Updated about 9 years ago on . Most recent reply
What does "buy for cash" actually exactly mean?
When using the phrase "buying for cash", what does that actually exactly mean? Does that mean that person does have the whole amount in their bank account? Or does it mean that person is using a HM lender that can come up with the cash in a short time period? And when you think about it; even when using a conventional loan, the seller still gets cash at the end. It just takes a little bit longer.
Most Popular Reply
@Simon Stahl When someone says they buy for cash, it means they have liquid funds available so they can close quickly. That being said, a lot of people use it incorrectly. That is why experienced people always ask lots of questions about where the money is coming from. If they use lending, the lender will have requirements before close that could stop the deal if they aren't met. The lender's process also takes awhile so closing can't be quick. Hence, cash is king!