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How To Make An All-Cash Offer…Without The Cash

You’ve heard the stories about homes that have sold in record time, with dozens of offers in a manner of hours — many of them for cash.



In this wild housing market, with 21% fewer homes on the market than last year and demand pushing prices to record highs, the competition for homes is fierce. One thing that can put a potential buyer on the top of the list is an all-cash offer.


That may seem impossible to people struggling just to save up for a 20% down payment, but all-cash offers are becoming increasingly common. In April, 25% of all home sales were all-cash deals (up from 15% a year ago) according to the National Association of Realtors.


To sellers, the appeal of a cash offer is that there’s less risk of the deal falling apart and they usually close faster than an offer that is dependent upon the buyer qualifying for a mortgage.

To most, the ability to pay cash for a home worth hundreds of thousands of dollars will only ever be a dream. However, all hope is not lost for those venturing into the market for the first time.


There are new ways well-qualified buyers can make an all-cash offer – even if they need a mortgage!


Submit an All-Cash Offer with Revive


NEO Home Loans has partnered with a real estate services company called Revive. Their mission is to maximize profit for home buyers and sellers by using their own expertise, capital, and network to bolster buyers’ offers and reduce their stress in this difficult market.


Through their Trade Up program, Revive allows home buyers to leverage the ability to make quick closing cash offers to beat out other buyers and get the best price with the convenience of not moving twice.


Who is this for?


The Revive Trade Up program is for homeowners who are juggling between selling their current home and locking in their dream home. The program allows you to buy your new home before you sell your current one.


Not selling a home? Not a problem! This program is also available to first-time buyers whose purchase is not contingent upon the sale of an existing home.


How does it work?


1. Get pre-approved for financing

Work with your NEO Home Loans mortgage advisor to obtain a fully underwritten pre-approval for a new home loan to ensure a smooth transition.


2. Revive buys your new home for you – in cash

Revive submits a winning all-cash offer on your dream home, purchases it, and then rents it back to you until your old home sells.


3. Sell your old home

Once your old home sells, you’ll be ready to buy your home from Revive.


How much will this cost me?


Home buyers are charged a 3% convenience fee to use the Revive Trade Up Program. Buyers are also responsible for closing costs on the transaction.


What are the eligibility requirements?


To qualify for the Trade Up program, you must be pre-qualified for a loan through NEO Home Loans and have 20% the new home purchase price available as a “down payment” – this can be equity from an existing home or other funds.


When can I move into my new home?


You are able to move into the new home as soon as escrow closes with Revive.


How long can I rent the home before purchasing it?


You may rent your new home from Revive for up to 6 months before exercising your option to purchase. If you require a longer rental term, you may extend for an additional 6 months for an additional 1% program fee.


How is the monthly rent determined?


Monthly rent is based on fair market value. The monthly rent will be agreed upon and provided to you upfront when you sign the lease agreement and option to purchase.


Why would someone want to do this if there’s a fee?


The Revive Trade Up program is designed for sellers who would like to, or need to, buy a new home before they sell their old home. We often find that having the ability to make an all cash, quick closing offer makes up for the fee. The savings on your new home could more than cover the convenience fee.


What happens when my old house sells?


You will be ready to exercise your option to purchase the new home.


The Bottom Line


As a well-qualified buyer, you should be able to have a fighting chance in this market and compete with someone who has very deep pockets. With a pre-approval from NEO Home Loans and an all-cash offer from Revive, you will be perfectly positioned to compete with any other buyer and have the chance to secure your dream home.


If you would like to learn more about the Revive Trade Up program or start the mortgage pre-approval process, fill out the form below to request a consultation with a NEO mortgage advisor.