The Ultimate Guide To Finding Cash Home Buyers in Tampa
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Kelsey Morrison Former HomeLight EditorClose
Kelsey Morrison Former HomeLight EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers. She has seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com) and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
If you’re a homeowner in Tampa looking to simplify your home-selling process, connecting with a cash buyer could be the solution you need. Tampa’s real estate market attracts local, out-of-state, and international cash investors, thanks to its warm weather, proximity to beaches, and developing downtown.
As buyers seek to avoid high mortgage rates, your chance of landing a cash offer is particularly strong. Data from March 2024 shows that almost 26% of single-family home sales in the Tampa-St. Petersburg-Clearwater metro area were all-cash deals.
In this guide, we’ll explain how to find and sell to cash home buyers in Tampa, whether you’re looking to offload your Channelside condo or Pebble Creek bungalow. We’ll also walk you through the entire cash sale process, step-by-step.
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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 Tampa
Looking to sell your Tampa home fast and easily? Cash buyers can be a solid option. Here are a few ways you can seek out trusted cash home buyers who may be willing to make a fair offer on your property.
Work with a reputable local real estate agent
Even if you’re opting for a cash home sale, working with a local real estate agent can be beneficial. Agents often have connections to cash buyers who may be interested in purchasing your home. By working with an agent-recommended cash buyer, you can save time on researching and vetting a long list of potential buyers in your area.
Selling a house can be a confusing process, but a real estate agent can guide you through it and ensure you get the most out of the sale. If you don’t already have someone in mind, HomeLight can connect you with top agents in Tampa. Remember that while agents earn commissions, the convenience and assurance they provide can be well worth the cost.
Focus on investors rather than owner-occupiers
Tampa has a high share of institutional buyers, including companies, corporations, and limited liability companies that buy houses for cash. These investors are often more willing to make quick offers and can close deals faster than individual buyers. They tend to target single-family homes in working-class neighborhoods and turn them into rental properties.
Reporting by The Tampa Bay Times revealed that as of September 2023, institutional investors owned more than 27,000 homes across Hillsborough, Pinellas, and Pasco counties. If you’re looking to attract these types of cash buyers, consider posting your property on investment websites or attending real estate investing events.
Another option is to request no-obligation cash offers from “We Buy Houses” companies in Tampa. However, keep in mind that many of the companies are operated by house flippers, who adhere to the 70% rule. This means they typically offer around 70% of the property’s after-repair value, minus repair costs.
Do your due diligence
It’s important to research and vet cash-for-homes companies to confirm their legitimacy. Homeowners can use the Better Business Bureau (BBB) to verify the reputation of companies they are considering. You can also reach out to the local chapter, BBB of West Florida.
Additionally, reading online reviews on platforms like Google, Yelp, Facebook, and Trustpilot can provide insight into others’ experiences. Make sure to check the company’s track record, licenses, and ask for customer referrals to ensure they are trustworthy.
Before signing an offer, ask for proof of funds
Choosing a cash buyer with readily available funds is essential. Homeowners should ask the cash buyer for proof of funds, which is a document verifying that the buyer has the financial means to complete the purchase. If the cash buyer is unwilling to provide proof of funds, consider it a major red flag and seek out a more trustworthy company instead.
Inside the Tampa cash home buyers market
Tampa’s cash home-buying market is largely driven by real estate investors, but other groups may be willing to buy your Ballast Point townhouse mortgage-free. Let’s take a closer look at these cash buyers and what motivates them.
New residents
The Tampa-St. Petersburg-Clearwater metropolitan statistical area (MSA) added nearly 52,000 residents from 2022 to 2023, according to Census Bureau data, ranking it as the fifth-fastest growing MSA in the nation.
Many of these new residents seek the convenience and flexibility of buying homes with cash. These could be high-net-worth individuals starting new jobs at one of Tampa’s many Fortune 1,000 companies, or newcomers from more expensive cities and states who have already sold their previous homes. If you’re selling a property in Tampa, catering to these cash-ready new residents can be a strategic move.
International buyers
Last year, international buyers accounted for 8% of all home purchases in the Tampa-St. Petersburg-Clearwater MSA. This market is particularly popular among Canadian and European buyers, and many of them prefer to pay in cash rather than go through the hassle of obtaining a U.S. mortgage. Specific data on Tampa Bay’s international cash buyers is unavailable, but statewide figures for Florida show that 62% opted for cash purchases in 2023.
Baby Boomers
According to a SmartAsset study of Census Bureau data, Clearwater had the highest share of Baby Boomer newcomers as a percentage of its population in 2022, totaling 3.79% or just over 4,400 individuals. Clearwater, and the Greater Tampa Bay Area, are popular moving destinations among Boomers who are drawn to the beautiful beaches, sunny weather, and relatively affordable home prices.
Nationwide, more than half of Older Boomers (born 1946–1954) paid all cash for home purchases they made in 2023, as did 32% of Younger Boomers (born 1955–1964). If your Tampa house has accessible features that appeal to the Baby Boomer generation, like a first-floor primary suite, low-maintenance outdoor space, or wide doorways and hallways, highlight them in the listing description to capture the attention of older buyers willing to pay cash.
Property investors
Homeowners in Tampa are more likely to find success selling to property investors rather than traditional buyers willing to pay in cash. Common types of property investors include institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers.
Tampa has a high proportion of real estate investor purchases due to its strong rental market and favorable investment climate. A recent StorageCafe study ranked Tampa as the 38th-best city in the U.S. for buying a fixer-upper and renovating it into a turnkey home, as house flippers do. It’s also a popular market among corporate investors seeking to turn single-family homes into long-term rentals. These investors can often make quick cash offers, streamlining the selling process for homeowners.
Pros of working with a Tampa cash home buyer
For Tampa homeowners seeking a quick and hassle-free sale, cash offers can be a very appealing option. Let’s explore the key benefits of working with a cash home buyer:
- Quick closings: Cash buyers can close deals much faster than traditional buyers because they don’t have to wait for mortgage approvals. Deals typically close in as little as a week or two.
- No contingencies: Many cash offers come without the contingencies that can delay or derail a sale, such as financing or inspection contingencies.
- As-is purchase: Cash buyers often purchase homes as-is, meaning you won’t need to invest time or money in repairs or upgrades. This can be especially beneficial if your home needs significant work or if you’re looking to sell quickly without additional expenses.
- Simplified process: Selling to a cash buyer often involves less paperwork and fewer steps, making the entire process smoother and less stressful.
- Reduced uncertainty: Cash transactions eliminate the uncertainties associated with buyer financing, providing a more predictable and reliable sale.
How to request a cash offer in Tampa
If you’re looking for an easier way to secure a cash offer for your home, HomeLight’s Simple Sale platform can connect you with the largest network of vetted and pre-approved investors in the U.S. After answering a few basic questions about your home, you’ll receive a no-obligation, all-cash offer within 24 hours. If you accept the offer, you can close the sale in as few as 10 days. You can skip the repairs, prep work, and endless showings, and choose a move-out date that works for you — up to 30 days from closing.
While cash buyers typically offer less than what you might get on the open market, selling the traditional way comes with fees that can eat up 9% to 10% of your sale price. So, depending on your needs, a cash buyer could still save you money in the long run.
How much are Tampa cash home buyers willing to pay?
In exchange for speed and convenience, cash home buyers often pay less than what your home might be worth on the open market. This is especially true for house flippers who follow the 70% rule, meaning they typically offer 70% of your home’s after-repair value, minus repair costs. When the market is competitive, cash offers might be closer to market value due to the higher demand and fewer available homes. However, in a slower market, cash offers will generally be lower than market value.
What’s the process of selling to a Tampa 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 the Florida Seller’s Property Disclosure Statement
When selling your home in Florida, you’re required to complete the Seller’s Property Disclosure Statement. Sellers are asked to disclose any known issues with their properties, such as structural problems, water damage, or pest infestations. Florida law mandates that sellers must inform potential buyers about these issues to ensure a transparent transaction. This disclosure protects both parties by providing a clear understanding of the property’s condition.
If you’re working with a Tampa “We Buy Houses” company, they will likely prepare all the necessary documents for you, including the disclosure statement. However, you can speed up the paperwork process by filling it out ahead of time. These companies conduct their own inspections and purchase homes in any condition, so filing the disclosure statement is more of a legal obligation from their perspective.
The buyer runs a title search on the property
The cash buyer will also verify the property’s title. This ensures you have legal ownership of the property and checks for any liens or claims that could prevent a smooth sale. Some of the most common reasons for title issues include boundary disputes, unknown easements, undisclosed heirs, public record errors, and forgery. Conducting a thorough title search protects both parties, guaranteeing a smooth and secure transfer of ownership.
The seller pays any associated fees
A cash sale typically has fewer closing costs than a traditional home sale. However, sellers may still have to pay some costs, such as transfer taxes, title insurance, escrow fees, and attorney fees.
In Florida, sellers are typically on the hook for paying the Documentary Stamp Tax on the deed, which amounts to $0.70 per $100 of the property’s sale price. If you are selling a house in a community with an HOA, you might also have to pay an estoppel certificate fee. If you’re looking to avoid closing costs altogether, “We Buy Houses” companies will often pay them for you in exchange for an offer that’s below market value.
Deciding to sell to Tampa cash home buyers
Homeowners have a good chance of selling for cash, as Tampa remains a popular city for real estate investment. Whether you decide to compare buyers yourself, enlist the help of a real estate agent, or request an offer from Simple Sale, HomeLight can connect you with top professionals and valuable resources. We’re here to help you streamline your selling experience, leveraging Tampa’s investor-rich market to find a fast and efficient solution for your home sale needs.
Header Image Source: (Sean Foster/Unsplash)
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