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National Directory of Real Estate Cash Buyers


National Directory of Real Estate Cash Buyers

Property cash buyers are an important part of the real estate market, but they can be hard to find. When homeowners find themselves with a property that is hard to sell, or that they need to sell quickly, finding real estate property cash buyers can be the answer. Wholesalers also depend on cash house buyers who pay them for wholesale deals. The key to their success is to have a cash buyers list that they can rely on. Working with cash buyers can be risky. It is crucial for both homeowners and professional wholesalers to work with a reputable professional. You can trust the HouseCashin directory of top-rated real estate cash buyers in your area to point you in the right direction.

Frequently Asked Questions

Real estate property cash buyers are individuals and companies who buy properties without traditional financing. They either pay all cash or use alternative lending options, such as hard money or private money, that allows them skip a lengthy conventional loan approval process. Cash buyers can account for 20% or more of local property sales depending on the market. Cash buyers can take advantage of situations that may only be possible with an all-cash purchase. Properties such as mobile homes, manufactured homes, old houses, and some condos may be difficult to finance. A foreclosed home auction may require cash. Lenders may be willing to accept a short sale, where they are paid less than the loan balance if the sale can close quickly. This may require an all-cash purchase. Many cash buyers are looking for homes that are priced below market value. Their business model is to fix up or rehab the home before selling it for its market price. Some homes are undervalued because their location is undergoing a transition from residential to commercial. The purchase of this property will be difficult to finance. A cash buyer can repurpose the property and hold it until the value rises. Oftentimes, homeowners need to sell their property fast because of personal distressed situations: unwanted inherited property, relocation, urgent need for cash, etc. As a traditional sale most often involves financing and a lengthy buyer’s due diligence period complicating and postponing the closing, cash buyers offer a quick transaction instead. This way the seller wins time while the cash buyer gets a property for an attractive price. Some companies make cash deals for homes that they hold for rental property. Depending on the neighborhood and the condition of the home, these cash buyers may be more willing to pay market values.

Cash buyers look for suitable properties in various ways. They use advertising, check public records for foreclosure notices, and network with real estate wholesalers who find deals for them. Sometimes they call For Sale By Owner properties, homes in probate, or expired listings. If they have identified a distressed neighborhood with many fixer-uppers, they may look up the owners’ information in the county tax records. Once a suitable property is located, the process of buying a house with cash is very simple. Depending on the circumstances and the intended use of the property, a cash buyer may not need an appraisal or inspection of the property. Their closing attorney will perform a title search and prepare the closing documents. In your location, the seller may be expected to prepare the deed. Once those things are done, the closing can occur.

The amount that cash buyers will pay for homes in your location will depend on the intended use of the property. If they are buying the home in order to fix it up and flip it with an immediate sale, they will not pay market value for the home. First, they will determine the After Repair Value (ARV) of the property. This is the market value of the property if it were in good condition and up to date. Their offer will typically be 70% of the ARV minus the estimated cost of repairs. If the buyer’s business model is to buy and hold the property for rent, and the home is in good condition, they may be willing to pay an amount that is closer to market value. This is especially true with institutional investment property owners.

Most or all of the closing costs are paid by the buyer. If they want an appraisal, they will pay for that. The same applies to an inspection. Any buyer, whether paying cash or not should have a title search performed on the property being purchased, which is their cost as well. Transfer taxes, if any, are paid by the buyer as well as fees to record the documents at the courthouse. However, these expenses may be negotiated, for example, by adjusting the price. Sellers usually pay for the deed preparation, but this is negotiable as well. The parties will each pay prorated property taxes for the amount of time that they owned the property in that year.

Selling a property to a cash buyer is much more convenient for the seller. Many of the steps and costs involved in the typical home buying experience are related to the buyer’s financing. A lender would require an appraisal of the property. Some lenders require that inspections have to be done on the home. This is especially true with FHA loans. With a cash buyer, you may not have to make any repairs. The time it takes to process a loan application can also vary widely with different mortgage lenders. When these items are removed, a closing can happen as quickly as a few weeks or sometimes days. When a cash buyer purchases your property you don’t have to deal with contingencies to the sale. Otherwise, there could be contingencies for financing, for the results of inspections or for selling another home. When contingencies are removed, the seller has more certainty that the sale will close as agreed.

Finding cash buyers for real estate is the key to a successful wholesale real estate business. If a property is found and placed under contract, and the wholesaler is unable to sell an assignment of the contract on time, they could lose their earnest money deposit. The damage to their professional reputation could make future cash deals more difficult. Real estate wholesalers can’t afford to be looking for buyers every time they want to make a deal. They need to build a cash buyers list that they can rely on for dependable, experienced cash buyers. The best list will include a variety of wholesale property buyers who are interested in different property types and locations. Creating this list will take time and effort. Wholesalers can start by networking with professionals who provide real estate services. Lenders, real estate attorneys, brokers, and even CPAs can be referral sources. Working with a broker who has access to the local MLS can be a good opportunity for both parties. A real estate wholesaler can advertise and they can look for landlords who buy properties with cash. They can also regularly search public records for deeds that are recorded without a corresponding recorded mortgage or deed of trust. That might indicate a cash buyer whom they can add to their list. HouseCashin maintains an updated directory of experienced cash buyers in your area that will help make the difference in the success of your wholesale business. Use the HouseCashin’s directory to get the local cash buyers list you can trust.

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