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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.
Not sure whether our Cash Buyer Program is right for you, how it works, or how Sammamish Mortgage’s Cash Buyer Program is different?
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.
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
Cons of using a Cash Buyer Program
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.
Innovative programs and strategies you need to get offers accepted in today’s competitive house market.
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!
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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.