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.
- What prices do you pay and are there any fees?
- Foreclosures & Pre-foreclosures
- Do you list my house? Are you realtors?
- What is the process of selling my house?
- What happens if I inherit a house through probate?
- Can I sell my house as is without doing repairs?
- Selling my house in a divorce?
- Pros and cons of listing on Zillow?
- Reasons to get a code violations?
Q: Do you pay fair prices for properties?
A: Many of the houses we purchase are below market value (we do this so we can fix it and then resell it at a profit to another home owner). We are looking to get a fair discount on a property. However, in our experience, many 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 to fix up the property or pay agent fees. If that’s what you’re looking for and you see the value in getting your house sold fast… let’s see if we can come to a fair win-win price. (Besides, our no-obligation pricing commitment means that you do not have to move forward with the offer we give… but it’s good to know what we’re offering!)
[DOWNLOAD our free guide that walks you through the Pros and Cons (plus the cost and timeline) of selling your house to a real estate investor… plus learn the pros, cons, and costs of the other two alternatives… listing with an agent or selling it yourself. Head on over here download your free guide →]
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. As you know, house values have taken a huge hit in the last 5 years and most areas still haven’t seen prices come back up. 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: 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: Can I still sell my house even if I’m facing foreclosure?
Yes! And unless you have the money to get current on your mortgage, this is probably your best option. Give us a call or contact us or even watch our video Five and a Half Facts on Foreclosure and we can walk you through the process! Depending on how many days are left before the home is foreclosed on, you may not have time to work with an agent. However, an investor (like us at M1 Home Buyers!) can purchase the home for all-cash and close quickly so the transaction can occur before you are foreclosed on. If you need to buy more time, you could try to find someone who will provide you short term financing to get you current on the loan, but this kind of financing is quite expensive, and if you are already having trouble paying your mortgage, you will likely just be digging a bigger, more expensive hole for yourself.
Q: What if I am behind on mortgage payments or taxes and facing foreclosure?
A: Foreclosure is a time consuming and expensive process for the lender and homeowner. Therefore entering into a repayment loan or modification can be advantageous for both but does not happen in every case. If you are behind on your mortgage payments or facing foreclosure, contact us as soon as possible. We will buy your house in any condition, as is and you don’t have pay for anything extra.
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 if there are any (the average time to sell a property in many markets right now is 6-12 months) and then take a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 3-6% of the sale price of your house (so if it’s a $100,000 house, you’ll pay between $3,000 – $6,000 in commissions to an agent). Agents provide a great service for those that can wait 6-12 months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different: We’re not agents, we’re home buyers. Our company actually buys houses, we don’t list houses. Since we’re actually the one 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).
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 Metro Detroit 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 ourselves.
Q: Will you buy my house fast?
A: Yes, Selling your house to M1 Home Buyers is quick. Here is the process:
- Set up time to meet and walk through the property.
- Figure out the price for everyone to walk away happy
- Process the title work, we can close in as little as 10 days
- Close, get your cash. THAT IS IT. Another happy client.
Q: Sell my house as is fast?
A: You get quick cash for selling your house to us. We Buy Houses, as is condition. You can get out of your headache property or situation without spending any money on repairs. And you don’t have to deal with the high costs and delays of real estate agents and mortgage approvals.
We can close fast and we will be there with you through the process. Selling your house fast to M1 Home Buyers is quick and easy.
Q: Inherit a house through probate that you have no use for?
A: When you inherit a house through probate that you have no use for, you can either rent the property or another option is to sell the property as fast as possible so you don’t have to deal with taxes and repairs.
Q: Can I sell my house as is without doing repairs?
A: We buy houses in any condition, and we’d love to add yours to the list. We often help people who say: “I need to sell my home but it needs so much work and I don’t have the money or time to deal with it.” Does it have mold? Fire damage? Water or Storm or Flood damage? Is your house a tear-down house?
Q: I am going through a divorce and need to sell my house?
A: Going through a divorce is tough for both parties involved. But selling a house during divorce just adds to the stress and arguing trying to figure out the right solution. Even under the best conditions, there are always challenges along the way. Sometimes, couples are forced to stay together financially due to home ownership. We buy houses in any condition, as is and you don’t have to pay for anything extra.
Q: Benefits and drawbacks of Zillow?
A: Pros of listing:
- Listing exposure to millions of consumers.
- No for sale on your yard.
- You can test the waters to see the offers you will receive.
- You can list to millions without having to sign a contract with a real estate agent.
Cons of listing:
- Majority of buyers don’t use Zillow to find properties.
- After you list on Zillow, agents will be calling all day to list the property on the market.
- The agents that will call, might me a rookie that has subscribed to Zillow.
- The prices on Zillow are not accurate comparing to the marketplace.
Q: How to get code violations?
A: – Working without a permit.
– Not testing older materials for Asbestos and Lead.
– Improper Fastening of deck ledgers to house
– Adding a basement bedroom without an egress window.
– Venting a bathroom fan into a attic
– Botched electrical work
– Not following fence height requirements
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