Frequently Asked Questions (FAQs)
Below are answers to Frequently Asked Questions (FAQs) about our properties and the buying process:
Property Questions
Off market means you can NOT find our properties on MLS, the system that real estate agents use to tell other agents and the public that their listing is available. These are ‘secret’ deals only offered to a select group of investors that buy properties with cash or financing that doesn’t require inspections or qualifications, giving us the confidence they can close quickly, if needed, and without the chance of the transaction falling through.
We are consistently asked this by agents, some who offer to place our properties in the MLS for a VERY low flat fee. The main reason we don’t is that transactions involving properties in the MLS are required to use the ‘board contract’, which has too many ways for the buyer to easily get out of the contract with no penalty, giving us little confidence the transaction will happen on a closing date we may need. Another reason we don’t is that most buyers looking for properties in the MLS purchase with financing, which means the ultimate buying decision to fund that deal and when it will close is determined by the bank and not the buyer. We would rather sacrifice on price to get the confidence in closing on a particular date.
We can’t rehab every home we get under contract! Some are outside of our area or the area our contractor(s) are willing to go. Sometimes our contractors are booked solid, so we don’t have a qualified contractor available that we can rely on to rehab the home to our specifications. When that happens, we look to sell those properties while still making sure the title holder we are dealing with is protected.
We are a group of real estate investors that market directly to homeowners to see if they’d prefer to sell off market because they know the limitations placing their home on the open market are. They want to control their closing date. They want to avoid doing repairs/updates to their home. They may have tried to sell their home traditionally in the past, on the market on MLS with an agent, but it fell through because of buyer financing or home inspection and they don’t want to deal with that uncertainty again. We offer them an alternative option to sell their home. Some of the investors in our group will rehab and resell the homes they buy. But even the investors in the group that rehab homes will sometimes prefer to wholesale their homes/contracts to other investors when they are low on money, their good contractors are tied up, or they have a lead on a home outside their price range or area. Others investors in our group prefer to avoid the hassle of rehabbing a home and prefer to solely quickly sell their homes/contracts to other investors (a.k.a. ‘whoelsale’), and that is how this site came to be. If you want to find out how our group is finding these homes/homeowners who wish to sell off market, please click here (GO TO LEARN PAGE) to find out more.
That depends on that area. We really don’t know when we’ll get our next home in each area. The best thing to do is Click Here (MAKE HOT LINK THAT GOES TO MAKE OFFER PAGE) to sign up to be notified of future homes that we get as soon as we get them.
Our company either owns or has contractual control over EVERY property we market, giving us the right to resell the property immediately after we purchase it. We are ‘the source’ for every property you see on our site. We do NOT ‘scrape’ information from other websites. We allow other real estate investors (wholesalers) and agents to market our properties as long as it is at the SAME price we are advertising them for. Note: Please screen shot and text/email us immediately if you ever see one of our homes advertised at a different price than we are marketing it for.
We review the information on EVERY home prior to it being marketed on our site. Our team has purchased and rehabbed hundreds of homes and we collectively have the experience to accurately assess the rehab cost listed on this site to get to the after repaired value (ARV) we predict for the home. Often our buyers do the work for LESS than what we estimate. Every buyer should do their own due diligence from a qualified professional prior to making an offer. Make sure you, and any qualified professional you trust, come to the showing for the most accurate estimate of repairs.
Our homes MUST be marketed publicly or posted on social media at the same price we are advertising them for to avoid the property being seen at multiple prices and looking like a scam. If you have an interested buyer, we recommend you join your client to the showing (although it is not required). To protect yourself and your buyer from other buyers/agents at the showing, we recommend you sign a buyer broker agreement with your buyer prior to them seeing the home, which is often required by state law or the local real estate board anyway. We advertise we pay a 3% commission on the homes we advertise, but you can actually write whatever commission you want to be paid directly into the offer you will be submitting with your buyer. An example of what to write into the contract will be sent to you in the showing email you will receive when you request to see the home. But keep in mind we will be accepting the highest NET offer we receive (offer price – commissions) and we have a lot of investors on our list that do not use agents. We have had agents ask and receive a 6% commission, and even higher in lower priced areas, but they are typically letting their clients know they will need to offer higher than asking price in order to get the home. Agents will be paid through the closing company/attorney as a line item on the HUD/ALTA, like any other transaction.
Our homes MUST be marketed publicly or posted on social media at the same price we are advertising them for to avoid the property being seen at multiple prices and looking like a scam. If you have an interested buyer, we recommend you join your client to the showing (although it is not required). We recommend you control the showing and contract process with your buyer. It is safest to attend the showing with them, signing any showing disclaimer required at the showing on their behalf, and making sure you put together and submit the contract. We advertise we pay a 3% commission on the homes we advertise, but you can actually write whatever commission you want to be paid directly into the offer you will be submitting with your buyer. An example of what to write into the contract will be sent to you in the showing email you will receive when you request to see the home. But keep in mind we will be accepting the highest NET offer we receive (offer price – commissions) and we have a lot of investors on our list that do not use agents. We have had agents ask and receive a 6% commission, and even higher in lower priced areas, but they are typically letting their clients know they will need to offer higher than asking price in order to get the home. Agents will be paid through the closing company/attorney as a line item on the HUD/ALTA, like any other transaction.
We will be happy to sign a commission agreement (or option agreement for wholesalers) once you have seen the home and want to write an offer, but we will not sign one prior to your client seeing the home. The reason is simple logistics. If we had to sign an agreement for every person that wanted to see the home, we’d be reviewing and signing documents all day! If you are concerned about protecting your client and yourself, sign a buyer broker agreement with your client prior to telling them about the home. For agents, this is required by law or the real estate board in most states anyway. For wholesalers, you will need to control the process of access and contract with your client.
Contract Questions
Click on the ‘Make Offer’ you see on various places throughout our website. You’ll be taken to the contract to use, instructions on how to fill it out and submit it. Click Here (MAKE HOT LINK THAT GOES TO MAKE OFFER PAGE) to go to the Make Offer page.
Typically, offers are due the day following the showing, so please be prepared with your money/financing so you can submit it with your offer immediately after seeing the home.
Offers are typically due the day after the showing, so make sure you have your financing secured before you submit your offer. Details on what time of day those offers are due will be sent out in the showing email for that particular home. If we have multiple offers, we ask for highest and best ONCE, so there will be no “bidding wars”.
Most closings are within 14-30 days. We prefer contracts be written with a 14 day close and cash/financing to show they can make that happen. We prefer buyers that can be fast and flexible with their closing date.
The disclosures found in the links provided on our ‘make offer’ is the only thing we will provide prior to closing. Condo/HOA docs will not be provided at anytime during the process. We do not know the age of any item in the house. All buyers should do their own due diligence prior to making an offer. The closing company will ensure Condo/HOA dues are current at the time of settlement. If you are concerned about Condo/HOA rules/finances, please contact the Condo/HOA management company directly for any information you may require. We do NOT have a condo/HOA contact for any of the homes we are marketing.
Unfortunately we do NOT work with the board contract because there too many ways for the buyer to get out of the contract without penalty. We have a specific contract we use which you can find on the web link to that particular home or by going to the ‘make offer’ section of the website.
All properties will be delivered vacant, unless state otherwise in the notes section of the listing of that property, and the terms of the occupant will be discussed in the notes section. BUT please factor in that you are purchasing the home in as-is condition and you may inherit the ‘stuff’ that the occupant leaves behind. We do NOT know what will be left behind.
Assume all the personal belongings and/or trash you see at the time of showing will NOT be removed by settlement and will become the responsibility of the buyer after settlement. (If you need items removed, we have contacts that can remove it quickly. We will be happy to provide those contacts if you have the winning offer.)
Title & EMD Questions
Yes. We don’t show up in tax records because: 1. We’ve purchased the property so recently that it hasn’t shown up in tax records or the MLS system, or 2. We currently have the property under contract to purchase, which gives us an “equitable interest” in the property and the right to try to resell it while we have it under contract. Instead of waiting until we take title to the property to close, we condense the time frame in marketing the property while we still have it under contract and immediately resell once we purchased it. This is either handled as two separate transactions where we will hold title for a few hours until we sell the home to you OR we will assign our right to purchase the property at closing. Either way, just like any other purchase transaction, you will get a clear title at closing with an opportunity to purchase title insurance if you’d like. And, yes, it is legal to market a property you do not currently have title to as long as you have a contract on the home with the title holder. We can get you in touch with a local attorney that can verify this and/or discuss any other title transfer related concerns you might have. Simply email us this request, along with the street address of the home you are interested in. We want you to feel just as comfortable buying a home from us as 100s of other investors have!
For the homes that we’ve already purchased, title work is already done. For those we have under contract and looking to resell, title work has already been started. Most properties can be closed within 14 days.
The title company we prefer to use, and their contact number, is already prewritten into the contract. We will consider using another closing company, but we prefer to work with ours to ensure the transaction runs as smooth as possible. We will NOT do split settlements because we have found them to be complicated and much harder to keep with contractual timelines compared to using just one closing company. Note: Unlike real estate agents that often have arrangements with closing companies that get “kickbacks” or paid to send you to their title company, we do NOT get paid by the closing company we recommend. We just know they do a good job!
Our minimum earnest money deposit is $5,000.00. We except more for higher priced properties, but we don’t have a science for that number based on price. We occasionally require a minimum amount above $5,000.00 for a particular property. And if we do require more, the amount required will be noted in the listing for that property. We do encourage and accept more EMD because more EMD shows more commitment by the buyer. It is a factor when reviewing offers.
Although we prefer the EMD be held by the closing company, the EMD can be held by whoever you’d like that is allowed to legally hold it (i.e. real estate brokerage or closing company). We must receive confirmation that the EMD has been deposited with a the source within a day of the contract being signed by all parties.
The earnest money IS NON-REFUNDABLE, unless there is a title issue that arises where we are unable to transfer title. If there is a title issue, the closing company will tell you what the issue is, if they think it can be resolved and how ow long it will take to get it resolved. You’ll then have the option of having your earnest money deposit returned to you or wait for the issue to be resolved, based on that information.
If you don’t perform, your earnest money deposit (EMD) will be forfeited. Additionally, you will be removed from our VIP list and your contact information forwarded to other prominent investors in the area that release off market properties. Our goal is to have only performers on our list. If you have any question about your ability or desire to buy one of our properties, do NOT make an offer.
Pricing, Financing, and Costs Questions
We don’t have a ‘buy it now’ price that will allow you to buy the home before anyone else sees it, even if that offer is at or above asking price. We found most buyers, at some point, will want to see inside the house to see/evaluate it, even if they said they would take it at a certain price sight unseen. Then a portion of those people would say it wasn’t what they expected and wanted their EMD back. Some would still go through with the closing, but were upset with the transaction. We want ALL transactions to be a win/win, so we follow a consistent method of showing properties that tries to achieve that. Note: Even though we don’t review offers until the day after the showing, we want to encourage you to place your offer immediately after seeing it so we can review it and inform you of any issues with your offer (i.e. lack of proof of funds, financing questions, closing date issues). Although not required, we encourage everyone to see the property prior to submitting an offer so they know exactly what they are buying. Also assume this will be the only opportunity you have to see the home at all, so please make sure all contractors and/or decision makers, including money/silent partners, come to the showing.
We’ve sold 100s of homes, so we are getting pretty good at pricing and have a good idea of where the market is at any given point in time. 90+% of our homes sell at, near, or above asking price after the first showing, so please do not bother sending a “low ball” offer. If you feel you need to make an offer more than 15% from our asking price, I suggest you wait to see if the property is re-released at a later date at a lower price. The majority of our buyers are true cash buyers. No discount will be given, but you will be chosen over offers that are using financing, including private/hard money sources that put the buying decision making into someone else’s control.
The buyer pays ALL closing costs on the purchasing of our homes, including all transfer taxes. This is similar to most foreclosures and auctions that you find for sale, except we do NOT charge you a ‘buyers premium’ or any kind of ‘transaction fee’ for buying one of our homes. You will NOT have to pay for any costs associated with getting clear title, which the title holder will pay. We prefer that you use the closing company we have selected in the area where the property is located, but their fees are similar to those you’ll find at the majority of other closing companies in the area, and we do NOT get any kind of ‘kickback’ on our end for using them, like real estate agents often do for listed properties where they recommend their title company. We have selected them simply because we feel they do a good job, understand our process, and give us the highest chance of closing the transaction on time. They also secure their title insurance through one of the biggest title insurance companies in the national, so the insure is from a reputable source, given at a competitive rate.
We will consider a financed offer, but NOT a financing contingent in your offer, so you must be confident in the financing you are getting. We will accept conventional financing, but NOT FHA or VA financing. We prefer cash. Hard/private money are next best, but prefer them be from lender/source local to the property. We will NOT consider FHA or VA financing . We may only consider cash or local hard money for some of our properties, because of tight closing date requirements. We will mention that in the listing, if required. TIP: Those will conventional financing may want to offer more for a property to offset the risk associated with their financing when comparing their offer to a cash offer. Example: If we get two offers for $100K, one cash and one with financing, we are going to take the cash offer because of the certainty of that offer. But if the conventional offer was $107K, we may decide to take the higher conventional offer. Every property is unique. We don’t know what that ‘difference’ is for each property. Please submit the best offer you feel comfortable making and hope for the best.
Unfortunately we do NOT fund or joint venture on the properties we advertise. We are looking for a cash purchaser. But we do joint venture and fund 100% of all costs for investors looking to rehab or wholesale properties. If you have a deal you need funding for, contact us about it. We’d love to work with you!
Property Access
Although we MIGHT be able to get you or your contractor in to see the house between contract and closing, assume that will NOT be the case and your ONLY opportunity to see the home will be during the home showing.
Yes, but you will need to let us know of this requirement BEFORE we ratify the contract to ensure access will for the appraiser will not be an issue. NOTE: We do NOT accept financing contingencies with our offer, so ensure you are using a lender that does not under appraise properties. BEWARE: Some out of area conventional and hard money lenders are notorious for under appraising properties to make buyers bring more cash to the table to make the buyers have more skin in the game and lower their loan to value (LTV) ratio.
Although most of our buyers are pros and don’t need a final walk through, some people want them. Realize, because of the moving parts involved, sometimes we can NOT be able to provide a final walk through. If you NEED a final walk through, please let us know WHEN YOU SUBMIT YOUR OFFER so we can check to see if there will be an issue getting one for that property. If needed and can be arranged in advance for that property, it will happen the morning of closing. Note: Pro investors that are used to buying homes ‘auction style’, where they never get to see inside the house to begin with, and typically do NOT need a final walk through.
We typically have ONE showing for a property, where multiple people show up at the same time, not appointments, because we want to limit the impact to any occupants that might be currently living at the property. Even if the property is vacant, we prefer to be showings because too many people don’t show up on time or at all. We do NOT do private showings. If you have a client concerned about competition. Realize there is competition on ALL homes, but our properties will have less competition compared to properties they will be looking at on MLS. But unlike MLS buyers, the majority of our buyers are ‘real’.
90+% of our homes sell after the first showing, so we typically only have ONE showing for a home. We recommend whoever needs to see the home to make a decision about buying it come to the showing. There will be no other opportunity for a contractor/money partner to see the home after the showing.
If we are able to arrange for a video tour, it will be available on our website at the time it is released. If you don’t see it on our site, we cannot provide one. We try to take enough pictures for you to give you a good idea of the property layout and condition. Ultimately, we encourage EVERY buyer and decision maker to come to the showing to make their own evaluation of the property in person.
Yes, you can drive by the house before the showing, but do NOT step on the property or make contact with the occupant, even if they are in front of the property when you drive by. If you make contact with the occupant, they will let us know and you will be permanently removed from our VIP list, as well as the list of other prominent wholesalers in the area, effectively eliminating your chance of buying off market properties in the area. Additionally, your actions would be considered intentional interference with a contract and may result in legal action being taken against you and/or, if you are licensed, you could be reported to the real estate board.
Yes. Although assume there will be other agents at the showing, so to protect yourself, and commission, we highly recommend you sign a buyer broker agreement, as you should do before showing any prospective buyer any home. But we have no problem with your buyer seeing the home without you and will not take any action to try to ‘pick them up as a client’.