Frequently Asked Questions (faqs)
If you’re interested in receiving a fair cash offer for your property, it’s only natural to have a few questions about what to expect. Here are the common questions “faqs” that we get asked each day by people in similar situations, along with the answers you need to make an informed decision.
Do Houses Get Listed on the Multiple Listing Service (MLS)?
We are not real estate agents, so we do not list houses. Our team isn’t representing your property to another buyer – WE want to be the buyer! When a property matches our criteria, we make a cash offer. Once we get to the closing date, we’ll take steps based on the situation that reflect our needs while you walk away with the money you need.
Are You Paying Fair Prices for Houses?
Our team often buys houses that are already below market value. We look for these opportunities as a for-profit business while looking for ways to help homeowners who might feel trapped. Of course, we look for discount opportunities on houses to maximize the revenues we generate.
Many homeowners appreciate a direct cash offer because we close quickly, reduce expenses, and eliminate commissions. You don’t need to pay to fix the property so that it meets an appraisal value or passes inspection.
We want to create win-win opportunities for everyone.
How Do You Determine What to Offer?
Our team uses a transparent process that lets you see how we determine what to offer for each house.
- We review the property’s location, including the neighborhood.
- Our team looks to see what repairs are necessary to create future sales opportunities.
- We look at the value of comparable houses sold while reviewing the property’s current condition.
If your house qualifies through our standards in each category, we’ll deliver a fair price that works for both of us.
Do I Pay Any Commissions or Fees?
Our direct cash offer eliminates the commissions and fees that are part of the traditional sales process. When you accept our offer, you can expect a zero-hassle experience. If closing costs are involved, we typically pay those as well.
We understand the risks involved in buying a house for cash. Once we buy your home, the responsibility is ours to create a profit. You get to walk away without the burden of payments while hopefully having some cash to use for other purposes.
If you’re looking at a short sale situation, an all-cash offer might have different ramifications to consider. You’ll want to speak with your mortgage lender about what options are available in your position.
What Obligations Do I Have When Submitting My Information?
If you’re curious about what a cash offer might be for your home right now, there is no obligation to send us your information. We’ll take a look, potentially set up a call to speak with you about your circumstances, and then make a fair all-cash offer. At that point, it’s up to you to decide if you want to sell your property.
How Is Your Team Different from an Agent’s Services?
Real estate agents list properties while recruiting buyers through various activities, such as hosting an open house. If there are prospects, they’ll work to field offers and work with you to negotiate the best price.
Agents make money by taking a percentage from the sales price as a commission. It’s usually around 6%. That means you’ll pay $6,000 for every $100,000 in value.
Got a $400,000 house? That means you’re saying goodbye to $24,000 off the top. What if you have a mortgage on the property that must get paid off? If you still owe $380,000 on your loan, you could walk away owing money.
Imagine if you received an all-cash offer for $380,000? We’d spend less, you’d walk out ahead, and everyone but the real estate agent walks away happy.
Every situation is different, and this example isn’t necessarily realistic, but you get the gist of what we do.
Are There Tax Concerns with an All-Cash Offer?
First, it is important to remember that tax laws can change at any time. Always review what the current rules are if you’re thinking about selling your home.
Secondly, each state has different tax expectations when selling a home. There are differences when selling a primary and secondary residence to consider.
Most people can sell their primary residence and be exempt from capital gains taxes on the first $250,000 for singles and $500,000 for those who are married filing jointly. This exemption is allowable once every two years.
Those figures are based on the profits earned. If you’re married and file jointly, you could buy a house for $350,000 and sell it for $750,000 (a net gain of $400,000) without worrying about having capital gains tax due.
Are You Ready to See How Much Your House Is Worth?
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Learn The Pros and Cons Of Selling Your House To Local Professional Home Buyer – Your FREE Guide:
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Get your FREE Guide and then give us a call at (703) 499-0111. We would love to discuss what your home is worth and what we can offer to buy it for with our Cash Offer Program.