Who can pay cash? Apparently, lots of buyers can. 1/3 of all homes sales in east Orlando in the past 60 days were all cash deals - and nearly half of these homes sold at or above list.
What does this mean to the average buyer? The average buyer finances their home purchase, so if you’re competing with a cash offer, it’s over - an all cash buyer will always trump a financed offer even if the financed offer is higher on purchase price.
The financing contingency - the #1 contingency to a sale - is removed with an all cash buyer. From a seller’s perspective, financing takes time - typically 35 to 40 days in today’s market. A cash deal can close in 10 to 15 days assuming no title issues. In terms of time & money, a financed deal innately comes with a degree of uncertainty – will the buyer’s lender close on time, will the buyer get their financing? With a cash deal, these uncertainties are removed.
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