In a previous blog we discussed whether a We Buy Houses firm is legit. Today we cover the questions you should ask any we buy houses type firm to make sure you are getting the best, like Rapid Home Deals. 😉
The Key Questions
- How long have you been in business? The we buy houses business has a lot of new players coming in and out of the space. It’s important that you get one that has been in the business for at least a year to insure you are dealing with someone experienced and knowledgeable like Rapid Home deals (8 yrs at this writing.)
- What do past clients say? You can see that on our web site www.rapidhomedeals.com. If the we buy houses company you are talking to doesn’t have any testimonials or social proof they aren’t running a serious business. We are proud of what we are able to do for our customers.
- Can you provide proof of funds? When asked the we buy houses firm should be able to provide written proof within 24 hrs. If not you have no guarantee you will close on time. At Rapid Home Deals we have a pool of private lenders backing us up. We have never closed late.
- Do you provide earnest money deposits (EMD)? This one is easy. There has to be “consideration” before the agreement is legally valid. Rapid Home deals always make the EMD with the Title company or lawyer handling the closing.
- Do you require a home inspection? New people in the business will likely require a home inspection to ease any fears they have about repairs. Experienced firms normally do not unless there is a big ticket item like foundation work in which case they will have a specialist in that area take a look to get an estimate. Generally experienced firms will walk through and compute repair costs on the spot. Rapid Home Deals uses an 18 item checklist to walk through the property.
- Do I need to make repairs first? No. The cost of any repairs is figured into the cash offer.
- What are your goals for the property? This answer should be fairly quick in coming. if it isn’t then you know the business you are talking to doesn’t have a solid business model to work from. Rapid Home Deals has three ways to handle a property once they purchase it.
- Who pays the closing costs? For most offers the we buy houses firm will pay them. The offer they make is what you will be paid at the table. If an agreement is reached other than cash there may be closing costs to be paid on the part of the seller but this is not the norm. Rapid Home Deals has eight ways to buy houses. If a cash offer doesn’t work we have other ways to meet your needs.
- When will we close? For experienced we buy houses firms 7-14 days. It takes about 5 business days just to get the title commitment back so many times it will be closer to the 14 days. If that is too fast we can go with a date of your choosing.
- Can I sell the house if I don’t live in Florida? Yes, especially in Florida. Home of the snow bird. God’s waiting room. Since most closing docs are transmitted electronically today that is not a problem.
What next?
Well you can call multiple we buy houses firms or you can save time b y calling 352-480-0955 or going to our web site www.rapidhomedeals.com.