FAQ’s | M1 Property Group Buys Houses

Frequently Asked Questions

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Who typically sells their house to us?

This is one of our top frequently asked questions, and it has a broad answer. Homeowners of all types in all kinds of situations sell their homes to us for a variety of different reasons, including:

• Vacant houses
• Bad tenants
• Houses needing extensive repairs
• Fire damage or water damage
• Trashed Houses
• Difficult to maintain property due to age
• Relocation or job transfer-needing to sell before the move
• Estate sale or inherited
• Loss of job
• Death of spouse
• Failing business
• Failing health
• Divorce
• Back-taxes
• Pending lawsuit
• Bankruptcy
• Over-financed
• Behind on payments- in need of debt relief
• Little or no equity
• Running out of time or not sure where to turn
• Having difficulty selling the property
• Simply needing money fast
• Just want out of the house
• Needing peace of mind

The most important part of answering this frequently asked question is enforcing that while homeowners sell to us for a variety of different reasons, they all typically have something in common. They need to sell their home quickly to a reputable buyer who can offer a fast closing and an all cash deal.

Why is your company a good solution for me?

How We Can Help:

• Solution oriented — we aim to solve problems in less than desirable property situations
• We are real estate investors that want to buy your house
• We are not real estate agents who list your house
• We buy with all cash
• Close on the day of your choice
• We handle all the paperwork-all closings with local attorney
• No fees
• No realtor commissions
• No hassles
• We buy your property “As-Is”- you don’t have to fix up your house or even clean it
• We pay closing costs
• We can typically assist in moving expenses
• Simple, fast, and easy transactions
• Local family owned business with fast and courteous response
• Friendly consultations
• Privacy-no matter your situation your privacy is important to us
• Free no-risk no-obligation offer
• We will explain exactly how we arrived at our offer, so everything is clear

How does the home buying process work?

This is one of our frequently asked questions that really requires a breakdown to show you how simple it is.

Call us at 704-727-6161 to give us some brief information about your house. You can also fill out and submit the contact form on this website.
Our team will contact you to schedule a time to visit your house. Our representatives will usually get in touch with you within 24 hours, but most of the time you’ll hear from our representative within minutes.
Our agent will visit your home personally to explain the home buying process, answer any questions you may have, and consider the condition of your home to assess its value. Before leaving your home, our agent will make a free, no obligation offer to buy your home AS IS for cash. It’s all up to you whether you accept our representative’s cash offer or not.
If you do accept our representative’s cash offer, we’ll set up a date to close on your home. This is typically scheduled within seven days of your acceptance of our representative’s offer. At closing, we’ll pay all normal closing costs in addition to paying cash for your home so you can sell your home quickly without having to make repairs or deal with the mortgage approval process. Our aim is to keep it simple as possible.

Will you make a market value offer for my house?

Our team will assess the condition of your home before making a fair offer to buy your home for cash. In determining the amount of the offer, our representative discounts the offer price from the predicted retail value of the home after it’s fully repaired and renovated. This means you’ll receive a cash offer for your home, but at a price below its market value. This is because our representatives are real estate investors. They purchase homes for cash, repair and renovate them, and then resell them for a profit on their investment.

However, keep in mind that even though you’ll receive a cash offer below market value for your house, you will enjoy the conveniences of an all cash deal. We usually close in seven days, we pay all normal closing costs, you never have to deal with mortgage approval hassles because there is no mortgage, and you never have to make any repairs or renovations to your home for us to buy it.

What factors do your representatives consider when calculating a cash offer?

Our team will consider several factors when calculating the amount of a cash offer for your home. After arriving at your home and going through our frequently asked questions and any other questions you have, our representative will inspect your home taking several things into consideration, including:

The current condition of your house
The expected cost of repairs and renovations needed to resell your house
The amount of time it will take to complete the needed repairs and renovations
The estimated value of your home after repairs compared to other homes in the area
Any real estate commissions that must be paid to resell your house
The ongoing costs that must be paid to maintain your home while it’s being repaired and renovated, including homeowner dues, payments, utilities, insurance, taxes, and more

Are there any fees I’ll have to pay for you to make an offer on my house?

No. This is probably one of our most important frequently asked questions because many people mistakenly believe they have to pay some sort of fee or commission when we purchase their home. There is never a fee to contact us, have a representative visit your home, or make an all cash offer to purchase your home. It’s absolutely free to you.

If I contact you, am I obligated to sell you my home?

Never. In no way are you obligated to sell your home to us just because you contact us and a representative visits your home to make an offer to purchase your home for cash. You can accept the cash offer and sell your home, usually within seven days, or you can choose not to accept the offer. The decision is up to you, and all of your dealings with us are of no obligation to you.

How does working with a real estate investor work?

The process is very simple. All you have to do is submit some basic information on the form below. Once you have submitted the form, I can review the submission and give you a call to discuss your home and your situation. After talking with you I will be able to create a solution that will be a win/win for both of us. I will make you an immediate cash offer to buy your house fast. Working with me is easy, low pressure, and is guaranteed to put money in your pocket fast.

Do you pay fair market value? Do you use an appraisal? How do you determine the price you’re willing to pay?

Just as every homeowner’s situation is unique, so is the process in which I determine an appropriate offer for your North Carolina home.

I take into consideration the condition of the home, cost of repairs that need to be made, the current local market conditions here in North Carolina, as well as the urgency of the situation. My experience gives me the ability to quickly make you an offer you can’t refuse!

How much do you charge?

There is no fee to the home seller for my services.

Does it matter if I have a realtor?

I suggest that you do submit your home’s information to me before you list it with a real estate agent. But if it is already listed, I will definitely need to either talk with your agent, or you would have to cancel your listing agreement before I can make you an all cash offer.

Do you only buy houses? Or will you buy condos, manufactured homes, etc?

I buy all types of real estate including land. So please don’t hesitate to submit your multi-family, single family, condo, or town home to me for review.

What if I have my property rented?

Don’t worry if your home is rented. I can buy your house and take care of the renters later. If you have family living there I can always make special arrangements for them.

What if I am behind on payments?

If you are behind on payments, I can work with you. Every situation is unique and honest communication is a great way to start!

Do I have to make repairs on my property?

No, I will purchase the home in its as-is condition. You do not have to do anything.

Are you A Licensed Real Estate Agent?

No I am not. I will not be acting as a real estate agent in your transaction. Nor am I am not looking for a listing. In fact, I simply want to make you an all cash offer on your North Carolina home.

How do I stop a foreclosure on my home?

There are typically four options that a homeowner has to stop a foreclosure on their home. Depending on their lender they may entertain three options that include a short payoff, a short sale, or they may accept a deed in lieu of foreclosure. Note that these options need to be approved by the lender. These three options will prevent the foreclosure from happening. In a short payoff or short sale the lender accepts less than what is owed on the mortgage (however the owner is not allowed to profit since the bank is effectively taking a loss). With a deed in lieu of foreclosure you are effectively signing the deed over to the lender to avoid the foreclosure. Again you will not profit or get any equity back in this option. When it comes to affecting your credit, typically the short payoff has the least effect, following by the short sale, followed by deed in lieu of foreclosure, and finally foreclosure having the greatest impact / remaining on your credit history the longest.

The fourth option to avoiding foreclosure is basically selling the home prior to the scheduled foreclosure auction. Most conventional buyers are not in a position to come up with cash reserves required to buy homes with back payments as there is a loan reinstatement amount. The reinstatement amount includes all the back payments (principal + interest), escrow advances, attorney fees (for substitute trustee handling special proceeding for foreclosure), and more. Due to the short deadline required to close before the foreclosure auction, and the funds required to reinstate or pay off the loan, selling to an experienced investor can be a great option to avoid the foreclosure and possibly profit or get a portion of your equity out of the home. If the house is sold at foreclosure, there is a great likelihood the homeowner will not profit or get their equity back. In the event the auction price is higher than the foreclosure pay off amount, this situation creates surplus funds, which the owner will have to apply with the state to determine if they will receive these funds back.

Also note that if the home has expensive repairs, you will have a hard time finding a retail buyer that is comfortable buying the house “as-is”. Investors buy houses everyday that require work, and even houses that won’t qualify for bank financing. Most retail buyers will require a mortgage from a bank to purchase a home, whereas most investors are cash buyers.

Selling a house that needs work / Selling a house in bad condition

If you have a house that needs work or is in bad condition, you will always be able to find a buyer. However, the type of buyer and overall condition of the home is especially important in making the sale. If the home has extensive repairs that are required such as structural issues, roofing, electrical re-wiring, HVAC problems, and more…the home may not qualify for bank financing…this eliminates a large percentage of your buyer pool as most people will need to get mortgages. If the house does qualify for financing, and you are aiming for a retail buyer, you will be looking to satisfy a couple conditions. First, you will likely be needing a buyer that has large cash reserves they don’t mind spending on a fixer upper. Again, most retail buyers are trying to minimize their cash out of pocket on a home. In addition, your retail buyer pool likely will need to be people that are licensed general contractors, or have construction experience. Most retail buyers with no construction experience are likely going to be intimidated by a home that needs major repairs, in fear the home will turn into a money pit that they are not qualified to repair.

Selling to an investor is a great option because most investors are experienced with buying fixer uppers that include everything from structural issues to water damaged or fire damaged properties. Further, most investors are cash buyers, which means they don’t have to get bank financing and have the funds to actually perform the necessary repairs. Also when dealing with investors they may be able to handle a portion of the closing costs and be able to afford other expensive items, like paying off back taxes, contractor liens, back payments, and more.

How to sell a fixer upper quickly

The quickest option to sell a fixer upper quickly is to sell to a cash buyer that has experience with fixer uppers. In most cases your best bet will be an experienced real estate investor that handles rehab / renovation projects. This buyer pool can 1) afford to buy the house and pay for the repairs, and 2) pay cash for the property (no need waiting for mortgage underwriting). This buyer pool is typically not intimidated by rolling up their sleeves to do the repairs. Most investors can close within 7-14 business days with a local closing attorney.

Find an investor to buy my house

If you are trying to “find an investor to buy my house”, you can start in your local market. If you do a Google search for “we buy houses”, “we buy ugly houses”, “sell my house fast” you will likely find a few websites for real estate investors. You can also look on Craigslist..typically in the real estate section > for sale by owner ads you will find investors advertising. You can also look for signs on the sides of the road or on telephone poles that advertise “We buy houses”.

How much will an investor pay for my house?

This is a very common question and comes down to a case by case basis. Every homeowner’s situation is different. For instance think about the following situations:

Current HOA fees (paid), delinquent HOA fees (not paid), or no HOA fees (neighborhood does not have an HOA)
Major repairs required, some repairs required, no repairs required
Property taxes current (paid), delinquent property taxes (not paid)
Liens against the property (IRS liens, contractor liens, etc.), no liens against the property
Mortgage payments current (paid), mortgage payments behind (missed payments)

Just this short list of situations can create 72 different combinations of homeowner situations (3 x 3 x 2 x 2 x 2). Therefore, it is difficult to accurately depict when an investor can pay for your house. With that said, investors are running a business and that means that there has to be some margin in the property for a deal to make sense. An investor will consider keeping the property as a rental, rehabbing the property, maybe building a new house on the property, and more.

How does we buy houses for cash work?

The process is pretty straight forward:

Call or contact a “we buy houses” company.
Set up an appointment for an associate to meet you at the property.
They will arrive at the property, do an inspection, maybe take some pictures and notes.
They will do an analysis of the home (comparable sales, repair cost, any other items like back payments or back taxes).
They will make an offer on your home.
You can either accept, counter offer, or completely reject the offer.
If you accept, you and the company will sign an offer to purchase real estate contract.
The contract will be forwarded to a closing attorney typically selected by the buyer and the earnest money deposit check will be given to the attorney.
The closing date will be scheduled with the attorney.
The buyer will wire funds to the attorney within a few days of closing. The attorney will place funds into their trust account, which is a holding account until the transaction formally takes place.
The buyer and seller will sign the closing settlement statement that outlines who is paying what amounts and who is receiving what amounts.
After all closing docs are signed, the attorney will record the transaction with the local county register of deeds.
After the transaction is recorded, the attorney will distribute the funds to the seller from their trust account.

Can you sell a home with a tax lien?

You can sell a home with a tax lien. Depending on the situation and amount owed, a buyer may either pay off the tax lien to get clear title or buy the home subject to the tax lien, which means the lien stays in tact to the property (clouded title).

Selling a property with delinquent taxes / Can I sell my house if I owe back taxes?

You can sell a property with delinquent taxes. There are several factors a buyer would consider such as..What is the delinquent tax amount? Is the purchase property reasonable considering the payment of the delinquent taxes? Also to consider, a seller can pay the delinquent taxes out of the proceeds received at closing. On the other hand, the seller may negotiate with the buyer that they pay for the delinquent taxes. A property can be sold with delinquent property taxes, it just comes down to the seller and buyer coming to terms that are accepted by both parties.

How to stop a property tax sale / How to stop a property tax foreclosure

The first and easiest option is to simply pay the taxes. The second option (if you don’t have the funds to pay off the taxes), is to sell the property prior to the sale. You simply have to be proactive and work against the property sale deadline to avoid the foreclosure. If you can sell prior to the tax sale, you could actually profit or access some of your equity. If the property goes to the tax sale, there’s no guarantee you will receive any funds from the sale. Letting the property go to the property tax sale / foreclosure would be the last resort.

How Do I Get Started?

Just complete the simple form below!

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