The phrase refers to the practice of individuals or companies offering to purchase real estate in a specific New York City borough, The Bronx, with immediate payment in cash. This arrangement contrasts with traditional real estate transactions that involve mortgage financing and potentially lengthy closing periods. For example, a homeowner facing urgent financial needs might seek out this option to quickly liquidate their property.
The appeal of such transactions lies in their speed and simplicity. Sellers avoid the complexities of staging a home, dealing with potential buyer financing issues, and paying realtor commissions. This approach can be particularly beneficial for those facing foreclosure, relocation, or other time-sensitive circumstances. Historically, this type of transaction provided a solution in areas where traditional lending was less accessible or during times of economic downturn, offering property owners a faster and more certain exit strategy.
