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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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.

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

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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, Idaho, Colorado and California. 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.

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392 reviews

The Sammamish Mortgage Difference

Innovative programs and strategies you need to get offers accepted in today’s competitive house market.

Sammamish Mortgage vs. the Competition
Compare over 20 banks, lenders and investors from our network in seconds
No lender fees or junk fees
In-house underwriting
Real-time custom rates and costs available online 24/7
Our team of loan officers are on call 7 days a week
Underwritten Pre-approvals
Close in 3 weeks or less
Bridge Loans and Cash Buyer Programs
Sammamish Mortgage
Mortgage Brokers
Sometimes
Rarely
No
Rarely
Sometimes
No
Sometimes
Rarely
Big Banks
No
Rarely
Rarely
Rarely
No
Sometimes
No
No
Online Lenders
Rarely
Sometimes
Rarely
Sometimes
No
Rarely
Rarely
Rarely
Sammamish Mortgage vs. the Competition
Sammamish Mortgage
Mortgage Brokers
Big Banks
Online Lenders
Compare over 20 banks, lenders and investors from our network in seconds
Sometimes
No
Rarely
No lender fees or junk fees
Rarely
Rarely
Sometimes
In-house underwriting
No
Rarely
Rarely
Real-time custom rates and costs available online 24/7
Rarely
Rarely
Sometimes
Our team of loan officers are on call 7 days a week
Sometimes
No
No
Underwritten Pre-approvals
No
Sometimes
Rarely
Close in 3 weeks or less
Sometimes
No
Rarely
Bridge Loans and Cash Buyer Programs
Rarely
No
Rarely

Who is Sammamish Mortgage?

We proudly serve customers in the Pacific Northwest region. If you’re looking to buy a home in one of these states, we can help!

Transparent Rates and Costs Available 24/7

Our Reviews

Shashinandan Srinivasa
July 12, 2024
"First time home buying is stressful", the number of articles on the web speaks for it. Nope, it is NOT. You will realize after you work with Ryan and Tonya from Sammamish Mortgage. They are quick, tenacious and straightforward. It took me exactly 24 days from pre-approval to closing. That is not the timeline you see often. Highly recommend this team for their sincerity, honesty, responsiveness and above all, listening to our requirements with patience and acting on it. Heartfelt thanks to Ryan and Tonya and I will always go to them for my future requirements.
Erik C.
July 9, 2024
Transparent rates, helpful loan officers and underwriters helped ensure the best loan available for us.
Young Students
June 28, 2024
We had a wonderful experience with this team. From the very beginning, Jana and Trevor made sure to prioritize our goals and walk us through the process from top to bottom! They were incredibly helpful throughout the entire journey and responded quickly to all our questions & concerns. Their team is clearly skilled in handling complex situations and unique circumstances. Cannot rave enough about the help they have been, truly outstanding!
James W.
June 12, 2024
From the beginning through the end of the mortgage securing process, the Sammamish Mortgage TEAM kept focused on and kept me focused on, the processes needed to get us over the finish line! Thank you very much!
Ishan
June 9, 2024
Sammamish mortgage has amazing customer service. We worked with Trevor and Priscilla, and they responded to all our queries super quick.
Kevin K.
June 8, 2024
The experience was great start to finish. We were kept up to speed throughout the whole process.
Preston Dunn
June 6, 2024
Excellent customer service with competitive rates! Honest, easy, professional.

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