Frequently Asked Questions and Answers…
Is BVI a real estate agent or broker?
Why do folks sell their property to BVI?
How does BVI operate?
Does my house have to be a certain size?
What if my house needs a lot of work?
What if I'm behind on payments or in foreclosure?
How do you determine the price you're willing to pay?
What is the process - how do I get started?
What are the fees, commissions and obligations?
Why not list with a traditional real estate agent?
Won't I make more money by listing with a real estate agent?
If I have relocated out of town, do I have to come back for a closing?
Can you really take over my payments and allow me to walk away?
If you have any additional questions don't hesitate to email us at info@blockventures.com.
Q: Is BVI a real estate agent or broker?
A: Neither! Block Ventures, Inc. is a team of real estate investment professionals with an associated group of private investors. We buy houses on a regular basis across Northern/Central California in a variety of sizes, styles and price ranges. But the best part is we use private funds that do not require long, drawn out bank or mortgage company approvals. We are not associated with any real estate agency or broker. We do not want to list your house - we want an opportunity to purchase your house and we may be able to do so immediately .
Q: Why do folks sell their property to BVI ?
A: People sell their house for many different reasons. They may be moving to a larger home or downsizing to a smaller one. Or maybe they're just taking advantage of a job opportunity and must move. There are also reasons like divorce, job loss, getting behind on payments, health problems, or just tired of being a landlord. We also specialize in helping people stop foreclosure so they can save their credit giving them the ability to buy another house in the future.
Q: How does BVI operate?
A: We use private funds to buy houses quickly, typically for all cash, providing a valuable service to homeowners who need to sell quickly with minimal hassle. We can take over payments, give cash for equity, make repairs, handle all the paperwork, and give you the peace of mind of knowing that everything is being taken care of professionally and efficiently. It is our business to act quickly and effectively to find solutions that fit your needs. We take this business VERY seriously, and strive to make each and every client pleased with our services and exceed their expectations. Let us help you!
Q: Does my house have to be a certain size?
A: No, we have purchased properties as small as a 1 bedroom condominium or duplexes up to 6,000 sq ft estate homes. So the size of your property really doesn't matter.
Q: What if my house needs a lot of work?
A: No Problem! We buy houses “as is.” Most of the houses that we buy need work. This is a major advantage that we offer over listing with a real estate agent. If we buy your house, we will make all repairs and improvements, and we will take on all the risks associated with making repairs as well as the risks associated with resale or renting of the property. We can even buy fire-damaged property, houses with mold, termites, or foundation problems!
Q: What if I'm behind on payments or in foreclosure?
A: BVI can work with any seller. We specialize in assisting California homeowners who are jeopardy of losing their homes to the bank due to foreclosure . So if you have received a Notice of Default or are already in the foreclosure process, just contact us now and we may be able to bring you current and/or stop the foreclosure.
Q: How do you determine the price you're willing to pay?
A: Just as every homeowner's situation is unique, so is the process in which our home buying specialists determine what an appropriate offer for a property might be. Taken into consideration are the condition of the home, cost of repairs that need to be made to the home, the current local market conditions, as well as the urgency of the situation.
Q: What is the process - how do I get started ?
A: You have a couple of options to get started. Basically, you can go to the Register Now page on this site and submit our registration form. Or, you may call our FREE information line at (888)714-9775
from 8:00 am to 8:00 pm, or leave a message and someone will get back to you ASAP. In either case, we need a little information. We need to know the property address, property description, any loans balances on the property, if there are any liens or judgments, if you are behind on payments, and, if so, how much. Also, we need to know the overall condition of the property or any other pertinent information regarding the house or the financing.
All this information is held in strict confidence.
Q: What are the fees, commissions and obligations?
A: None! That's right! As we like to say, “Don't list your house, sell your house.” Following the traditional listing process it can take months to market, sell, and close on your house when you might want to move now. We recommend you call us first because we can save you the headache of continuing to make payments or dealing with it yourself because we can buy your house so quickly. There are no fees, commissions, or any obligations by seeing what we have to offer. We also keep all of your information strictly confidential.
Q: Why not list with a traditional real estate agent?
A: Well, there are various reasons that selling your house directly to us is an advantage to you:
- We will not force you to keep your home in "show" condition at all times just in case some prospective buyer decides they want to see your house on a moment's notice
- No requirement for costly renovations. A listing real estate agent will often ask you to make a number of repairs, improvements, etc., to your property in order to get it in shape to show to prospective buyers.
- You will not have to vacate your home every weekend so that strangers can go through your house criticizing your decorating tastes and poking into your closets and drawers.
- No requirements to continue to make mortgage, real estate tax, home insurance, HOA dues, landscaping and other payments. BVI will make all the payments while WE try to sell the house or rent it out. BVI removes the risk from you shoulders, and plants it squarely on ours!
- If you have relocated or vacated the property, you avoid the worry of vandals, burglary or property damage.
- We can move fast, with the ability to close within days, as we use private investor funds that require no long drawn-out and time-consuming processes that banks require!
- You can get on with you life NOW, without waiting and hoping that you will get a fair offer. We will give you a fair offer within a short period of time if your house qualifies for one of our purchase programs!
- And of course, there are no fees, commissions or other costs involved. You are under no obligation to accept our offer
Q: Won't I make more money by listing with a real estate agent?
A: We can best answer this question by looking at a simple example.
A. Suppose that the owner lists this house with a real estate agent with a perceived retail value of $500,000.
B. Depending on the state of the market, an average house in the US sells for about 92 to 96% of its asking price. Let's be optimistic and say that the homeowner is able to sell this house for 95% of its asking price, or $475,000.
C. Now, the typical real estate commission is 6%. So the owner gets to deduct $28,500. Yes, the owner will be paying the agent almost $30,000 for putting his house on the Multiple Listing Service, sticking a sign in the front yard and running a couple ads!
D. On average it may take 60 days to 90 days to sell the house, and in addition, the typical escrow period is a minimum of 30 days, and very often 60 days or more. During this time the owners will need to continue to pay their mortgage payment, as well as property taxes, insurance premiums, HOA fees, utilities, housecleaning, landscaping, etc., while the real estate agent is waiting for a qualified and willing buyer to come along. So, for a minimum of 90 to 120 days, they could be paying an additional 2% to 3% in holding costs, or $12,500, further reducing their potential equity.
E. Let's not forget those repairs and home improvements that the listing agent will suggest that the owner make in order to get the house in "show" condition for all of those weekend open houses and nightly showings to prospective buyers. Even for minimal repairs like paint and carpet, the costs can easily run another 2.5 to 3%, or another $13,750 off the top. Repairs can easily run much more than this if the property needs more significant work like electrical, plumbing, roof repairs, foundation repairs, etc.
F. There are also some closing costs that the real estate agent will explain is "customary" for the seller to pay in selling the house. These closing costs consist of things like title insurance, escrow fees, transfer taxes, termite inspections, etc. These can easily amount to another 2% of the retail property value, reducing the payout by another $10,000.
G. So, now that $500,000 home is only going to net the seller $410,250, minus the remaining payoff amounts for the existing mortgages.
Adjustments to Gross Selling Price – Using Traditional Methods
A. Gross List Price |
$500,000 |
B. Reduction of List Price to Selling Price |
(25,000) |
C. Real Estate Agent Commission – 6% |
(28,500) |
D. Holding Costs – 2.5% |
(12,500) |
E. Repairs, Improvements and Visual Enhancements – 2.75% |
(13,750) |
F. Closing Costs |
(10,000) |
G. Net Price to Seller |
$410,250 |
We can usually pay the property owners the same or more than they would make in going through a traditional listing with a real estate agent. Naturally this depends on the condition and location of the house and particular circumstances.
Further, and more importantly, we can offer you the peace of mind of having everything taken care of in a quick and professional manner, resulting in a win-win situation for both of us!
Please go to Register Now and take a moment and fill out and submit the form in order to have us consider your house for one of our innovative purchase programs. There is no obligation and no application fee! One of our knowledgeable representatives will promptly contact you.
Q: If I have relocated out of town, do I have to come back for a closing?
A: No, the amount due to you at closing can be mailed to you.
Q: Can you really take over my payments and allow me to walk away?
A: Yes! Our walk away option has gained tremendous popularity and works very well with newer homes or re-financed homes that have little to no equity.
