Your Redwood agent will walk. you through this super easy process.
Win with cash! By eliminating contingencies for mortgage approval, appraisal, home sale, etc., you can craft an offer that’s centered on what’s most important to you!
Redwood Cash Buyer will close on your new home so you can move in and lease it back until you sell your home—without the financial risk of two mortgages. Your lease ends the moment you purchase your new home from Redwood Cash Buyer. If you don’t have a home to sell, you can typically close within two weeks.
Once your existing home sells (if applicable), secure your mortgage loan, and buy your new home back from Redwood Cash Buyer at the original price, plus our standard financing fee of 1.0%, *applicable closing costs apply.
No. A buyer’s purchase of their “new home” from Redwood Cash Buyer is not contingent on anything. In the same light that Redwood Cash Buyer’s contract to purchase the home from the seller is not contingent on appraisal or mortgage approval, the buyer(s) contract with Redwood Cash Buyer is fully non-contingent. Before Redwood Cash Buyer agrees to buy your “new home” from the seller, you agree to buy the home from Redwood Cash Buyer.
The full steps of a completed Redwood Cash Buyer program look like this-
Yes. A professional home inspection is required for all homes purchased by Redwood Cash Buyers.
Our pre-funding process starts with speaking with a loan officer from Day 1 Mortgage and getting approved via their TBD underwriting process. This means that your income and assets have been verified and all remaining conditions for full approval are property-specific. Once this has been obtained, you will connect with a Redwood Cash Buyer representative to become “pre-funded”.
If Redwood Cash Buyers purchases a home on your behalf, the total cost of using Redwood Cash Buyer equates to our fee, 1.9% of the purchase price, plus applicable closing costs and rent, which is calculated daily and paid at closing. If Redwood Cash Buyer backs your offer with a “cash purchase guarantee”, but doesn’t actually purchase the home, our fee is reduced to 1%. All of these fees will be spelled out in your agreement.
Your ability to win with cash is a few short questions away!