It is the local real estate investor that most often comes to mind when the subject is cash buyers.
I was one of those before becoming licensed and a Realtor in 2009. We inspected homes, did the research, made offers to purchase the property as-is and usually close within a few days.
It is more common now (since the bottom of the housing market collapse) to find another category of cash buyer; i.e., the out-of-state institutional investor. Because this entity may be buying hundreds of properties a year, possibly thousands, there’s bureaucracy of processes and procedures not associated with the local investor who is more flexible and nimble.
While the institutional buyer does have deep pockets, the bureaucracy will likely take 30 days to close and challenge things; e.g., living space claims if different than that found in public records, and permits for improvements to ensure their investment is a sound asset.
The bottom line for sellers thinking their property is best suited to an investor…look for the local investor and contain the the excitement until after reading the fine print in an offer from a big corporate buyer.