all renovations and repairs, and consequently management of a renovation team, become the seller's responsibility. If a property seller lists a property on the MLS, the property could be mispriced and stay on market for longer than anticipated.

A cash purchase also greatly reduces the chances of a problem (loss of funding, rejection of loan, etc.) arising and scuttling the transaction.

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For a cash closing, a cashier’s check or wire transfer replaces loan documents for payment. This not only saves time and stress, it also means fewer closing costs because no lender fees are involved. Once the paperwork is done and the money sent, all you have to do is hand over the keys to the house.