Frequently Asked Questions:
Here are the questions I am most often asked. Feel free to contact me with your own questions too 🙂
How do you determine how much to pay for a home?
As a Seattle Home Buyer, I establish your home’s value by looking at what other similar homes have sold for in your neighborhood. This is called the “comparable sales method” and it is the method that appraisers and real estate agents use. For more on my valuation process, click on: How Much I Can Pay.
How long have you been in business?
I have been purchasing homes in the greater Seattle area for over 20 years. For more about me and when I got started, click on: About Me.
How much will closing costs be?
If I purchase your home (and it is not listed with an agent already), then the only significant closing cost you will have is real estate excise tax, which is a sales tax paid to the State of Washington of 1.78% of the sales price. So for instance, if a home is sold for $100,000, then the real estate excise tax is $1,780. Typically, the only other closing costs you will have will be title insurance and the escrow fee, which will total about $1,000. That is all. No real estate commission will be paid if I purchase your home and if it is not listed. I have been using the same escrow company for years and will give you their name and phone number if you would like to talk to them about closing costs.
My home needs a lot of repair. How is this handled?
I always purchase homes in “as-is” condition. This means that anything that is wrong with the home or in need of repair, I will pay for myself. For more about this click on: How I Can Help.
When will I receive my money?
If you are in a hurry, then I can pay all cash in as few as 5 days. If you can wait about 3 weeks, then I will obtain regular mortgage financing.
What do you typically do with the homes you purchase?
Some homes I keep as rentals and some I remodel and resell. It mostly depends on the size of the home and the area.
Are there any extra fees involved?
No. You will not have any extra fees or expenses by selling to me.
I still owe money on my mortgage. How will this balance be paid off?
The escrow company will order a payoff statement from your lender and will pay off your entire mortgage balance at closing from the amount I will pay you.
Do you buy townhouses and condos?
Sorry, but I do not. (See below.)
Are there options if you decide not to purchase my home?
Yes, of course. I am also a real estate agent. My realtor website is SeattleBrokers.com. I would love to speak with you about listing your home for sale if that is determined to be the best route to follow. I have been a real estate agent for many years and offer excellent service at just a 3% listing fee.
What areas do you purchase property?
I have purchased homes all over the greater Seattle area, such as Ballard, Greenwood, West Seattle, North Seattle, South Seattle, and also Burien, Edmonds, Lynnwood, Northgate, Ravenna, Bellevue, just to name a few.
Do you have any advice about other real estate investors?
Some other investors are just fine. In fact, most people find that virtually all real estate investors offer nearly the same price for property. This is because we all use the same criteria for establishing what a home is worth. I do have one word of caution though. Make certain the investor is “for real”, that is, make sure the person has the ability to close the transaction. Find out how long they have been in business. Be sure to ask for their business references (I would be happy to give you mine).
Also, insist on a sizable “good faith” earnest money deposit ($10,000 is a good start). Ask them about their level of experience. Get a sense about them. If you don’t feel absolutely comfortable with each and every one of their answers then don’t sell to them. Once you find the right purchaser, you will know it. This is one of the biggest decisions most people make, so you will want to be very comfortable with the person you decide to sell to.
If most real estate investors pay the same amount, then why should I choose you over someone else?
A combination of reasons. Experience. Financial ability. Trust. Everyone’s situation is different, and every person is unique. We will talk and you can feel free to ask me any questions you wish. If you need further clarification, please ask. Perhaps my Business Philosophy will become apparent. And perhaps our shared goals will bring us to a meeting of the minds.
Just give me a call or email.
I look forward to hearing from you.
Of course, you are welcome to just give me a call 🙂