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: Do you pay fair prices for houses?
A: Yes. The prices we pay are fair and a win/win for both parties, but we do not pay the full retail price, simply because most of the houses we buy need some work before they can be put on the market or rented out. The difference is more than made up though when you consider that we will not charge you the standard 6% commission, and you don’t have to pay for a survey, title insurance, and other closing costs; and that you save the 4 to 6 months your house would otherwise be on the market, making you liable for utilities, insurance, mortgage payments, and property tax.
Q: If I renovate my house, will I get more money when I sell it?
A: This usually does not make sense, unless your goal is to list it for top dollar with a real estate agent. If you go that route, you need to bone up on what features sell best in your neighborhood, and be prepared to deal with contractors on a daily basis for several months. But according to the “Remodeling” magazine, very few improvements make economic sense, they usually cost more than you get back in increased sale price. Here is the latest (2020) list of home improvements with the percentage of the cost you get back when the house is sold:
Remodel Work Cost………………………Cost……. % Recaptured ……….$ Recaptured
Exterior Stone Veneer Cladding $9,357 95.6% $8,943
Garage Door Replacement $3,695 94.5% $3,491
Minor Kitchen Remodel $23,452 77.6% $18,206
Siding Replacement (Vinyl Siding) $14,359 77.6% $10,731
Window Replacement (Vinyl) $17,641 72.4% $12,761
Deck Addition (Wood) $14,360 72.1% $10,355
Entry Door Replacement (Steel) $1,881 68.8% $1,294
Master Suite Room Addition (Mid-range) $136,739 58.5% $80,029
Major Kitchen Remodel $68,490 58.6% $40,127
Bathroom Remodel (Universal Design) $34,643 62% $21,463
Having said that, there are a few minor tweaks that might make some sense; but only if you list it with a real estate agent, or try to sell it yourself (neither of which we recommend! ) Click on this page to see them: 13 easy fixes for a FSBO or an agent sale.
We are licensed general contractors, we know which improvements are most cost-effective, and make our living solving house problems. So if you want to simplify your life, sell to us and we’ll take care of what needs to be done.
Q: Can I sell if I don’t have the deed to the house?
A: That’s not a problem, so long as you’re the legal owner of the house. The County courthouse has a copy of the deed. All we need is the address of the house. With that we can get the legal description, order a survey, order title insurance, and set up the closing, all on a timeline that suits your needs.
Q: Can I sell the house to you if it’s listed with a real estate broker?
A: You could, but then you would have to pay the real estate commission. It might make more sense to ask the broker if he would cancel the listing, or wait to sell it until the listing expires.
Q: How will I get my money from the closing? Will it be cash?
A: You can choose between having the money wired to your bank account, or getting a title company check. For security reasons title companies don’t permit actual cash transaction.
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 NW Indiana and SW Michigan 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.
[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. Head on over here download your free guide →]
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. 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 take many pieces of information into consideration… 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 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).
Do I need to have a recent survey? What about a perc test and a title commitment from a title insurance company?
No, you don’t need any of these. We do all of our own research, and pay for it ourselves. You will have no out of pocket expenses whatsoever, so the price we quote you is what you get at the closing table.
How soon will I hear from you?
We will contact you within 48 hours with any questions that we might have, and have an offer for you within 14 days or less.
How do you close the sale, and when do I get my check?
Depending on local laws and customs, we may ask you to come to a title company , an attorney’s office, or simply a notary public. If you want a cashier’s check, it will be immediately available at the closing table right after you sign the deed; if you choose to have the money wired, you’ll have it in your account the same afternoon.
I have been told that I don’t own the mineral rights on my property . Will you buy a property without the mineral rights?
Yes, if your property is in an area of the country where that is common. Otherwise, there are several ways you can try to remedy the problem; we’ll tell you about them if you decide to sell to us.
My neighbor’s fence is over on my property. Do I have to take care of this situation before you will buy it?
Generally the answer is no, if it is a small distance over the boundary line. If there is an encroachment that interferes with the use of the property in any way, that is a more serious matter. In that case you might want to look up on the internet the definitions of “adverse possession” and “easement”.
My neighbor lets me have access to my house by driving across his property. If I sell the land, will the next owner be able to do that also?
Yes, if there is a written easement agreement. If the neighbor has only given verbal permission for you and your guests to drive across his land, this would probably be what in legalese would amount to a “license”, and this permission would be for you only. A new owner would have to ask permission afresh.
That being said, if you have been driving across the property for twenty years or more without the neighbor’s permission, you might be able to claim the right to do so for yourself and your successors by adverse possession. See a local lawyer about further details, as state laws vary.
I bought this house together with my husband (wife) , who passed away. Can I sell it now, or do I have to go to court first?
Usually when a husband and wife buy a property, they hold title a joint tenants. If that’s the case with your property, to get clear title, give the title company a copy of the deed, and a copy of the death certificate. If you don’t have the deed, your title agent can usually find it at the county courthouse.
I inherited this property, or I own it together with relatives. Is that a problem, or can I still sell it to you?
It could be a problem; it depends upon many factors too many to go into here. If title is held as tenants in common, that means that you own a part of the property only. Tell us your situation, and we will do our best to refer you to people who can give you professional advice. In case of inherited houses, there may be complications due to thorny inheritance situations. The best thing to do is to consult with your attorney, and then contact us.
I am buying my house on a land contract or installment plan. Can I still sell it?
Yes, there are two ways that can be done. The first is when we pay off the original owner, who holds the deed, and then give you the rest of the money. The second way is that we just step into your shoes and take over the monthly payments, and buy out your interest.
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