By first finding out as much information about the property from you as we can. We purchase homes that are in need of repair or updates, which means they are not retail ready. If your home is retail ready, which means it doesn't need any repairs or updates, then we might not be the best option for you. There has to be room for us to be able to acquire the property, add value and then sell it for a profit.
This really all depends on the condition of the property. We also like to see the property for ourselves so we can view the floor plan, see how it sits on the lot and what the street scene looks like. We need to see how much work we think the property is going to need, what updates we can implement or if we can add square footage on to it. This allows us to conclude what we think the potential marketability of the home is compared to other properties. With that said we would be looking at the end value of the home compared to the acquisition price and estimated cost of repairs. That would dictate what we would be able to pay for your property.
Even though we are purchasing the property in "as-is" condition we require an inspection period to be able to complete our process of due diligence before closing. We need to scope the sewer line to know if the line has collapsed, if there's a belly in the line or if it is a party/shared line, that the city might require us to replace.
Since we would be purchasing the property directly from you, there are no Real Estate commissions that would need to be paid. So right after the inspection period is complete we move towards closing. At this point we have overcome all hurdles and objections. There is no appraisal that needs to be done and we ready our funds to close. We would both sign at the Title Company, close on the agreed upon date and once the transaction has funded, your proceeds will be delivered to you per your instructions to the Title Company.
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