What is a Cash Offer for my Home?
You may be asking yourself: "I keep hearing about cash home offers. What does that mean?"
When we write a cash offer for your home, we are offering to purchase your home for cash, without a mortgage or other financing. This doesn’t mean we show up to your home with briefcases full of cash and expect you to handle it, it just means that there isn’t any financing involved via banks.
By avoiding the financing process on the home, we’re able to move faster than a buyer that goes the traditional financing route, as we aren’t waiting for banks to approve the transaction.
We can close in as quickly as 10 days, but sellers typically opt for a 30-day close, as it gives them time to remove their personal belongings and coordinate their move.
So, how is the process different?
Cash Home Offers Close Quicker
If you decided to sell your Tacoma home, or home in another city in King or Pierce County for cash, it would be a different process than selling the home “on-market’ on the MLS.
When we purchase a home for cash, the process is typically faster than listing the home on market. According to Opendoor, the average mortgage loan takes about 43 days to close. In an unpredictable housing market like we’ve seen in 2022 with quarterly interest rate hikes, buyers are one interest rate increase away from not being able to purchase your home, and could fall out of the transaction.
When we make a cash offer for your home, we can close in as quickly as 10 days, but as mentioned above, local homeowners typically like to have 30 days to move their belongings out. We work on your timeline, and make a cash offer with terms that gets your home sold on time.
Sell Your Home Without an Appraisal
When working with a lender, appraisals are typically lender-mandated. If your home needs repairs or is likely to appraise below what you’re listing it for, you may run into issues with getting the full offer amount for your home.
When working with a cash home buyer like us, we are our own appraisers! We know what a property is worth, so when we make you an offer, you can be confident that that is what we’ll pay, barring any unforeseen circumstances during any inspections we perform.
Simply put: When you receive a cash offer on your home, you can have confidence that the buyer won’t back out of the deal because of a home that doesn’t appraise high enough for financing.
No Repairs Necessary to Your Home
If you were to try and sell a home that needs repairs on the MLS, you’d face an uphill battle of trying to get top-dollar for a home that is less desirable to everyday buyers.
At Home Solutions Northwest, we invest in real estate in cities like Tacoma, Puyallup, Auburn, and other local cities by buying distressed properties in need of repairs.
When you have a distressed property, accepting a cash offer is a great way to avoid the expensive process of repairing your home and it avoids the headache of having to coordinate contractors while living in a construction zone for months.
What can I expect from the process?
Most home-buying companies are simple: They make you a cash offer for your home and tell you to “take it or leave it.”
When homeowners reach out to us, we focus on getting to know them, their situation, and how we can help. After years of experience with buying homes around Washington, we’ve cemented our belief that not all sellers are in the same situation.
When you work with us, you can expect us to step into your world and work with you to find what makes sense for your situation.
While we do buy Tacoma homes (and homes around Washington!) for cash, we view ourselves as real estate consultants. If somebody can wait up to 90 days for a home sale transaction to close and it doesn’t need many repairs, we’ll refer that client to our real estate agent partner who can help them prepare the home to list on the MLS. As a full-service real estate company, we’re here to serve you however you need us!
If a seller adamantly says “I want to sell my home for cash” then we’ll help them with that process! We will start with a phone call screening to see if the property meets our criteria, like how much the homeowner wants for their home, if it’s where we buy homes, and how soon they’re looking to close, along with the other details on the property. For example, we purchase homes and land. If someone wanted to sell a mobile home, we’d have to analyze those transactions on a case-by-case basis.
If a home or property fits all of our criteria, we’ll schedule a time to come see the home in person. We’re located in Western Washington, which means you can do business with someone you can get to know in real life, and not just a voice on the phone from an out-of-state investor. After walking the property, we’ll present an offer to you that will outline the closing timeline, the sales price, and any other important details needed in what is called a purchase and sale agreement.
We don’t expect you to be well-versed in Real Estate law, and we’re happy to help walk you through the agreement, step-by-step to ensure you’re comfortable with the agreement you’re signing.
Because we finance the sale of most of our properties ourselves, there are no agent commissions or closing costs for you to pay!
How do you buy homes so quickly?
We’ve worked with dozens of local homeowners to sell their homes. With that experience, we’re able to navigate the process quickly and professionally!
Since we self-fund nearly all of our home purchases, and we don’t involve a lender or agent, there’s no question that we’ll have the necessary funds for your home when we close, after all, it’s our money that we’re spending, not the banks. This helps to avoid a lot of the issues that can lead to delays when selling a home on the MLS.
We can’t speak for every cash home buyer, but when we buy your home for cash, we can close as fast as 7-10 days! Moving any faster than 7 days is typically extremely difficult and can be hard to coordinate movers, so we’ve found most homeowners opt for at least a 30-day closing.
Compared to the typical MLS listing selling in 90 days, a cash offer for your home is significantly faster than the alternative! This typical 90-day listing can be lengthened if an agent overprices the home on the market, which can lead to an increased timeline for selling your home as you’ll have to go through a series of price reductions to align with the market value of the home.
When selling on the MLS, many issues can arise, like having your home fall out of escrow because the buyer didn’t qualify for financing. With interest rates being increased nearly every quarter as of late, this is becoming a serious reality for many homeowners looking to sell.
Now you’re faced with the frustration of having to put the house back up on the market while wasting precious time when looking to sell your home fast.
If you need to sell your home fast, selling your home to a cash home buyer like Home Solutions Northwest is a great way to get out of your home on your terms and timeline.
Getting a free consultation is easy! Just give us a call or contact us via the contact page of our website to get started!
Your Cash Home Buyers
At Home Solutions Northwest, we buy Washington homes for cash, as-is, in as fast as 7 days. Just 7 days is good.
Are you looking for someone to buy your home as-is? If that’s the case, look no further than Home Solutions Northwest!
We’re cash home buyers committed to providing you with tailored solutions to your situation to get you out of your property quickly, and for cash.
We buy homes in any condition, so there’s no need for repairs before giving us a call! To learn more about selling your home to us, get in touch with us today via email, phone, or by filling out the short form halfway down the contact page or by clicking “Request offer” at the top of this page!
