How Do I Sell My House In Florida Fast For Cash?

FL Cash Home Buyers Virtual Team Meeting – April 2023!

I’m sure you’ve seen a bunch of similar websites, or gotten some mailers from other companies claiming they will buy your house for cash, and that you can sell your house fast to them. Since you’re on our “How it works” page, I’m assuming that like most of our sellers, you’re probably still wondering… 

How does this whole “sell my house fast” process REALLY work? It can’t be that simple, can it? 

Well, in short, yes, selling your home in florida fast for cash is a very simple and easy process – for YOU. For us, it’s a little different story. There’s a lot of work that goes on in the background on our end, to make sure that the home selling experience goes smoothly and easily for you. 

Well, that doesn’t really answer my question….

Yeah, I know. That’s why below I’ll give a clear, straightforward & simple explanation of how our cash home buying process looks like from beginning to end, and what you can expect to happen if you decide to reach out to us. Keep in mind that selling your home fast for cash may not be the best option for you. Please read below to fully educate yourself on how the process works, so that you can make a well informed decision when it comes to selling your home. 

The “After Repair Value” (ARV) of the property This is what the property will be worth on the open market after we finish renovating it, just like how you see on HGTV. From this value, we deduct the costs detailed below to arrive at the standard cash offer amount.

Cost of Renovations (COR) In order for us to maximize the value of the property, we need to renovate it and make it look like it’s brand new. 

Our Selling Costs This is what it would cost us to resell the property after we buy it from you. Although you don’t get charged Realtor commissions or closing costs when we buy it from you, we, on the other hand, have to pay those costs when we resell the property. We also have to pay holding costs such as taxes, insurance, HOA fees etc. Our selling costs usually come up to about 10% of the resale price, or the ARV. 

Our Minimum Required Profit Yeah, I know, it sucks that we have to make a profit 🙂 but we really do. We wouldn’t be able to support our families, pay our employees, pay our contractors and buy houses, if we didn’t make a profit when we resell them. However, we keep our profits to a minimum so we can afford to pay you more for your house and get more of our offers accepted!
Through the years, and after losing over $500,000 on properties that we shouldn’t have purchased (we’ve made some dumb mistakes…), we learnt that our minimum required profit needs to be about 10% of the ARV, or $10,000 minimum. That means that if we buy a property, fix it up, and then try to resell it for $300,000, we need to make at least $30,000 on the transaction.

Ready for the Magic Formula?

Our Standard Cash Offer for Your Home =

(After Repair Value) x 80% Minus (Cost of Renovations)

For example – Let’s say your home, after it’s all fixed up and remodeled, would be worth $300K. And let’s say it needs about $40,000 in repairs, our cash offer to you would be calculated like this: $300K x 80% = $240K, minus $40K in Repairs = $200K Cash Offer.

That’s it! All we care about is how much we can sell the house for after we fix it up, and that we can make some money doing so. We don’t care how desperate you may or may not be to sell. Actually, most of our sellers are not desperate to sell at all, and since we provide them with such great service, they are happy to give us awesome reviews and testimonials 🙂

What happens if I accept your offer? How long does the closing process take?  

As with all the “Cash For Houses” companies in FL, our closing process usually takes about 2-4 weeks, depending on the urgency. If you need a faster or longer closing time frame, we can definitely work with you. Below is a simple yet detailed outline of the closing process:

Opening Escrow & Ordering Inspections

Once you decide to sign the simple 3 page purchase and sale agreement, one of our Buying Coordinators, Celly or Jose, will reach out to you to introduce themselves. They will also send the contract to the title company for them to order title and lien searches. Our Buying Coordinator will schedule with you an inspection of the property so we make sure our repair estimates are on point. 

Timeline = Normally 24-48 business hours

Conducting Inspections & Reviewing Title / Lien Searches

Here’s where we conduct the home inspection, review the inspection report, and also review the title and lien searches that the title company and the city provide. If anything comes back on those searches that needs to be addressed, Paul will contact you to determine the next steps. Sellers find us to be very creative and able to find a solution for almost any title/lien problem!

Timeline = Normally 1-2 Weeks

Scheduling the Closing & Getting You Cashed Out!

We’re ready to close and get you paid! Celly or Jose will reach out to you and see when would be the most convenient date/time for you to close. We can either schedule you to go to the title company, or send a mobile notary to your location. Once you sign closing docs, the cash is either wired to your bank account or you get a certified cashier’s cheque from the title company. This usually happens the same day, but can sometimes be delayed to the next business day.

Timeline = Normally 1-7 Days