We’re fully transparent. Below you’ll find the answers to some of the most common questions by homeowners when we’re offering to buy their homes.
You’ll find additional situational-based FAQs via the links below specifically surrounding:
General House Buyer FAQs
How are you able to buy these houses in cash?
We have private lenders that lend us the cash to purchase and fix the homes. Since they’re not traditional banks, we can close very quickly. Our lenders trust us to know what we’re doing when we’re buying the homes, and as such, there’s no need for appraisals, inspections, etc. and we can close in two weeks or less. They hand us cash, and we hand the sales price of the home in cash to the title company handling the closing, and they hand that cash to you.
Are you listing my house for sale on the MLS?
No. We’re offering to buy your home, not to sell your home for you. If you’d like to sell your home on traditional market, you’ll need to contact a licensed real estate agent who can list your home for sale and on the MLS for you.
How does closing happen?
We close on your home the same as we would in any typical home sale. The closing is at a reputable title company who ensures we only receive title to the property once you’ve received your funds. The only real difference is that because it is a cash sale, there is a lot less paperwork to sign.
Who pays the closing costs?
Are there any fees associated with having you make me an offer or when selling my house to you?
No. Working with us is at zero cost to you. We don’t charge any commissions or fees, and we’ll even pay your closing costs.
Will my home need to pass an inspection?
No. We make our offer for the home as-is. We’re skilled at assessing the value of the home and the costs associated with any repairs that need to be made. Our offer to purchase your home is not contingent upon it passing any inspections.
Is my information kept confidential?
Absolutely. What you tell us stays with us. We treat your privacy with the utmost respect.
Will you give us an earnest money deposit?
Yes. Once you sign the sales contract, we will provide earnest money to the title company for 1% of the sales price or $1,000 – whichever is greater. Should we fail to close for any reason, that cash is yours to keep.
So is there a chance the deal wouldn’t close then?
We do everything in our power to prevent that from happening – and we haven’t had it happen yet. We merely want to give you some reassurance that if it were to happen, you’d walk away with the earnest money for the hassle.
Are you going to turn around and sell my home to another investor?
It’s not what we hope to do, but sometimes we might need to. Our goal is to ensure that once we have a contract on your home, that it closes in the quickest and most painless fashion for you. We do what we have to do to make that happen. Investors sometimes assigning their interest in a home to other investors is simply part of the business.
Once again, the difference is in how much each investor tries to make off the deal when transferring their interest to another investor. We’re more focused on ensuring the home closes at the price we offered you than anything else and not on our personal profit if we need to transfer our interest in the deal for some reason.
Do we have to meet in person for you to make me an offer?
No. We will, however, need to be given access to the home to do a walk-through before making an offer. We take things like the layout, mucking quality, the visible presence of mold, etc. into account when making our offer, so we need to be able to assess those items.
And we get why some people don’t want to meet in person prior to being given an offer. They want to ensure they don’t receive any pressure to take an offer and that we’re not wasting their time with an offer they wouldn’t bother considering. If you fall into that camp, we’re happy to send you a detailed written offer via email for you to take a look before meeting with us in person should you decide to move forward.
What if we want to meet you in person when you give us the offer?
We’re happy to do so. We’re here to provide a fair offer for your home in whatever format you prefer.
What do you consider to be a detailed offer?
We’ll provide you with comps for your home, tell you how much we think the rehab is going to cost, how much devaluation we believe the home might take in the immediate future as a result of being flooded, and any other information we used to arrive at our offer price – such as the cost of the flood insurance we’ll need to obtain at your address.
Are we under any obligation to accept your offer?
What areas do you buy homes in?
We buy homes all over the Katy and Houston area including but not limited to: Katy, Houston, Brookshire, Richmond, Cypress, Fulshear, Sugar Land, and more.
I like your offer. What now?
We’ll provide you with a contract to sign for us to purchase the home. Closing will be two weeks from the effective date of the contract or whatever date is most convenient for you. We’ll deposit the earnest money specified with the title company within 72 hours. We begin getting all of our ducks in a row to start the rehab after we close, while you remove any personal belongings from the home you may still want to retrieve.
We meet at the title company on the specified date, sign the contracts, and the title company wires your cash into your account. That’s it. Selling a home for cash is a lot less complicated than selling a home to someone obtaining a traditional mortgage.