How to Find Cash Home Buyers in Virginia Beach 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 Virginia Beach considering selling your house quickly and without the stress of a traditional listing, connecting with a cash buyer could be your answer. Virginia Beach attracts many cash buyers, including property investors and relocation seekers seeking a convenient purchase.
Virginia Beach’s housing market is cooling, with homes taking longer to sell. This could be a good time to consider a cash home buyer, especially if you value speed and convenience. In this guide, we’ll explain how to find and sell to Virginia Beach cash home buyers and walk you through the entire cash sale process.
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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 Virginia Beach
Selling your home quickly in Virginia Beach? Cash buyers can provide a fast and hassle-free solution. Here’s how to find trustworthy buyers ready to make a fair offer.
Work with a reputable local real estate agent
Partnering with a real estate agent can streamline your cash sale. Agents often have connections with cash buyers and can recommend vetted, reliable investors. This saves you the effort of researching and verifying potential buyers yourself.
If you need an agent, HomeLight can connect you with top professionals in your area. While working with an agent involves real estate commissions, their expertise and access to qualified buyers can make the process more efficient.
Focus on investors rather than owner-occupiers
Targeting investors, such as institutional buyers or house flippers, increases your chances of a quick sale. You can list your property on investment sites like BiggerPockets or LoopNet or attend local real estate investing events. Searching online for “We Buy Houses for Cash” companies is another option, but keep in mind many follow the 70% rule, offering less than market value.
Do your due diligence
Research any buyer thoroughly to ensure credibility. Use the Better Business Bureau to verify businesses and check online reviews on platforms like Google or Trustpilot. Confirm licenses and ask for referrals to avoid scams and ensure a smooth transaction.
Before signing an offer, ask for proof of funds
Always request proof of funds to verify the buyer can pay upfront. This document shows their financial ability to close the deal. If a buyer hesitates to provide it, this could be a warning sign to look elsewhere.
Inside the Virginia Beach cash home buyers market
Virginia Beach’s cash home-buying market is primarily fueled by real estate investors, but other groups, such as new residents and Baby Boomers, also drive demand. Let’s explore the key types of buyers and their motivations.
New residents
Virginia Beach’s appeal as a coastal city with a robust job market and military presence attracts new residents, many of whom are cash buyers. Relocating professionals and retirees are drawn to the area’s quality of life and often seek mortgage-free purchases to simplify the transition. These new residents value convenience and may be more likely to make competitive cash offers to secure their ideal home quickly.
Baby Boomers
Baby Boomers are a significant force in the cash home-buying market. In 2023, more than half of older buyers, including Boomers and the Silent Generation, purchased homes without mortgages. For sellers, appealing to this demographic means highlighting features like first-floor primary suites, low-maintenance yards, or wide doorways in the listing description. These buyers often prioritize comfort and accessibility, making them prime candidates for sellers looking to close quickly and securely.
Property investors
Real estate investors dominate Virginia Beach’s cash-buying market, offering a reliable alternative to traditional buyers. Investors, such as institutional buyers, house flippers, and buy-and-hold investors, purchase homes with clear intentions, whether to renovate, rent, or resell. The area’s steady population growth and thriving rental market attract investors eager to capitalize on its potential. For homeowners, selling to an investor often means faster offers and fewer contingencies, making this group a dependable option for cash sales.
Pros of working with a Virginia Beach cash home buyer
Cash offers can be an attractive option for Virginia Beach homeowners seeking an efficient and streamlined sales process. Let’s explore the key benefits of working with a cash home buyer:
- Quick closings: Selling to a cash buyer often means you can close the deal much faster than through traditional financing, often within days or weeks. This is because there’s no waiting for the buyer to secure a mortgage, which can significantly speed up the timeline.
- 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: The process of selling to a cash buyer is generally more straightforward and involves less paperwork than selling through traditional means.
How to request a cash offer in Virginia Beach
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.
Cash buyers usually offer less than what you might get on the open market, but 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 Virginia Beach cash home buyers willing to pay?
Cash investors and home-buying companies often look for deals where they can buy properties for less than what they’re worth on the market. In return, sellers get the benefit of selling their homes quickly and with less hassle. House flippers usually follow the 70% rule, meaning they try not to pay more than 70% of a home’s after-repair value (ARV), including repair and upgrade costs.
The Virginia housing market isn’t very competitive; home sales are down year-over-year, and prices remain elevated. Given the current conditions, offers from house-buying companies might be lower than what you could get on the open market.
During periods with high demand and low inventory (seller’s markets), cash buyers often come closer to a home’s market value. Offers in this scenario can sometimes range from 80% to 85% of the ARV of the property.
What’s the process of selling to a Virginia Beach 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 a Residential Property Disclosure Statement
Most states have mandated disclosure laws and require you to fill out a form detailing any material defects in the home. Virginia, however, is a “caveat emptor” state, meaning it is on the buyer to research the home’s condition thoroughly before purchase.
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 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.
The seller pays any associated fees
While cash sales typically involve fewer fees compared to traditional sales, you may still incur some closing costs, like transfer taxes, title insurance, escrow fees, and attorney fees. For example, Virginia sellers typically pay the State Recordation Tax (aka transfer tax) at a rate of $0.25 per $100 on the purchase price of the property.
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 Virginia Beach cash home buyers
Homeowners have a good chance of selling for cash, as Virginia remains a popular state to invest in real estate. 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 Virginia Beach’s investor-rich market to find a fast and efficient solution for your home sale needs.
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