The first part of the acquisition process is locating a property with remodel potential or the opportunity to be built new from the ground up. We work directly with many homeowners that have a desire to sell for a variety of reasons. Concept 1 Properties tends to be a solution for homeowners if:
- A property has been inherited in an estate
- The home is extremely dated
- The home’s needed repairs are too substantial or too expensive
- The owner lives out of state and the property is vacant
- Foreclosure proceedings have started
- The seller needs to sell quickly for any reason
These are just a few of the reasons homeowners connect with us to sell their property. In addition to working directly with property owners, we often receive referrals from local real estate agents, neighbors, attorneys and other professionals in the area.
Once we connect with an individual, we prefer whenever possible to have an in person sit down in order to review the goals the homeowner has when selling their property. This is the most important part of the process because each situation is unique and each person has different factors that are important to him or her. We pride ourselves on not being a one size fits all company. In short, we listen. Rest assured if we we’re not the right fit and our services don’t line up with the goals of the seller, we will happily refer them to another person or company who can serve them better.
Once we’ve met with a seller and both agree we are a fit to help one another, the next step for us is to analyze the property to establish an “as-is” value. Essentially, this is the market value of the property in its current condition. Generally we are able to perform this analysis and share results with the homeowner during our initial meeting. Being able to provide this information on the spot is extremely beneficial because many times our clients are interested in receiving an offer quickly.
The next step in the analysis process is to determine a repair cost to bring the property up to today’s buyer standards. This does not mean just functional or simply working order. This means congruent with neighborhood standards and 3-5 year deferred maintenance for the incoming buyer once remodeled. Our goal is not to remodel to the bare minimum standards and leave the buyer with a home that will need work in the coming years. Many of the repair items we find include structural issues, mold, major electrical and plumbing updating, roof replacement, heating and air replacements, and general cosmetic improvements. During our property inspection, we will complete a detailed repair estimate to determine our cost to improve the property. This allows us to be very accurate in what we can offer as a cash purchase price.
Lastly, we determine what we believe the resale value will be once we are complete with the remodel or build. A comparative market analysis is completed on the subject property, which is achieved by comparing it to like properties in the neighborhood. The CMA will allow us to hypothesize what fair market value will be once construction is complete.
At Concept 1 Properties, we believe strongly in full disclosure, and it’s our goal to provide a home seller with as many options that their individual circumstances allow for. We are happy to walk-through what a simple cash offer would look like, as well discussing what would be entailed if they decide to try and list they home for sale in a typical fashion. We will also share any repairs needed (and the costs involved) that we found during our property walk through. Our goal is never to “sell” a homeowner on any one particular solution, but rather educate them so they can be empowered to make the best decision for their particular situation.
Most of our clients find our cash offers are very fair and opt to work with us in that capacity. Once we agreed on price and terms, we will then write an offer to purchase on a simple 2-page agreement and go through each line item with them to ensure they understand everything. If we agree on a purchase price, we will buy as-is (without asking the homeowner to make any repairs) as well as close on their timeline. As a real estate company that buys and sells properties consistently all year round, we can be accommodating on time frame. We can close in as little or long as the client needs. Funding will get sent immediately to the closing attorney and a closing date will be set up.
One important component of any real estate closing is performing a title search. Concept 1 Properties will pay for an attorney to perform a title search, which in certain circumstances will uncover issues that will need to be rectified prior to being able to close. For example when we are buying a property that is going through probate, or part of an estate, it is likely that there will be some extra steps needed to ensure title can be conveyed properly. Any issue that arises will be something the closing attorney will help guide us through, and we will all work together to ensure we have a smooth transaction. With literally hundreds of real estate transactions completed at Concept 1 Properties, there is rarely a challenge that we can’t find a solution for. We pride ourselves on being a company that has the drive and knowledge to work through even the most challenging of circumstances.
Finally we will meet on the day of closing in the attorney’s office and sign the necessary legal documents. The transaction will be recorded by the attorney that day or the next and money will be dispersed once the deed transfer is recorded at the courthouse.
The final phase our process is to redesign, reconstruct, and repair the property to its optimal condition. Our team will spend hours designing, planning, and reconfiguring a home before we settle on a final scope of work. Once that final scope has been approved, a licensed and insured construction team will be chosen to execute and complete the work. As always, the necessary permits will be pulled to ensure the construction completed is up to local city code.
The construction phase is not only the most time consuming step of the process, it also is where most of the unknowns arise. We always purchase with a plan of attack and general outline of what we intend to create. However, when renovating older homes, you simply don’t know what you’re going to find until you start the process and open up walls or floors. These occurrences will create delays and undoubtedly increased costs. This is one of the reasons a cash, as-is, offer is often the best choice for a property owner. As an investment company, we at Concept 1 Properties expect and account for these hiccups during the building and construction process.
Lastly we prepare the property to ensure it’s in the best condition possible before listing it for sale. Preparations will include staging, internet marketing, brochure creation, MLS listing, and a multitude of other tasks needed to list and sell the home. Our knowledgeable team of licensed real estate agents gives us a competitive advantage. One advantage is that we don’t have to pay ourselves a real estate commission to sell our own properties. This savings can often times be significant. By minimizing our transaction expenses on the back end, we can actually afford to make a higher offer on the front end when we are working directly with homeowners.
Scope of WorkRoof
- Remove existing roof
- Replace any damaged sheeting or starter board
- Install new 15 lbs felt paper
- Install new dimensional composite shingle roof (charcoal color)
- Paint all roof penetrations black
- Removal all debris in front and back yard
- Removal all weeds in front and back yard
- Install sod in the front and back yard
- Cut in planter boxes next to house and fence in front and back yard and plant drought tolerant plants
- Test irrigation system and repair where needed or install one in front yard
- Replace all windows with retro fit insert windows
- Replace all sliders with retro fit
- Remove all trash in house
- Demo kitchen and remove cabinets
- Demo existing bathroom toilet, vanity, tile floor and shower surround
- Remove all tile flooring
- Scrape popcorn ceiling
- Remove all window coverings
- Do not damage wood floor as we are keeping it (install rosin paper to protect flooring)
- Construct new bathroom where existing bedroom is (see layout)
- Construct new stackable laundry closet in hallway (see layout)
- Change all door hinges and hardware with brush nickel
- Retexture ceiling
- Install new ceiling fans in all bedrooms
- Combine both back bedrooms to create large master suite (see layout)
- Close off door to existing bathroom and construct new door going into master suite (see layout)
- Change front door hardware - Home Depot #640-064 $169
- Install backsplash - DalTile Travertine 3”x6” honed $6.11/sq ft #T711361U (installed subway style and to the bottom of the cabinets)
- Install backsplash accent tile 4” strip – DalTile American Olean Legacy Glass Celedon 2”x2” LG03
- Install new stainless steel appliances
- Frigidaire FFFTR2126LS 21 CF Top Freezer Refrigerator - $625.00
- Frigidaire FFFMV162LS 1.6 CF 1,000 Watt Range Microwave - $269.00
- Frigidaire FFFBD2406NS 24” Built in Dishwasher - $295.00
- Frigidaire FFFGF3047LS 30” Free Standing Gas Range - $556.00
- Install new vanity (espresso finish)
- New Faucet - Grohe G20209002 “Eurostyle Cosmopolitan” 8’’ Widespread Bathroom Sink Faucet - $160.10
- New toilet (Elongated Bowl)
- New tub - Sterling S610411100 “ALL Pro” 60” Soaking Tub – 128.90
- Shower head and trim kit - Grohe G26017000 “ BauLoop” Tub & Shower Faucet Trim - $130.95
- New shower valve- Grohe G35015000 Tub & Shower Valve - $67.50
- Install Tile surround – DalTile Rittenhouse Square 3”x6” Matte Almond $2.70/sq ft #X735 (installed subway style, tile to ceiling)
- Accent Tile 12” Strip – DalTile Stone Radiance Whisper Green Blend (installed roughly 5” up the wall)
- Tile floor – DalTile Travertine 18” x18” Honed $1.99/sq ft (installed subway style)
- New toilet (Elongated Bowl)
- New tub – Home Depot #693-952 $209
- Install new vanity (espresso finish)
- Tub spout - Grohe G13611000 “Eurodisc” Tub Spout - $14.65
- New Faucet - Grohe G20209002 “Eurostyle Cosmopolitan”. 8’’ Widespread Bathroom Sink Faucet -$160.10
- Install Rain shower head and regular showerhead - Moen MS6360 2.5 GPM 7.Flat Rain Showerhead -$125.10 & Grohe G19595000 “ BauLoop” Shower Head with Trim Kit - $47.25
- Install 2 new shower valves - Grohe G35015000 Tub & Shower Valve - $67.50 Install Tile Surround - DalTile Fabric 12”x24” $3.70/sq ft #P687 (Installed subway style, tile to ceiling and tile ceiling)
- Accent Tile on control wall – DalTile Class Reflections Subway Mint Jubilee 3”x6” 9.06/sq ft #GR15 (installed subway style
- Tile back splash behind mirror to ceiling - DalTile Class Reflections Subway Mint Jubilee 3”x6” $9.06/sq ft #GR15 (installed subway style)
- Tile floor- DalTile Veranda 13”x13” Dune $3.70/sq ft (installed subway style)
- Install slab closet doors (make sure they are hollow core interior doors converted to closet doors, install ceiling and floor track as well as hardware
- Lighting – Home Depot Hampton Bay 2- Light Flush mount With Opal Glass, #534-435, $39.97/ea
- Check all existing plumbing & repair/replace as needed, per code
- New angle stops on all water lines
- Check gas lines & repair/replace as needed
- Check all drain lines & repair/replace as needed
- Replace all outlets & switches
- Check all wiring & replace where needed, per code
- Install recessed lighting as per drawing
- Check panel & repair/replace as needed
- Install Dead Panel if missing
- Check for open junction point in attic
Our Services Include:
- General (Interior)
- Demo (Interior)