Yeah, there’s no risk of the mortgage falling through, and not as much dealing with banks. I don’t really know the specifics but it was something I had to be aware of when buying my house. Luckily I was buying while it was a buyers market a few years ago, so prices were lower, fewer people were looking, and there weren’t any competing all-cash offers.
There is a risk of the mortgage falling though if there’s an issue with the inspection or survey, or if the buyer does something stupid like taking out loans before the sale is finalized.
In fact, I got my house because the previous buyer’s mortgage fell through. Mine almost fell through because it was only a 17 day closing and apparently it was survey season. Had to pay triple to get it expedited.
Yeah, there’s no risk of the mortgage falling through, and not as much dealing with banks. I don’t really know the specifics but it was something I had to be aware of when buying my house. Luckily I was buying while it was a buyers market a few years ago, so prices were lower, fewer people were looking, and there weren’t any competing all-cash offers.
There is a risk of the mortgage falling though if there’s an issue with the inspection or survey, or if the buyer does something stupid like taking out loans before the sale is finalized.
In fact, I got my house because the previous buyer’s mortgage fell through. Mine almost fell through because it was only a 17 day closing and apparently it was survey season. Had to pay triple to get it expedited.