| General:
If We Are Taking Over Your Mortgage:
General:
How does your process work?
The process is very simple. All you have to do is fill out our Property
Information Sheet and submit it online or give us a call directly at
1-87-QUICK-BID where you can speak with someone who will record your
information.
Once your information has been received, we will contact you to discuss your situation and how we can help. If the situation is suitable for both of us, and we can agree on an appropriate method of purchase, we will visit with you to make an offer on your house. You can then decide if you would like to accept or decline our offer.
Can you pay fair market value?
How do you determine the offer amount that you are willing to make?
Every homeowner's situation is unique. The things we take into consideration include the age and condition of the house, the costs needed for any repairs, location, as well as your willingness to allow us to take over your mortgage.
Keep in mind that fair market value is a gross revenue term. To explain this, let's look at an example. For this example, let's say you have a property 'worth' $300,000. On average, 90-95% of that value would be offered across the county. You might get an offer for that value within 90 days, if you are fortunate. Even if all goes well, you would need to give another 30 to 40 days to arrange buyer financing and official closing. Once all is said and done, you could have made four or five extra mortgage payments on your home since originally listing it for sale. Add to that the typical real estate commission of 6-7% for your Realtor™, plus around 3% for closing costs and an additional 3% for the Maryland state transfer tax, in addition to any repair costs (e.g. paint, carpet, etc.), and you have a sensible picture of the traps in the ''traditional' house selling process.
While we may ask you to have some flexibility in the terms of selling you house, keep in mind that you will be avoiding a lot of the costs and frustrations that go along with the traditional, Realtor™ based, selling process.
How do we know we can trust you?
If you speak or meet with us and don't have a good feeling, or if the agreement turns out to be something that would keep you awake at night, then we encourage you to let us know right away. The arrangement needs to be agreeable to both parties if it is going to be successful.
Of course we live and work right here in the community and we're building our business here for the long term. Keeping our customers happy is a benefit to us too. We hope you will refer us to your neighbors, relatives, and acquaintances.
Should I sell to you or with a Realtor™?
Well, are you looking to sell your house, or just list it? We are here to BUY your house. After we have come to an agreement, and we don't have any problems, we will own the house. You will be out of it. There will be no one else calling you about the house, setting up appointments, tramping through your house, or asking you questions about the house.
Plus, when you do sell through an agent, a lot of times you've got a 30 to 60 day escrow period - all the while you're dutifully making each month's mortgage payment. This is in addition to the 6% you will pay them for finding a buyer.
We jump in with both feet! We make a big commitment - we actually buy your house!
Of course we might ask you to be a little flexible, but you get your house sold today.
What do you charge for your services?
We're not going to charge you a red cent. We're not even going to ask you to pay any closing costs.
Am I obligated to sell my house to you after I have filled out your form?
There are absolutely no obligations or commitments implied when you submit your information to us.
Do you only buy houses or will you buy condos, townhouses, etc?
We do not solely purchase single-family houses. We will consider buying townhouses, condominiums, duplexes, beach property, office buildings, farms, land, or any building that has deeded land attached.
If We Are Taking Over Your Mortgage:
If you take over our mortgage payments how do we know that you will make the payment every month?
If we don't make your mortgage payment every month then we can't make a profit from the property. Since we are investors, profit is the primary center of our business. So if we didn't make your payments, that would be like working all week and not going to pick up our paycheck on Friday.
Alternatively, if you are uncomfortable with leaving the payment entirely up to us, we could send the mortgage payment to you and allow you to send it in to the lender. This will give you the assurance that your payment is being make on time and that your credit is safe.
When will you pay off the mortgage?
We can't give you an exact time. That entirely depends on how quickly our new tenant/buyer gets their new loan.
We always get a credit report on our tenant/buyers. That way we know how long it should take them to qualify - and our goal is usually within 12 months. Of course it could happen sooner or it could take longer. Keep in mind that we get paid when they buy, so obviously we will be encouraging them to do so as quickly as possible.
In the meantime you know for sure that your payments are always covered and you are relieved of the financial burden.
Couldn't this wreck our good credit?
While that is technically a possibility, in reality the opposite will hold true. This good paying mortgage account will keep improving your credit while you get to move on with your life.
What if I want to purchase another home?
This mortgage will not affect your ability to qualify for a new loan because the payments that either we, or our tenant/buyer, will be making will essentially "wash" out the debt as it pertains to your debt to income ratio.
If this house and payment on your credit causes an issue with you qualifying for a new loan, contact us and we will send your new lender paperwork stating that there's enough money coming in to "wash" out this debt. This is all that your loan officer would need to free up your debt ratio so you can qualify for your new house immediately.
What if your tenant/buyer damages the house?
That would be our problem, not yours. At that point, the house would be ours and we would be covering all of the maintenance and repairs. We cannot guarantee against damages, but keep in mind that our tenant/buyers are not just tenants. They are planning to own the house in the near future - so damages are rarely a problem.
After we have reached an agreement and you have moved out of the house, we want you to forget about the house and get on with your lives. You will be notified when your loan is paid off - off your credit and out of your life!
What if the tenant/buyer we put in the house does not pay?
Remember that is our problem. If they don't pay - we will.
When do we have to move?
We will always work out the moving arrangements around what is most convenient for you. We will simply extend the timeframe for when we begin taking over the payments on the house. Or, if we were not taking over your payment, you would be leasing from us in the interim.
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