We Buy Newark Houses In 3 Steps!
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We’ll call you and ask a series of questions to become familiar with your property.
- Is it a single family or multi-family home?
- How many bedrooms and bathrooms?
- Do you have a finished basement?
- Are the utilities separate?
- Is there an attic?
- Do you have a driveway and garage?
We ask all of these questions to be able to give you the best possible offer for your home.
This allows us to find houses that are as similar to yours as possible allowing us to calculate the highest market value.
We will schedule a time to come by for a quick visit to take pictures and verify that your information is accurate. This process helps us calculate the true value of your home. Maybe you just updated a kitchen or bathroom. It’s always very important to know that we are comparing apples to apples.
CRUNCHING THE NUMBERS
Now that we have all the information we need we can go back and analyze the numbers and come up with our offer.
We have a combined 40-year history in the New Jersey Real Estate market, so we know that our offer will be the best possible offer for your home.
We are a WIN – WIN or NO DEAL company. We look for the opportunity to find solutions that work for everyone involved. We stick to a formula that makes it very simple to come up with an offer.
ARV (After Repair Value)
What will this property ultimately sell for after repairs
Because of our extensive backgrounds as agents we are very good at pricing properties. We have lived in this area our whole lives and understand that every neighborhood and every street is unique. The other wholesalers and companies that are offering to purchase your home are not as able to come up with proper pricing. They often have to account for a large margin of error and will often undervalue the ARV in order to offer you a lower amount.
That’s the first reason we can give you the highest offer for your home!
COR (Cost of Repair)
What it will cost to repair and update the property to get the ARV (After Repair Value)
Obviously we need to extract the most value out of the property. We sell hundreds of properties a year and we know what is trending right now in interior design. You would not believe how impactful the color of kitchen cabinets is on the value of the home.
With this understanding, we know how to not overspend on repair which would directly affect our offer price.
That’s the second reason we can give you the highest offer for your home!
CC (Carrying Costs)
What it will cost to purchase and own the property so that we can rent it out.
Lending is volume and market-driven. The more deals you do with a bank the better rates you can receive. And we do A LOT of deals every year. By bringing our costs down to a minimum we are able to offer you more
That’s the third reason we can give you the highest offer for your home!
The highest possible offer for your home. Period!
That’s the formula ARV – COR – CC=YOUR HIGHEST OFFER. Simple right?
Accurately assessing these factors is why we can give you the highest offer for your home.
All of this work is provided to you FREE of charge. Even if you do not sell us your home, we will provide you with this valuable report.
We will draw up a simple 2-page document that outlines the agreed-upon price, how the money is going to be distributed when all of the payments are due, and when we are going to close.
The Dreaded Process of Inspections
We know that there are other companies out there that will promise you the world. They tell you whatever they think you want to hear just to get you to sign the contract.
Chefsbuyhouses.com is not that type of company.
Acquire a Certificate of Occupancy
The State of New Jersey requests that a city official comes to your property and makes sure it meets the requirements of being habitable. Now obviously, you are living on the property so it has to be… However, there are certain safety concerns that they want to make sure are properly addressed.
We need to ensure the integrity of the building. We bring in, at our cost, a home inspector to go over the property and make sure there are no deficiencies in the building and can ensure that what we are buying is safe and sound.
I know this sounds like a lot of inspections and would take a lot of time. However, we are very professional in the way do this. We arrange everything to be done in one or two visits so as not to disturb your life.
Our investors and banks require us to perform two other inspections in order to fund a deal.
Oil Tank Sweep
A lot of homes in the State of New Jersey converted over to gas heat from oil years ago. Some properties have oil tanks buried in their front lawns or driveways. The State used to deem that if you fill with foam or sand, there is no issue with the tank and it can stay underground. That thought process changed about ten years ago. As it turns out, some of the time, oil was left in the tank. The combination of the soil with the oil left in the tank corrodes the metal. This leaches oil into the dirt and causes an environmental issue.
Acquire a Smoke Certificate
Most towns in the State of New Jersey require you to have smoke detectors in common areas including the basement and sleeping quarters, as well as fire extinguishers mounted no more than 10 feet from every cooking surface. The fire departments in some towns like to come in the home and inspect this before they sign off on the sale.
All the Legal Stuff
Since we purchase houses daily, our attorneys and title companies are very quick to get all the searches and contracts to ensure a quick close. While we suggest you have your representation present, we keep the process very simple so we all have an understanding of the process.
We have no problem taking over the property with tenants in place. We would rather have them in the units. We can see past payment history and want to make their presence as easygoing as possible for you. There is no need to even discuss the transaction with the tenant until closing.
We will provide letters to you to inform the tenants of the new landlord so there is no risk of you losing their rental payments.
Final Walkthrough and GET PAID!
At this point, we are in the home stretch of this process. We will come by the home the day before closing to make sure everything is in place and the condition of the property is the same. The next day, we will meet at our lawyer’s office and proceed with signing all the documents, cutting checks, and handing over keys to the property.
AND THAT’S IT, YOUR DONE!!
As I said earlier this sounds like a long process but in fact, it can sometimes take as little as 30 days. There are always instances where if we need to close sooner there could be some waivers to the process to make it happen sooner.
We can address taking the house with fewer inspections to move the process quicker but we would have to have price adjustments to secure its a fair transaction.