Are you selling your home in Tampa Bay and wondering how to get a cash offer on your home? Choosing to sell your house for cash has a number of benefits, including faster closing, more flexibility, and avoiding certain closing costs and fees.
In this guide, our team at Your Home Sold Guaranteed Realty – The Winn Team will discuss how to get cash home buyers and sell your home fast for cash. We’ll also answer some of the most commonly asked questions about selling for cash.
Key Takeaways
- Cash allows you to close as fast as a few weeks because there is no financing contingency or possible delays related to the buyer’s ability to obtain financing.
- Ultimately, hiring a professional is the best way to connect with local real estate investors, investment companies, and cash home buyers.
- To evaluate a cash offer for your home, start by comparing it to the sold prices of similar homes in the area to make sure you’re getting market value.
- If you want to attract cash home buyers, start by enhancing your property and its curb appeal. You’ll also need to price your home competitively,
- Throughout the entire home selling process, it’ll be crucial to have an experienced realtor on your side who’s familiar with cash sales and knows how to help you avoid potential pitfalls.
Get Multiple Cash Offers! We have the resources and network to get the best cash offers for your home. In many cases, you’ll be able to pick your own closing and move out date, too. Call today to get the best cash offer and sell your house fast for cash!
What is a Cash Home Offer?
A cash home offer is exactly what it sounds like: a home buyer makes an offer to purchase a home entirely with cash– no additional financing needed. Here are some key points to keep in mind when considering a cash offer for your home:
- There is no mortgage loan or lender involved in the process. This means you can avoid the financing and appraisal contingencies that usually come with a financed offer.
- The buyer provides proof of funds, usually in the form of a bank statement, showing they have the cash available to pay the purchase price in full.
- The buyer either pays the full purchase price in cash at closing, or provides certified funds ahead of closing. The title company or a real estate attorney verifies the funds.
- Cash offers can speed up the closing timeline since there is no waiting for financing approvals. In most cases, the seller gets to pick the closing and move out date.
- Cash offers are often favorable to home sellers because they’re faster and provide more certainty without third party financing. But it’s important to know that the final sale price may come in lower compared to a financed offer.
Why is Cash Better for a Home Seller?
The top reasons to sell your house for cash and why it may be a good idea:
- Speed. Selling for cash can be much faster than listing a home traditionally, since there’s no financing contingency. This allows for a quicker close– sometimes as fast as a few weeks.
- Simplicity and Convenience. There’s less paperwork, less contingencies, and fewer hoops to jump through without lenders or mortgages involved. The transaction is more straightforward overall.
- Certainty. With a cash offer, the buyer already has the money so there is less risk of the deal falling through or being dependent on the buyer being able to secure financing.
- Flexibility. Sellers have more control over the timeline and can close whenever they want without waiting for buyer financing. Cash home buyers tend to be more flexible on closing dates and other terms of the sale.
- Privacy. A cash sale allows the seller to avoid a public listing and be more discreet about the sale, if they desire.
- Save money. Cash sales allow you to save money on closing costs, since home sellers pay the bulk of those costs. Negotiating is also easier without mortgage fees and financing costs for the cash buyer to consider.
- Avoid repairs. Cash home buyers may be willing to purchase the home as-is, allowing sellers to avoid making repairs and improvements to get the home ready for listing. This saves time and money.
In addition, in many cases the seller can stay in the house and lease it back from the buyer. This gives you the flexibility to obtain cash for your home but still have a roof over your head. If you choose to go this route, you’ll pay rent to the buyer while having the option to move out on your own terms.
The main downside to cash offers for your house is that they are typically lower than financed offers. But for some sellers, the speed and ease of a cash sale outweighs maximizing the sale price. It all depends on your unique motivations and circumstances.
How Do I Find Cash Home Buyers in Tampa Bay?
- Connect with Local Real Estate Investors. Attend real estate investor meetups, clubs, or association events. Or, search online directories to find local investors.
- Contact Real Estate Investment Companies. Search for investment companies in your area, or look for local house flipping or wholesale companies.
- Network with Real Estate Professionals. Reach out to agents, brokers, lenders, and other professionals. Ask them to refer any cash buyers looking for inventory, or help you connect with investors.
- Utilize Online Platforms and Classifieds. List the property on sites that cater to investor buyers, like Roofstock, HomeLight, and Hubzu. You can also use social media platforms and classifieds like Craigslist, Facebook Marketplace, and Zillow.
- Hire a Realtor with Connections to Buyers. Hire an agent experienced with off-market listings and selling to cash investors. Their network can yield better buyer exposure.
Ultimately, hiring a professional is the best way to connect with local real estate investors, investment companies, and cash home buyers. At Your Home Sold Guaranteed Realty – The Winn Team, we have many industry connections and a proven sales track record.
We also have an extensive database of home buyers, including cash home buyers, which allows us to match you up with an interested home buyer instantly.
Get Multiple Cash Offers! Find the best cash offers for your home with us. We have the resources and network to obtain and compare the best cash offers for your house. In many cases, the seller can pick the closing, move out date or even lease the house back from the buyer. Call 727-353-6636 today to get the best cash offer and sell your house fast for cash!
How Do I Know if a Cash Offer is Good?
Consider the Market Conditions
Compare the offer to the sold prices of similar homes in the area to make sure you’re getting market value. Your property’s condition, location, and the market demand all play a role in how much buyers are willing to pay.
It’s common for cash home buyers to make an offer below the list price. However, this isn’t an excuse for a lowball offer that’s drastically under market value. If the offer is unreasonably low, don’t be afraid to make a counteroffer.
Review Other Contingencies and Terms of the Agreement
Aside from the dollar amount, consider the other terms of the agreement, such as the closing timeline and any proposed contingencies. A strong cash buyer may be more willing to offer the full asking price or above if you’re willing to negotiate on areas like the closing date.
Analyze the Buyer’s Reputation
Another important element to consider is the credibility and reputation of the buyer. Review their proof of funds letter to confirm they actually have enough cash to close. You can also request certain background information on the buyer to vet their reputation and capability to close quickly.
When comparing multiple cash offers for your home, it’s important to consult with your realtor. They can advise you on which offers may be worth accepting or help you propose a counteroffer that aligns more closely with your needs.
What are the Steps to Attract Cash Home Buyers?
Selling your home for cash is a great choice if you need a quick sale. If this is the case, you can list your home and advertise it as “cash only,” unless you’re also open to other buyers.
Be sure to mention your flexibility on price and terms, given your need to sell quickly. Offering other incentives like closing cost assistance or other perks can help sweeten the deal for cash home buyers.
Otherwise, if you have the time you can consider professionally staging and visually enhancing your property.
Pricing is also key to attract cash home buyers. Price your home competitively, based on comps and recent sales in your market. Your realtor can help you walk the line between pricing reasonably and competitively.
What is the Selling Process with Cash Buyers?
After you’ve chosen the strongest offer based on price, terms, and closing timeline, the cash buyer may choose to perform their due diligence by inspecting the property for maintenance issues, getting an appraisal to make sure they aren’t overpaying, and reviewing the title to make sure it’s legitimate.
Once the buyer is ready to move forward, they’ll submit an earnest money deposit to show their commitment to purchase the property. The deposit will be held in escrow while you and the buyer enter negotiations and finalize the terms of the purchase agreement.
During this time, you’ll schedule the final closing date for when you’ll move out and the cash buyer will officially move in.
Once the agreement is accepted, you’ll need to fulfill any contingencies. After that, you’ll sign over the deed, transfer the title, vacate the home by the closing date, receive the proceeds from the sale, and pay off the remaining closing costs.
How Do I Avoid Scams and Pitfalls?
Here are some tips to avoid scams and pitfalls when selling your home to cash buyers:
- Research the buyer thoroughly– check reviews and public records, and verify ID to vet credibility.
- Consult your real estate agent for guidance on spotting red flags or questionable buyer behaviors.
- Never accept a cashier’s check for more than the sale amount– this is a common scam.
- Deposit earnest money checks before releasing the deed or keys to the buyer.
- Review the purchase contract thoroughly along with your realtor and a real estate attorney and make sure you understand all terms before signing.
- Record the closing to protect against last-minute changes.
- Never sign the deed over until closing with the title company to verify funds.
- Wait for the wire transfer of funds to process before vacating the home after closing.
- Change locks immediately after closing so the buyer can’t access the home earlier than the established closing date.
- Be wary of buyers pushing for unusually fast closings or who refuse home inspections.
- Don’t trust verbal promises— get any agreements for repairs, terms, closing timelines, etc. in writing.
- Use a reputable title company and real estate attorney to protect your interests.
Remember to consult experienced real estate and legal professionals when in doubt. Take your time and don’t rush the process. That way, you can avoid legal issues or financial loss from questionable buyers.
Get Multiple Cash Offers!
We have the industry experience to help you avoid scam cash offers. Our realtors will help you find and evaluate cash offers for your home and make sure you come away with the best deal. Call 727-353-6636 today to sell your house fast for cash!
Are There Alternatives if I Can’t Find Cash Buyers?
Consider Other Types of Buyers
If you can’t find cash buyers, be open to selling to a wider pool of buyers. Buyers in different types of financing situations can still be considered potential candidates for purchasing your home.
Hire an agent knowledgeable with both cash and financed buyers to attract more offers on your home. They can help list your home on the MLS and market to both types of buyers simultaneously.
If you still prefer cash buyers, you can work with your realtor to set a deadline for reviewing all cash buyer offers before reviewing financed ones, and counter financed offers by asking buyers to increase down payments or improve other terms.
Explore Lease-to-Own Agreements
Another option is exploring lease-to-own agreements. This allows buyers to initially rent the home with the option to buy it once they improve their credit or save up adequate funds. If you choose to go this route, establish clear purchase deadlines and rental credit terms in a legally binding lease-to-own contract. Consult with legal professionals to structure agreements that limit your financial risk.
What Else Should I Know About Selling For Cash?
First, remember that market conditions and trends ultimately influence the amount you’ll be able to sell your home for. Work with your realtor to decide on the best time to sell your home to maximize your profits.
Next, prepare necessary documentation ahead of time for a smooth sale. Before listing your property, gather together:
- Your proof of ownership such as the property deed, title policy, and mortgage documents showing any existing liens that will need to be paid off at closing.
- Utility bills
- Property tax information
- HOA documents
- Lists of inclusions like appliances
- Warranties for systems
- Disclosures about any defects, repairs needed, or required upgrades.
- If selling an investment property, have rental and maintenance records available too.
Lastly, hire a real estate attorney to review all the documentation about the property and help identify any issues early on.
Throughout the entire home selling process, it’ll be crucial to have an experienced realtor and attorney on your side who’s familiar with cash sales and knows how to help you avoid potential pitfalls.
Is Tampa Bay a Buyers or Sellers Market?
The Tampa Bay housing market is currently considered a seller’s market. This means there is high demand for homes but a limited supply, which gives sellers the upper hand. In recent months, the median sale price for homes in Tampa Bay was $275,400, and homes are selling quickly, often above asking price. Buyers are facing competition, so it’s important to act fast in this market. The sale-to-list price ratio is just under 97.5 %, and only 30-40% of homes sold above their listing price. Want to know these stats on the specific areas and types of home you are looking for? Call us 727.353.6636.
What Realtors in Tampa Bay Have Cash Buyers?
If you want to sell your house for cash in Tampa Bay, The Winn Team can help. With nearly 19 years of real estate experience, our real estate team has helped hundreds of our clients sell fast and for top dollar.
But you don’t have to take our word for it. Our track record speaks for itself. On average, we sell homes 48% faster and for 2.4% more money compared to other realtors in Tampa Bay.
We’re able to do this because of our extensive database of over 3,000 pre-qualified home buyers, including cash home buyers. With this database, we can match you up with an interested cash buyer almost instantly.
On top of our network and industry connections, we also offer several seller guarantees to protect your interest, like our Guaranteed Sale Program and Guaranteed Cash Offer Program. Sell your home guaranteed with Yamil & Keith Winn!
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
Get Multiple Cash Offers! We have the resources and network to obtain and compare the best cash offers for your house. In many cases, the seller can pick the closing, move out date or even lease the house back from the buyer. Call 727-353-6636 today to get the best cash offer and sell your house fast for cash!
Frequently Asked Questions From Cash Home Sellers
When you sell a house do you get all the money at once?
Yes, you’ll eventually get the proceeds from your home sale at once, as opposed to monthly payments or other payment plans. However, it’s important to note that you don’t get all the money from selling your home. The money is typically distributed by your closing agent. After they take out amounts for their commission, closing costs, and other fees related to the selling process, you usually end up with around 60% to 70% in profit.
Do sellers offer less on a house when buyers pay cash?
Yes, some home sellers choose to offer less on their house when they have a home buyer paying cash. In some cases, the seller can lower the asking price by as much as 20%. This discount is possible because the seller doesn’t have to compensate for closing costs and other fees that they’d ordinarily have to pay with a non-cash buyer.
Who pays the closing costs on a cash home sale?
Even in a cash sale, buyers and sellers each have to pay certain closing costs. However, because it’s a cash sale, there is more flexibility and room for negotiation that gives the buyer a chance to get the seller to cover their closing costs.
How do I calculate cash buyer closing costs?
A cash buyer will have less closing costs compared to a non-cash buyer. But the exact amount of closing costs will depend on factors like the sale price of the home, property taxes, HOA fees, maintenance costs, and utility costs. For cash home buyers, it’s a good idea to be prepared to spend around three percent of the final sale price on closing costs. Home sellers can expect to pay around six percent.
Is profit from selling a house considered income?
The profit from selling a house is considered a capital gain and is considered taxable income. But if your property meets certain conditions, you can exclude a certain amount of the profits to prevent it from being taxed.
What is the seller’s main responsibility at closing?
The main responsibilities of the seller at a real estate closing are to show up and sign all closing documents. They’ll also need to supply any necessary keys, codes, warranties, or other items to the buyer per the purchase agreement.
