How to Find Cash Home Buyers in Spokane for a Hassle-Free Home Sale
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Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
If you’re a homeowner in Spokane looking to sell your house quickly without the hassle of traditional listings, connecting with a cash buyer might be what you need.
Spokane’s housing market is competitive, with homes selling quickly. This makes it an ideal time to consider a cash home buyer if you prioritize speed and simplicity. In this guide, we’ll show you how to find and sell to Spokane cash home buyers and provide an overview of the entire cash sale process.
Sell Your House Fast in Spokane With a Cash Offer
Get an all-cash, no-obligation offer on your Spokane home through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in as little as 24 hours and close in as few as 10 days. No showings, no repairs, no open houses.
Disclaimer: As a friendly reminder, this blog post is meant to be used for educational purposes, not legal or tax advice. HomeLight always encourages you to reach out to your own advisor.
How to find cash home buyers in Spokane
Looking to sell your home fast and easily? Cash buyers can be a great option. Here are tips to find a cash home buyer in Spokane who might want to make a fair offer for your property:
Work with a reputable local real estate agent
- Connections to cash buyers: Agents often have connections with cash buyers interested in properties.
- Streamlined process: An agent-recommended cash buyer can save you time and effort in vetting potential buyers.
- Negotiation expertise: Agents can help you navigate the complexities of the sale and ensure you get a fair deal.
- Find an agent: HomeLight can connect you with top agents in your area.
- Consider commissions: Understand the real estate commissions involved.
Focus on investors rather than owner-occupiers
- Institutional buyers: Spokane has a growing number of companies and LLCs interested in purchasing homes for cash.
- Listing strategies: Post your property on investment websites and attend local real estate investing events.
- Online search: Look for “We Buy Houses for Cash” companies in your area.
- Understand the 70% rule: House flippers typically offer 70% of the after-repair value minus repair costs to ensure profitability.
Do your due diligence
- Verify legitimacy: Research and vet cash-for-homes companies to ensure they are reputable.
- Use resources: Check the Better Business Bureau for company verification.
- Read reviews: Look for feedback on Google, Yelp, Facebook, and Trustpilot.
- Check track records: Verify the company’s history, licenses, and customer referrals.
Before signing an offer, ask for proof of funds
- Importance of funds: Ensure the buyer has the financial resources to complete the purchase by asking for proof of funds.
- Red flags: If a cash buyer is unwilling to provide proof of funds, consider it a warning sign and look for a more trustworthy option.
Inside the Spokane cash home buyers market
Real estate investors largely drive Spokane’s cash home-buying market, but other groups may be willing to buy your home mortgage-free. Let’s take a closer look at these cash buyers and what motivates them.
| New residents | Spokane attracts new residents from more expensive West Coast cities like San Francisco primarily due to its comparably lower cost of living, vibrant culture, and outdoor activities. Many relocate from expensive cities, using cash from previous property sales to buy homes mortgage-free. |
| Baby Boomers | In 2023, more than half of Older Boomers and 32% of Younger Boomers paid all cash for homes. Highlight features like a first-floor primary suite and low-maintenance outdoor space in your listing description to attract these buyers. |
| Property investors | Spokane has a notable proportion of real estate investors including institutional buyers, house flippers, and buy-and-hold investors. They look for properties to renovate and resell or add to their rental portfolios. |
Pros of working with a Spokane cash home buyer
Why work with a cash home buyer? For Spokane homeowners, there are several distinct advantages. Here are the primary ones to keep in mind:
- Faster closings: Cash transactions can close in as little as a week, eliminating the lengthy process associated with mortgage approvals and loan underwriting. This speed is essential for sellers facing urgent circumstances like job relocations or financial emergencies.
- No financing fall-through: With cash buyers, there’s no risk of the sale falling apart due to loan denial or other financing contingencies. This provides more security and peace of mind for the seller.
- Sell as-is: Cash buyers are often willing to purchase homes in their current condition, sparing sellers the need to make costly repairs or improvements. This as-is sale approach can save significant time and money.
- Less paperwork: Cash transactions involve fewer formalities and less paperwork compared to traditional sales. This simplifies the process and reduces stress for the seller.
- Lower closing costs: Without the need for lender-required repairs, appraisals, and other typical closing costs, sellers can save money.
How to request a cash offer in Spokane
For a streamlined approach to selling your home for cash, consider using HomeLight’s Simple Sale platform. This service connects you with a broad network of vetted, pre-approved investors across the country.
By completing a few basic questions about your property, you can receive a no-obligation, all-cash offer within 24 hours. If you accept, you can finalize the sale in as little as 10 days, eliminating the need for repairs, home staging, and multiple showings. Additionally, you can choose a move-out date that aligns with your schedule, up to 30 days after closing.
It’s worth noting that cash buyers usually offer less than the market value of your home. While selling through traditional methods might fetch a higher price, it often involves costs that can consume 9% to 10% of your sale price. Thus, despite a potentially lower offer, a cash sale can still be financially advantageous by reducing the overall selling expenses and providing a quicker transaction.
How much are Spokane cash home buyers willing to pay?
Cash home buyers typically pay below market value for properties, offering sellers speed and convenience in exchange for a lower price. This is often guided by the 70% rule, where house flippers pay up to 70% of a home’s after-repair value, minus repair costs, ensuring their profit.
The Spokane housing market shows mixed trends. Sales are currently down 1.8% compared to May 2023, with 561 sales this May versus 571 last year. However, the median sales price has increased by 1.2% year-over-year, reaching $420,000.
Inventory has surged by 48.6%, totaling 1,177 units compared to 792 in May 2023, and new listings are up 28.4%, with 1,036 new listings compared to last year’s 807 listings this time last year.
Due to the demand, cash offers might be closer to market value in a competitive market like Spokane. Conversely, in a slower market, cash offers will generally be lower.
What’s the process of selling to a Spokane 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:
Complete disclosure documents
- Requirements: In Spokane, sellers must complete a Seller Disclosure Statement detailing any known issues with the property.
- Purpose: This disclosure informs buyers about structural problems, water damage, and legal issues.
- Working with companies: If selling to a “We Buy Houses” company, they will typically handle the paperwork, but you can fill it out in advance to expedite the process. These companies buy homes in any condition, making the disclosure a legal formality.
The buyer runs a title search on the property
- Verification: The cash buyer will perform a title search to confirm legal ownership and check for liens or claims.
- Common issues: Title issues can include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery.
The seller pays any associated fees
- Closing costs: Cash sales generally have fewer closing costs, but sellers might still need to pay for transfer taxes, title insurance, escrow fees, and attorney fees.
- Transfer tax: In Washington, the transfer tax varies based on the property amount. For example, a property that sells for $500,000 or less would yield a 1.10% tax.
- Cost coverage: Some “We Buy Houses” companies may cover closing costs in exchange for a lower offer.
Deciding to sell to Spokane cash home buyers
Selling your home for cash in Spokane is a viable option, given the area’s strong appeal to real estate investors. Whether comparing buyers on your own, working with a real estate agent, or seeking an offer through Simple Sale, HomeLight provides access to top professionals and essential resources.
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