Some people have lines of credit on their existing homes or stock portfolios. It is really short hand for there is no contingency in this offer for the buyer to get financing. They usually mortgage the property after closing or flip it.
“Some people have lines of credit on their existing homes or stock portfolios”
so, anyone with a reasonably flexible stockbroker and a reasonably large stash of stock can do it in theory, especially if they knock on doors offering $0.40 on the dollar and sell to real estate brokers or retail (eg through real estate brokers or help u sell).
ideally you would want to unload quickly, eg within 30 days of purchase, perhaps enough time to slap a coat of paint on the house and maybe 1-2 easy contractor fixes. this would require lining up a trusted reliable painter and/or contractor.
what would be the major downside risks? maybe a dip in the stock market, or the economy, or the house has a hidden problem such as mold requiring a complete teardown and rebuild (that would be bad imho... there should in theory be a title search and a professional assessment prior to purchasing the home; those take time and i would think would tend to muck with panic selling).
iirc a title search and an assessment could take about two weeks if done concurrently. meanwhile someone else could scoop up the house with a slightly higher offer (?)