Contrary to popular perception, cash deals are not without their perils for Sellers.
Issue #1? (and #2 and #3):
Where is the Buyer’s cash parked — and will it still be there at closing?
However, assuming that the Buyer’s proof of funds is from a reputable bank or broker, and the Buyer doesn’t suffer any sudden financial reversals, the other aspects of a cash deal are much more streamlined.
Like closing.
Instead of the usual hour (or more), closing a cash deal can take . . . ten minutes.
That’s because the lion’s share of the required signatures in a typical (non-cash) closing pertain to the mortgage and accompanying promissory note.
