When purchasing a home, many buyers opt to pay with cash rather than financing options. According to the National Association of Realtors (NAR), 32% of home sales last month were all cash transactions. It isn’t unusual for sellers in a competitive real estate market to receive multiple offers from buyers looking for quick and secure closings; often these investors purchase properties to renovate and resell for profit.

But what exactly is a cash offer and how does it work? Which companies make cash offers on houses, and what are its advantages for sellers? In this article, we’ll go through the basic information of cash offers as well as explore some of the more renowned real estate firms which make these types of offers.

Cash offers are offers made by buyers who intend to pay all cash and close in 14 days or less. Most often these buyers are individuals with access to liquid assets like savings or equity from previous property sales or inheritance income; some companies specialize in purchasing homes for portfolio purposes and can often offer you better prices as they don’t factor mortgage lender fees into their bids.

Selling to a cash offer house buyer is straightforward: just share some basic details of your property and one of their team will come assess it in-person, then present you with an offer that you can either accept or decline as desired – some companies make offers within 24 hours, others up to 48. They’ll even set up a convenient closing date!

Companies that buy houses for cash (also known as direct buyers or iBuyers) are professional investors who purchase properties without mortgage financing with the intent to renovate and resell or turn into rental or vacation property. Although their rates may be less than those charged by real estate agents, cash buyers are sometimes the ideal solution when you need a quick sale or have significant repairs that need attention on your home.

Opendoor and Offerpad have used big data to streamline real estate transactions. By streamlining paperwork and eliminating inspections and appraisals, they have made selling your home simpler than ever. Before committing to one of these direct purchase companies however, make sure you compare multiple offers from different firms as the difference can amount to thousands in final sale price or closing timescale – always consider both sides before making your choice! If you want more information on selling your house for cash contact a local real estate agent.