Frequently Asked Questions
Maybe you have a few questions. That’s okay; most people do. Here is a quick collection of some of the questions people ask us, along with our answers. If you still have a question, don’t hesitate to contact us anytime. We would be happy to answer it for you.
Q: Will you be listing my apartment building on the MLS or actually buying it?
A: Great question. We’re not agents, and we don’t list buildings. Here at We Buy Apartment Buildings, we are professional building buyers: We buy apartment building Los Angeles that meet our purchasing criteria, and we don’t use bank financing so you don’t have to worry about our ability to close on a deal. After purchasing, we may repair the apartment building and resell it to another building owner or keep it as a rental ourselves.
Q: How are you different from a real estate agent?
A: Real estate agents list properties and hope that someone will buy them. The agent shows the properties to prospective buyers if there are any (the average time to sell a property in many markets right now is 4-6 months) and then takes a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 3 to 6% of the sale price of your multifamily building. If it’s a $100,000 building, you’ll pay between $3,000 to $6,000 in commissions to an agent.
Agents provide a great service for those that can wait 4+ months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different. We’re not agents, we’re building buyers. Our company buys the building directly from you. Since we pay with all cash and purchase the building from you, we can make a decision to buy your apartment building within a couple of days (sometimes even the same day). Again, we make our living by taking the risk to buy the apartment building with our own cash, repair the apartment building, and market it ourselves to find a buyer.
Looking for this to be broken down further? Here’s a comparison chart to give an overview:
| Selling w/ A Los Angeles Agent | SOLD To We Buy Apartment Buildings | |
|---|---|---|
| Commissions / Fees: | Up to 6%, paid by you, the seller | None |
| Who Pays Closing Costs? | 2% on average is paid by you, the seller | We pay all costs. |
| Inspection & Financing Contingency*: | Yes, sales can fall through. | None needed |
| Appraisal Needed: | Yes, the sale is often subject to appraisal. | No, we make cash offers. |
| Average Days Until Sold: | +/- 91 Days | We provide immediate cash offers. |
| Number of Showings: | It Depends | 1 (Just Us) |
| Closing Date: | 30-60+/- days after accepting the buyer’s offer | The date of YOUR CHOICE. |
| Who Pays For Repairs? | Negotiated during the inspection period | We pay for all repairs. |
Q: Do you pay fair prices for properties?
A: Many of the buildings we purchase are below market value. We do this so we can resell it at a profit to another building owner. We are looking to get a fair discount on a property. In our experience, many sellers aren’t necessarily expecting a large “windfall” on the property. Instead, they appreciate that we can offer cash, we close very quickly (no waiting for financing), and no time, effort, or expense is required on your part to fix up the property or pay agent fees. If that’s what you’re looking for and you see the value in getting your apartment building sold fast, let’s see if we can come to a win-win price for both parties. Our no-obligation pricing commitment means that you don’t have to move forward with the offer we give… but it’s good to know what we’re offering!
DOWNLOAD our free guide that walks you through the Pros and Cons (plus the cost and timeline) of selling your apartment building to a real estate investor versus the pros, cons, and costs of the other two alternatives – listing with an agent or selling it yourself.
Q: How do you determine the price to offer on my apartment building?
A: Great question, and we’re an open book. Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and the value of comparable buildings sold in the area recently. Taking the many pieces of information into consideration, we come up with a fair price that works for us and works for you, too.
Q: Are there any fees or commissions to work with you?
A: This is what makes us stand out from the traditional method of selling your apartment building: there are NO fees or commissions when you sell your apartment building directly to us compared to listing fees, where up to 6% comes out of your pocket. We’ll make you an offer and, if it’s a fit, then we’ll buy your apartment building with no hassles and no fees. We’ll often pay for the closing costs, too! We make our money after we pay for repairs on the apartment building and sell it for a profit. We’re taking the risks here on whether we can sell it for a profit or not. Once we buy the multifamily building from you, the responsibility is ours and you walk away without the burden of the property and its payments, as well as cash in your hand.
Q: Is there any obligation when I submit my information?
A: There is absolutely zero obligation for you. Once you tell us a bit about your property, we’ll take a look at things, maybe set up a call with you to find out a bit more, and make you an all-cash offer that’s fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your multifamily building to us. We’ll let you decide what’s right for you.
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Learn The Pros and Cons Of Selling Your Apartment Building To A Local Professional Building Buyer – Your FREE Guide:
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Get your FREE Guide and then give us a call at (310) 295-1818. We would love to discuss what your building is worth and what we can offer to buy it with our Cash Offer Program.