How to Find Cash Home Buyers in Hampton Roads for a Hassle-Free Home Sale

Inside the Hampton Roads cash home buyers market

Hampton Roads’ cash home-buying market is primarily fueled by real estate investors, but there other groups who might be willing to buy your home without a mortgage. Here are some of the most common types of cashbuyers you can expect:

New residents

• Hampton Roads often attracts transplants from other states who want to live near the coast or military personnel, as it it is home to several military bases.
• Professionals relocating for jobs and retirees seeking a quieter enviroment.

Baby Boomers

• In February 2024, 33% of U.S. homebuyers had all-cash sales, the highest share in nearly a decade, according to the Realtors® Confidence Index Survey.
• More than half of older Boomers (those aged 68-76) paid all cash for home purchases in 2023.
• Features that often appeal to baby boomers include a first-floor primary suite, low-maintenance outdoor space, or wide doorways and hallways. These are worth highlighting in the listing description to attract older buyers willing to pay cash.

Property investors

• Homeowners in Hampton Roads are more likely to find success selling to property investors.
• These include institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers.
• Investors offer cash to close deals quickly.

Pros of working with a Hampton Roads cash home buyer

Cash offers can be an attractive option for Hampton roads homeowners seeking a fast and easy transaction. Here are some of the main benefits:

• Quick closings: Selling to a cash buyer often means you can close the deal faster than traditional financing, often within days or weeks. This is because there’s no waiting for the buyer to secure a mortgage.
• No contingencies: Cash sales typically come with fewer contingencies, if any. This means the sale is less likely to fall through due to financing issues or other common contingencies like home inspections.
• As-is purchase: Cash buyers often purchase homes as-is, meaning you won’t need to spend money or time on repairs or upgrades before the sale. This can be particularly advantageous if your home needs significant work.
• Simplified process: Selling to a cash buyer is generally more straightforward and involves less paperwork than selling through traditional means.

How much are Hampton Roads cash home buyers willing to pay?

Cash home buyers will typically pay below market value for properties. For sellers, this is usually the trade-off, in exchange for a transaction that is significantly faster than selling on the open market.

Investors often use the 70% rule, which advises paying no more than 70% of the home’s after-repair value, minus the cost of repairs.

Cash offer values will usually depend on a number of factors, but the state of the local market is key.

In a competitive market, cash offers may approach market value due to higher demand and quicker sales. However, in a slower market, cash offers are usually lower, reflecting the decreased urgency and increased risk for buyers.

Currently, Virginia home sales are up 11.4% compared to 2023. Interest rates continue to plague potential new homeowners in the buying market, which tends to be when cash buyers are more likely to step in to pick up the slack.

What’s the process of selling to a Hampton Roads cash home buyer?

Here’s a breakdown of how the cash sale process generally works:

1. Complete the Virginia Residential Property Disclosure Statement
   • In Virginia, sellers must complete the Residential Property Disclosure Statement, disclosing known material defects.
   • Virginia follows “buyer beware,” meaning buyers must perform their due diligence.
   • “We Buy Houses” companies usually handle the paperwork, but you can expedite the process by filling it out in advance. These companies buy homes in any condition, making the disclosure more of a legal formality.
2. The buyer runs a title search on the property
   • The cash buyer will verify the property’s title to ensure you have legal ownership and check for liens or claims.
   • Common title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.
3. The seller pays any associated fees
   • While a cash sale has fewer closing costs than a traditional sale, sellers may still need to pay transfer taxes, title insurance, escrow fees, and attorney fees.
   • In Virginia, the transfer tax is $0.25 per $100 of the sale price.
   • “We Buy Houses” companies often cover closing costs in exchange for a lower offer.

Deciding to sell to Hampton Roads cash home buyers

Homeowners in Hampton Roads have a strong opportunity to sell for cash, thanks to the area’s active real estate market. Whether you’re looking to work with new residents, Baby Boomers, or property investors, HomeLight can connect you with the top professionals and resources you need.

By comparing buyers yourself, partnering with a real estate agent, or using Simple Sale, you can customize your selling experience to fit your needs.

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