The next steps are simple, we require one payment to cover our processing fee and formal due diligence of $1,950. This is the only amount you will be paying upfront. Once we receive payment we formally assess the cost to improve your project and coordinate site visits, obtain building permit information, and put a construction budget together that we go over with you and adjust as necessary. At the same time we do a third party appraisal, plus title check to finalize all of the numbers. Once we agree on all of the numbers and sign contracts, we submit for the building permit. If you have not selected or engaged a realtor we help you select one and we are involved in the interview process. We have a huge network of Realtors in the state. While we wait for permits you must be moved out of the home entirely and ready to sell once we are complete with the work. We only fund projects that are going to market immediately and in our agreement together the home must be sold immediately. The work starts as soon as we have permits and you are completely moved out of the home.
We fast track the construction and close out of the permit while your home is marketed by the realtor. Our goal is to complete the work to have a finished product that will sell in less than 3-4 months from commencement.
FULL DISCLOSURE: We protect our interest by filing a mortgage deed on your property for the amount we are lending including interest. Our loans are based on the finished equity of your home. Our loans are also based on the current loan payoff balance on your home. Our loans are based on us performing the work and a realtor selling your home immediately. We will be involved in the sale negotiations. Our targeted sale price is based on recent past sales for similar homes in the area. We are not interested in holding out for unrealistic sale prices or passing on legitimate offers. All of our work is performed to State of Florida Building Code and inspected as required, we are licensed and insured to work anywhere in the state of Florida. We will not proceed until the processing fee has cleared our bank account. If we uncover during our due diligence that the numbers do not work, or we cannot agree on the numbers, or we cannot agree on the selection a qualified realtor, or you have not moved out of the home entirely, we will terminate the agreement and the processing fee will not be refunded. If we have incurred additional costs that are not covered by the processing fee you will be liable to reimburse us.