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Frequently Asked Questions
- Who usually sells their houses to Mike Buys Properties, LLC?
- Why don't I just use a Realtor?
- What are the costs for me to sell to you?
- I am in foreclosure, and there is an auction date, can you close quick enough to stop it?
- Why should I bother selling it, my credit is bad, why not just give it back to my bank through foreclosure?
- We are in bankruptcy, can you still help us?
- I am a landlord with terrible tenants, would you still want my home?
- My home is a wreck, it needs carpet, paint, new AC and etc., would you still be interested in it?
- How long will it take for you to close?
- How soon will I have to move out?
- If I live out of town, can I close without flying back to Phoenix?
- How much off the market price is your "discounted" price?
- What if I don't like the amount you offer?
- How does the process work?
- Do you pay full market value?
- How do you determine the price you will offer for my house?
- What kind of properties do you buy?
- If I fill out the form containing information about the house, am I obligated in any way?
Q: Who usually sells their houses
to Mike Buys Properties, LLC?
A: Lots of different people!
We buy houses of any Size, condition and area, for any reason. Some examples
include, but not limited to: transfer, need to Move, behind on payments,
divorce, estate sale, foreclosure, double payments, inherited property...
people from all walks of life who share the need or desire to sell their
homes, regardless of repairs needed, sell for cash, close quickly, and
sell to a reliable company: MikeBuysProperties
Q: Why don't I just use
a Realtor?
A: Well, do you really want
people probing through your home (usually at a time which is not convenient
for you like dinner, or the house is disorderly or maybe you even have
company). Does the thought of having to pick up and clean the house every
morning before you leave for work make you crazy? Does the thought of
having strangers going through every nook and cranny of your home create
undo stress? Avoid the hassle and stress of listing your home! As the
Phoenix market is changing, we are seeing properties sitting on the market
much longer than what was happening in 2005. In parts of the valley, it
is not uncommon for properties to be listed with a real estate agent for
100+ days. But. if you sell to us, we buy it right away. You can put your
problem to rest immediately. And best yet,,, you avoid having to pay any
fees or commissions. We are the actual buyers ourselves.
Q: What are the costs for me to
sell to you?
A: Although we purchase property
at a discount, if you take into consideration what it would normally cost
to put your house on the market and sell it through a real estate agent,
you will find we are very competitive. If you were to put your home on
the market with a real estate agent, there are usual fees associated.
As an example, let's take a typical $100,000 house for sale and look at
the expenses involved in selling it. We are going to assume that it takes
60 days to find a buyer and 45 days for the buyer to get approved for
financing to purchase the house for sale....
-$ 3000 Buyer's discount (3% national average - discount off full price
or amount seller agrees to contribute towards buyers closing costs)
-$ 6000 Real Estate Commission
-$ 3000 Sellers Closing Costs
-$ 4500 Holding Costs (loan payments, taxes, insurance, utilities, yard
care)
-$ 325 Appraisal
-$ 500 Home Inspection repairs
-$ 380 Home Warranty
-$17705 Total cost to sell the house!
That is a huge number! I didn't believe it when I first saw it either,
but I've seen the numbers hold true on closing statement after closing
statement. What if the numbers are 10% off, 20% off, or even 30% off...that's
still almost $13,000 to sell the house!
But if you sell to us, we purchase your house “AS-IS” with
NONE of the usual costs associated with selling a home.
Q: I am in foreclosure, and there
is an auction date, can you close quick enough to stop it?
A: By all means we can! But
the sooner you contact us the more money you will net. Simply, the longer
you wait, the more the attorney's fees increase rapidly. All we can suggest
is that the sooner you can contact us, the better the result will be for
you.
Q: Why should I bother selling
it, my credit is bad, why not just give it back to my bank through foreclosure?
A: Great question. And many
people who get to this point of financial frustration would feel the same
exact way. However, we would just like to remind you that someday in the
near future you probably will get your finances back in order and you
will probably want to purchase another home. One of the worst things that
you can have on your credit record is a foreclosure sale. Whether you
realize it or not, it is something that you want to avoid if it is humanly
possible to do so. Did you know that it is easier to purchase a home after
bankruptcy than it is a foreclosure?
Q: We are in bankruptcy, can you
still help us?
A: We have helped people who
think there is no help. We know how to deal with your attorney to help
him sell your home to us. It is as simple as giving us your authorization
to talk with your attorney.
Q: I am a landlord with terrible
tenants, would you still want my home?
A: Since we have several rental
properties of our own, we know where you are coming from. We have purchased
numerous rental properties in the past so we know how to deal with them
personally and professionally in order to either put them back on track
or legally to deal with the unpleasant situation. Either way, we are not
afraid of tackling terrible tenants.
Q: My home is a wreck,
it needs carpet, paint, new AC and etc., would you still be interested
in it?
A: This is something we get
from most people we talk to. Typically if you were to list it with a real
estate agent, then yes, you would need to do repairs to make your home
more desirable. BUT, we purchase property in AS-IS condition. We are investors
and we have bought properties which in all rights should have been bulldozed
and started over. So, as you can tell, we will purchase your home in any
condition, good - fair - or even poor.
Q: How long will it take for you
to close?
A: Well, how quickly did you
want to move? We can close in as little as fourteen days or sometimes
less.
Q: How soon will I have to move
out?
A: It is as simple as how soon
you would like to move out. We can structure your closing on how it will
work best for you. We have even been known to be able to let the seller
stay in the property after closing for a few days if needed. It all depends
on what works best for you.
Q: If I live out of town, can
I close without flying back to Phoenix?
A: In this day and age, title
companies can close your property without you physically being here. All
you need is to be able to sign in the closing documents in front of a
notary.
Q: How much off the market price
is your "discounted" price?
A: We do not have a set discount
price. We only ask that you give us approximately 15 - 20 minutes of your
time to meet with us so that we can come view the property. At that time,
we will be able to tell you right then what we are prepared to pay you.
If you agree we can write a contract with whatever closing date works
best for you.
Q: What if I don't like the amount
you offer?
A: That's fine! There is never
any obligation or cost to talk with us. It has to work for both of us.
If we can work out a deal, great! If not, we will be happy to tell you
what other options are out there for you.
Q: How does the process work?
A: All you do is fill out the
form telling us about the house you want to sell. We will contact you
by phone to arrange a time to view your house.
Q: Do you pay full market value?
A: Any offer you receive would
be an amount discounted from the retail value of your house if it were
fully renovated. We close quickly, pay cash, and usually pay all normal
closing costs.
Q: How do you determine the price
you will offer for my house?
A: Considerations include the
condition of the house and the extent and cost of renovations required,
the time required to complete the renovations, and the repaired value
of the house when compared to houses in the same area: Also considered
are the costs in real estate commissions to market the house, as well
as the costs of insurance, utilities, taxes, loan payments incurred to
buy the house, and maintenance costs while the house is being renovated
and being offered for sale.
Q: What kind of properties
do you buy?
A: We buy houses, condos, townhouses,
duplexes and some multi-unit buildings.
Q: If I fill out the form
containing information about the house, am I obligated in any way?
A: No, all we ask for is the
opportunity to make an offer on your house.
