Get a Guaranteed Loan Approval from any Lender and then talk to us about becoming a cash buyer.
Buyer Capital* is not a bridge loan or a buy before you sell program.
Using Buyer Capital* to become a cash buyer is dependent on you receiving a guaranteed loan.
How It Works
Your Broker will help you locate the home you want to purchase, and guide you through the closing process.
Find a Lender that guarantees funding your loan within 30 days subject to property and no change in your income or assets. Penrith Home Loans*, an affiliated Windermere* company, has a qualifying loan guarantee program and your Penrith Home Loan* Officer is knowledgeable about Buyer Capital*.
Once you have obtained an approval letter from your lender, contact Buyer Capital* to begin the process.
Find your new home located in King County; where we have an appraisal vendor who can guarantee an appraisal will be delivered within seven days.
Write an Offer
Write a Purchase and Sale Agreement with your Broker, with you as the Buyer. Include the Buyer Capital* addendum which states that Buyer Capital* will perform as a cash buyer on your behalf, if needed.
1. Choose your terms (Price, earnest money amount, closing date, possession date, etc.)
2. Consider all contingencies needed to protect your interest (inspection, appraisal, title, sewer, neighborhood review, etc.)
Make A Deposit
You deposit with Buyer Capital* the 1% nominee fee and a 10% non-refundable nominee deposit, less the earnest money deposit made per your contract. Non-refundable nominee deposit and earnest money apply towards your purchase price.
Closing Option A
Your lender can fund on time according to the terms in the offer, and you can close in your name. Buyer Capital* refunds to you the 1% nominee fee and non-refundable nominee deposit. This is the best case scenario and Buyer Capital’s* services are free of charge.
Closing Option B: Part 1
1. Buyer Capital* purchases the property.
2. All closing costs and pro-rations other than purchase price will be deposited by you to Escrow.
3. You sign a rental agreement with Buyer Capital*. Rental term is from Buyer Capital* closing until you close, not to exceed 60 days. Rental rate is based on 1% of purchase price every 30 days, plus all carrying costs, such as property tax, insurance, home owner dues, and anything else specific to the property. Rent is on a per Diem basis. Rent is due when you purchase your home from Buyer Capital* or when the rental agreement terminates: whichever occurs first. Utilities are transferred from original seller directly to you.
4. You take possession of the property per the purchase and sale agreement terms you negotiated, with original Seller.
Closing Option B: Part 2
A second closing between you and Buyer Capital* occurs when your lender is able to fund your purchase loan.
1. This must be within 60 days of Buyer Capital* purchasing the property.
3. Excise tax is avoided on the second sale because Buyer Capital* has met the Department of Revenue exemption for a Nominee.
4. Your non-refundable nominee deposit is applied towards your purchase.
a.Buyer Capital* nominee services and rental period generally will cost between 1 and 3% of the purchase price plus approximately $1,500.
Only consider Buyer Capital LLC Nominee services if you are 100% confident you can obtain financing.
In the unfortunate event a buyer hires Buyer Capital* to be a Nominee and Buyer cannot get permanent financing within 60 days, everybody loses.
Buyer will vacate the property and transfer utilities to Buyer Capital*.
Buyer Capital* will resell the property.
Buyer forfeits 10% non-refundable nominee deposit, the 1% nominee fee, plus all closing costs and pro-rations of the first closing. Losses exceeding the 10% are the responsibility of Buyer Capital.
Losses less than 10% will be refunded to Buyer, although that is highly unlikely. Carrying costs at 1% per month, the second excise tax (1.78%), second real estate commissions (6%), and closing costs will exceed the 10% deposit in almost every case unless the property sells for more than the original purchase price.
The principals of Buyer Capital, LLC have an ownership interest in Windermere Real Estate/East, Inc., CW Title and Escrow, Penrith Home Loans/East and Moreland Insurance. Because of these relationships, a referral to these entities may provide the principals of Buyer Capital, LLC a financial benefit.