If you have ever wondered how “we buy houses Philly” programs work, then this article should give you a good overview of the basic home buying process that our company has been using for several years to buy homes fast for cash in the tri-state area. We will dive deep and go into great detail about exactly how our company buys houses, and what you can expect when you work with us to sell your unwanted Philadelphia Real Estate. If you want to skip the information, and simply want to get a free quote on your property right away then please give us a call or text at (215) 882-9828 and someone from our team will be more than happy to assist you.
Step 1 – Determine The Full Market Value Of Your Home
The first step in our home buying process is to determine how much your home is worth at it’s full market value, also known throughout the real estate industry as the “after repair value”, which simply means how much your home could likely sell for if all of the necessary repairs were completed to bring it up to the highest use of your property. The way we determine this number is to look at recently sold homes in your same neighborhood that have the same square footage and number of bedrooms, and then we make adjustments based on any differences between the homes to calculate a more accurate number. Once we have determined within $5,000 how much your house is worth, and can likely resell for once it’s fixed up, then we move onto step two where we will analyze the property in person, take photos, and estimate repair costs.
Step 2 – Visit The Property, Take Pictures, And Estimate Repair Costs
The next step in the home buying process is for us to actually come out and take a look at the home, and take pictures, write down notes, and estimate total repair costs. We use a detailed repair estimate spreadsheet that our employees will fill out while they are walking through your home, and we will analyze the photos along with the repair sheet back at our office to determine the accuracy of the quotes. The main things that we look for are any major repairs that need to be completed such as roof leaks, major HVAC repairs, or appliances that need to be replaced. Another common thing we see are bathroom remodels and carpet and paint that needs to be touched up or replaced. We will then plug all of these items into our spreadsheet to determine an estimated number based on the square footage of your home, about roughly how much all of those items will cost, and we factor that into our final cash offer that we’re going to make on the property.
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Step 3 – Use The Gathered Information To Calculate Our Cash Offer
The third and final step in our home buying process is where we use all of the gathered information to come up with our final cash offer on your property. Essentially what we will do is take 75% of the full market value of the property and subtract the estimated repair costs, and that gives us a final number that we will use to make our cash offer. We will then double check everything to make sure that our numbers are solid, and if everything looks good, then we will present this offer to you in verbal or written form, and you can take your time thinking it over and deciding whether or not you’d like to move forward. If you decide that you do want to do business with our company, then the next step in the process is for us to make an earnest money deposit and open escrow at a local title company, who will then perform a title search to make sure that you are the owner of the home, and that it has a clean title with no judgements or liens filed against the property. If everything checks out, then the next step is for the title company to set a closing date, at which time we will sign the contracts, and the money will be released to you, and the title will be released to us.
Get A Free Online Quote On Your Philadelphia Property Right Now!
You should now have a general understanding about how our Philadelphia cash for homes program works, and if you are ready to take the next step and get a risk free, fair, no obligation cash offer on your property right now then please feel free to give us a call or text right now at (215) 882-9828 and someone from our team will get the process started to perform the above-mentioned property analysis and basic repair estimates over the phone. Often we are able to give you a quote right there over the phone based on some basic research, but keep in mind that our offer could go up or down based on some new factors as soon as they come to light during the home inspection. Unlike our competitors, we don’t add any hidden clauses or fees to our contracts, and we pay for 100% of the closing costs. This is because we are fair, and when we know that we’re likely going to be making money on a deal, we figure that the least we can do is help the seller out and cover the closing costs, so they don’t have to come out of their pocket, and can walk away from the deal with more cash.
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