BuyHere PayHere HOMES

FAQs

What is Buy Here Pay Here Homes?

Buy Here Pay Here Homes is a national leader in the purchase of foreclosed homes from banks and financial institutions. We purchase homes in bulk and pass these discounts onto the general public.

What types of homes does Buy Here Pay Here Homes sell and where are they located?

Buy Here Pay Here Homes sells homes that are typically priced under $50,000.  We have properties in 30+ states.

Why are these homes so cheap? How is this possible?

Amazingly, many of the homes we sell previously sold 5 years ago between $100,000 and $200,000. Due to the massive amount of foreclosures which took place over the last few years banks are literally selling them for pennies on the dollar. Our long standing relationships with lending institutions and our ability to fund large bulk purchases of homes allow us to purchase at huge discounts and in turn sell at discounts to the public. 

What is a quit claim deed?

 

A quit claim deed essentially transfers whatever rights the existing owner/grantor has in the property, but includes no guarantees that clear title exists. Quitclaims do not guarantee the title is clear of liens, such as tax liens, mortgage liens, mechanics liens and the like, or that there are not other owners on title as well as the grantor.  The interest the grantor has is what the grantee gets. Quitclaim deeds are by far the easiest, quickest, and least expensive to use, and require little professional assistance.

How can I view a property I am interested in?

Once you have located a home of interest, click the Request a Viewing link on the property page or call our toll free number (800) 849-3918 to speak with the asset manager.  We will make arrangements for you to view the property at your convenience. 

I am an all cash buyer what are my options regarding title and deeds?

Most of our buyers obtain title through a quit claim deed. This is how we receive title from the banks and how we transfer them to our buyers in most cases. There is a deed recording fee contingent on the municipality.  The other option is to obtain a special or limited warranty deed through a full closing, in which case you will have to obtain title insurance from a third party title company. For full title insurance closings, we charge an additional $395 transaction fee.  In addition, you are responsible for all closing costs related to the...

What is the physical condition of the property?

Our properties come in various conditions.  We encourage you to do all of your own due diligence which includes touring the property and inspecting it to make sure you are fully aware of the condition and any physical defects. We do not make any representations or warranties as to the condition.

What are my options for purchasing?

When purchasing from Buy Here Pay Here Homes we offer two methods of purchase:  cash or seller financing.  Cash for deed is the easiest, simplest and most affordable method.  We are able to give you the best possible pricing this way.  We accept wire transfer, certified bank check, or pay pal.  Seller financing (land contract or contract for deed) is available if you are unable to come up with the entire cash price at once.  We are willing to work with you to find the terms that best fit your needs.

There are no...

Are there back taxes, liens or encumbrances on the property?

Since our properties have recently gone through the foreclosure process most liens have been wiped out.  What does stay on the property are delinquent and current taxes if any, delinquent water bills (in certain areas) and housing code violations. We are happy to share any information we have obtained in prior research relating to liens, back taxes, etc, however we do not make any representations or guarantees and recommend that you do your own due diligence to confirm. If you have further concerns you can order a title report which we can assist you...

What is a special or limited warranty deed?

A special or limited warranty deed is less protective to the buyer than a general warranty deed. The grantor of a special warranty deed conveys the property with two warranties: that he or she received the title to the property; and, that the property was not encumbered during his or her ownership. The grantor of a special warranty deed warrants the title only against his or her own omissions and/or defects, and warrants nothing pertaining to the title prior to his or her possession.

When do I get my deed if I have a land contract?

The deed to the property remains in the seller’s name until the terms of the contract have been satisfied. The deed is then transferred into the buyer’s nam. You have the option to pre pay at anytime or make additional payments to reduce principal without penalty. 

Do we work with local real estate agents?

Yes! Many of our properties are listed on the MLS with local realtors. Please email us if you would like to be added to our list of potential realtors. Please include all applicable information.

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