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We Close Tennessee
Frequently Asked Questions
Q: What do you buy?
A: we buy single family houses, building lots, raw land, duplexes, triplexes, 4plexes and apartments.
Q: Is there any obligation if I submit my information?
A: No. Submitting a form is just the first step in getting an offer. Once we get the information we will do some preliminary research and set up a time to chat about what we learn. You're under no obligation at any point in the offer process.
Q: What is a "cash offer"
A: The biggest difference between a "cash" sale and a typical real estate sale is that there is no bank involved. If a bank is involved it's a much longer, more involved process requiring a formal appraisal and home inspection. When a buyer is paying cash then he or she doesn't need the bank's approval and doesn't have to jump through the bank's hoops.
Q: How is this different than using a real estate agent?
A: Real estate agents provide a valuable service for people who can afford to wait and do not mind going through the traditional listing process. A listing agent first finds the house to sell, and then networks with other realtors who work with home buyers. The standard charge for this service is 6% of the sales price, and it takes months to do in the best case scenario. We are exactly the opposite. We are buyers looking for properties to buy, and assisting others doing the same.
Q: How do I receive the money?
A: Once the contract is signed it's turned over to an attorney with a title company for closing just like any other real estate transaction. The attorney holds our funds in an escrow account pending closing. Once all the documents are signed by you and us, the attorney records the property sale with the county and releases the purchase funds to you.
Q: What fees am I responsible to pay if I work with WCT?
A: You don't pay any fees ever when you sell directly to us. We pay all closing costs. If you're selling land that requires feasibility studies, then we will pay for the studies. Our offers are simple and easy to understand. You are only responsible for any mortgage you have against the property we are buying, and any taxes you owe on that property - see next Q
Q: How are my mortgage and property taxes paid?
A: The closing attorney is responsible to make sure these things are paid. He or She will use the purchase funds we deposit into their escrow account to pay off your mortgage and your share of the property taxes at closing. The remainder of the funds are dispersed to you in whatever manner you choose. Most people use direct deposit, but you can also pick up a check at the attorney's office at closing if you prefer.
Q: How do you determine the value of my property?
A: The primary tool for determining value is "comping out the property." That means evaluating other property sales that have recently happened close to your property. It's fairly straight forward in a big neighborhood with lots of similar houses. It's more difficult when the property is unique or rural. Either way it's more of an art than a science. Everything that is said about the value of a property is an opinion until someone writes a check.
Q: How accurate are those real estate websites?
A: Websites use equations run by computers to determine their estimate of your properties value. It's great information if you're trying to quickly determine whether houses sell for $100K, $400K or $800K in an area, but they're not great at details. It's not that they are "wrong," as much as it's that they're using limited information. Imagine two houses with the exact same floorplan, on the exact same sized lot, and sitting side by side in a neighborhood. One of these houses has laminate flooring, formica countertops, cheap appliances and has been smoked in for 10 years. The other is in perfect condition with upgraded everything. The actual difference in value between these two houses could be hundreds of thousands of dollars, but the websites will think they're exactly the same.
Q: Is there any obligation if I submit my information?
Q: What if my house needs major repairs?
A: perfect. That's what we do. We're going to determine what we think the houses "value" would be if it were in perfect condition. We call that the "After Repair Value." Then we're going to determine what it will cost us to put the house in perfect condition, and that will inform our cash offer.
Q: Can you list the house for me?
A: Some team members have real estate licenses, but we are not listing agents. We are happy to refer you to some great ones if that's the right path for you.
Q: How do you calculate your offer?
A: After Repair Value - Cost of Renovation - Profit/Equity = Offer. We set our profit margin based on how difficult of a job it is, how much capital we have to lay out, how long it twill take and a lot of other factors. We're happy to discuss our process as it relates to your specific property.
Q: How long does it take to get it all done?
A: We can close a house in as little as 10 days from the paperwork being signed. For land it can be super quick if everything is already done, but if we need to do feasibility studies it will usually take a couple of months.
Q: How long does it take to get it all done?
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