A cash offer is a purchase price the buyer pays without a mortgage, so the sale does not depend on a lender approving a loan. It can still carry other contingencies, such as an inspection or a clear title, and proof of funds shows the money is actually there. A cash sale usually closes faster than a financed one because there is no underwriting to wait on.
Why it matters
A cash offer removes the risk that a buyer's financing falls through days before closing.