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Sell Your House Fast!
Rapid Response Form
Homes for Sale
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Frequently Asked Questions
About Selling a Home
- What kinds of homes are you looking for?
- What do you do with homes when you buy them?
- I don't have any equity in my home, can you still buy it?
- I am behind on payments and the bank is threatening to foreclose! I don't want to have a foreclosure on my credit. What should I do?
- I've heard investors won't give you a fair price. Is that true?
- Won't I make more money by selling through a realtor?
- Will you pay me a finder's fee if I refer a friend who needs to sell their home?
Q: What kinds of homes are you looking for?
A: We buy all sorts of homes: vacant homes that need repair, nice family homes, townhouses, and rural estates. For the most part we focus on homes within 30-45 minutes of the Winston-Salem area. We do network with other investors from around the country, though. If you have a home that is outside our coverage area we will be glad to refer you to one of our contacts in the area in which you home is located. Just fill out our Rapid Response Form.
Q: What do you do with homes when you buy them?
A: We specialize in selling nice homes in nice areas with owner financing or on a rent-to-own basis. From time to time we will buy a property that is a major "rehab project." With this type of home, we fix them up to sell traditionally. We also sell these homes to other investors to fix and/or rent out. If you would like to be notified when we have a property for sale in need of fix-up work, please sign up for the Rehab Homes list.
Q: I don't have any equity in my home, can you still buy it?
A: Yes! In many instances, we can buy your home for what you owe. We run into lots of homeowners who don't have much equity in their homes. When you lack equity because you haven't lived in your home long, or because you have refinanced in the past, it can make it hard to sell your home traditionally... you may even have to pay cash out of your own pocket to cover your realtor's commissions! If you are tired of not getting any calls from your FSBO ads or showing streams of strangers through your bedroom, maybe selling to us would be a better option; especially if you need to move in the near future. Please get in touch with us and we'll be glad to talk with you about your situation.
Q: I am behind on payments and the bank is threatening to foreclose! I don't want to have a foreclosure on my credit. What should I do?
A: When you start to get behind on your payments, your options get more and more limited the longer you wait. Don't delay any further. Call us today at 336-692-6057 so we can talk about possible solutions. Depending on your situation, we may be able to help you keep your house or help you sell it quickly before you lose everything at the courthouse steps. Foreclosure is a serious matter and it doesn't usually get better with time. Call us today or fill out the Rapid Response Form so we can help you lift this weight off your shoulders right away.
Q: I've heard investors won't give you a fair price. Is that true?
A: No. The truth is, we are in this business to make a profit, but we do that by creating win-win situations. If we were out to "steal" people's houses, we would not buy many homes. Our solutions are not right for everyone, but if your house is vacant, torn up by tenants, or needs to be sold quickly due to financial distress, we are certainly a viable option.
If you want an all-cash sale, we will probably need to get a discount on your property, but if you can agree to be a little bit patient for your money, we can often agree on your full asking price! Generally, we try to buy houses at reasonable prices and we make our money by adding value to the home. This value might come from fix-up and repairs, attractive financing, or simply appreciation of the property over time.
We won't know if we can buy your property until you take a look at it, but if you would like one or more reasonable offers this week, it doesn't hurt to give us a call. When you call us, there is no obligation, commission or fees.
Q: Won't I make more money by selling through a realtor?
A:
Not necessarily. Though listing
their home with a realtor is a great option in certain instances, some
folks overlook the Realtor's commission that must be paid with the sale
of a house. For example, if you have a house that you listed with a
Realtor for $159,000 and sold for $150,000, the average commission (7%)
that you would pay between the buyer's agent and listing agent is
$10,500 (150,000 x 7%). Wow, that's a lot of money lost--You net just
$139,500 and don't forget about closing costs!
Of course with us, there are no commissions or fees. If the house is vacant, don't forget to add in the extra expense of paying the mortgage for 6 months while you wait for the realtor to sell your home.
Q: Will you pay me a finder's fee if I refer a friend who needs to sell their home?
A: Yes, we pay $10 for all qualified leads (home must be in the Winston-Salem area, home-owner must be willing to meet for an appointment, and we must know enough about their situation to determine they are a high-quality prospect). If we end up closing a deal with someone you've referred us to, we will pay an additional $250-$500 for the referral! If you know someone who needs to sell their house, please fill out the Rapid Response Form and enter your personal contact information.
About Rent-To-Own Homes
- I've heard about Rent-to-Own before. How does your program work?
- Who might be interested in a rent-to-own program?
- How much money do I need for an upfront payment on a rent-to-own home?
- Can I build equity in the home before I ever buy it?
- Once I'm living in the house, can I make improvements to it?
- What if I have credit problems?
- What criteria do you look at when deciding who to put into the home?
- What happens when I find a home I like and I want to "reserve" it for my family?
- Will I know the purchase price of the house upfront?
- Are pets allowed?
Q: I've heard about Rent-to-Own before. How does your program work?
A: Our program is very simple. There are two documents: a "Lease Agreement" that lets you rent the property from us for 1-3 years, and an "Option" or "Purchase Agreement" that lets you buy the property any time within the lease period at an agreed-upon price. That's why this system is also known as a lease/option or lease/purchase.
We require an upfront payment to secure your option to buy the property. The amount required is different for each home. Generally, we try to provide different pricing options on each property so you can tailor your purchase plan to your family's goals and budget. We want to make sure the residents we choose for the home can comfortably afford to live there and love the place and are eager to make it their home! If we decide to choose you for one of our properties, we can be flexible with the payment options.
Q: Who might be interested in a rent-to-own program?
A: We work with a variety of people in many different financial situations. The nice thing about the rent-to-own program is that it lets you and your family live in a nice home and treat it like your very own, even if you can't yet qualify to buy the home through a bank. We also help you earn equity in the house, so that when you're ready to get a bank loan on the property you'll be in great shape to get super financing.
Some of our clients are people with challenged credit who might need a few years to let a bankruptcy roll of their record or get their payment history in better shape. For these clients, we can provide sources for credit-repair assistance so that when they're ready to buy their home, the bank is ready to loan them the money.
We also work with those who have unpredictable incomes, like business owners and salesmen. You might have the income to afford a nice place of your own, you just need a few years of tax returns before the bank will believe you.
Sometimes people who are new to the area would be well-served to lease a property for a few years before they decide to buy it. Just so they can get to know the neighborhood and be sure it's the right place for them. The nice thing about the Rent-To-Own program is that you have the OPTION to buy, not the OBLIGATION.
Q: How much money do I need for an upfront payment on a rent-to-own home?
A: There is no "set" amount of money needed for an upfront option payment. The more money you have available to get into a property, the more likely you will get your first-choice home. The amount of money available for an upfront payment is one of several factors we take into account when considering who to put into each of our wonderful homes. Having a large option payment is a great way to compensate for other weak areas such as a low credit score. Also, remember that your option payment will be 100% credited toward your eventual purchase of the home.
Q: Can I build equity in the home before I ever buy it?
A: Yes, in several different ways. Your upfront option payment is one of the ways in which you build equity in a home before you ever go to the bank to purchase it. Also, depending on the monthly payment option you choose, up to 40% of your your rent could be credited toward the purchase of the home. For example, in some instances, if you agree to pay an extra $100/month, we will take $150 off your purchase price for each on time monthly payment. Where else can you find a rate of return like THAT? A third way you can build equity in your home is to make agreed-upon improvements to the home to build sweat-equity. For example, if you agree to paint the inside of the home, we might be able to give back some of your upfront payment or give you a discount off the eventual purchase price.
Q: Once I'm living in the house, can I make improvements to it?
A: Sure! We do ask that you check with us first, but in general if you would like to build a deck or shed, paint your baby's room, or re-carpet, you are welcome to do so. We want you to feel like the home is your own, and one of the advantages of living in a rent-to-own home is that you can make improvements to increase the value before you've ever bought the place.
Q: What if I have credit problems?
A: That's okay! Our rent-to-own program is specifically designed for people with credit problems. By building equity in the home before you buy it, you'll have a better chance of getting approved for a loan. It's a lot easier to get 80% financing than 100% financing. We can also put you in touch with our favorite mortgage brokers so that you can learn what it will take to improve your credit during the time you lease the house.
If you have new credit, or no credit at all, you can show your reliability to banks and other creditors by making regular house payments during your lease term. If you need to improve your payment history, making your monthly lease payments on time will also be helpful.
If you have a bankruptcy or other "credit issue" in your past, the rent-to-own program is also a great option. You can start living in the home you'd like to buy today, and purchase it a few years down the road when that old credit-glitch finally rolls off your record.
Q: What criteria do you look at when deciding who to put into the home?
A: We look at a number of factors when deciding which buyers to place in our properties. Because we are a business, we want someone who we feel is honest and responsible. It is also important and for us to know the residents of our homes can reasonably afford to make the agreed-upon payments without stretching themselves too thin. More than that, though, we want someone who will really love the property and take good care of it. The ideal candidate is someone who views the residence as their own home and is proud to live there.
Some of the economic factors we evaluate are current income and credit history. We also look at the upfront payment available, current and previous landlord recommendations, and the monthly payment option you choose.
Q: What happens when I find a home I like and I want to "reserve" it for my family?
A: If you are interested in a property and would like us to take it off the market and hold it for you, you can place a Deposit to Hold on the property. You will need to fill out a Deposit to Hold Form and provide a certified check for your payment. Most people like to put $1000-$2000 down as a reservation fee. When we receive your funds and application, we will not schedule any more appointments to show the property, however, any showings that have already been scheduled will still be held. Individuals at these showings may also choose to put a Deposit to Hold on the property.
When we receive your Deposit to Hold, your funds, and your Rental Application we will review the information you have provided us and decide on who we think the best buyer is for the property. We want to choose someone who really loves the home and will treat it as their own. When we choose our future buyer, we will inform him or her, as well as the other applicants who were not selected. If you were NOT SELECTED for the property in question, your deposited funds will be returned to you immediately. If you ARE chosen, the funds will be credited toward your upfront option payment. If you ARE chosen for the property, and then change your mind before moving in, the deposit fee will not be refunded. It is a NON-REFUNDABLE payment that compensates us for the marketing time lost while we held the property for you.
Q: Will I know the purchase price of the house upfront?
A: Yes, the rent and purchase price of the house will be given to you upfront.
A: This will vary from house to house, but we try to make the majority of our homes available to pet owners.
About Buying A Home
- Do you have any properties I can buy with no money down?
- What if I want to buy a house that needs some work? Can I get a discount on the price and build "sweat equity" by doing some repairs myself?
Q: Do you have any properties I can buy with no money down?
A: From time to time these homes do become available. Usually in order to get into a home with no money down, you will have to get a loan for 80% of the value of the home, and we will carry back a 20% second mortgage, making the home 100% financed. Because of the way we buy these homes, we usually try to sell them as quickly as possible. To be notified when we have a "short sale" home available with owner financing or no money down, sign up for the Short Sale Homes list.
Q: What if I want to buy a house that needs some work? Can I get a discount on the price and build "sweat equity" by doing some repairs myself?
A: Yes, we often buy homes that are in need of repair. Instead of spending our time and money to fix them up, we are happy to sell them at a discount to someone who would like to do the handy-man work themselves. Please fill in our Dream Home Form and let us know what you're looking for and how much work you're willing to do.
General Questions
- I left a voicemail on your 24-Hour Recorded Message and no one has called me back yet. What happened?
- I have a question that is not answered on this page. What should I do?
Q: I left a voicemail on your 24-Hour Recorded Message and no one has called me back yet. What happened?
A: Although we try to return our calls quickly, sometimes that's just not possible. There are a number of pontential reasons we might not have called you back. You might have forgotten to leave your callback number, or spoken so quickly on the voicemail that we couldn't understand what you were saying. We might have called you back, but your cell phone was turned off, your voicemail didn't pickup, or your line was simply busy. Occasionally, we may also neglect to return calls if we are short on time... hey, it happens to everyone. Filling out the forms on this site is a great way to get in touch with us, because they are emailed to us directly. We look forward to hearing from you again!
Q: I have a question that is not answered on this page. What should I do?
A: Please email questions@great-real-estate.com with your question and we will reply to you directly and post it here if we feel it would be helpful to others.
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If you are thinking of selling your house and want to learn more without risk, call the real estate hot line for Free Recorded Information 24 Hours a Day at (336) 766-2270 Ext. 112#. Or call us directly at (336) 499-1887. |