Frequently Asked Questions
Selling your home is a big decision. If you’ve only ever sold a home through a retail transaction, you might have a few questions about how Renewed Homes is different, and just how our process works. To help you out, we’ve put together answers to a few of our most commonly asked questions below.
Where Does My Cash Offer Come From?
Every offer we make is based on calculated market research.
When you contact us about your house, we get the ball rolling by running a comparable market analysis of all similar-sized homes sold in your area in the last 6 months to a year.
We look at each of the selling prices for those comparable houses, and then we compare those prices to your home.
We’ll assess the condition of your home, take into account any necessary repairs or costs associated with your home, and from there, we arrive at our offer.
Renewed Homes is dedicated to making fair, cash offers to all of our clients. Every offer we make is founded on extensive market research, and reflects the value of your home based on the area, its condition, and size.
How is Selling My Home to you Different than Selling to Someone Else?
The Renewed Homes selling process is different from traditional retail sales. We like to think our process is way better and definitely easier! We can close quickly — in 10-15 days in most cases — and we make cash offers.
Here’s how it works:
In a typical retail transaction (one with realtors and inspection agents), a seller ends up paying 10-13 percent of the sales price for closing costs and buyer concessions.
Let’s say you sold your home in a traditional retail transaction for $100,000.
After closing costs, inspections, and any concessions the buyer requests, most sellers will only walk away with a check for $85,000-$90,000. That’s a huge chunk of your money, and it can take months to see any of it, too.
When you sell your home to us, you get exactly what we offer, and you get it quickly.
Renewed Homes handles all of the closing costs, we don’t request inspections, and we don’t ask for concessions. We’ll agree on a price for your home, and that’s the money you’ll get.
Still have questions about our process? Check out our complete selling process here.
How Do I Get Paid?
We start the purchasing process by going through a title company who will get all of the legal paperwork taken care of. When that’s all set, you have the option to receive your money by verified cashiers check or wire transfer direct deposit.
We’re happy to accommodate whichever payment option is best for you, but we always recommend our clients choose the wire transfer. This way, you don’t have to worry about your bank putting a hold on your funds while they process the payment — the money is immediately added to your account, and you can access it same day.
You Said You Can Close in 10-15 Days. Do I Need To Move Out Right Away?
Only if you want to! We understand that it’s not always easy to move on from a family home, and that you might need some time to get your possessions together before you leave.
At Renewed Homes, we pride ourselves on the flexibility we offer our clients, and we’re always happy to work out an arrangement that works best for you. If you need to close quickly, but still need a little time to move out, we can make that happen.
I'm Moving Away/Out of State. Can You Get Me Out of My House Now?
Absolutely! One of the benefits of selling to Renewed Homes is our flexibility. We’re truly here for our clients, and we’ll work to make sure you’re well set up for your next chapter.
If you need to move now, we’ll happily work to accommodate you. We can sign a purchase agreement now and give you an advance on your sale as a good faith deposit. This can help you put a down payment on your next home, or rent the U-Haul you need to move.
Then, we can get you the rest of your money as soon as your home closes, or we can set a closing date that’s convenient for you.
What About All the Stuff in My Garage, Basement, or Attic?
Take what you want, leave what you don’t.
We’ve said it before, and we’ll say it again. At Renewed Homes, we work to create the best possible situation for our clients.
If you’ve inherited a home and just can’t imagine spending weeks cleaning it out, or if your family home is just too much to handle, we’re happy to take care of it for you. You’re free to leave whatever you don’t want behind, and we can handle the cleaning, too.
Do I Have to Sell My Home For Cash?
Here at Renewed Homes, we work to find the best solution for each and every client. It’s our process to first meet with you before we do anything. We’ll listen to your situation, do a quick walkthrough of your home, and then lay out all of your options. Whether you’re interested in options that allow you to keep your home, or you’re hoping to sell your home for more money, we can help.
We often partner with homeowners to renovate their homes and help them sell it for top dollar. Our large, experienced crew has renovated more than 75 homes in the area, and we also work with local real estate agents to ensure every client gets the best possible offer for their home.
If you’re facing debt, but still don’t want to leave your home, we can help you find a solution there, too.
I'm Want to Keep My Home But I'm Facing Foreclosure. Can You Help?
Yes. Renewed Homes does a lot more than just purchase homes for cash. We work with qualified homeowners to help you move on from financial worry however we can.
If you have equity in your home but are facing financial trouble from debt and liens, we can help. We’ll cover that debt, giving you the time you need to get back up on your feet and make a new start.
My Home Needs Repairs Before I Can Sell, But I'm Not Sure Where to Start?
No worries, we can help. With us, you have two options when it comes to selling:
- Sell your home for cash. Leave your home exactly as it is. No cleaning, no repairing, no worries. We’ll make you a fair cash offer based on the market value of your home, and you’re free to go.
- Work with us to repair your home. Our large crew of renovators can identify the biggest problem areas in your home, and get them fixed up in no time. Then, one of our experienced realtors will help you list and sell your home at the best possible price. At Renewed Homes, we believe every client should have access to all of the available options.
Know that no matter which of these seems better for you, we’ll always come out to meet you in person to fully explain each of your options before you have to make a decision. We want to offer you the best solution for your situation.
My Home is At Risk Of Tax Foreclosure. Can You Help?
Absolutely. Tax foreclosure is a long, and often confusing process in the State of Michigan. We work with local homeowners to help them, (1) get out from under that troublesome home with a fair cash offer, or (2) stay in their home and pay off that debt.
In addition to purchasing homes for cash, we also work with homeowners to cover their liens and debts so they can get back on their feet and keep their home. When you meet with us, we’ll fully explain all of the options that we can offer to help you get back on your feet.
I've Fallen Behind on Mortgage Payments. Can You Help Me?
Here at Renewed Homes, we work hard to find the optimal solution for every client. If you’ve fallen behind on your mortgage payments, and aren’t sure how you can get out from under that troublesome home, we can help.
First, we’ll meet with you. We want to talk face-to-face about your situation, and get a quick look at your home, too. After that, we’re able to lay out all of your available options. We can make a cash offer, help you renovate and sell the home, and even work to help you keep your home. If you’ve fallen behind on mortgage payments, we can even take those over for you and offer you a little cash on top of that to help you move on from that troublesome home.
I Don't Have Much Equity in My Home. Are There Options for Me?
Absolutely. Even if you don’t have much equity in your home, we can still work to find a solution that gets you out from under debt, and onto the rest of your life. While we always want to talk with you first, before we tell you what your options are, it’s good to know that we can take over mortgages for clients. In that situation, we’ll take over your mortgage payments, and offer you cash on top of that, to help you move on with your life.
Rehab vs. Selling
When it comes to selling or rehabbing your home, you want to make the right decision. This guide will give you all the information you need to make a decision that’s best for you and your family.
Cost of Selling Your Home Through a Retail Transaction
Homeowners enter into the retail transaction process because it’s the only option they know. This guide will help you better understand the transaction process.