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 the Bay Area that meet our purchasing criteria. From there we may repair the house and resell it to another home owner or keep it as a rental.
Q: Do you pay fair prices for properties?
A: Many of the houses we purchase are slightly below market value (we do this so we can resell it at a profit to another home owner). However, in our experience, some sellers aren’t necessarily expecting a large “windfall” on the property but rather appreciate that we can offer cash, we close very quickly (no waiting for financing), and no time or effort or expense is required on your part of fix up the property or pay agent fees. We will evaluate your situation (reason for selling, condition of house, etc.) and determine if our solution can help or if you would be better off working with an agent.
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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.
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 then takes a percentage of the sale price. Oftentimes, the agent’s commission is 4-6% of the sale price of your house (so if it’s a $600,000 house, you’ll pay between $24,000 – $36,000 in commissions to an agent). Agents provide a great service for those that can wait a few months to sell and who don’t mind giving up some of that sale price to pay for the commissions. Keep in mind that “time to sell” also includes 30-45 days for the buyer’s loan to go through… and there’s always a chance it doesn’t go through, forcing you to find another buyer.
But that’s where we’re different: We’re not agents; we’re home buyers. Our company actually buys houses. Since we’re actually the ones 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 (which is the hard part in this market). Our service isn’t just for “motivated sellers.” We can actually provide a higher net to you in most cases and we offer other “value-add” services such as handling an estate sale, paying for your moving costs, or doing a loan modification.
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.
Q: What is Escrow?
A: Escrow is third party or neutral party mediator that oversees all types of real estate transactions. Escrow works for both the buyer and seller in a real estate transaction and strictly follows all ethical standards required by law. Escrow also makes sure everyone abides by the agreement, files all the proper paperwork, coordinates with mortgage companies and lien holders, verifies tax payments and refunds, handles and disburses everyone’s money. Working with an escrow company is a good thing. Escrow makes the selling process much more efficient and makes both the buyer and seller feel comfortable knowing they have someone on their side.
Q: When Do I Have to Move Out?
A: The move out date is decided by you and it is stated within the purchase agreement you and Skye Homes sign before opening escrow. Most sellers choose a 30-day escrow to give them time to move, but there are times when sellers need to sell faster or slower. For example, if you already purchased a new house and want to sell your house quickly, we can buy your house in as little as a week.
Q: What if I have renters?
A: If you have renters we will still buy the house with them occupying it. All we need from you is your tenant’s information and lease agreement. If there is no lease agreement, we need to know how much you charge your renters per month and how long they have resided in the property.
Lastly, we need to inspect the home. If you have tenants who might make doing an inspection challenging, or if you do not want your tenants knowing you are selling, we will work with you to make sure we can close on time.
Q: What if I want to sell fast but live in the house for a little longer?
A: If you want to sell quickly but do not want to move out right away, we are willing to work with our clients that need more time. For instance, if you want to sell in 14 days, but you want your move out date to be in 30-days, that is not a problem. Just let us know your situation or your needs and we will do what we can to help you out.
Q: Can you help with moving costs if I need more time?
A: If you would like to sell and get some money in advance, we can do that for you. It is common for sellers to request a little money upfront for moving expenses, etc. The amount we provide upfront depends on the property’s value. Typically, the most we provide is $20,000 upfront, but you can take $5,000 if that’s all you need.
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