Frequently Asked Questions
Have a few questions? Most people do. So, here’s a quick collection of some of the common questions we get… with our answers next to them. If you still have a question don’t hesitate to shoot us an email through our contact page (or give us a call).
Q: Are you actually listing my house on the MLS or buying it?
A: Great question. We’re not agents, and we don’t list houses. We buy houses Toronto that fit our buying criteria. From there we may repair the house and resell it to another home owner or keep it as a rental ourselves.
Q: How do you determine the price to offer on my house?
A: Great question and we’re an open book… so I’m glad you asked. Our process is rather simple. We look at the location, what repairs are needed, condition, and values of comparable houses sold in the area recently. As you know, house values have taken a huge hit in the last 5 years and most areas still haven’t seen prices come back up. So, we take everything into consideration… and come up with a fair price that works for us and works for you too.
Q: Are there any fees or commissions to work with you?
A: There are NO fees or commissions to work with us. We’ll make you an offer, and if its a fit… we’ll buy your house (and we’ll often pay for the closing costs too!). No hassle. No fees. We make our money after we pay for repairs on the house (if any) to fix it up so it’s nice and pretty… market the house, and sell it for a profit (we’re taking all of the risk here on whether we can sell it for a profit or not, once we buy the house from you… the responsibility is ours and you walk away without the burden of the property and it’s payments… and oftentimes with cash in your hand).
Q: How are you different from a real estate agent?
A: Real estate agents list properties and hope that someone will buy them. The average time to sell a property in many markets right now is 6-12 months. As you know, you pay a commission as a % of the sales price when you work with a real estate agent. Often times it’s 3-6% of the sales price (so if it’s a $100,000 house, you’ll pay between $3,000 – $6,000 in commissions to an agent). Agents provide a great service for those that can wait 6-12 months in many cases to sell and who have room to pay the commission on the sale. Our company actually buys houses. We don’t list houses. Since we’re actually the one buying the house from you, and we pay with all cash… we can make a decision to buy your house within a couple days (sometimes the same day). Again, we make our living by taking the risk to buy the house with our own cash, repair the house, and market it ourselves to find a buyer (which is the hard part in this market).
Q: Is there any obligation when I submit my info?
A: No obligation at all. Once you tell us a bit about your property, we’ll take a look at things, maybe set up a call with you to find out a bit more, and make you an all-cash offer thats fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your house to us… and we won’t hassle you, won’t harass you… it’s 100% your decision and we’ll let decide what’s right for you.
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Q: How does this process work exactly?
A: To start, fill out the form on our website or call us directly at 647-484-3777 to tell us about your property and the type of sale you’re seeking. If your property qualifies, we will set up an appointment for our Acquisitions Manager to meet you personally and view your home. Immediately, after, we will make you a cash offer; if you accept, we can sign an agreement and, at that point, you will have sold your home. It’s really that simple. No hidden fees, no obligations. You can watch our online testimonials to learn how we bought homes within days or even hours of the seller contacting us.
Q: My house is currently listed with an agent. Will you still buy it?
A: We typically buy homes that are off the market (or have been recently terminated from the MLS), but will consider your listed property if it meets these criteria: 1) it’s been listed for awhile (at least 30 days) and you are tired of the open market and looking for a fast sale, and 2) you may need to terminate the listing or pay your sales agent (but not ours). The good news is we will not have a buyer rep, so you will not have to pay that additional commission as you typically would with a traditional homebuyer.
Q: When you buy my house, do you actually pay me cash?
A: Yes, in the form of a bank draft or wire transfer. Not a briefcase of dollar bills! Paying “cash” also means our purchases are not conditional on financing from banks or any other type of traditional lender. Once you’ve accepted our offer, the deal is firm and you will receive the funds from your lawyer on closing day.
Q: I’m not looking to sell, but I’d like to get a quote. Can you come by and give me one?
A: We are cash buyers, not appraisers. We recommend you hire a licensed appraiser to come over and make an assessment of your home’s current estimated value.
Q: I’m not looking to sell, but I know someone who wants to and doesn’t doesn’t plan to list. Can I refer them to you?
A: Of course! We love your referrals. All we require is you call us and give you that person’s name and phone number. We’ll let them know you sent us. If the deal works out and we buy their home, we will pay you a referral fee. Our referral fees are typically $500-$1000, but can be higher if you find us a great deal.
Q: Do you pay fair market value?
A: The term “fair market value” is highly subjective and varies from seller to buyer. But yes, for our service, we pay fair market value in the sense that we offer a reasonable price based on the flexible terms we provide and the type of spread we need to buy your home as an investment. There are many instances where we have paid the seller’s full asking price because the numbers
worked for us as an investment. We aim to make the purchase and sale a win-win for everyone.
Q: After buying my home, do you intend to live in it?
A: We are not retail buyers — we do not live in the homes. We renovate and resell or rent them out with our partners. The renovation can be minor cosmetic or even a major structural rehab. We buy homes in any condition. Since we are not retail buyers, we may not pay retail “MLS” value because we are not owning the homes long enough to rely on appreciation and are not financing off a bank’s appraisal. We are buying these homes as an investment mostly for the short-term. Nevertheless, we are buying firm for cash, which is an exceptional offer.
Q: Can we use the same lawyer?
A: For any purchase and sale of real estate, the buyer and seller must have separate legal representation. If you do not have a lawyer, we can refer one to you. Your lawyer will hold our deposit, transfer the deed, and release the balance to you (after any and all liens and debts are cleared) on closing.
Q: My home is a mess. Can you give me some time to clean it before you come buy it?
A: We buy homes as-is, so there’s really no need to clean or declutter beforehand. Once again, we don’t use traditional lenders so one of the benefits of selling to us is you don’t have to stage the home to impress us or the bank. Also, you don’t have to pay for staging or arrange an open house like how you would if you were to list. We’ve seen it all, so don’t go out of your way to make your home showable. It won’t impact our interest or ability in buying your home. And we don’t judge; in fact, for what we do, oftentimes the uglier the better!
Q: I have a difficult tenant(s) or one of them wants to stay after I sell. Is that a problem?
A: While we would prefer vacancy with immediate possession, if you have a difficult tenant we can arrange a deal where we assume the tenant and save you the headache of filing an eviction order, paying courts costs, etc. All you are required to do is give the tenant(s) 24 hours notice of our showing when we come to buy your home. The price we would offer would likely be lower if we are assuming tenants than it would be with vacancy.
Q: How quick can you close?
A: As quick as 2-3 weeks for the most urgent sales, but typically you are looking at 4-6 weeks from signing to closing. We can also close later, even 2-4 months if need be. That’s the great part of selling to us. Since we do not live in the home and do not rely on banks, we have that flexibility to make the sale as easy as possible for you.
Q: I need money now for a down payment on a new house, or I won’t have a place to live after my home closes. Can you help me?
A: There are special circumstances where sellers need money upfront for a down payment or to pay off an urgent debt. We are able to pay some of the purchase price upfront ONLY IF you have enough equity in your home for us to mortgage it. You pay no interest on this upfront deposit provided the property closes on the agreed date. Very few buyers would be willing to offer this
option, which is why selling to us is a great decision and beneficial for a lot of sellers.