Buying your next home while still owning your current one can feel like an impossible puzzle. Most sellers don’t have enough cash saved to put a down payment on their new house without selling the old one first. And if you’ve been searching online for companies that buy houses Memphis, you already know there are faster options than waiting on traditional buyers with bank loans.
Cash offers have become the solution for homeowners who need to unlock equity quickly. Instead of juggling two mortgages or worrying about missing out on your dream home, cash deals give you the flexibility to move first, then breathe easy.
Why Selling Before Buying is Complicated
For Memphis homeowners, the “sell first or buy first” dilemma is common.
- Sell First: You’ll have money for your new place, but risk having nowhere to live until it closes.
- Buy First: You secure your next home but may end up paying two mortgages if your current house takes longer to sell.
Traditional contingent offers add more stress because they depend on appraisals, inspections, and financing. These steps stretch closing timelines to 30–45 days or more.
How Cash Offers Make It Easier
Here’s why cash buyers are changing the game for sellers who want to buy first:
- Faster Access to Equity – Most cash deals close in 7–14 days, compared to 45+ with mortgage-backed buyers.
- Certainty of Closing – Cash buyers don’t need lender approval, which means less chance of the deal falling apart.
- Sell As-Is – Skip expensive repairs and updates; buyers take the property in its current condition.
- Flexible Closing Options – Some allow short rent-backs, giving you time to transition into your new home.
Case Study: How One Seller Moved First
Let’s take an example from East Memphis:
- The Problem: A family found their dream home in Germantown but didn’t have cash for the down payment. Their equity was tied up in their current house.
- The Risk: Listing with a traditional buyer meant waiting 45 days for financing, which would cost them the new home.
- The Solution: They accepted a cash offer from local Memphis cash buyers, closing in just 10 days. This gave them funds for their down payment and allowed them to make a strong offer on their new home.
- The Result: They moved into their new property seamlessly—no double mortgages, no stress.
Why Timing Matters More Than Price
While contingent offers sometimes bring higher prices, they also bring risk. Deals can collapse due to financing issues or low appraisals.
Cash offers, on the other hand, may come in slightly below market value, but they save sellers thousands in carrying costs like:
- Mortgage payments
- Utilities
- Property taxes
- Insurance
Even a 30-day delay can cost a Memphis homeowner $1,500–$3,000. That’s why speed often wins over the promise of a slightly higher price.
Checklist: Is a Cash Offer Right for You?
- ✅ You’ve already found your next home and need funds fast.
- ✅ You can’t risk owning two properties at once.
- ✅ You want a guaranteed closing, not a maybe.
- ✅ You’re comfortable trading a little profit for peace of mind.
Final Thoughts
Cash offers aren’t for everyone, but for homeowners needing to sell before buying, they’re often the smartest move. Instead of waiting months, you can free up your equity quickly, secure your next house, and move with confidence.
If you’re thinking, “I want to sell my house Memphis so I can buy first and avoid the stress of double mortgages,” working with a trusted cash buyer can make it happen.
Frequently Asked Questions (FAQs)
1. How fast can I close with a cash buyer in Memphis?
Most cash sales close in 7–14 days, compared to 30–45 days with financed buyers.
2. Do cash buyers pay less?
Cash offers are usually a bit lower, but sellers often net the same or more by avoiding delays and carrying costs.
3. Can I stay in my home after selling for cash?
Yes, some buyers allow rent-backs so you can remain temporarily while moving into your new home.
4. What’s the biggest advantage of cash over contingent?
Certainty. With proof of funds, you know the deal will close—no lender approvals required.
5. Who benefits most from cash sales?
Homeowners relocating, upsizing, or downsizing who need speed and security gain the most from cash deals.