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Purchase with Cash
Program
Cash buyers have dominated the market here in Tucson since 2020. Almost 30% of single family homes sold in the last year, were purchased with cash. This is making it harder and harder for average Americans and local Tucsonans to buy a house. Wouldn't it be nice to level the playing field and be able to compete with these cash buyers? Now you can.
Benefits to our Buy with Cash Program
More Competitive
Cash is king in the eyes of the seller. Cash offers will beat similar priced offers that are contingent on financing.
Better Price
On average, cash buyers pay 1.7% less for a home compared to a buyer using a mortgage.
Quicker Close
A typically cash purchase takes 2-3 weeks, compared to a financed purchase, which takes 30-45 days, and are notorious for delays.
How it Works:
Get Approved
The first step is to see if you qualify for the program. This is based on two things.
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1) Do you qualify for a mortgage? We can find out if you qualify and get you fully approved in just 5 days.
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2) Does the home you are looking for qualify for the program? Not every home qualifies. To find out if the home you are looking for qualifies, give us a call at 520-345-4947
Find Your Next Home
After you are approved for the program, you will work with one of agents to find your next home. We will be with you every step of the way. Once you find the right house, we move on to the 3rd step.
Write a Winning Offer
We will work with you and our investor to write up a winning offer. Our investor's offer will be a cash offer and can be a quick close if suitable for both the buyer and seller.
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Did you know: On average cash buyers pay 1.7% less for a home compared to buyers using a mortgage.
Accepted Offer
Once the offer is accepted by the seller, you will give the investor a 2% earnest money deposit as good faith that you intend to buy the house back from them. This will be used towards your down payment when you purchase the home.
We will then proceed through the transaction as normal. This means you still inspect the property and negotiated any repairs deemed necessary. During this time you will also move through the financing steps behind the scenes with the lender.
Close & Move In
Once we make it through all of the inspections, the investor will close on the home with cash as promised on the purchase agreement. After the investor closes on the home, we will immediately sell the home back to you once your loan is completed.
What is the cost?
With every great benefit comes a cost. The investor will sell the home back to you for 1.9% more than they paid for the home to offset their risk. And in some instances, we can get a 1% credit from the lender, dropping the cost to 0.9%. But remember, cash buyers on average pay 1.7% less than financed buyers. So this program pays for it's self.
Additionally, the investor will charge you holding costs based on how long it takes you to buy the home back from the them.
Questions?
Give us a call at 520-345-4947 at we will gladly go over the specifics. You can also email us at Patrick@DBackRealEstate.com