Q: is there any obligation when I submit my info?
A: There is absolutely zero obligation for you. Once you tell us a bit about your property, we’ll look at things, set up a call with you to find out more information if we need it, and make you an all-cash offer that’s fair for you and us. From there, it’s 100% your decision on whether or not you’d like to sell your house to us. We won’t hassle you, and we won’t harass you. It’s 100% your decision, and we’ll let you decide what’s right for you. When you’re ready, call us and say, “Buy my house for cash!” and we can start the process to sell your home for cash in Philly right away.
Q: If I sign an agreement with your company, do I have to move out of the property immediately?
A: No, you don’t! When we buy a Philly house for cash, we can facilitate closing on a property in as little as 2 weeks while allowing the owner to remain in the property. This gives them the necessary time to find a new place to move to, whether moving in with a family member or purchasing or renting another property. We understand the importance of providing sufficient time and resources for the owner to pack up their belongings and complete the move.
Q: Do I need to fully pay off my house to sell it?
A: No, it’s not necessary. Most houses bought or sold through brokers are not completely paid off. Whether there’s a mortgage, outstanding taxes, or other obligations like water bills or even outstanding PGW gas bills, when we buy your house for cash, we handle payoffs for these through the title company we use. The amounts are subtracted from the sales price, and the remaining sum is your net proceeds from the property sale. For instance, if you’re selling a property for $100,000 with a $50,000 mortgage, your net proceeds would be $50,000 minus any closing costs.
Q: What if the property I want to sell requires a lot of work, such as a leaking roof, walls needing replacement, or new flooring? Can I still sell it?
A: Absolutely! Most properties we purchase need some level of repair, ranging from minor to major. We’ve even acquired properties where significant work, like tearing down and rebuilding entire walls, was necessary. It’s important to note that certain repairs may be impractical for someone to undertake while still living on the property. Additionally, if the city discovers that someone is residing in a property with structural issues, they may place a sticker on the house, prohibiting occupancy due to safety concerns.
Q: How can I ensure I get the right price for my property?
A: It’s quite simple. Real estate investors utilize what’s known as a “buy box.” This involves assessing the property’s value based on recent sales within a quarter-mile radius. We consider properties in similar condition, whether listed by the owner or a real estate broker. By evaluating the condition and size of these comparable properties, we calculate an approximate price per square foot that we can offer for a property. This offer is then determined by multiplying the price per square foot by the property’s square footage. Additionally, we share information and often include pictures of these comparable properties, allowing you to see how your property compares. This transparency helps us collectively determine a fair price for buying and selling.
Q: Can I sell a property if it currently has a tenant, or do I have to wait for the lease to be over?
A: It depends on your goals. The process differs when selling an income-producing property because we buy a business. The tenant in the property is considered a customer, and their rent, along with the property’s condition and comparable sales, impacts the property’s valuation. Yes, you can sell a property with a tenant. We typically purchase it subject to the existing lease. At the closing, you fill out a form assigning us the rights to collect rent post-closing. Following the transaction, we send a letter to the tenant, introducing ourselves and providing information on where to submit rent payments and report any necessary repairsyou.
Q: My family member passed away, and I inherited a property I don’t want. How can I sell it
A: It depends on the circumstances. Since deceased individuals cannot sign contracts, someone must be appointed by the register of wills in the City of Philadelphia to be either the executor or the administrator for the deceased person. If the person had a will and named an executor, the process involves probating the will, a service we can assist with. However, if there’s no will (intestate), we need to prove to the register of wills that the person has passed away, requiring an official Death Certificate. There’s also a fee for appointing an administrator, typically ranging from $4,000 to $600. In cases where the property owner lacks the funds, we can incorporate this cost into the property sale. While some may think selling a property from an estate requires a lawyer, our services encompass handling the legal paperwork of purchasing such properties.
Q: I own property in Philadelphia and discovered someone living there without my permission. What can I do about this, as I want to sell the property?
A: What you have is called a “squatter.” This situation is complicated due to what’s known as squatter’s rights in Philadelphia. When someone occupies your property without permission, they have certain legal rights, and forcefully removing them is not an option. Attempting such action could lead to your arrest by the city’s police department, as they lack the knowledge and authority to determine the legality of the situation. To regain possession, you would need to initiate a legal action known as an ejectment action. Hiring a lawyer in Philadelphia for this process can cost between $5,000 and $10,000 upfront, and success is uncertain. We often encounter properties with squatter issues and may negotiate with them for a cash-for-keys arrangement. Alternatively, we proceed with an ejectment action, though it can take 6 months to a year, depending on various factors, including whether the squatter has legal representation. Unfortunately, there’s no easy resolution to this matter.
Q: What happens if I sell you my property, and we‘re supposed to close in 30 days, but I’m not ready to move out?
A: Nothing happens, essentially. Since we’re not purchasing the property to move in ourselves, we can extend the agreement to a more suitable time. This allows us to accommodate both our needs and yours, within reason. See our How it works page for how we do this.
Q: What if I‘m behind on payments, and the mortgage company is threatening to foreclose on me, or I’m already in foreclosure?
A: You still own the house, and if you want to sell it, you can if the property hasn’t reached the sheriff’s sale. Even if you’re close to the foreclosure date, people contacted us just a week before the property was set to go to sheriff’s sale. In such cases, we file an emergency motion with the court to request a stay on the foreclosure date. We explain that the owner has sold us the property, and we need sufficient time to go to closing, waiting for the title report to return. This way, the owner can sell the property and receive their money instead of losing all their equity in the sheriff’s sale.
Q: Do I have to have the physical deed to the property to sell it
A: No, having the physical deed in your hands is irrelevant when selling a property. The original deed needs to be recorded at the register of deeds at city hall to be officially recognized. Many people may confuse a car’s title with a house’s, but these things differ. A vehicle represents personal property, while a house represents real property and operates under different laws.
Q: One of my parents, who owned 100% interest in a house, passed away, and I want to sell it. However, I don’t get along with my siblings. What do I do in this situation?
A: Unfortunately, in cases like this, everyone needs to agree on who will be the administrator of your parent’s estate. While there can be multiple administrators, formal written agreements are necessary for this to occur. Without such agreements, the court won’t recognize or appoint any person as the administrator. The longer the disagreement persists, the worse it becomes, as the state may place a lien on the house for any outstanding estate debts. Cooperation and agreement among everyone involved are the best solutions to determine the administrator. However, if one sibling refuses to cooperate, legal action may be necessary, taking them to court and seeking a judge’s intervention. The judge will assess the situation and rule accordingly, but a valid reason must be presented for obstructing the estate proceedings and the property sale.
