Frequently Asked Questions
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: That’s a great question. While we are licensed, our focus isn’t on listing houses. We are professional home buyers: We buy houses in Southeast Michigan that meet our purchasing criteria. From there we might choose to renovate the property for resale to another homeowner or retain it as a rental in our portfolio.
Q: Do you pay fair prices for properties?
A: A significant portion of the houses we acquire are priced below market value (we do this so we can resell it at a profit to another homeowner). We are looking to get a fair price on a property. In our experience, many sellers aren’t necessarily expecting a large “windfall” on the property but rather appreciate that we can offer cash, we close very quickly (no waiting for financing), and no time or effort or expense is required on your part to 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!)
DOWNLOAD our free guide that walks you through the Pros and Cons (plus the cost and timeline) of selling your house to a real estate investor… plus learn the pros, cons, and costs of the other two alternatives… listing with an agent or selling it yourself.
Q: How do you determine the price to offer on my house?
A: That’s a good question, and we’re an open book: Our process is very straightforward. We assess various factors including the property’s location, necessary repairs, its current condition, and recent sales data of comparable houses in the area. As you know, house values have taken a huge hit in the last 5 years and most areas still haven’t seen prices come back up. We carefully consider numerous pieces of information.… and come up 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 hassles. 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 rely on potential buyers to make a purchase. 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 they 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 who 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: You are under absolutely no obligation whatsoever. Once you provide us with some details about your property, we’ll assess the information, possibly arrange a call with you for further discussion, and we’ll present you with a fair all-cash offer that benefits both parties. 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.
Is Cash For Houses In Southeast Michigan Right for You?
The Cash for Houses in Your Target Market
The individuals and companies putting up these signs are investors seeking quick, undervalued properties to capitalize on. By putting signs out, it takes a lot of the legwork out of researching distressed properties and hones in on homeowners wanting to sell quickly.
The key target market includes homeowners in some negative financial situation. This includes people facing bankruptcy or foreclosure, medical issues, divorce or damaged properties in complete disrepair. They also hope to find properties transferring ownership from probate sales, vacancies and even existing listing that are about to expire.
The Thoughts Process Behind the Offer
Because investors are seeking properties for quick turnaround and profit, they want motivated sellers and properties in distress that can be rehabbed quickly for resale. As the seller, this may or may not be your best play. The buyer is looking to ease your burden quickly. They know you have some emotionally binding stressor that requires a quick sale.
As a result, the offer might be for the remaining mortgage balance irrespective of the value of the home. At best, investors want properties at wholesale pricing, which is often below fair market value by at least 30 percent.
Consider Your Position Before Negotiating
Keep in mind there is a cost to keep a home. Everything from mortgage payments, insurance, and property taxes must continue to be paid while you own the home. The longer you delay a sale, the longer you must pay for utilities, maintenance, and upkeep.
Do the math then consider the average time it takes for homes to sell in your market. Based on average pricing, will you make up the difference in the cost of maintaining the home for the extended timeframe?
It may also be urgent to sell because of an impending foreclosure or estate tax cash requirement. Consider all of these factors as you begin to look at offers from buyers.
Maximizing the Sale Value
Getting a ballpark figure of a property’s fair market value doesn’t require extensive research. To get a more accurate assessment, consider investing a few hundred dollars in an appraisal or consult with a local realtor who can provide insight into your home’s value given its current condition.
Once you know what the estimated value is based on current market conditions, look at what can be done quickly and inexpensively to improve the property thus increasing the value.
Follow the steps an investor would take. Start by thoroughly cleaning both the interior and exterior of the home, ensuring that windows and screens are pristine. Tackle any weed growth in the landscape and trim trees and bushes as needed. Consider upgrading by replacing the carpet, tiling the bathroom and kitchen, and giving both the interior and exterior a fresh coat of paint.
Investors often will redo a kitchen and put in a new appliance package, thus making their margin on the property obtained at 30% below market value. You don’t need to do this, but if you have the time and money to do so, it might be worth the investment.
DO YOU HAVE A HOME TO SELL QUICKLY? IF YOU’RE INTERESTED IN AN ALL-CASH OFFER WITH A QUICK CLOSING, FILL OUT OUR ONLINE CONTACT FORM OR CALL US AT (734) 838-4933 TODAY!
Want To See What We Can Buy Your House For?