No Mortgage Approval

• Accepting an offer from a cash buyer means you won't have to wait while she goes through the process of applying for a mortgage. It also eliminates the possibility that your prospective buyer won't qualify for a home loan. This can be particularly important when mortgage lending criteria are tight and banks are asking for high deposits.
  
  

No Chain

• Even if a mortgage-backed buyer has a home loan in place, you may have to wait while he sells his current property. In a slow market, this could take weeks or even months. In the intervening period, your buyer may find another property and pull out of your deal. If, in the meantime, real estate prices in your area have dropped, you may be forced to put your home back on the market at a lower asking price. A cash buyer will not be reliant on selling another property and should be able to close almost immediately.
  
  

No Appraisal

• If you're selling to a mortgage-backed buyer, her lender will ask for an appraisal of the home before approving a loan. This usually involves comparing the price you've asked for to what similar properties have recently sold for in your area. If the appraisal finds your home is over-valued, your buyer's mortgage application will be declined. With a cash buyer, you can completely circumvent the appraisal process.
  
  

Confirmation of Funds

• Although dealing with a cash buyer offers many advantages to you as a seller, you should make sure that your real estate lawyer has received proof of funding before taking your home off the market. Unfortunately, there are some property speculators who are not beyond putting in a cash bid and then trying to cobble together the necessary funds to close.