A more thorough explanation
The Phone Call and meetup
The whole process is fairly simple, especially when we’re repeated it over a hundred times.
The easiest part is setting up a phone call and meeting for a walkthrough. During the walkthrough we’ll discuss a few things like:
- We’ll go over terms, Stuff like ; are you taking the appliances with you or will you be leaving anything behind. These terms will be notated and added to the contract.
- We’ll go over procedure. You’ll be thoroughly explained of what to expect if you move forward with us in the process and all of your questions will be answered.
- We’ll discuss problem solving. Sometimes you may need to stay in your home for awhile as you look for another place. Sometimes you may need help finding accommodations for a loved one that will not be able to go with you. We proactively search for solutions to solve all problems.
- We’ll be taking notes of needed repairs and/or upgrades as we walk through your home.
- We’ll have regular conversation if you have the time. We like to get to know the people that we’re doing business with and we’d like to think that you want to get to know us.
We’ll take our notes from our discussion and our notes for repairs/upgrades and get to evaluating. Part of our evaluation process is to first look up comparatives for similar houses that have sold in your neighborhood. This will tell us what repairs/upgrades need to be done in order to make the numbers work.
Some scenarios require a small cosmetic update in order for profit margins to be met, some require a full blown remodel and then there’s everything in between.
Our job is to find the most effective and efficient strategy to ensure you get the highest offer possible.
After our numbers have been crunched we will reach out to you with our offer, this is typically done by the next day (including weekends). If we reach an agreement, we’ll either docusign, email or hand deliver the contract.
This is a “no-pressure” period. We want you to feel 100% comfortable and confident in what you are signing. We can go over the contract with you or you can have someone else that you know and trust look it over.
When you understand and agree to everything, the contract is signed by all parties involved.
That’s basically it for the first part of the process. Usually the portion that people are the most unsure of is the process after signing the contract.
The Title Company
The next business day the contract is turned into the Title company. We’ve had a great relationship with Investor Title’s St. Charles branch.
Title will do their title search and look for any liens and/or burdens in order to make sure that a clean title can be offered.
Typically in the first week of title receiving the contract they will reach out to you and send you an information sheet for you to fill out. It will ask for basic personal information and questions about the home.
If any problems arise during title search we will all be notified and see what steps need to be taken to resolve the problems. We are very resilient and don’t run away if things get a little muddy. We’re always here to try and find a way forward.
Most of the time there’s not much to do while we wait for title work except to wait.
A day or two before the closing date you will receive a HUD/Settlement statement. This will have the breakdown of the money. This can sometimes be confusing so if any questions arise, please feel free to contact us or the title company.
Finally, the day you’ve been waiting for, the closing AKA the money day. Sometime before this date you would have discussed payment options with the title company, whether it be walking out with a check or a bank wire. This is the day that you get your money and the house ownership is transferred to us.
That pretty much sums up the process however we do keep in touch with our customers from time to time just to check in with them and see how things are going.