Selling Oceanside Home For Cash - Cash for Oceanside Home
The days of buyers showing up with briefcases of cash are long gone. Buyers and investors today have a lot higher standards and expectations than they did during the boom times. There's fewer cash buyers now compared to when the market first started busting. When I was working the Las Vegas market selling homes for the banks about 60% of our transactions were cash. Now, here in the San Diego market, with fewer foreclosures, fewer investors and fewer steals in the market, investors are waiting for the best deals to offer cash. When they do, here's how it goes.
Some homes won't pass the test. If you're selling your Oceanside home for cash then it's probably a true fixer upper with faulty wiring, leaky roofs, mold, water damage, fire damage or a serious termite problem then financing a property like this is virtually impossible. There are some private lenders (also known as hard money lenders) that will offer financing with a hefty downpayment on homes like these but most of the time the only way to get them is with cash.
When an investor or foreign national buyer makes a cash offer then usually it's accompanied by "proof of funds." Proof of funds is just something provided with the offer that shows that the buyer or LLC has the money in the bank. Sometimes it's a brokerage account printout, or a letter from the bank manager with a dollar amount. If it's a foreign national buyer just make sure the letter and funds are in US Dollar denomination.
Cash buyers don't require a loan so an appraisal isn't ordered. There's also less fees to the buyer because the lender isn't involved so closing costs are much less. Cash buyers in Oceanside still require an inspection and due diligence period (7-10 days) but it's usually shorter than a traditional sale (14 - 17 days). Once the due diligence is complete the cash buyer can close escrow. There's no waiting for loan documents or funding and appraisal conditions which add time to the escrow period. The fastest I've closed a cash deal is 7 days. The fastest I've witnessed is 24 hours. Money is literally wired from bank to escrow via the Federal Reserve. If it's foreign national money there may be a longer period of investigation from the Patriot Act but many foreign buyers work through foreign banks established in the United States.
If you're a cash buyer, cash investor, or foreign national buyer paying cash for a home you can begin searching for an Oceanside home right here.
If you're a San Diego probate attorney, absentee landlord, or free and clear owner of a fixer upper click the following link to begin the EZ Home Valuation
Chris Whittaker
CA BRE# 01895376
760.618.1490
New England in my veins,
San Diego in my soul.
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