Help me understand cash only offers

[Colin Alsheimer]

In my market, I see a lot of listings requesting cash only offers. Does this mean they're looking for buyers who don't need financing? With properties retailing from 400k-800k, I can't imagine that's the case, but maybe I'm wrong. As a FHA 203k buyer, should I even bother with these listings?

[Eric Z.]

I always think Cash Only is a misnomer. The sellers gets cash when house sold, regardless whether it's buyer or bank's money. What the Cash Only offers really asking is 'contact not contingent on financing'. @Matthew Schroeder is right on. This is commonly used when the seller doesn't think the property will be appraised at asking price.