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: Great question. We’re not agents, and we don’t list houses. We are professional home buyers… we buy houses in and around Carson City that meet our purchasing criteria. From there we will do one of three things: 1) repair the house and resell it to another family in town who can easily pay cash or get a bank loan, 2) sell to a good family who has a strong down payment but cannot get a bank loan… for them, we will offer owner financing and ‘be the bank’ so they can escape the rent cycle & own, creating wealth & stability for their families (which is very good for our community), or 3) keep it as a rental for long term cash flow. But don’t be surprised if, once we understand your individual situation, we suggest that you SHOULD work with a Realtor. We are not a good fit for everyone, and will gladly tell you if we believe you would be better served by going that route. We are NOT wholesalers, we are end buyers, just so you know. We won’t be getting you under contract and assigning the contract for a fee, handing you off to some other investor. If we don’t want your property for our own portfolio, we will let you keep looking, leaving you with any helpful insights we may have to offer. We have found that if we truly help someone solve their problem (even if it means they don’t work with us) then good things tend to swing back around automatically… it’s just the way it works.
Q: Does a ‘quick sale’ mean this is some sort of scam? How do I know I’ll be protected?
A: We use title and escrow just like every other respectable real estate transaction. This is the only way to make sure that we’re BOTH protected. Once we come to an agreement, I drop off the signed contract at the escrow company (my favorite escrow officer is Liz Svenningsen @ First Centennial) along with my earnest money deposit. From there, she orders the preliminary title report. Once she can prove that you have clear title (that there are no surprise liens or judgments attached to the property), then she asks us for the rest of the money. Once she has ALL of it in her account, she’ll record the deed from you to us in public record and release your money to you via wire or check, however you want it.
Q: Do you pay fair prices for properties?
A: Many of the houses we purchase are below market value (we do this so we can resell it at a profit to another home owner… it’s how we put food on the table). We are looking to get a fair discount on a property. Hopefully you understand that we need to be compensated for the time & money we invest, and the risk we take that the market could drop before we get a chance to turn it around. In our experience, most sellers understand this and aren’t necessarily expecting a large “windfall” but rather appreciate that we can offer cash, close quickly (no appraisals or loan contingencies), and don’t require them to deal with existing tenants, make repairs or pay agent fees. If that’s what you’re looking for and you see value in what we have to offer, let’s see if we can come to a fair win-win price. And just so you know, if you’re willing to offer terms or “be the bank” for us (like we often do for others), then we can offer more for your property. Many people are pleasantly surprised when they realize just how well this strategy can meet their needs once they understand it. When we meet with you, we will explain at least 3 different ways that we can potentially work together:
- All cash offer
- Owner financing offer – you get a good cash down payment now and then passive, hassle-free income each month to support your lifestyle and supplement your retirement (we would use Evergreen Note Servicing). Yes, you COULD sell all cash and put a big chunk of change in the bank, but wouldn’t you rather keep it invested in your own property and make 5-10 times what they’ll pay you? … with very little risk and without the headaches of being a landlord?? When you’re the bank, you make the kind of interest that the banks make, and you can often defer capital gains taxes to boot. (P.S. this can work even if you still have a loan against your property).
- Partnership offer – if you need more than the typical wholesale price, but don’t have the money, time or inclination to deal with the repairs, upgrades and agents to get retail, we will do it for you. We will put up the money and handle the repairs so you can get retail (instead of wholesale) for your home. We would split the extra equity created through our efforts. This could easily put an extra $15,000 – $30,000 in your pocket over the best cash price you receive on your home… with no money, time or effort required from you!
Obviously, it goes without saying that we are in business to make a profit, and we can only get what we want when we help enough other people get what they want. If you don’t like us or our offer, that’s OK, we won’t be offended nor will we try to manipulate your decision with advanced selling techniques. We just don’t have the stomach for it, and we don’t need to. People have a tendency to like and trust us right from the start, and know that they want us involved. They like who we are and what we’re doing. The ones that don’t we don’t chase because we understand that we are not a good fit for each other.
Our buying strategies often allow us the luxury of giving good deals to local families who have responsibly saved up a big down payment and have good jobs, but just can’t quite qualify for a bank loan. We specialize in seller financing strategies to increase the percentage of home ownership in Carson and surrounding areas. (See our Buyer site: http://ownercarrycarson.com).
We believe in unplugging from the wealth vampires on Washington & Wall Street and creating financial solutions, just one Mom n’ Pop to another right here in our own community. We live here, we work here, we invest here.
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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 take many pieces of information into consideration… and come up with a fair price that works for us and works for you too. Remember, we can offer a higher price if you are willing to offer terms.
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 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 all of the risk 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 it’s 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 and then takes a percentage of the sale price when they find a buyer. Oftentimes, the agent’s commission is 5-6% of the sale price of your house (so if it’s a $100,000 house, you’ll pay between $5,000 – $6,000 in commissions to an agent). Agents provide a great service for people that: 1) have a turn-key property that needs no repairs or updating, 2) can wait as long as it takes to sell, and 3) don’t mind the sales process, open houses, paperwork, and paying 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 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, or keep it as a rental.
Q: What if I still have a loan on my property and not much equity?
A: Even if you have little or no equity, but just want out from under your payments without a short sale or foreclosure on your record, we may be able to offer you a solution. If you have good underlying financing in place, and aren’t too far behind on your payments, there’s a good chance we can work together. Sometimes people don’t want to hire an agent because they don’t have enough equity to cover the commissions. That’s a great time to reach out to us to see what we can do together.
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.
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