I’ve Received an Offer, Now What?
If you’ve received an offer on your property, first of all….Congratulations! Not every property qualifies for an offer from Mr.Buyer, so you’re already ahead of the rest!
Now you may have some questions on the process, the offer, or making a decision between more than one offer. In some cases your property may qualify for multiple offers.
Check out our Frequently Asked Questions below and our Offer comparison chart below:
FAQS
Our process is a simple three steps
Step 1: We have a short consult call with you to evaluate the property over the phone.
Step 2: We come to an agreement on price and terms
Step 3: We immediately do a quick due diligence check and if all checks out, we close quickly through a reputable title company/closing attorney and they get you your check!
There is absolutely no obligation to accept our offer, and never any charge or up front costs to you. In fact we cover 100% of the closing costs. In some situations we even cover your back taxes!
- This is entirely dependent on the title company and the due diligence needing done on our end.
- Title companies have to do their due diligence on the title in order to obtain the “title commitment” which is necessary for them to insure the title and close the transaction. This typically takes them 7-10 business days.
- Secondly, they have to coordinate the notary and prepare all of the paperwork/numbers which is dependent on their schedule.
- On our end, we have to verify that the land is buildable by double checking: • Utilities • Zoning • Topography • ETC
- Once all of the above are completed, we can close the transaction unless your agreement has different dates/time frames.
- Title companies serve as the trusted 3rd party who orchestrates the buying/selling of real estate
- We always close with a reputable title company or closing attorney certified and based in the state the property is located. As we buy property nationally, we choose one that is available to perform in a timely manner, of which we’ll notify you which one we selected for that property right after agreement signing.
- Additionally, they insure the title of the property against liens/encumbrances of any kind.
- We send them the money to buy and you sign the docs to sell and the title company does not disburse the funds to the seller or transfer ownership to the buyer until both parties have fulfilled their contractual obligation.
- This allows safe, hassle-free transactions between strangers
It’s the norm that due diligence is done after a purchase agreement is signed because there is oftentimes extensive time and cost to inspect the property which is a cost and risk for the buyer. It doesn’t make sense to spend this amount of money and time until the seller has established, they are ready, willing, and able to sell at terms agreeable to both parties.
From time to time there are situations where a seller needs to cancel a sale. If this is at the very beginning of the purchase contract and there are no costs/time incurred for the team at Mr.Buyer then we may accept a cancellation on a case-by-case basis. Remember that once the process has started our due diligence team works hard and puts in considerable effort time and money to test, check, and confirm key aspects of your property at our own cost so the buyer has to stay committed through the process. This commitment allows us to do our job with no cost from the seller. It is for this reason most states have a “specific performance” law that protects the buyer and not the seller if the seller backs out because of all these costs and time involved in checking out the property.
Some of the costs incurred for a buyer are:
- Title Search,& Research, & Insurance Costs–these costs involve the title search, the resulting summary, examination and insurance the title is clear paid to the title company and or closing attorney.
- Utilities Due Diligence–research and verification of utilities
- Access Due Diligence–search for and confirm what kinds of physical and legal access
- Inspection Costs–Physical inspections by trained professionals which may include photography and or drone.
- Legal Fees–often times there are legal fees in examining and interpreting the title for protection of the buyer.
- Market Analysis which may include appraisal, BPO (Brokers Price Opinion) or other valuation tools
- Property Condition Assessments (PCA) or also called Property Inspections which may include Home Inspection Property Inspection or other Inspections soil etc
- Survey Costs–almost always a buyer will need to hire a surveyor to survey the land location and its boundaries
- Capital Costs--once we agree on the price and terms capital is set aside to be available exclusively for this transaction and there is not only a cost for this capital but a lost opportunity cost of not deploying it to other transactions
However, backing out can have legal and financial consequences, including potential lawsuits from the buyer for breach of contract. If necessary, a buyer can also sue for specific performance to force the sale through court action.
In most cases the Judge will even sign the deed over to the buyer on behalf of the seller and deduct court/legal costs netting the seller much less than the agreed purchase price.
References:
We typically use this Purchase Agreement nationwide, reason being is because we buy nationwide and there are numerous jurisdictions, requirements, etc from each local, would be very costly and time-consuming to generate, review, and modify agreements in different locations if that makes sense. It’s kind of like a CarMax, or Carvana where you guys buy/sell a car, they have a standardized process that is streamlined and works in every jurisdiction that is both simple yet sufficient for all parties involved if that makes sense?
- 1-2 days prior to closing, the title company will send you a “settlement statement” which outlines the numbers on your side of the transaction. Here you will see the purchase price minus any costs associated with the sale such as unpaid taxes, liens that may be on the property, etc.
- The title company will send a notary to you in order to sign all of the paperwork. One of the documents allows you to choose if you’d like the funds wired to you or sent via check.
- On our end, we send the money to the title company and sign all of our respective documents. We typically send the funds into the title company several days ahead of time if they’re able to prepare the documents in time.
- Once we’ve both signed, the title company will send you the money via a check or wire transfer, depending on what you chose
We will pay all closing costs associated with the transaction. Working with us will not cost you one dime out of pocket, as we will pay for everything. Unlike traditional real estate agents we do not charge you anything and there are no fees or commissions associated with the transaction. We cover closing costs and all fees normally associated with a real estate purchase. You keep 100% of the offer we make on your home.
We have a team dedicated to analyzing market conditions, what’s happening in the area and past sales etc.
We look at many numbers in our analysis, including things like Assessed Values, Market Values, local Demographics and its trends, condition of the property, repair estimates (materials and labor costs) buyer feedback and much more.
As you know, in any area one street can differ from a street next door. It’s a lot of work and it’s not always perfect. Sometimes we get it right, sometimes we don’t.
Everybody’s situation is different, that’s why we offer multiple offers to better suite your needs, only you and your family/situation can determine what’s best. Owner Financing allows us to pay you the highest possible sales price for your property. Cash Offer is something you may need quick money for something now. You decide what’s best.
Because Mr.Buyer buys so many properties all over the country they have streamlined this possess to be efficient. We put substantial costs into due diligence all at a cost and risk completely on us–never any out-of-pocket cost to the sellers. Since any E.M.D. would be fully refundable if the property didn’t qualify for our purchase so a large E.M.D. is irrelevant to the seller. Mr.Buyer places a token EMD of $100, where on larger transactions over $1 Mil we may have more depending on the property. Additionally, Purchase Agreements, especially regarding real estate, are only valid in they are in writing and “consideration” is exchanged for the option. “Consideration is what you give the owner in order to hold this option. In the veast majority of cases, that is money. Sometimes people offer something else in lieu of money as consideration for a contract, including all kinds of goods and services. But SOMETHING has to be given to the owner in order to create a binding contract. Binding contacts cannot exist without at least three parts: An Offer, acceptance, of that offer, and consideration.
Is there someone in your family that you love very much that you would like this to pass on the cash flow to when God calls you home?
Historically we’ve found that sellers aren’t typically interested in an interest rate and more interested in the highest possible sales price so we’ve calculated our terms offers based on the highest possible price we could pay you overcompensating for any interest rate. Additionally, you’d have to pay taxes on any interest that you would have collected. This method is the simplest, most profitable solution for all parties.
Because we buy hundreds of properties around the country in many different shapes and sizes, we have funding partners and different entities that we put each property in. For example some properties we may create a new corporation with our funding partners, some we will place into a Land Trust, among other reasons for asset protection, Joint Ventures, Partnerships, and more. Many reasons but end of the day from the seller’s prospective it makes no difference to you.
Yes! And not only will we buy your house, but we can help you avoid any damage to your credit. You can get more information by calling us directly at 844-5-SELL-IT
In real estate, “landlocked” refers to a property that has no direct access to a public street, so the only way on or off the property is to cross land owned by someone else. Usually, a landlocked property gains street access through a legal permission called an easement. Why this matters?
- This has a significant affect on its value and sale-ability.
- In most jurisdictions you cannot even get a permit to build on the property.
- Majority of lenders will never loan on landlocked property.
- Even neighbors that have given access over the years can easily change their mind especially if there is no recorded easement.
- Anyone going over other people’s property to get to the landlocked property are considered trespassing and owners could press charges or even take matters into their own hands by using fire arms, posing a risk to those trying to access the landlocked property.
A short sale happens when a homeowner sells their house or other piece of real estate for less than they owe on their mortgage to avoid foreclosure. A short sale must be approved by the lender that holds the mortgage.
For a sale to be considered a short sale, these two things must be true:
- The homeowner must be so far behind on mortgage payments that they can’t catch up. Or they must have a hardship (like a job loss, divorce, natural disaster or death in the family) that will keep them from making future payments. Homes on the brink of foreclosure are called distressed properties.
- The house is worth less than the remaining balance on the mortgage.
A short sale is usually a homeowner’s last-ditch effort to avoid foreclosure. But since lenders aren’t in the business of losing money, they normally aren’t in a hurry to get rid of a property at a loss.
A lender will take their time to recover as much of their loss as they can. Here’s the thing: Just because a property is listed as a short sale does not mean the lender has to accept your offer, even if the seller accepts it.
This is what makes the short sale process so tricky.
Short sales and foreclosures are both painful ways to get out of a home mortgage. But a short sale might be a little less painful.
Short Sale
In a short sale, a homeowner (who is usually behind on their payments) lists their home for sale for less than they owe on their mortgage.
Potential buyers and their agents deal with the seller’s real estate agent during the short sale process, but all offers and other terms must be approved by the lender. The short sale cannot happen unless the lender approves it.
Because everything is dependent on the lender, the short sale process can be lengthy and unpredictable—even if the homeowner and the potential buyer agree on terms. Short sales often fall through because the lender doesn’t approve the terms—or the buyer finds another home while waiting to hear back from the lender.
Foreclosure
On the other hand, a foreclosure is a legal process a lender initiates to take ownership of the home after the buyer has stopped making payments for at least several months.
Find expert agents to help you buy your home.
Most foreclosed homes have already been abandoned, but if the homeowners are still living in the house, the lender will evict them. The lender then sells the home through an auction or a real estate agent to try to recover as much of the loan amount as possible.
The foreclosure process typically takes less time than a short sale because the lender wants to liquidate the home (aka, turn it into cash) as quickly as possible.
Which Is Better?
For homeowners, a short sale is typically preferable to a foreclosure for two reasons. First, a short sale is voluntary (while a foreclosure is forced). Secondly, after a foreclosure, most people are required to wait seven years before getting another mortgage loan (while a short sale may cause you to wait for at least two years).1
Most lenders would prefer a short sale to a foreclosure because it allows them to recoup as much of the original loan as possible without a costly legal process. In fact, in most cases a lender will only pursue a foreclosure after attempting to sell the home through a short sale.
But sometimes, a lender thinks it can get more of its money back by foreclosing on a home, so it’ll reject the possibility of a short sale.
If you’re wondering what happens as part of the short sale process, these are the standard steps:
Step 1: The homeowner starts by talking to their lender and a real estate agent about selling their house as a short sale. At this point, they may submit a short sale package to their lender. This is a set of documents—like W-2s and bank statements—that proves they’re no longer capable of making their mortgage payments and have no assets that would allow them to catch up on payments.
Step 2: The homeowner works with a real estate agent to list the property. They’ll execute a sales contract for the purchase of the property once a buyer is interested. But the lender must approve the contract, and it’s not final until then—even if both the seller and the buyer agree on the terms.
Step 3: The lender reviews the contract and could respond in a variety of ways. They could choose not to respond at all, they could reject the offer, they could reject the offer but outline which terms they would agree to, or they just might approve the offer.
Step 4: When the lender’s response is presented to the potential buyer, the contract will either stay the same or the buyer will choose to accept or reject the lender’s terms. So, at this point, the ball is in the buyer’s court.
Step 5: If the contract is approved, the short sale property closes, and ownership of the home is transferred to the new buyer. The lender receives all proceeds from the sale of the property and typically pays commissions and other sellers closing costs.
Most of the time, the lender forgives the loan balance as part of the short sell agreement. But it could pursue a deficiency judgment against the borrower. This means the lender takes legal action to have the borrower repay the remainder of their mortgage that wasn’t covered by the sale of the house.
There is no one that can “guarantee” a foreclosure sale to be stopped, however by having and showing a signed and executed /accepted Purchase & Sales Agreement with a ready willing and able Buyer (us for example) that can help cancel the pending sale to work towards a closing. Reason being a foreclosure means the lender/debtor will potentially get the property back after a costly foreclosure process and have to sell it later.
If there is a pending sale now and they can get paid what they owe, they would often try to work with this transaction.
We have many strategies for successfully completing a property purchase in foreclosure. One is to offer below our target offer price to negotiate our final price, and also anticipate repairs and issues with the property, or final acceptance date in a declining market to be in line with each other.
This is a very common question. You should still own your home/property/real estate up until a Foreclosure Auction date has arrived and the Auction has completed. The lender does this legal process to transfer ownership to them in order to pay off the existing past due and total balance owed. The Real Estate is the collateral that they are in the process of collecting. You should be able to sell the property to a third party before then but keep in mind time is short and to move quickly. With a good strong buyer (like Mr.Buyer ™) you can show the lender /Foreclosing Attorney the Purchase and Sales Agreement to help stop the sale. Keep in mind if no payments are received after that they can restart the process. Timing is crucial.
Our process is a simple three steps
Step 1: We have a short consult call with you to evaluate the property over the phone.
Step 2: We come to an agreement on price and terms
Step 3: We immediately do a quick due diligence check and if all checks out, we close quickly through a reputable title company/closing attorney and they get you your check!
There is absolutely no obligation to accept our offer, and never any charge or up front costs to you. In fact we cover 100% of the closing costs. In some situations we even cover your back taxes!
- This is entirely dependent on the title company and the due diligence needing done on our end.
- Title companies have to do their due diligence on the title in order to obtain the “title commitment” which is necessary for them to insure the title and close the transaction. This typically takes them 7-10 business days.
- Secondly, they have to coordinate the notary and prepare all of the paperwork/numbers which is dependent on their schedule.
- On our end, we have to verify that the land is buildable by double checking: • Utilities • Zoning • Topography • ETC
- Once all of the above are completed, we can close the transaction unless your agreement has different dates/time frames.
- Title companies serve as the trusted 3rd party who orchestrates the buying/selling of real estate
- We always close with a reputable title company or closing attorney certified and based in the state the property is located. As we buy property nationally, we choose one that is available to perform in a timely manner, of which we’ll notify you which one we selected for that property right after agreement signing.
- Additionally, they insure the title of the property against liens/encumbrances of any kind.
- We send them the money to buy and you sign the docs to sell and the title company does not disburse the funds to the seller or transfer ownership to the buyer until both parties have fulfilled their contractual obligation.
- This allows safe, hassle-free transactions between strangers
It’s the norm that due diligence is done after a purchase agreement is signed because there is oftentimes extensive time and cost to inspect the property which is a cost and risk for the buyer. It doesn’t make sense to spend this amount of money and time until the seller has established, they are ready, willing, and able to sell at terms agreeable to both parties.
From time to time there are situations where a seller needs to cancel a sale. If this is at the very beginning of the purchase contract and there are no costs/time incurred for the team at Mr.Buyer then we may accept a cancellation on a case-by-case basis. Remember that once the process has started our due diligence team works hard and puts in considerable effort time and money to test, check, and confirm key aspects of your property at our own cost so the buyer has to stay committed through the process. This commitment allows us to do our job with no cost from the seller. It is for this reason most states have a “specific performance” law that protects the buyer and not the seller if the seller backs out because of all these costs and time involved in checking out the property.
Some of the costs incurred for a buyer are:
- Title Search,& Research, & Insurance Costs–these costs involve the title search, the resulting summary, examination and insurance the title is clear paid to the title company and or closing attorney.
- Utilities Due Diligence–research and verification of utilities
- Access Due Diligence–search for and confirm what kinds of physical and legal access
- Inspection Costs–Physical inspections by trained professionals which may include photography and or drone.
- Legal Fees–often times there are legal fees in examining and interpreting the title for protection of the buyer.
- Market Analysis which may include appraisal, BPO (Brokers Price Opinion) or other valuation tools
- Property Condition Assessments (PCA) or also called Property Inspections which may include Home Inspection Property Inspection or other Inspections soil etc
- Survey Costs–almost always a buyer will need to hire a surveyor to survey the land location and its boundaries
- Capital Costs--once we agree on the price and terms capital is set aside to be available exclusively for this transaction and there is not only a cost for this capital but a lost opportunity cost of not deploying it to other transactions
However, backing out can have legal and financial consequences, including potential lawsuits from the buyer for breach of contract. If necessary, a buyer can also sue for specific performance to force the sale through court action.
In most cases the Judge will even sign the deed over to the buyer on behalf of the seller and deduct court/legal costs netting the seller much less than the agreed purchase price.
References:
We typically use this Purchase Agreement nationwide, reason being is because we buy nationwide and there are numerous jurisdictions, requirements, etc from each local, would be very costly and time-consuming to generate, review, and modify agreements in different locations if that makes sense. It’s kind of like a CarMax, or Carvana where you guys buy/sell a car, they have a standardized process that is streamlined and works in every jurisdiction that is both simple yet sufficient for all parties involved if that makes sense?
- 1-2 days prior to closing, the title company will send you a “settlement statement” which outlines the numbers on your side of the transaction. Here you will see the purchase price minus any costs associated with the sale such as unpaid taxes, liens that may be on the property, etc.
- The title company will send a notary to you in order to sign all of the paperwork. One of the documents allows you to choose if you’d like the funds wired to you or sent via check.
- On our end, we send the money to the title company and sign all of our respective documents. We typically send the funds into the title company several days ahead of time if they’re able to prepare the documents in time.
- Once we’ve both signed, the title company will send you the money via a check or wire transfer, depending on what you chose
We will pay all closing costs associated with the transaction. Working with us will not cost you one dime out of pocket, as we will pay for everything. Unlike traditional real estate agents we do not charge you anything and there are no fees or commissions associated with the transaction. We cover closing costs and all fees normally associated with a real estate purchase. You keep 100% of the offer we make on your home.
We have a team dedicated to analyzing market conditions, what’s happening in the area and past sales etc.
We look at many numbers in our analysis, including things like Assessed Values, Market Values, local Demographics and its trends, condition of the property, repair estimates (materials and labor costs) buyer feedback and much more.
As you know, in any area one street can differ from a street next door. It’s a lot of work and it’s not always perfect. Sometimes we get it right, sometimes we don’t.
Everybody’s situation is different, that’s why we offer multiple offers to better suite your needs, only you and your family/situation can determine what’s best. Owner Financing allows us to pay you the highest possible sales price for your property. Cash Offer is something you may need quick money for something now. You decide what’s best.
Because Mr.Buyer buys so many properties all over the country they have streamlined this possess to be efficient. We put substantial costs into due diligence all at a cost and risk completely on us–never any out-of-pocket cost to the sellers. Since any E.M.D. would be fully refundable if the property didn’t qualify for our purchase so a large E.M.D. is irrelevant to the seller. Mr.Buyer places a token EMD of $100, where on larger transactions over $1 Mil we may have more depending on the property. Additionally, Purchase Agreements, especially regarding real estate, are only valid in they are in writing and “consideration” is exchanged for the option. “Consideration is what you give the owner in order to hold this option. In the veast majority of cases, that is money. Sometimes people offer something else in lieu of money as consideration for a contract, including all kinds of goods and services. But SOMETHING has to be given to the owner in order to create a binding contract. Binding contacts cannot exist without at least three parts: An Offer, acceptance, of that offer, and consideration.
Is there someone in your family that you love very much that you would like this to pass on the cash flow to when God calls you home?
Historically we’ve found that sellers aren’t typically interested in an interest rate and more interested in the highest possible sales price so we’ve calculated our terms offers based on the highest possible price we could pay you overcompensating for any interest rate. Additionally, you’d have to pay taxes on any interest that you would have collected. This method is the simplest, most profitable solution for all parties.
Because we buy hundreds of properties around the country in many different shapes and sizes, we have funding partners and different entities that we put each property in. For example some properties we may create a new corporation with our funding partners, some we will place into a Land Trust, among other reasons for asset protection, Joint Ventures, Partnerships, and more. Many reasons but end of the day from the seller’s prospective it makes no difference to you.
Yes! And not only will we buy your house, but we can help you avoid any damage to your credit. You can get more information by calling us directly at 844-5-SELL-IT
In real estate, “landlocked” refers to a property that has no direct access to a public street, so the only way on or off the property is to cross land owned by someone else. Usually, a landlocked property gains street access through a legal permission called an easement. Why this matters?
- This has a significant affect on its value and sale-ability.
- In most jurisdictions you cannot even get a permit to build on the property.
- Majority of lenders will never loan on landlocked property.
- Even neighbors that have given access over the years can easily change their mind especially if there is no recorded easement.
- Anyone going over other people’s property to get to the landlocked property are considered trespassing and owners could press charges or even take matters into their own hands by using fire arms, posing a risk to those trying to access the landlocked property.
A short sale happens when a homeowner sells their house or other piece of real estate for less than they owe on their mortgage to avoid foreclosure. A short sale must be approved by the lender that holds the mortgage.
For a sale to be considered a short sale, these two things must be true:
- The homeowner must be so far behind on mortgage payments that they can’t catch up. Or they must have a hardship (like a job loss, divorce, natural disaster or death in the family) that will keep them from making future payments. Homes on the brink of foreclosure are called distressed properties.
- The house is worth less than the remaining balance on the mortgage.
A short sale is usually a homeowner’s last-ditch effort to avoid foreclosure. But since lenders aren’t in the business of losing money, they normally aren’t in a hurry to get rid of a property at a loss.
A lender will take their time to recover as much of their loss as they can. Here’s the thing: Just because a property is listed as a short sale does not mean the lender has to accept your offer, even if the seller accepts it.
This is what makes the short sale process so tricky.
Short sales and foreclosures are both painful ways to get out of a home mortgage. But a short sale might be a little less painful.
Short Sale
In a short sale, a homeowner (who is usually behind on their payments) lists their home for sale for less than they owe on their mortgage.
Potential buyers and their agents deal with the seller’s real estate agent during the short sale process, but all offers and other terms must be approved by the lender. The short sale cannot happen unless the lender approves it.
Because everything is dependent on the lender, the short sale process can be lengthy and unpredictable—even if the homeowner and the potential buyer agree on terms. Short sales often fall through because the lender doesn’t approve the terms—or the buyer finds another home while waiting to hear back from the lender.
Foreclosure
On the other hand, a foreclosure is a legal process a lender initiates to take ownership of the home after the buyer has stopped making payments for at least several months.
Find expert agents to help you buy your home.
Most foreclosed homes have already been abandoned, but if the homeowners are still living in the house, the lender will evict them. The lender then sells the home through an auction or a real estate agent to try to recover as much of the loan amount as possible.
The foreclosure process typically takes less time than a short sale because the lender wants to liquidate the home (aka, turn it into cash) as quickly as possible.
Which Is Better?
For homeowners, a short sale is typically preferable to a foreclosure for two reasons. First, a short sale is voluntary (while a foreclosure is forced). Secondly, after a foreclosure, most people are required to wait seven years before getting another mortgage loan (while a short sale may cause you to wait for at least two years).1
Most lenders would prefer a short sale to a foreclosure because it allows them to recoup as much of the original loan as possible without a costly legal process. In fact, in most cases a lender will only pursue a foreclosure after attempting to sell the home through a short sale.
But sometimes, a lender thinks it can get more of its money back by foreclosing on a home, so it’ll reject the possibility of a short sale.
If you’re wondering what happens as part of the short sale process, these are the standard steps:
Step 1: The homeowner starts by talking to their lender and a real estate agent about selling their house as a short sale. At this point, they may submit a short sale package to their lender. This is a set of documents—like W-2s and bank statements—that proves they’re no longer capable of making their mortgage payments and have no assets that would allow them to catch up on payments.
Step 2: The homeowner works with a real estate agent to list the property. They’ll execute a sales contract for the purchase of the property once a buyer is interested. But the lender must approve the contract, and it’s not final until then—even if both the seller and the buyer agree on the terms.
Step 3: The lender reviews the contract and could respond in a variety of ways. They could choose not to respond at all, they could reject the offer, they could reject the offer but outline which terms they would agree to, or they just might approve the offer.
Step 4: When the lender’s response is presented to the potential buyer, the contract will either stay the same or the buyer will choose to accept or reject the lender’s terms. So, at this point, the ball is in the buyer’s court.
Step 5: If the contract is approved, the short sale property closes, and ownership of the home is transferred to the new buyer. The lender receives all proceeds from the sale of the property and typically pays commissions and other sellers closing costs.
Most of the time, the lender forgives the loan balance as part of the short sell agreement. But it could pursue a deficiency judgment against the borrower. This means the lender takes legal action to have the borrower repay the remainder of their mortgage that wasn’t covered by the sale of the house.
There is no one that can “guarantee” a foreclosure sale to be stopped, however by having and showing a signed and executed /accepted Purchase & Sales Agreement with a ready willing and able Buyer (us for example) that can help cancel the pending sale to work towards a closing. Reason being a foreclosure means the lender/debtor will potentially get the property back after a costly foreclosure process and have to sell it later.
If there is a pending sale now and they can get paid what they owe, they would often try to work with this transaction.
We have many strategies for successfully completing a property purchase in foreclosure. One is to offer below our target offer price to negotiate our final price, and also anticipate repairs and issues with the property, or final acceptance date in a declining market to be in line with each other.
This is a very common question. You should still own your home/property/real estate up until a Foreclosure Auction date has arrived and the Auction has completed. The lender does this legal process to transfer ownership to them in order to pay off the existing past due and total balance owed. The Real Estate is the collateral that they are in the process of collecting. You should be able to sell the property to a third party before then but keep in mind time is short and to move quickly. With a good strong buyer (like Mr.Buyer ™) you can show the lender /Foreclosing Attorney the Purchase and Sales Agreement to help stop the sale. Keep in mind if no payments are received after that they can restart the process. Timing is crucial.
The Mortgage Payment Relief Program™ or also called “Subject to” in real estate means that the buyer is purchasing a property while taking over the existing mortgage(s) of the seller. The mortgage remains in the seller’s name, but the buyer takes control of the property and makes the mortgage payments.
The benefits for The Mortgage Payment Relief Program™ are many:
Avoid Foreclosure..If you are behind on mortgage payments and facing foreclosure, selling your house subject to the mortgage can help you avoid this situation. The buyer takes over the payments, bringing the loan current and preventing foreclosure.
- Quick Sale. Subject-to deals can close more quickly than traditional sales because the buyer is not applying for a new mortgage. This can be especially beneficial if you need to sell your house fast due to financial difficulties, relocation, or other urgent reasons.
- Relieve Financial Burden. Selling subject to the mortgage can relieve you of the financial burden of ongoing mortgage payments, property taxes, and maintenance costs, especially if you are struggling to keep up with these expenses.
- Potential for Better Terms. You may be able to negotiate more favorable terms with the buyer, such as a higher purchase price or additional concessions, because the buyer is benefiting from not having to secure new financing.
- Reduced Selling Costs. Selling a house subject to the mortgage can reduce some of the costs associated with selling a home, such as real estate agent commissions, closing costs, and other fees that may be higher in a traditional sale.
- Flexibility in Negotiations. Subject-to deals can offer more flexibility in structuring the sale. For example, you might negotiate terms that allow you to stay in the house for a certain period after the sale or include provisions for sharing future appreciation of the property.
- Choose Your Closing Date. You can even choose the closing date convenient for most sellers especially when they are buying another property
- Higher Sales Price Because of the savings in acquisition costs we can get you a higher sales price..
- Great option when the cost of capital is high.
Sellers might agree to a subject-to deal for several reasons, including:
a: They need to sell the property quickly.
b: They are behind on mortgage payments and want to avoid foreclosure.
c: The property has not sold through traditional methods.
d: There is very little or no equity
Yes, subject-to deals are legal, but they must be done properly to ensure compliance with state and federal laws. It’s advisable to work with a knowledgeable real estate attorney to navigate the legalities.
The Mortgage Payment Relief Program™ is a unique program that allows us to purchase your property at a higher price than would normally be bought by “Cash” as the cost of capital requires us to buy with a larger margin. This helps more sellers walk away from their property without having to come out of pocket for closing costs, repairs, commissions, etc.
Mr.Buyer will do so until its either paid off through a purchase of one of our buyers we work closely with or we will continue until the last payments are made. Either way, we work towards a full closure on having the debts paid off as we make our profit at that time.
Mr Buyer will be investing considerable time and money with their team to make the investment work, additionally they do signficiatant due diligence before making an offer on a qualifying property, it just wouldn’t make sense to start an investment that will not materialize thus it only makes sense to keep paying.
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We Buy Vacant Land , Multi-family Houses Nationwide. Our Process Is Simple. We Make You A Fair Offer. Contact Us Now.
Contact Us
- 1-844-5-SELL-IT
-
3346 Market St PMB 83274,
San Francisco, CA 94104 -
382 NE 191st St Ste 83274,
Miami, FL 33179 - [email protected]
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Call or Text at +1844-573-5548
for a customer representative between:
Monday – Friday | 8:00am – 11:00pm
Saturday – Sunday | 9:00am – 10:00pm
We Buy Vacant Land , Multi-family Houses Nationwide. Our Process Is Simple. We Make You A Fair Offer. Contact Us Now.
- 382 NE 191st St Ste 83274, Miami, FL 33179
- 3346 Market St PMB 83274,San Francisco, CA 94104
- 12337 Wynnfield Lakes Dr #831 Jacksonville, FL 32246
Call or Text at +1844-573-5548
for a customer representative between:
Monday - Friday | 8:00am - 11:00pm
Saturday - Sunday | 9:00am - 10:00pm
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