Have you seen those signs saying “We Buy Houses For CASH” and wondered how it works? Usually, these signs and other advertisements are placed by real estate investment companies like Emmaus Property Investments, LLC. Investment companies buy, sell and rent properties in a unique way that differs in many ways from buying and selling houses on the traditional market or owning a rental complex.
The Properties We Love
Unlike the traditional retail market, we are rarely looking for move-in-ready homes. When an individual is looking to buy a home that they intend to live in, he is usually looking for a property that needs little to no work before moving in. Individual buyers can often overlook minor problems like a paint color they don’t like or bushes that are overgrown. Most, however, are not interested in a house that needs new carpet, all new kitchen cabinets, expensive plumbing repairs or a new roof.
We specialize in buying distressed, outdated and other homes in need of a little extra TLC. Many of these homes would sit on the market for months, years, or worse yet, never sell. There are a variety of reasons that homes fall into this condition. Updating, maintaining, and repairing a house is time consuming and often quite expensive. Many homeowners are unable to make repairs or upgrades or simply don’t want to hassle with renovations. While these houses may be less appealing to the traditional home-buyer, we at Emmaus Property Investment love buying these properties and breathing life back into homes that might otherwise fall into such disrepair that they cannot be saved.
Emmaus Property Investment’s Buying Process
We actively search for properties that we can rehab or sellers who we can help. Many homeowners would like to sell their property but feel they have no options. Others are facing foreclosure or bankruptcy due to missed mortgage payments or other liens and don’t realize that this can be prevented by selling their house quickly. While real estate investment companies like ours have been around for many years, people are often unware of them or don’t know how the process of selling their house to us works. When we find sellers in this situation we often contact them directly, usually by mail, to explain what we do and how we may be able to help them get a fresh start. Often times, however, after seeing one of our advertisements or learning about our company, sellers will contact us directly.
Contact: When a homeowner contacts us, we start by gathering basic information over the phone. This includes things like the property location, number of bedrooms and bathrooms, square footage and any repairs or upgrades that the homeowner is aware of that the house will need. The homeowner also has an opportunity at this time to ask questions about our company and find out how we have helped other sellers and how we may be able to help them.
Property Visit: If the house sounds like a good fit, one of our experienced field agents will set up a time with the seller to look at the property. During this visit the agent will walk through the property and determine what repairs or upgrades will be needed and estimates repair costs. Unlike trying to sell the property to a traditional retail buyer, there is no need to fix the place up before showing. We buy properties as-is.
Offer: Considering the market value of the property, the estimated repair costs, and what the after-repair value of the home could be, the agent is able to make a cash offer that very day. There is never a charge for this evaluation and the seller is never kept in the dark. Our agents are always upfront and honest about repairs and will go through the evaluation, in detail, with the seller. This allows the seller to understand exactly how we arrived at our offer price and will give them a better insight into what the home truly needs to be competitive on the retail market.
There is also never any obligation to accept the offer that day. If the seller is unsure or needs to discuss the offer with someone else he is free to do so with no penalty.
Acceptance: When an offer is accepted and an official offer letter is signed, a closing date will be set. The closing date could be as little as 10-14 days from the time the offer is officially accepted but can be completely flexible around the seller’s schedule. For example, if a homeowner accepts an offer but needs 30 days before he can move out, the closing date can be set for a time that is convenient for him. We also place earnest money in escrow at this time. As with traditional sales, this money will either be credited towards the purchase price at closing, paid out to the seller if the contract is broken without just cause, or returned to us if the deal does not go to closing.
Due diligence: Between the time that an offer is accepted and the closing date there is a period of due diligence. This is a set time frame for official inspections to be performed and generally there is a clause in the offer contract allowing for the buyer to withdraw their offer if a major issue is discovered. This is incredibly rare when you work with us. Our experienced and thorough field agents are experts at evaluating properties and rarely will an issue arise that we have not already accounted for.
Closing: On the day of closing the deed and title to the home are signed over to Emmaus Property Investment, LLC and the seller receives a check for the purchase price.
How We Help Sellers
We are able to offer individuals a way to sell their house in situations where it would otherwise be incredibly difficult or even impossible. Aside from simply affording them a fresh start we are able to offer many other benefits. What are some of the best benefits when we buy your house?
The Golden Rule
Our company was founded on the principals of honesty and integrity. Our goal is to make every deal a win-win or we simply won’t make the deal. Our field agents are highly trained and will always operate with complete transparency, giving the seller all of the information he needs to make an informed decision on which selling option is right for him.
If you want more information, call us now at 912-200-7000 and let us tell you how we can help you.