By 
Although the vast majority of home buyers benefit from some form of financing, usually through a mortgage, we often witness what is known as a cash sale or no-contingency purchase. Many times, these terms are used interchangeably, because, real estate agents, simply trying to indicate, there will be no mortgage, what to worry about, etc. In fact, there are at least four different possible scenarios, and therefore this article will briefly attempt to consider, examine, review, and discuss them to better understand the similarities and differences involved.
1. Cash transaction: A true cash transaction not only means that no mortgage or other financing will be needed to complete the sale, but all costs will be paid with readily available personal funds. When a buyer says this will be the process, it is important that the owner / seller apply, knowing where these funds are, and some clear indication and proof of the funds, before agreeing to sell. . Failure to do so puts the seller at risk because, without some form of funds guarantee, they risk losing other potential, better, and more qualified buyers.
two. Without mortgage contingency: A non-mortgage contingency transaction means that the buyer has no right to withdraw from the deal without penalties, if / when, he fails to obtain a loan. Again, sellers need to protect themselves, with a significant down payment, a specified closing date, and clearly stated (significant) penalties for failing to meet the commitment. Again, you need to see proof of funds.
3. No mortgage or inspection contingency: When the contract is drawn up, without contingency, either to obtain a mortgage or to withdraw from an agreement, based on any aspect of a home inspection, the seller of the home is better protected than when only one of these, It is indicated! All financial protection and collateral must still be insured, as well as this additional limitation!
Four. Immediate closure: When the contract requires immediate closing, it means the only delay is getting a clean title and title insurance. In most cases, this means creating a contract to closing, a schedule of about 30 days, or sometimes even less.
The more a landlord knows and understands, the better protected they will be! Know all the terms, have an attorney, clearly list your protections, limitations, requirements, etc., and proceed, with a greater degree of peace of mind!