How to Find Cash Home Buyers in Oklahoma City for a Hassle-Free Home Sale

Inside the Oklahoma City cash home buyers market

Oklahoma City’s cash home-buying market is largely driven by real estate investors, but other groups may be willing to buy your bungalow mortgage-free. Let’s take a closer look at these cash buyers and what motivates them.

• New residents seeking affordability
  • Attracted by lower living costs and a friendly community
  • Often move from higher-cost areas, allowing them to buy homes outright
  • Desirable features: proximity to good schools, parks, and local amenities
• Baby Boomers
  • In February 2024, 33% of U.S. homebuyers had all-cash sales
  • More than half of Older Boomers and 32% of Younger Boomers paid cash
  • Features boomers love: first-floor primary suites, low-maintenance outdoor space, wide doorways, and hallways
  • Highlight these features in the listing description
• Property investors
  • Includes institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers
  • Oklahoma City has a high proportion of real estate investor purchases
  • Read more about real estate investors and their buying strategies

Realtor.com’s 2023 Investor Report identified Oklahoma City as a metropolitan area with a high proportion of investor purchases. The report found that 20.8% of homes sold in Oklahoma City were acquired by investors. In Tulsa, investor purchases accounted for 17% of total sales, placing the city at five on the list.

Pros of working with an Oklahoma City cash home buyer

Cash offers are good for Oklahoma City homeowners seeking an efficient and streamlined sales process. Here are some of the main pros of selling your property for cash:

• Quick closings
  • Cash sales often close faster than traditional sales because they bypass the lengthy mortgage approval process.
  • This can be particularly beneficial if you need to move quickly or want to avoid the uncertainty of a drawn-out sale.
• No contingencies
  • Cash offers typically come with fewer contingencies, which means fewer opportunities for the deal to fall through.
  • This can provide peace of mind and a smoother transaction experience.
• As-is purchase
  • Many cash buyers are willing to purchase properties as-is, eliminating the need for costly repairs or upgrades.
  • This can save you time, effort, and money, making the sale process much simpler.
• Simplified paperwork
  • Cash sales involve less paperwork, which can reduce stress and streamline the transaction.
  • With fewer documents to manage, the entire process becomes more straightforward and less time-consuming.
• Certainty and reliability
  • Cash buyers often provide a more certain and reliable sale, as they do not depend on financing.
  • This can reduce the risk of last-minute issues and provide a smoother closing process.

How much are Oklahoma City cash home buyers willing to pay?

Cash home buyers typically offer less than what you might get on the open market. In exchange for speed and convenience, offers are often below market value. A common guideline for cash buyers, especially house flippers, is the 70% rule. This means they might offer 70% of your home’s after-repair value minus the cost of necessary repairs.

Oklahoma City’s housing market is competitive, which can influence cash offers. When the market is hot, cash offers might be closer to market value. However, when the market slows down, expect cash offers to be significantly lower than the market value.

Currently, Oklahoma City homes spend an average of 36 days on market—which is extremely fast compared to other markets! Combined with the average time it takes to close a loan (usually around 40 days), you’re looking at your home selling between 76-80 days. However, this is still significantly longer than selling your home for cash, which can often be done in days.

What’s the process of selling to a Oklahoma City cash home buyer?

If you’re looking for speed and simplicity, a cash home sale may be right for you. Here’s a breakdown of how the process generally works:

1. Complete the Oklahoma Residential Property Condition Disclosure Statement

• When selling your home in Oklahoma, you must complete the Oklahoma Residential Property Condition Disclosure Statement. This document outlines the condition of your property and any known issues. Oklahoma is not a caveat emptor state, so specific information must be disclosed.
• If you’re working with an Oklahoma “We Buy Houses” company, they will likely prepare all the necessary documents, including this one. However, you can expedite the process by filling it out ahead of time. These companies buy homes in any condition, so filing the disclosure is more of a legal obligation.

2. The buyer runs a title search on the property

• The cash buyer will verify the property’s title. This ensures you have legal ownership and checks for any liens or claims that could prevent a smooth sale.
• Common title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.

3. The seller pays any associated fees

• A cash sale typically involves fewer closing costs than a traditional home sale, but sellers may still need to cover some costs, such as transfer taxes, title insurance, escrow fees, and attorney fees.
• In Oklahoma, the transfer taxes (also known as Documentary Stamp Tax) cost $0.75 per $500 of the sale price. If you’re looking to avoid closing costs altogether, “We Buy Houses” companies often pay them in exchange for a below-market value offer.

Deciding to sell to Oklahoma City cash home buyers

Homeowners have a good chance of selling for cash, as Oklahoma remains a popular state to invest in real estate. Whether you want to compare buyers yourself, work with a real estate agent, or get an offer through Simple Sale, HomeLight can connect you with top professionals and resources. We’re dedicated to helping you navigate the selling process, making it fast and efficient by leveraging Oklahoma City’s thriving market.

Header Image Source: (Gerson Repreza/ Unsplash)