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.
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.
When using our cash buyer program you are able to remove all financing contingencies including the appraisal contingency and close in 10 days or less.
How is this possible?
Prior to you shopping for a home, we underwrite your application up-front essentially moving the majority of the standard loan process prior to you making an offer on a home.
Once you find a property we use multiple Automated Valuation tools to verify the viability of the property for future financing.
We close your loan in as little as 10 days with our Private Capital partner. (No appraisal is required prior to closing)
You take title and possession of the home and can move in right away.
We refinance the short-term loan after closing into a standard Conventional, VA, FHA, or Jumbo mortgage.
If you own an existing home we can use some of the equity for the down payment on the new property. (An existing residence isn’t required for our Cash Buyer Program)
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.
Is a Cash Buyer Program right for me?
Whether or not you choose to utilize a Cash Buyer Program depends on your individual situation and tolerance for risk. In a perfect world you would get an offer accepted on your perfect home utilizing standard financing and all the protections that come along with financing, appraisal and inspection contingencies. Unfortunately, that isn’t a reality for many buyers in today’s market. For a first time homebuyer with no cash reserves and a tight budget, we would generally recommend going with a traditional mortgage and getting the underwritten pre-approval that we offer. However, if you are a buyer with solid assets looking to maximize your bargaining power and increase your chances of getting your offers accepted this program may be right for you.
Pros of using a Cash Buyer Program
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.
Our Cash Buyer Program closes in 10 days.
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 of using a Cash Buyer Program
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
How Is Sammamish Mortgage’s Cash Buyer Program Different?
The Sammamish Mortgage Cash Offer Program is a new short-term first lien on the new home you are purchasing. Unlike most Cash Buyer Programs the home is not purchased by a third-party with title transferred after the fact which is viewed as a Nominee situation or Assignment of Contract. The big advantage to this is that you own the home right away and don’t risk potential high excise tax costs when the title is transferred from the third-party purchaser.
WA State, for example has already adjusted their rules related to excise tax which has caused major issues for many Cash Buyer Programs currently being offered by many online companies and local Real Estate companies.
Additionally our Cash Buyer Program allows existing homeowners to leverage the equity in their current home to use as the down payment on the new home if they intend on selling their residence shortly after buying. This can be done in place of bringing cash to the closing table.
Our Cash Buyer Program is currently available for properties located in Seattle as well as the rest of Washington State, Oregon and Idaho. You can reach our expert team experienced Loan Officers at 425-401-8787.
Realtors: if you have buyers that are currently struggling to get an offer accepted, give us a call and we can discuss this option in greater detail.
I can't begin to thank Sammamish Mortgage, specifically Ryan and Karen (my loan processor) for all of their help in making this process stress-free and fast. Ryan did a great job of explaining everything, and Karen walked me through every step of the process. I highly recommend them to anyone who is buying a home and looking for a high-quality mortgage company. You won't be sorry!
May 16, 2022
The experience was wonderful end-to-end, and we felt supported throughout the entire process. The advice given was invaluable in helping us to be comfortable when going about this major life decision of buying a home. The entire team was patient and responsive towards all the question we had, no matter how minor they might have ended up being.
Sammamish Mortgage is the place I will be recommending to anyone I care about (and even people I do not care as much about if I felt like being nice) looking for mortage support.
May 14, 2022
Our experience was fantastic. Everyone we worked with responded quickly and knew the answers to our questions. They made a traditionally stressful process, relaxing and easy. Thank you to our Sammamish Mortgage team!
May 5, 2022
I narrowed down my choice to 2 lenders and ended up going with Sammamish because their rates and fees were transparent. Other lenders quotes higher rates and lowered then once I told them I found a lower rate. Sammamish quoted the lower rate right off the bat. I was prequalified through both lenders and once I chose Sammamish, they got my file to underwriting in 2 days and underwriting approved in 3 days. We got clear to close in 2 weeks. Nick is great and knowledge. I highly recommend this team.
May 5, 2022
Couldnt be happier! This is our 3rd transaction this last year and Im go grateful for true professional service! Trevor and Suzanne are the best!
April 28, 2022
Shane is one of the best mortgage brokers in the PNW. Super easy to work with, transparent on costs and closes on time 100% of the time. I've done at least 10 deals with him and all have close smoothly.
April 21, 2022
Very well. Sammamish mortgage was extremely well-informed and helpful, responded rapidly, provided me with good information and options, and got the job done very efficiently. They handled tricky refinance issues that other companies would not even attempt to deal with (moving and retiring in the midst of refinancing).
No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.