Maybe you have a few questions. That’s okay; most people do. So here’s a quick collection of some of the questions people ask us… along with our answers. If you still have a question, don’t hesitate to contact us (or give us a call) and we’ll be happy to answer it for you.
Q: Will you be listing my house on the MLS or actually buying it?
A: Great question. We’re not agents, and we don’t list houses. We are professional home buyers: We buy houses Rochester that meet our purchasing criteria. From there we may repair the house and resell it to another homeowner or keep it as a rental ourselves.
Q: How much do you pay for homes?
A: Every situation is different, we make a profit by buying and selling homes, increasing the value through renovations. Some homes may not need much work, depending on the sellers situation we can work together to get close to a desired sale price. We close very quickly (no waiting for financing), and no time or effort or expense is required on your part of fix up the property or pay agent fees. If that’s what you’re looking for and you see the value in getting your house sold fast… let’s see if we can come to a fair win-win price. (Besides, our no-obligation pricing commitment means that you do not have to move forward with the offer we give… but it’s good to know what we’re offering!)
Commonly Used Terms: “Fast” “As Is” “Cash”
Q: How do you determine the price to offer on my house?
A: Great question, and we’re an open book: Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and values of comparable houses sold in the area recently. We’ll with a fair price that works for us and works for you too.
Q: Are there any fees or commissions to work with you?
A: This is what makes us stand out from the traditional method of selling your house: There are NO fees or commissions when you sell your house to us. We’ll make you an offer, and if it’s a fit then we’ll buy your house (and we’ll often pay for the closing costs too!). No hassle. No fees. We make our money after we pay for repairs on the house (if any) and sell it for a profit (we’re taking the risks here on whether we can sell it for a profit or not, once we buy the house from you… the responsibility is ours and you walk away without the burden of the property and its payments… and often with cash in your hand).
Q: How are you different from a real estate agent?
A: Real estate agents list properties and hope that someone will buy them. The agent shows the properties to prospective buyers if there are any (the average time to sell a property in many markets right now is 6-12 months) and then take a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 3-6% of the sale price of your house (so if it’s a $100,000 house, you’ll pay between $3,000 – $6,000 in commissions to an agent). Agents provide a great service for those that can wait 6-12 months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different: We’re not agents, we’re home buyers. Our company actually buys houses. We don’t list houses. Since we’re actually the one buying the house from you, and we pay with all cash… we can make a decision to buy your house within a couple of days (sometimes the same day). Again, we make our living by taking the risk to buy the house with our own cash, repair the house, and market it ourselves to find a buyer (which is the hard part in this market).
Q: Is there any obligation when I submit my info?
A: There is absolutely zero obligation for you. Once you tell us a bit about your property, we’ll take a look at things, maybe set up a call with you to find out a bit more, and make you an all-cash offer that’s fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your house to us… and we won’t hassle you, won’t harass you… it’s 100% your decision and we’ll let you decide what’s right for you.
Q: What is a short sale, what are the “pro’s” and “con’s” ?
A: Short sales are one way for a homeowner to avoid foreclosure, it provides an opportunity for a homeowner to avoid foreclosure, minimizing damages, allowing the homeowner to remove themselves from a burdensome mortgage they can no longer afford. A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. A homeowner will have been issues a Lis Pendens, also known as notice of pendency, “lis pendens” is Latin for “suit pending.” In judicial foreclosures, this is a “notice to the world” of a foreclosure action. It is filed with the county clerk . A Lis Pendens is issue when homeowners have been falling behind on payments and can no longer afford the property, due to some type of hardship.
What are the requirements?
- The property must be in pre foreclosure.
- A homeowner must be issued what is know as a Lis Pendens, also known as notice of pendency, “lis pendens” is Latin for “suit pending.” In judicial foreclosures, this is a “notice to the world” of a foreclosure action. It is filed with the county clerk. If you or someone you know received such a letter from your bank, there is a possibility that if you don’t come to terms with your bank, you will lose your home
- Must be listed by a realtor
- Must have a purchase offer
- Has to be an “Arms Length Transaction”
Allows the market to ensure that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from the other party. It also assures third parties that there is no collusion between the buyer and seller.
- No up front or out of pocket costs
- Realtor and Attorney fees paid by the bank
- Junior lien holders discharged
- No deficiency judgement or promissory note
- Shown as “Paid as Agreed” on credit report
- No mortgage payment required during this process
- Possible relocation incentive up to $10,000 if primary residence.
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