Brooks: Good morning, everybody. We’re going to do a quick video today answering this question for seller’s, how soon are you able to purchase my house?
Over the last couple of months, we get a lot of questions about how the process works. How soon are you able to do this? Do that? Et cetera, et cetera. So we’re going to take the next 10, 15 days and we’re going to do a video each day answering the common questions that we come across when we’re dealing with seller’s in a variety of different situations.
So today’s topic, we’re going to talk about how soon are you able to purchase my house for cash or terms? Because we deal with both types of scenarios.
My name is Brooks. I’m with Y&P Home Solutions. We are a local house buying company here in the Tri-State area. We Buy Houses in Hagerstown, Maryland, a little bit of Frederick County, Maryland, Berkeley County, West Virginia, which covers Martinsburg and the surrounding areas and some parts of Franklin County, PA. That’s like your Waynesboro, Green Castle area, Chambersburg.
We purchase properties in a variety of different situations all across those markets. Just to give you a little information about our company.
So today’s topic; how fast are you able to buy my house? Well, a lot of things factor into play when we’re talking about that.
Number one. Are we a good fit? Are you and I, our company, are we a good fit for one another meaning are our services right for you? That’s the number one factor. If I sense that we aren’t a good fit for you, I’ll let you know and I’ll refer you to somebody that I think can better serve you! That’s first and foremost.
If we are a good fit, meaning you like one of the options and there will be several and I feel that the property fits what we’re looking to do, then we’ll move to step two. That’s first and foremost. Are we a good fit for each other? We get that out of the way, then we’ll move to step number two.
How accessible is your property for us to do our due diligence? If you’re asking us to purchase your property for cash and close quickly, then we need to be able to get in immediately and within 10 days or less, preferably less, perform all of our due diligence on the property.
We are looking at the mechanical’s. We’re looking at our scope of work. What’s it going to cost us to repair this property to get it back to market for a livable tenant or sell it on the MLS or push it to one of our buyers? This is a huge factor. Do you have tenants in the property? Are they disgruntled tenants? Are they willing to accommodate us to allow us to get in and do what we have to do?
All those things play into how fast were able to purchase your property. If we have full range of motion and we can get in and take care of our due diligence in 10 days or less, chances are we can be at the closing table within seven to 10 business days but more typically, between 20 and 30.
For a cash deal, to answer your question, if we’re able to get in and get out and do everything that we need to do, we can close that deal down in seven to 10 days. This is in a Perfect scenario.
More realistic, is between 20 and 30 days. That’s more realistic because we have hurdles and obstacles to jump around. Plus we’re buying between five and seven houses a month. So we have to fit your property in as well as, two, three, four, five others. That’s not a problem, I’m just letting you know the process, how it works and what to expect.
If we have a terms deal in place, meaning maybe you’re a landlord and you’ve been collecting cash flow for five, six, seven, ten years, so you’re accustomed to receiving monthly residual income, and we’re able to structure a deal where maybe we’re not paying cash. Maybe we’re giving a little bit of money up front and we’re going to give you a big chunk on the back end. Or we’re going to lease it from you for awhile or maybe we’re going to do an owner finance deal or subject to. There’s a bunch of different ways we can take down the property and also help you get what you’re looking for.
But if we’re doing a creative deal structure, the timeline varies greatly because we’re not so focused on lining up cash. Now we’re really cultivating a custom solution for you and one that works for us.
So that takes a little more time and due diligence. Can we do those deals quickly? Absolutely but more realistically, there’s like a 30 to 60 day type of thing but it could be much more attractive for you.
Typically our terms deals are just where our cash offer’s too low and that happens. We’re investors, we invest in real estate for profit. It’s not a non-profit business. However, the terms deal helps sellers to achieve a lot of things that they’re looking for and helps us to acquire maybe another rental property.
So that’s my insight or tips for you guys today. This question comes up a lot… How fast are you able to purchase our property? I hope I’ve provided clarity. If I haven’t, you can certainly reach out to us direct at 240-244-3953 on Facebook @ynphomesolutions or certainly here online www.ynphomesolutions.com.
I’m Brooks with Y&P Home Solutions. I hope that was helpful. Again, leave your comments, questions, or concerns below and we’ll try to get back to you with some answers.
Thanks, guys. Have a great day.