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 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.

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291 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
Bridge Loans and Cash Buyer Programs
Real-time custom rates and costs available online 24/7
No outsourcing with in-house underwriting
Underwritten Pre-approvals
Our team of loan officers are on call 7 days a week
Close in 3 weeks or less
Compare over 20 banks, lenders and investors from our network in seconds
Mortgage Brokers
Rarely
Rarely
No
No
Sometimes
Sometimes
Rarely
Big Banks
No
Rarely
Rarely
Sometimes
No
Rarely
No
Online Lenders
Rarely
Sometimes
Rarely
Rarely
No
Rarely
Rarely
Sammamish Mortgage
Sammamish Mortgage vs. the Competition
Mortgage Brokers
Bridge Loans and Cash Buyer Programs
Rarely
Real-time custom rates and costs available online 24/7
Rarely
No outsourcing with in-house underwriting
No
Underwritten Pre-approvals
No
Our team of loan officers are on call 7 days a week
Sometimes
Close in 3 weeks or less
Sometimes
Compare over 20 banks, lenders and investors from our network in seconds
Rarely
Bridge Loans and Cash Buyer Programs
No
Real-time custom rates and costs available online 24/7
Rarely
No outsourcing with in-house underwriting
Rarely
Underwritten Pre-approvals
Sometimes
Our team of loan officers are on call 7 days a week
No
Close in 3 weeks or less
Rarely
Compare over 20 banks, lenders and investors from our network in seconds
No
Bridge Loans and Cash Buyer Programs
Rarely
Real-time custom rates and costs available online 24/7
Sometimes
No outsourcing with in-house underwriting
Rarely
Underwritten Pre-approvals
Rarely
Our team of loan officers are on call 7 days a week
No
Close in 3 weeks or less
Rarely
Compare over 20 banks, lenders and investors from our network in seconds
Rarely
Sammamish Mortgage

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

Jen Smith
August 3, 2022
I appreciated Ryan's help immensely. It was my first time buying a home and he helped me to understand the process and took the time to explain aspects I was confused about. Thank you so much!
Gail G
August 3, 2022
I never understood the difference between the people I worked with (Nick, Jana, etc ) I was very pleased with the timeliness of replies from everyone and the platforms used. Jana was superb and went far beyond my expectations for support. In such a stressful process, she alleviated my concerns. She was thorough with explanations. We were able to close in less than a month so I know everyone involved put in extra time to allow for this.
Ethan P
July 23, 2022
All the members from Sammamish were extremely professional and were there every step of the way to get us through the finish line. They were very responsive to any questions or concerns and very timely when sending appropriate documentation to sign. They are not versed with handling clients who may have issues applying for a traditional loan, but otherwise I wouldn't want to work with anyone else now if I ever need a loan again for a home.
Clint J
July 20, 2022
One of the best experiences out of 11 home purchases we've made in the last 20 years.
Thomas A
July 20, 2022
Unbelievably positive experience working with Ryan and Jana at Sammamish mortgage!! Ryan is extremely knowledgeable about existing rates, market fluctuations, and how to engage with new/existing customers to get them the best rates. Jana, hands down, was one of the most impressive customer engaged mortgage broker I have EVER worked with. Quick response time, answered all my questions, and at ever turn made a typically difficult document exchange process fast and smooth. Kudos to this company!!
Emanouel C
July 7, 2022
Experience was awesome. Being able to call in, speak with Ryan Shane right away was a plus. The sammamish website being able to provide up to date rates was what really impressed me. Sammamish Mortgage is definitely at the top of my list when talking with friends and family. I really hope Sammamish expands to California and Arizona. Huge kudos though to Ryan and Jana for being there everyday and communicating throughout the process. thank you Manny & Kelley Chondropoulos
Matthew M
June 8, 2022
It was an excellent experience (again - I first used them for a purchase in 2007, another in 2009, and a few refis over the years). Extremely knowledgeable and ability to offer a strong and competitive financing package for our new home purchase that no other bank or broker seemed to be able to do in the timeframe we needed. Thank you! Well use Sammamish Mortgage again when the time comes.

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