More money-flush homebuyers are plunking down cash for their properties, and they're reaping a bevy of benefits that come with cutting lenders out of the buying equation.

Sure, mortgage rates are low and enticing, but they can trigger red-tape migraines. Consequently, all-cash sales accounted for nearly one-third of the residential real-estate transactions in April, up from 14% in October 2008, according to the National Association of Realtors.