Your Guide to Finding Reputable Cash Home Buyers in Miami

Inside the Miami cash home buyers market

While real estate investors are a major force in Miami’s cash home buying market, you might be surprised by who else might be interested in buying your waterfront condo without a mortgage. Let’s explore the different types of cash buyers and their motivations.

International buyers

International buyers were a significant force in Miami’s real estate market in 2023, accounting for 18% of total sales volume. Nearly 70% of them paid entirely in cash when purchasing property last year. The Magic City remains the largest foreign buyer market in the country, despite a downturn in home sales due to rising prices, low inventory, and a strong U.S. dollar.

A whopping 71% of properties purchased by foreign buyers in Miami last year were intended for vacation homes or rentals. If your condo is a few blocks from the beach or a profitable Airbnb, be sure to mention that in your online listing to attract cash buyers.

The international buyers with the largest share of all-cash purchases hailed from Argentina (90%), Canada (87%), and Brazil (74%). Homeowners seeking an international cash buyer should enlist the help of a Miami Realtor with a global clientele. HomeLight’s Agent Match tool can connect you with two or three top agents who fit your needs, all within minutes.

Baby Boomers

In February 2024, 33% of U.S. homebuyers had all-cash sales, the highest share in nearly a decade, according to the Realtors® Confidence Index Survey. Younger Boomers (born 1955–1964) accounted for the largest share of home sellers in the past year at 26%.

Flush with cash, mature buyers are increasingly paying for their homes without mortgages. More than half of Older Boomers (born 1946–1954) paid all cash for home purchases they made in 2023, as did 53% of homebuyers from the Silent Generation (born 1925–1945), and 32% of Younger Boomers.

Properties with features that appeal to Baby Boomers, such as a first-floor primary suite, low-maintenance outdoor space, and wider doorways and hallways, might attract cash-ready older buyers.

Property investors

According to a Realtor.com report, investors made up 16.5% of all residential real estate purchases in the Miami metropolitan area last year. It had the eighth-highest share of investor purchases nationwide and was the priciest market of the bunch. Common types of investors include house flippers, buy-and-hold investors, institutional investors, wholesale investors, and iBuyers.

While home flipping in the Miami metro area declined 16% from 2022 to 2023, it still accounted for 6.4% of all home sales, according to data company ATTOM’s latest trend report. Of these sales, 61.3% were paid for in cash. Miami came in seventh among the nation’s top 10 metro areas for the most flipped homes in the third quarter

How to request a cash offer in Miami

If you’re looking to secure a cash offer for your Miami home, HomeLight’s Simple Sale platform can connect you with the United States’ most extensive network of screened and pre-approved investors. By answering a few initial questions about your property, you can obtain a no-obligation, all-cash offer in just 24 hours.

If you accept the offer, you’ll avoid the usual hassles of home selling, such as repairs, staging, and showings. You can finalize the sale in as little as 10 days and pick a move-out date that fits your schedule, up to 30 days post-closing.

It’s important to note that cash buyers typically offer a lower price than what you might fetch on the open market with a real estate agent. However, when considering the traditional selling route, remember that fees can consume about 9% to 10% of your sale price. Consider a cash offer if you prioritize a speedy sale and potentially less out-of-pocket expenses, depending on your needs.

How much are Miami cash home buyers willing to pay?

When selling to cash home buyers in Miami, homeowners often exchange speed and convenience for a sale price that might be below what their home could fetch on the open market. This compromise is particularly evident in the practice known as the 70% rule in house flipping, where investors aim to pay no more than 70% of the after-repair value of a home, minus the cost of any renovations it needs. This guideline helps flippers make returns on their investments, but it means sellers may receive offers below market value.

During hot market periods, cash offers may inch closer to market value as buyers compete for desirable properties. However, in slower markets, cash offers tend to be lower, reflecting the decreased demand. Miami is currently a seller’s market, but rising inventory hints at a possible shift towards buyers having more leverage.

What’s the process of selling to a Miami cash home buyer?

If you’re looking for speed and simplicity, a cash home sale may be right for you. Here’s a breakdown of how the process generally works:

Disclose known defects

When selling a home in Florida, you are required to disclose any known material defects to the property before the closing date. You are not required to fill out the state’s property disclosure form, but you may want to in order to protect yourself from future liability.

If you’re selling to a Miami-based “We Buy Houses” company, they will typically handle the preparation of all necessary documents, including the disclosure statement. Nevertheless, having this form filled out ahead of time can expedite the process. These companies usually conduct their own inspections and are willing to purchase homes in any condition, viewing the disclosure more as a formal requirement than a dealbreaker.

The buyer runs a title search on the property

A crucial step in the cash-buying process involves the buyer conducting a property title search. This search confirms your legal ownership of the property and checks for any liens, claims, or encumbrances that could interfere with a smooth transaction. Title issues can range from boundary disputes and undisclosed heirs to errors in public records and even instances of forgery, all of which need to be resolved before proceeding with the sale.

The seller pays any associated fees

While a cash sale typically involves fewer closing costs than a conventional home sale, sellers still need to cover some expenses. In Florida, for instance, sellers are responsible for the Documentary Stamp Tax on the deed, which costs $0.70 per $100 of the sale price. Miami-Dade County is the state’s only exception — its tax rate is $0.60 per $100 of the sale price. Unless the transfer is a single-family home, Miami-Dade County charges an additional surtax of $0.45 on every $100.

Other costs may include title insurance, escrow fees, and attorney fees. Some “We Buy Houses” companies will cover the closing costs for you, albeit in exchange for a lower offer price. This option can be beneficial if you don’t have money to spend on repairs and need to sell quickly.

Deciding to sell to Miami cash home buyers

Selling your Miami home for cash is a solid option, thanks to the city’s thriving real estate scene that draws in investors from around the globe. Whether you opt to scout for buyers yourself, team up with an agent, or explore Simple Sale, HomeLight is your go-to for accessing leading experts and resources. Our goal is to make your cash sale as smooth and speedy as possible.

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