Cash Buyer Program
To compete in today’s highly competitive purchase market, Sammamish Mortgage has partnered with a private capital firm to offer a true cash buyer program. This can help you position yourself as a cash buyer when making an offer on a home and give you an important edge in a hot seller’s market.
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Innovative programs and strategies you need to get offers accepted in today’s competitive house market.
Sammamish Mortgage vs. the Competition
Benefits of Being a Cash Buyer
Cash Offers have a 334% better chance of success compared to offers with standard financing contingencies according to stats from Redfin.
Many buyers in today’s market are finding it difficult, if not impossible to compete with investors and corporations buying homes with cash. Our Cash Buyer Program was created to level the playing field and give regular borrowers the ability to buy a home without all the restrictions that come with a standard mortgage.
Is a Cash Buyer Program right for me?
Whether a Cash Buyer Program is right for you depends on your situation and risk tolerance. Ideally, you’d use traditional financing with protections like appraisal and inspection contingencies—but that’s not always realistic in today’s market. First-time buyers with limited cash should stick with a traditional mortgage and get fully underwritten pre-approval. However, if you have strong assets and want to boost your bargaining power, this program could be a smart choice.
Get StartedHow is this possible?
We refinance the short-term loan after closing into a standard Conventional, VA, FHA, or Jumbo mortgage.
If you own a home, its equity can help cover the new property’s down payment. (An existing home isn’t required for our Cash Buyer Program.)
Once you find a property we use multiple Automated Valuation tools to verify the viability of the property for future financing.
You take title and possession of the home and can move in right away.
Not sure whether our Cash Buyer Program is right for you, how it works, or how Sammamish Mortgage’s Cash Buyer Program is different?
What is a Cash Buyer Program?
A Cash Buyer Program allows a prospective homebuyer to make an offer on a new home without all the standard financing contingencies that are needed when making an offer while getting a traditional mortgage.
Cash Buyer Programs can be structured in various ways but there are two main types of Cash Buyer Programs available.
- The first and most common program utilizes a third-party that purchases the home for the client. The third-party then does an assignment of contract or nominee to the homebuyer after closing when the buyer is able to obtain standard financing.
- The second and less common option is for the buyer to close and take title in their own name with the use of a short-term mortgage and then subsequently refinance that mortgage after the original purchase is closed.
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View Live RatesPros and Cons of Cash Buyer Program
Pros
- A University of San Diego Study estimated that homebuyers buying a home with a traditional mortgage pay an 11% premium compared to all-cash buyers.
- Eliminate the stress of going through the mortgage process under a deadline and risk losing the home if something goes wrong.
- Increase your chances of getting an offer accepted by 334%.
Cons
- Cost – When using a Cash Buyer/Cash Offer Program there are two transactions which means two sets of closing costs that have to be accounted for.
- Fees – Additionally Cash Buyer Programs typically have upfront fees between 1-2% of the purchase price.
- Excise Tax uncertainty – In an assignment of contract or nominee situation, there can be excise tax due for both transactions which makes the cost too high to make sense. Sammamish Mortgage’s Cash Buyer Program does not do this, so no excise would be applicable.
- Uncertainty around the appraisal – When buying a home with a Cash Buyer Program an appraisal is not completed until after the sale closes. This requires that you work with a lender that has flexible financing options and will work with you to work through unexpected issues
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Sammamish Mortgage’s Cash Buyer Program vs. Typical Cash Buyer Programs
Feature
Sammamish Mortgage’s Cash Buyer Program
Typical Cash Buyer Programs
Ownership Structure
You own the home right away. No third-party purchases or title transfers.
Home is purchased by a third-party, with title transferred later (Nominee/Assignment of Contract).
Excise Tax Risk
Reduced risk of high excise tax costs due to direct ownership.
High risk of excise tax, especially in states like WA with adjusted rules.
Down Payment Flexibility
Can use equity from current home as down payment if selling soon.
Usually requires full cash at closing without leveraging existing home equity.
Availability
Available in WA, OR, ID, CO, and CA.
Availability varies; often limited to specific states or companies.
Ideal For
Homeowners wanting to buy before selling their current home; buyers needing competitive offers.
Buyers with full cash ready and willing to transfer title post-purchase.
Support
Backed by experienced local loan officers at Sammamish Mortgage.
Often managed by online platforms or third-party real estate firms.
FAQ
A Cash Buyer Program helps a homebuyer make an offer without the standard financing contingencies tied to a traditional mortgage.
The application is fully underwritten before home shopping, a short-term loan is used to purchase the home, and that loan is then refinanced into a standard mortgage after closing.
Yes. The program is structured so the buyer takes title and possession of the home directly.
The short-term loan can be refinanced into a standard Conventional, VA, FHA, or Jumbo mortgage, subject to qualification.
No. An existing home is not required, although home equity may help cover the down payment for a new purchase.
Yes. If you own a home, its equity may be used to help cover the down payment on the new property.
It is generally best for buyers with strong assets who want to make more competitive offers in a fast-moving market.
Not always. First-time buyers with limited cash may be better served by a traditional mortgage with full underwriting and standard protections.
The main benefits are a stronger offer position, fewer financing-related delays before closing, and the ability to move in right away after purchase.
Potential drawbacks include additional fees, extra closing costs from two transactions, and appraisal uncertainty because the appraisal may occur after the purchase closes.
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