What is a Cash Buyer?

What to expect when closing with a cash buyer? Cash buyers are individuals or companies who have the financial means to purchase properties without relying on traditional mortgage financing. Unlike buyers who depend on securing a loan from a bank or lender, cash buyers have readily available funds to complete the transaction. This ability to offer cash upfront sets them apart from other buyers and provides sellers with distinct advantages- this is truly What to Expect when Closing with a Cash Buyer!

Cash buyers are often sought after by homeowners who are looking for a quick and seamless selling experience. Since there is no need for the buyer to secure a mortgage, the closing process can be expedited, reducing the overall timeline. Additionally, cash buyers eliminate the uncertainty associated with loan approvals and financing contingencies, as they can provide a guaranteed offer and prompt closing.

Introduction to Ocean State Buyers as a Cash Buyer Company

Ocean State Buyers, a trusted cash buyer company specializing in Rhode Island and Massachusetts, offers homeowners a convenient and tailored solution to sell their properties directly. With our extensive experience in real estate, we understand the unique challenges sellers face and, as a result, strive to provide personalized assistance. In this article, we hope to help you better understand What to Expect when Closing with a Cash Buyer.

As a cash buyer, Ocean State Buyers has the necessary financial resources to make competitive offers on properties. This eliminates the need for traditional financing, making it ideal for homeowners who require a prompt sale due to time constraints, financial difficulties, or other circumstances. By offering cash, we provide sellers with convenience and peace of mind.

Moreover, transparency and professionalism are at the forefront of our approach. Throughout the entire transaction, we prioritize clear communication, ensuring homeowners are well-informed and comfortable. Additionally, our expertise in property valuation and market analysis allows us to present fair cash offers based on a thorough assessment of each property’s condition and market value.

By choosing Ocean State Buyers as your cash buyer, you can expect a hassle-free and efficient experience. We handle all the necessary paperwork, and our streamlined process ensures a smooth and timely closing. Whether you’re facing foreclosure, going through a divorce, dealing with inherited property, or simply need a quick sale, our team is here to provide personalized support and guidance.

In summary, cash buyers like Ocean State Buyers offer homeowners a straightforward and efficient way to sell their properties. With our financial resources, expertise, and unwavering commitment to exceptional service, we strive to make the selling process as seamless as possible.

Who is Ocean State Buyers?

Family Life

Meet Jesse Andrews, the heart, soul, and driving force behind Ocean State Buyers, and the ‘unofficial mayor’ of family values. His town? The picturesque Glocester, Rhode Island. His First Lady? The fabulous Lisa. His up-and-coming constituents? Their two fun-loving sons, Abel and Owen. Jesse and Lisa don’t just rule their domestic roost; they’re out in the fields too, coaching youth baseball, basketball, and soccer. They’re like superheroes – minus the capes (but we’re not ruling out that they might have some stashed away). With a firm belief in teaching values like teamwork, dedication, and maybe how to perfect that curveball, they’ve helped to create a community that feels more like an extended family.

Work Life

On the work front, Jesse captains the good ship, Ocean State Buyers, all the way from Greenville, Rhode Island. Now, this isn’t your typical real estate company. They’re the superheroes of the home-buying world, swooping in to rescue homeowners stuck in the ‘damsel-in-distress’ traditional market. Foreclosures, divorces, fixer-uppers? They’re like the Ghostbusters – if there’s something strange in your neighborhood, who you gonna call? Ocean State Buyers! Jesse infuses his business with the same family values he champions at home, so every client is treated like a part of the extended Ocean State family. They’re in the business of buying homes, yes, but also in building relationships, spinning laughs, and making sure every deal ends with a firm handshake and a good chuckle.

Sell Your Home Fast in Glocester

What Should I expect at closing ?

When it comes to closing, experience truly matters. Firstly, while many home buying companies may promise a fast sale, there are no shortcuts when it comes to title and escrow. Especially if your property is older or in an older neighborhood, inherited, in probate, or in foreclosure.

Secondly, with Ocean State Buyers, we make closing easy and worry-free regardless of the situation. In fact, we’ll even come to you, or send everything electronically. So you can close in the convenience of your home.

In summary, relying on the experience of a trusted company like Ocean State Buyers is essential during the closing process. By understanding the complexities involved and providing personalized solutions, they ensure a seamless and stress-free experience for homeowners.

What does a Traditional Real Estate Closing look like?

Offer and AcceptanceBuyer submits an offer, and the seller accepts or negotiates the termsUsually a few days
Opening EscrowBuyer deposits earnest money into an escrow accountDay 1
Property Inspections and AppraisalBuyer schedules inspections and an appraisal is orderedWithin 1-2 weeks
Loan Processing and UnderwritingBuyer completes loan application and provides necessary documents2-4 weeks
Title Search and InsuranceTitle company conducts a thorough search and buyer purchases title insurance1-2 weeks
Finalizing Loan ApprovalLender reviews loan application, appraisal, and relevant documents2-4 weeks
Clearing ContingenciesBuyer fulfills contingencies, negotiates repairs, if neededVariable
Preparing Closing DocumentsBuyer and seller prepare necessary closing documents1-2 weeks before closing
Final Walk-ThroughBuyer conducts a final inspection of the propertyDay before or day of closing
ClosingBuyer and seller sign documents, funds are exchanged, and title is transferred1-2 hours

Uncertainty in Real Estate Closings and Potential Challenges

Navigating the process of a traditional real estate closing can sometimes be uncertain. It’s important to understand that there is a possibility for the deal to fall apart at various stages. However, despite the standard timeline we discussed earlier, there are potential challenges and risks that can arise.

Unexpected delays or disagreements between the buyer and seller can emerge, introducing instability to the transaction. These challenges may include difficulties in securing financing, appraisal results that don’t meet expectations, inspection findings revealing unforeseen issues, or obstacles in meeting contingencies. Additionally, changes in personal circumstances or fluctuations in the housing market can also impact the feasibility of completing the transaction.

In order to increase the chances of a successful closing, it is crucial for both parties to maintain open and honest communication. This ensures that any issues or concerns can be addressed promptly. Moreover, exercising careful attention to details throughout the process is essential. By paying close attention to documentation, deadlines, and contractual obligations, potential setbacks can be mitigated or resolved.

While uncertainties exist, it is important to approach the closing process with preparedness and a willingness to adapt. By acknowledging the potential challenges and staying proactive, both buyers and sellers can work towards a successful conclusion. Ultimately, maintaining a cooperative and transparent approach helps minimize the risks and increases the likelihood of a smooth and satisfactory closing.

What to Expect when Closing with a Cash Buyer

  1. Week 1: Initial Contact and Property Assessment
    • Homeowner contacts Ocean State Buyers to express interest in a cash sale.
    • Ocean State Buyers schedules a convenient property visit to assess the condition and gather necessary information.
    • Ocean State Buyers evaluates the property and determines a fair cash offer.
    • Ocean State Buyers presents the cash offer to the homeowner.

  3. Week 2: Acceptance and Preparation
    • Homeowner reviews and accepts the cash offer.
    • Negotiation of terms, if necessary, and agreement on the closing date.
    • Ocean State Buyers begins preparing the necessary paperwork and coordinates with the homeowner and title company.

  5. Week 3: Closing
    • Finalization of paperwork, including the purchase agreement and other closing documents.
    • Homeowner signs the documents, and Ocean State Buyers ensures all requirements are met.
    • Closing funds are prepared, and both parties meet at the designated location to complete the transaction.
    • Title is transferred, funds are exchanged, and the cash sale is successfully closed.

Please note that the timeline provided is an estimate and can vary based on individual circumstances, the complexity of the transaction, and the availability of necessary documents. However, a cash sale typically offers a quicker process compared to traditional sales that involve mortgage financing.

[metform form_id="4293"]

The Cash Sale Process Explained

Cash Buyers for Divorce Property

Common terms in a Real Estate Closing

What are Final Closing instructions?

Closing instructions are sometimes signed when your escrow account is first opened, but if you haven’t signed them yet, you’ll do it now. It’s basically a detailed outline of the tasks your escrow company is responsible for, and the process they’ll follow to complete your closing.

What is a HUD-1 settlement statement?

Required by federal law, the HUD-1 is a detailed accounting of all money involved in the deal. It includes everything you will have negotiated up to this point, and more: sales price, payoff balances, pro-rated tax and utility bills, and more. You’ll want to keep this form for your taxes.

What is a Certificate of title?

In this document, you sign to swear you have the right to sell the property.

What is a deed?

The deed is the piece of paper that actually transfers ownership to the new owner. You’ll sign it at your closing, but your transaction will actually be considered closed when it’s recorded at the county courthouse.

What is a Loan payoff statement?

If you have a mortgage on the property you’re selling, this document shows how much you owe to your lender as of closing day, which should match the amount the escrow company is going to pay off on your behalf.

What is a Mechanics lien?

On this document, you swear that there are no additional liens on your property from contractors or laborers.

What is a Bill of Sale?

If you and the buyer have negotiated any additional items into the deal —say, you’re leaving the backyard swing set or some specific furniture — these items will be outlined here.

What is a Statement of closing costs?

By signing this document, you state you were told about all closing costs and other fees ahead of time. [Which will be $0 when selling to Ocean State Buyer]

What is a Statement of information?

Simply put, you swear that you are who you say you are.

In Summary…

In conclusion, closing with a cash buyer like Ocean State Buyers offers numerous benefits for homeowners looking to sell their properties. Throughout this article, we have highlighted the advantages of choosing a cash buyer and specifically emphasized the streamlined and stress-free process provided by Ocean State Buyers.

By opting for a cash sale, homeowners can enjoy the efficiency and speed that comes with eliminating financing contingencies and loan approvals. Moreover, the absence of appraisals and the ability to sell the property as-is further simplify the transaction, ultimately saving both valuable time and money. Notably, Ocean State Buyers’ expertise and extensive financial resources allow for fair cash offers and a seamless closing process.

We strongly encourage homeowners to seriously consider the option of selling to a cash buyer, as it promises a hassle-free experience. Whether you are facing time constraints, financial difficulties, or other challenges, opting for a cash sale with a reputable buyer like Ocean State Buyers can provide the much-needed relief and peace of mind during the selling process.

So, don’t let the uncertainties and delays associated with traditional real estate transactions hold you back. Instead, embrace the unparalleled benefits of a cash sale and take full advantage of Ocean State Buyers’ personalized support, transparent communication, and unwavering dedication to making the selling experience as smooth as possible.

Make the smart choice and opt for a stress-free path to selling your property by partnering with Ocean State Buyers. With their trusted expertise, you can confidently embark on a new chapter in your life, knowing that your selling experience will be handled with utmost professionalism and care. This is What to Expect when Closing with a Cash Buyer!

We understand that not every home sale will be a cash transaction. For those seeking alternative selling methods or more traditional real estate services, our sister company, Anchored Oak Realty, is readily available to assist. With their expertise and commitment to excellence, you can be assured of a seamless experience tailored to your specific needs.

Frequently asked Questions about a cash sale

What is Ocean State buyers process?

Once you have given us the property details, we will contact you shortly (usually within 24 hours). In some situations, we will need to gather additional information. We will research your property and discuss all the details with you. We may be able to make you an offer right over the phone, or in most cases we will schedule a time with you to view the property and make you an offer!

What type of houses does Ocean State Buyers buy?

We buy houses in any condition, in any area, in any price range, in any situation! We will buy your house as-is, you don’t need to do ANY repairs.

Tired Landlord

Ocean State Buyers will buy houses Any condition, Any Area, any price!

Whether your house is in foreclosure, over-leveraged, condemned, has liens or health department violations, not maintained, burned, damaged, or about to fall down WE CAN BUY IT!

Do I HAVE to sell the house if you come out?

No way!  We do not charge you any fees to discuss your situation, make you an offer or to buy your home.

Does ocean State Buyers pressure you to sell?

No! There is no obligation! We will simply review the information, make you an offer, and you choose to accept or reject it, it’s your choice!

See our privacy Policy!

Your information is ABSOLUTELY 100% safeguarded! Your privacy is of the utmost importance to us. Any information you provide is completely confidential! If you want to deal with a reliable, reputable company who will treat you with professionalism, understanding, and respect – YOU HAVE COME TO THE RIGHT PLACE!

Can I sell my home in foreclosure, bankruptcy, or if I’m in Default?

YES! We are a professional real estate solutions company with years of experience in solving these types of difficult situations. Please contact us for a confidential consultation.

What does AS-IS mean?

Selling your home with a traditional sale requires you to get an inspection, and pay for repairs, painting and cleaning. It’s expensive and time-consuming. Then it can take months or even years – if it sells at all. That’s why we do things a different way. When we buy houses, we can pay cash for your house “as is.” That means:

  • No repairs. With us, sellers don’t have to spend time and money fixing up their house. We can buy a house even if it could use a few repairs.
  • No cleaning. Same for cleaning. It’s okay if there’s mold in the shower or cobwebs in the corner. We don’t mind.
  • No paying typical closing costs. We can take care of normal closing costs so the seller won’t have to worry about that aspect.
  • No open houses. Open houses can be stressful, as dozens of potential buyers wander through the home. With us, you’ll just meet with one person, a friendly local franchisee who is ready to make an offer.
  • No waiting on bankers. It can take a long time for a bank to grant approval, and we understand that waiting can be hard. That’s why we use a process that is quick and efficient. In fact, our sellers can even close in as little as three weeks.

Please contact me at [email protected], or call me direct at (401) 318-3125 with your question and I’ll be happy to assist you.