Questions to ask any cash buyer, any broker, any manager, including me.

Any cash buyer

1. Are you buying for your own account, or are you a broker acting for me? Get the answer in writing. When I buy through WeBuyYourHome.cash, I am the principal, not your agent, and that is disclosed to you in writing before anything is signed.
2. Is the offer in writing, and by when? A number said on the phone is not an offer.
3. Are there any commissions, fees or charges at all? The cash route on this site charges you no commission and no fee; like any seller, you still pay your own attorney and the seller’s transfer taxes. Ask anyone else to put the same in writing.
4. What am I expected to repair, clean out or show? As-is should mean as-is.
5. Who picks the closing date? You should.
6. Does the offer change if the house is occupied, vacant or inherited? It should not change whether you can sell; it can change the number. Ask which.
7. Will you ever ask me for an upfront fee? Never pay one to stop a foreclosure; New York law prohibits collecting one in most cases. Anyone who asks is telling you something important about themselves.
8. Will you ask me to sign a deed today? Read every deed before you sign it. No legitimate buyer needs your signature today.

Any listing broker

1. Are you a licensed New York broker, and who exactly will handle my file? The person who answers the phone should be the person answering for the file.
2. What is your commission, and will it be in writing before I sign anything? Commission disclosed before you sign is the standard on this site; ask everyone for the same.
3. How did you arrive at the asking price? Ask to see the live Queens comparables: sold, not asking.
4. Does the listing go on the MLS with real marketing, or only on your own website?
5. Will every offer come to me to decide? Every one, including the low ones.
6. If I want to end the listing agreement, what do I pay and how much notice do I give? Get the actual clause in writing.
7. Can you represent me in the language I actually think in, start to close? Not a translated summary at the end.
8. If you also buy houses for cash, will you tell me in writing when you are the buyer?

Any property manager

1. Is your fee charged on rent collected or rent due? One of those pays the manager in the months the owner is not being paid.
2. Does the monthly fee change while a unit is vacant? The answer tells you whose problem the empty unit is.
3. Do you mark up vendor invoices, and by how much? That is where a low headline percentage comes back.
4. When is the placement fee earned: at signing, or when the tenant takes possession?
5. How many buildings does the person handling mine actually carry? Five percent from someone carrying eighty buildings is a worse deal than seven from someone carrying fifteen.
6. If I want to end the management agreement, what do I pay and how much notice do I give? Get the actual cancellation clause in writing before you sign (the exact fee and the exact number of days), not a verbal “don’t worry, you can leave anytime.”
7. Are you a licensed New York broker? Collecting rent for someone else requires a broker’s license in this state. An unlicensed manager cannot even sue to collect their own fee.

Next

• Compare the three paths with your own figures
• Back to the owners page