Find Cash Home Buyers in Dallas for a Fast, Simple Sale
Do you need to connect with cash home buyers in Dallas for a quick sale? Well, you’re in luck. The Dallas metro area is one of the country’s hottest markets. According to a recent moving trends report, Dallas is ranked No. 10 in the nation for inbound migration.
“The Dallas area is also full of major corporations, universities, and sports franchises, many of whom hire major employees on short notice. These employees are often cash buyers,” says Martin Orefice, CEO of Rent To Own Labs, a listing company that maintains a database of owner-listed rent-to-own homes in Dallas.
In this post, we’ll look at the local cash-for-homes market, how much cash buyers pay, the benefits and process you can expect, and how to find a trusted cash buyer in Dallas.
Inside the Dallas cash-for-homes market
Some factors that affect the cash home-buying landscape in Dallas include:
- Out-of-state buyers flock to Dallas from California and New York with cash on hand to take advantage of more affordable housing and overall lower costs of living.
- “Buyers who don’t want to pay the currently rising interest rates and would rather purchase a home with cash,” says Mark Severino, a real estate investor and founder of Best Texas House Buyers, LLC.
- The city is still a high-demand market because of its moderate winters, easy access to nearby amenities, and relatively affordable properties.
- Investors, iBuyers, and other “we buy houses” companies see opportunity in Dallas.
Common types of cash buyers in Dallas
Typically, you will find the following types of cash buyers in Dallas:
- House-flipping investors who are looking to buy low and sell high.
- Buy-and-hold investors looking to purchase long-term rental properties.
- Short-term vacation rental investors who want to use a property as a vacation home and also rent it out on Airbnb or other vacation rental sites.
- Cash “we buy houses” companies that actively seek out homes in need of repairs or properties that are in pre-foreclosure.
- Larger iBuyer companies like Offerpad and Opendoor.
- Owner-occupants who have cash saved for a house and want to live in the Dallas area.
- People who have sold their house in another state and are armed with cash, ready to settle down in Dallas in a new home.
- “Wholesalers buy homes and then sell them to investors,” according to top Dallas real estate agent Cassandra Jones, who works with over 82% more single-family homes than the average Dallas agent.
How much will Dallas cash buyers pay?
Cash home buyers in Dallas typically pay less than buyers who are getting mortgages and less than agent-assisted buyers.
Investors and flippers tend to pay the least for a house because they know they can close quickly and factor the cost of repairs into their offer. “The percentage off the listing price right now is typically 70% of the full market value once repairs are removed. This is so that there is a buffer for profit,” says Severino.
Cash-for-home companies and investors often refer to this as the “70% Rule,” meaning they will offer you about 70% of your home’s after-repair value (ARV), minus their estimated repair costs. A simplified formula to estimate an offer might look like this: (Your home’s ARV x .70) – repair costs.
However, different types of house-buying companies will offer varying amounts for homes. As our list above illustrates, there are many types of cash home buyers in Dallas. There are also national iBuyers who tend to pay more than investors and “we buy houses” companies because iBuyers look for homes in better condition. An iBuyer might pay you 85% or more of market value while charging a fee for their services, often around 5% or higher.
Cash buyers will generally reduce their offer for the following factors:
- Structural damage
- Fire or water damage
- Foundation issues
Before committing to a cash home buyer company in Dallas, HomeLight suggests you consult with a top local real estate agent to get a better idea of what your home might be worth if sold on the open market. Then compare cash offers to what a top agent might be able to get for your home. HomeLight can connect you with a top-performing agent in your market.
You can also use HomeLight’s free Home Value Estimator right now to get an initial ballpark estimate in less than two minutes.
Benefits of selling to a cash buyer in Dallas
While the cash offer you receive may be lower than a traditional agent-assisted home sale on the open market, there are notable benefits of working with a cash home buyer in Dallas, especially if you need a fast, convenient sale.
- Speed: You can typically sell your house in as few as 10 days. In fact, according to Jones, some cash buyers can close as quickly as 48 hours.
- More certainty: With a pre-offer walk-through, a cash home buyer can typically provide a firm cash offer that comes with few contingencies, or no contingencies at all.
- No repairs: If your home is in need of repairs you can’t afford or don’t want to handle, you can skip them altogether and sell the house “as is”.
- Less hassle: You won’t need to worry about showings, open houses, fielding offers, negotiating, low appraisals, or the risk of the buyer’s financing falling through. When you work with a reputable cash home buyer in Dallas, you’re likely going to experience a smooth journey from offer to close.
What’s the process of selling a house for cash in Dallas?
According to Jones, the process for selling a house for cash in Dallas follows the same general steps as a traditional home sale, albeit in a much shorter time frame, sometimes as quickly as 48 hours, other times in 10 days or two weeks. That’s much shorter than the timeline for selling a house to a Dallas mortgage buyer, which is usually around 42 days to find a buyer, plus the typical 50 days a buyer needs to close on a purchase loan.
Jones points out that another difference with a cash sale is that the buyer can choose to do an inspection or waive it, and they can choose to do an appraisal or waive it as well. They can also pay above the appraised value because they don’t have to go by their lender’s guidelines. “Basically, the cash buyer doesn’t have to answer to the mortgage lender,” explains Jones.
Steps to sell a house for cash in Dallas include:
- The seller finds a buyer (or if the buyer is good at marketing, the buyer finds the seller).
- The seller and buyer agree on a price and terms.
- Both parties sign a contract and submit it to a title company.
- The buyer does due diligence during the option period in Texas (the number of days the buyer has to thoroughly inspect the property and terminate the contract for any reason).
- The buyer and seller sign the closing documents.
How do I find cash home buyers in Dallas?
Here are some ways to find cash home buyers in Dallas:
1. Use HomeLight’s Simple Sale platform
Finding a reliable buyer can feel overwhelming. If you need to sell quickly and smoothly, you’ll want to find a trusted Dallas cash home buyer.
To get started, HomeLight’s Simple Sale platform makes it easy and safe to receive convenient, no-obligation cash offers in Dallas. The Simple Sale tool connects you to the largest network of cash buyers in the U.S.
Here’s how it works:
Enter the address of your Dallas home
Answer a few quick questions about the property. Is it a townhome in Bishop Arts District or a historic house in Lake Highlands? Does it need a little work, a lot of work, or none at all? How soon are you looking to sell? It could be ASAP or in six months. Our easy questionnaire makes getting set up on the platform a breeze.
We’ll provide an all-cash offer within a week
You won’t be obligated to accept any offer you receive. In addition, HomeLight can also introduce you to a top real estate agent in your neighborhood for an expert opinion on what your home is worth if sold on the open market. It’s good to know your options.
You sell your house in its current condition
No additional repairs, prep costs, agent commissions, or hidden fees. This can save you time and money — a study conducted by HomeLight found that, on average, sellers spend over $31,000 to sell a house. This includes prep and repair costs. Fortunately, foundation issues and older ACs are often no issue; the platform will provide a full cash offer for homes in almost any condition.
You can sell your house fast for cash in as few as 10 days
A 10-day closing translates as selling your home around five times faster than you would with a buyer who needs traditional financing. According to data from Ellie Mae, purchase loans take an average of 50 days to close. With a cash offer provided through HomeLight, you’ll also have the ability to pick a move date that works best for your schedule. That’s the ease of Simple Sale!
HomeLight Simple Sale® vs. Traditional Sale
2. Partner with a connected, investor-savvy Dallas agent
A well-connected Dallas real estate agent who is active in the local investor community can be an invaluable asset even if your goal is to avoid a conventional listing process. By networking with house flippers and landlords who rely on agents to hear about new deals, they have the inside track to finding Dallas cash buyers. They’ll also know if your property aligns with a Dallas investor’s buy-box, which refers to their parameters around the condition, price point, and location of homes they prefer to buy.
If you’re open to selling the traditional way, a top Dallas agent may also be aware of regular existing home shoppers looking to pay cash. Orefice recommends taking advantage of Dallas’ high inbound migration flow. “Targeting people who are just moving to the area for a new job can be a great way to find a cash buyer.” An experienced Dallas agent can help you tap into this buyer pool.
3. Check Dallas public records for cash home sales
Another way to find cash home buyers in Dallas is to search out and vet individual buyers or companies yourself. This can be through internet searches or networking.
One DIY method to find Dallas cash buyers is by searching property sales entered into public records. You may be able to access sales history online. Contact your county clerk recorder’s office, county courthouse, or city hall for guidelines on searching public records. Pay particular attention to houses that were bought low and sold high. These are most likely flip transactions, so contact the owner to find out if they are looking for new investment properties.
4. Show up at Dallas property auctions
If you’re outgoing and want to personally meet prospective buyers, networking at a Dallas property auction is another way to find cash home buyers. Buyers who attend these auctions have cash to spend on foreclosed or distressed properties. Find out when in-person auctions are scheduled in your area and choose which to attend, and introduce yourself. Websites such as auctionadvisors.com provide information about upcoming auctions.
5. Join a Dallas area real estate club
Join a local real estate investment (REI) club to meet Dallas area cash buyers. Small, privately run groups, as well as nationally accredited real estate investment associations or REIAs, provide opportunities to connect with investors face to face. Introduce yourself and explain that you’re looking for cash buyers. However, do your homework before joining an REI club. Some clubs have membership fees or ulterior motives, such as asking members to crowdfund real estate investments.
6. Connect with Dallas landlords on Craigslist
While you might be familiar with Craigslist to find a garage sale or sell furniture, some Dallas real estate investors use the classified ads website to hunt for their next fixer-upper. Investors who promote homes for sale or rent are often in the market to buy new investment properties. You can post advertisements for your home or search for qualified Dallas buyers. But proceed with caution, not every listing and lead will be legitimate or worthwhile.
7. Attend open houses at Dallas fixer-upper homes
Another way to personally meet prospective buyers or investors is to use real estate search websites to find fixer-uppers for sale in your area. Then show up at open houses where you’re likely to run into cash buyers who are actively seeking investment opportunities. Introduce yourself to investors and obtain their contact information or business cards. Follow up with them later to make your pitch.
Selling your house for cash in Dallas
When you need to sell your home quickly in Dallas, it can feel like an immense and overwhelming task. This can be especially true if you’re facing an imminent financial demand or moving-date deadline.
Fortunately, there are individual buyers and investors willing to pay cash for your Dallas home. And with a platform like Simple Sale, you’ll receive no-obligation offers from established cash home buyers in Dallas, and also see price estimates of what you might receive if you sell through a top local real estate agent.
Whether you’re selling a pristine estate in Preston Hollow or a condo in Lower Greenville that needs a major overhaul, request a cash offer from a trusted cash buyer in Dallas whenever you’re ready to move.
Writer Julie Guthmann and editor Richard Haddad contributed to this story.
Header Image Source: (Gabriel Tovar / Unsplash)