Okay. So you’ve heard we do a thing called Flyhomes Cash Offers, where we turn your offer into a cash offer. You have this vague idea it could help you get a home you love, but you’re not sure how. We’re here to explain. (Spoiler alert: cash is awesome!)
Let’s start with a story
Picture this: You’ve been house hunting for weeks, and you’ve finally found the home you love. Bright rooms. Gleaming kitchen. Sweet, sweet quartz countertops. And it’s in your price range. You can’t wait! You get together your paperwork. You put in an offer.
And then ka-lunk. No dice. The seller takes someone else’s offer. Back to square one.
This is the third time on a row. And you offered asking price!
How do you avoid this happening again?
A cash offer.
Q: A cash offer? What’s that?
A: Great question! A cash offer means an offer that’s not contingent on financing. Instead of having to promise a seller you’re going to pay them after your mortgage is finalized with a lender, which carries some risk, you’ll have the money ready to go (or rather, Flyhomes will have it ready to go—but we’ll get to that in a minute).
In short: Instead of making a higher offer, you’ll be making a better offer.
Sounds great for people with cash, right? But it’s also for you. When you make a cash offer with Flyhomes, you don’t need cash because we have it.
Q: And sellers like cash?
A: They LOVE it. Three reasons.
Reason 1: Simplicity. A cash offer comes without strings. No contingency for financing. Just money in the bank!
Reason 2: Speed. Because there’s no wait for contingencies to clear, the sale can close in days rather than the weeks it would usually take.
Reason 3: Certainty. This is the big one. A non-cash offer can fall through if the buyer fails to secure a loan. A cash offer is a sure thing. The money is ready and waiting. The buyer just has to say “yes.”
Q: OK, but does a cash offer really help me get a home?
A: Yes! Sellers like our cash offers so much, we win against other offers 68% more often than we would if everything else were equal.
The data speaks for itself … making a cash offer gives you a better chance against other offers.
It may also help you pay less for the home. Even when no other offers are on the table, sellers love cash so much that they may accept a lower offer to get it.
Q: I think I get it, but can you go over that one more time?
A: You bet. Compare these two completely natural-sounding scenarios:
Regular Buyer: “Hi, I’d like to buy your home for Seattle’s median home price of $700,000.”
Seller: “Wow! $700,000! Papa’s going shoe shopping! Wait. Are you sure you can afford that?”
Regular Buyer: “Definitely. Well, almost definitely. I have to talk to my bank first. But I can tell you tomorrow. Well, almost tomorrow. Tomorrow plus three weeks, say. But then I can definitely pay you for sure. Unless the bank says no. Anyway, what do you say? … Hello?”
Cash Buyer: “Here’s $700,000.”
Seller: “Here’s a house. High five!”
See the difference?
Q: Woot. Sign me up! I mean… I’m a strong maybe. Where does this cash come from? How does this actually work?
A: It’s easy.
Step 1: Set your budget. Before looking for a home, we’ll help you get pre-underwritten with a lender of your choice, so you’ll know exactly how much you have to work with.
Step 2: Find and win your home! As your real estate agency, our team will help you find the home you love. Then we’ll do an inspection, help you hatch a purchase strategy, and put in an irresistible cash offer on your behalf, using our cash.
Step 3: Move in and finalize financing. Once our cash offer is accepted, we’ll close with the seller and you can then move in—weeks sooner than you could otherwise! You’ll also finalize your financing with your lender during this time.
Step 4: Become a homeowner. Once you close with your lender, we’ll transfer ownership of the home to you (for the same price we paid) and voila! The home you love. That easy.
Q: Cash offers really are awesome!
Want to learn more about Flyhomes Cash Offers?
PS: Cash Offers aren’t the only thing we do. Check out the other ways we’ll help you superpower your homebuying!
Average for homes with 4 total competing offers on which our clients made a Cash Offer during the period of 1/1/19 through 6/30/19. The average number of offers in a multi-offer situation during that timeframe was 3.42.