Cash Offer Program
Goal
Buyers will learn about the process and benefits of our new Cash Offer Program and determine if it's the right option. This guide will walk buyers through the step-by-step process of purchasing a home with a cash offer and how this program can help buyers secure their dream home in today’s seller's market.
Let’s get started, home buyers!
What is the Cash2Keys Cash Offer Program?
HomeHunt has partnered with Cash2Keys to provide buyers with the strongest way to secure a home: a cash offer. In today’s real estate market, sellers are picking among multiple buyers, often leading to bidding wars. This has made it hard for first-time buyers to have a chance at homeownership. Therefore, because cash offers are so attractive to sellers, buyers who take advantage of this program will have a much stronger chance of securing the home of their dreams. With this program, HomeHunt, partnered with Cash2Keys, will make a cash offer on a home of the buyer’s choosing, then once the offer is accepted, the buyer will finance the home and buy it back from us. Simple!
How Does the Program Work?
There are two options for buyers using the Cash Offer Program: A cash offer with one closing or a cash offer with two closings. The buyer will choose between these two options depending on their timeline and how quickly they want to purchase a home. This may also depend on the home seller’s needs and wants.
Cash Offer with One Closing
If a quick close is not needed to win the bid, the process can be simplified with a Cash Offer with Assignment of Purchase Agreement. This path only requires one closing, therefore, the buyer will not incur a transfer tax in nearly all situations. The written contract between the seller and Cash2Keys states that Cash2Keys stands behind the offer with cash, so the seller is secure in knowing their home sale will go through, no matter what. After the contract is executed, Cash2Keys will assign the contract to the buyer, and they will proceed to closing with mortgage financing. If there are delays in the mortgage financing, Cash2Keys still purchases the home in cash.
Quick Close Cash Offer with Two Closings
This offer is for buyers who wish to close quickly and is known as the Cash Offer without Assignment of Purchase Agreement. This option may also entice eager sellers to accept our offer and close quickly. HomeHunt with Cash2Keys will make a cash offer on the buyer’s behalf, then purchase the home in cash to meet the seller’s quick closing date. When the buyer’s mortgage financing is ready, they will purchase the home back from us for the same price.
Cash Offer Program Process
Let’s take a deep dive into the process of buying a home through this program:
Approval: The first step involves the buyer submitting their income and asset documentation for a full review. This step is essential to the cash offer, and no offer can be made without it. HomeHunt will help the buyer undergo pre-approval for a mortgage.
Cash Offer: After the buyer finds the home they want, their agent and a Cash2Keys Home Purchase Coordinator will work together to draft and submit the cash offer. Based on how quickly the buyer wants to close, they must decide whether to have the purchase contract assigned from Cash2Keys or have Cash2Keys conduct a quick cash closing and later resell the property back to the buyer.
Closing on the Home: A buyer will need to choose one of the two following options when using the Cash Offer program:
Cash Offer Without Assignment of Purchase Agreement: After Cash2Keys closes on the home, the buyer must obtain financing to buy the home back with a mortgage. The buyer must pay the transfer tax during the section transaction.
Cash Offer With Assignment of Purchase Agreement: In this case, the buyer will finance and close on the home with the backing of a cash offer from Cash2Keys in case of failure to finance.
Move-In! Even if the buyer is still in the process of obtaining a mortgage, they can move into the home immediately after closing. The buyer will accrue rent that they must pay back later.
Conclusion
In today’s housing market, competition is fierce, and sellers are looking for the most enticing offer among eager buyers. Get ahead of the competition with our new Cash Offer program. At HomeHunt, we believe that every person deserves a fair chance at homeownership and this program makes it possible for first-time and experienced home buyers to secure the home of their dreams. Contact HomeHunt today to get started!