Frequently Asked Questions
Maybe you have a few questions. That’s okay; most people do. So here’s a quick collection of some of the questions people ask us… along with our answers. If you still have a question, don’t hesitate to contact us (or give us a call) and we’ll be happy to answer it for you.
Q: What classifies as a “condo?”
A: A condo is an apartment house in a multi-unit complex where the units are individually owned. Typically the units are connected, but in some cases the units are stand alone.
Q: Is a condo different than a townhome?
A: The difference between a townhouse and a condo (of any size) is in the form of ownership. In a condominium, the homeowners own the inside of their home—but the exterior, the land and the common areas are owned by an association.
Q: Do you buy condos that need repairs?
A: Yes, we buy the condos “as is,” and that typically means some repairs are required!
Q: What about condos that don’t need any repairs?
A: We’ll take those too!
Q: Will you be listing my condo on the MLS or actually buying it?
A: Great question. We’re not agents, and we don’t list condos. We are professional condo buyers: We buy condos Orange County that meet our purchasing criteria. From there we may repair the condo and resell it to another home owner or keep it as a rental ourselves.
Q: Do you pay fair prices for properties?
A: Many of the condos we purchase are below market value (we do this so we can resell it at a profit to another home owner). We are looking to get a fair discount on a property. However, in our experience, many sellers aren’t necessarily expecting a large “windfall” on the property but rather appreciate that we can offer cash, we close very quickly (no waiting for financing), and no time or effort or expense is required on your part of fix up the property or pay agent fees. If that’s what you’re looking for and you see the value in getting your condo sold fast… let’s see if we can come to a fair win-win price. (Besides, our no-obligation pricing commitment means that you do not have to move forward with the offer we give… but it’s good to know what we’re offering!)
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Q: How do you determine the price to offer on my condo?
A: Great question, and we’re an open book: Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and values of comparable condos sold in the area recently. We take many pieces of information 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: This is what makes us stand out from the traditional method of selling your condo: There are NO fees or commissions when you sell your condo to us. We’ll make you an offer, and if it’s a fit then we’ll buy your condo. No hassle. No fees. We make our money after we pay for repairs on the condo 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 condo 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 agent shows the properties to prospective buyers, if there are any, and then take a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 4-6% of the sale price of your condo (so if it’s a $300,000 condo, you’ll pay between $12,000 – $18,000 in commissions to an agent). Agents provide a great service for those that can wait months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different: We’re not agents, we’re condo buyers. Our company actually buys condos. We don’t list condos. Since we’re actually the one buying the condo from you, and we pay with all cash… we can make a decision to buy your condo within a couple days (sometimes the same day). Again, we make our living by taking the risk to buy the condo with our own cash, repair the condo, and market it ourselves to find a buyer.
Q: Would you still want to buy my condo if there is a tenant already living there?
A: Yes. We are still interested in making you an offer on the condo, even with a tenant.
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 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 that’s fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your condo to us… and we won’t hassle you, won’t harass you… it’s 100% your decision and we’ll let you decide what’s right for you.
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