Frequently Asked Questions
General questions about our company, service, and properties we offer.
Q: What is Real Estate Wholesaling?
We are working hard to bring the best opportunity deals to our buyers. Real estate wholesaling involves finding properties below market value and assigning the contract to another buyer. We act as intermediaries between property sellers and buyers, helping buyers purchase properties at a discount while offering sellers a fast, hassle-free sale.
Q: Do I need to pay any fees to work with you?
There are no fees to sign up or receive deal notifications from us. Our compensation is already included in the offer price as part of the assignment fee, so there are no additional costs beyond the standard closing costs.
We structure our deals to ensure a straightforward and transparent process. When you purchase an investment property from us, the price you see reflects both the value of the property and our efforts to secure a great deal for our buyers. This makes it simple and hassle-free for you.
Q: How do I join your buyer list?
Fill out the buyer registration form on our website or contact us directly. Once registered, you’ll receive notifications of available properties that match your investment criteria.
For Registration: https://www.7minuteshousedeals.com/go/investment-properties/
Q: How are this site’s properties different from
those I’d find on the MLS?
Most properties you’ll find on our site are ones that you’ll never find on the MLS. The MLS is the “Multiple Listing Service” which is where real estate agents list properties for sale. We work directly with the homeowners because many times we’re able to help them solve their problems more quickly and cheaper than listing them on the MLS.
Q: How do you determine property values and pricing?
Our analyst department assesses property values using market research, comparable property sales, and the property condition. Our goal is to offer properties with a solid investment return for buyers.
Q: What should I do if I’m interested in a property?
Notify us as soon as possible. Wholesale properties often move quickly, so responding quickly ensures you have a better chance of securing the deal.
Q: Can I inspect the property before making a decision?
Absolutely. Due to the delicate nature of the situation, we typically allow one walk-through before making an offer. This one-hour visit is intended to confirm the property’s condition, as all key details are already provided in the marketing materials.
Q: How do I make an offer on a property?
Simply, head over to our Contact Us page and send us an email or give us a call. The telephone tends to be the quickest way to reach out to us. Once you connect with us and you want to purchase the property, we will send you our contract with all the details you need to know, including our title company, Earnest Money amount, and closing date.
Q: When are offers due?
Offers are due the next business day at noon after a scheduled walk-through.
Q: What is the typical closing timeline?
Most contracts require closing within 10-30 days. We clarify each property’s timeline in the deal details. Buyers should be prepared for timely closings due to the nature of wholesale deals.
Q: How much of an Earnest Money Deposit (EMD)
do I need to submit?
To secure a deal, we require the accepted buyer to provide an earnest money deposit (EMD) to the title company of $5,000 or 3% of the asking price, whichever is greater. While the EMD is typically non-refundable, it will be refunded if we are unable to obtain a clear title for the property. Please note that the EMD must be submitted within 24 hours of acceptance.
Q: Can I choose the Title Company?
We use a title company that handles wholesale transactions. We get a great bulk discount, and we pass those savings on to you.
Q: How do I pay for the property?
Buyers can use Cash or Hard Money loans. Financing options such as traditional mortgages may not be suitable due to the short closing timelines.
Q: What is an ASSIGNMENT of contract?
We wholesale real estate. The properties we email out are under contract through us. An assignment of contract is a document where we assign the rights of our purchase and sale agreement (PSA) to an end buyer (possibly you!). The end buyer agrees to all the terms of the original PA and the assignment document.
Q: Who does the Transaction Coordination?
We have an in-house transaction coordinator that handles the in-between of buyer and seller.
Q: What is a Post-Possession?
Post-possession occurs when an occupant or the owner on title at the time of marketing needs to remain in the house for up to 30 days after closing, often because they require the proceeds from the sale to fund their move to a new home. To manage this situation and minimize risks, we typically negotiate a holdback arrangement.
Here’s how it works:
- A portion of the proceeds is held in escrow by the title company until the occupant vacates the property within the agreed time frame (usually 30 days or less).
- If the occupant moves out on time or before, the full holdback amount is released to them.
- If the occupant vacates late, a portion of the holdback is released to the buyer as compensation, depending on how late the occupant was in moving out. The remainder, if any, is released to the occupant.
This tiered approach ensures fairness and accountability while providing both parties with clarity and protection during the transition period.
Q: How does the buying process work?
- Step 1: We find properties at a discount and secure them under contract.
- Step 2: We send you the deal details, including property specs, price, pictures, and videos.
- Step 3: If you’re interested, let us know and we will send you our showing time.
- Step 4: After the showing, let us know what you think about the property. Your feedback is important to us!
- Step 5: If you want to make an offer, let us know and we will send you our contract with all the details you need to know, including our title company, Earnest Money amount, and closing date.
- Step 6: If your offer is accepted, we will notify you, and you will have 24 hours to deposit the Earnest Money (EMD) with the title company as required.
- Step 7: One of our great transaction coordinators will take you hand in hand throughout the whole process until we close on the house and will take care of everything with Title.
- Step 8: The title is clean, all ends signed on the closing docs, and the Buyer funded the deal.
- Step 9: Congratulations, You are the new owner!