Frequently Asked Questions
Q: Are you licensed realtor agents?
A: No. We are private real estate investors with a combined 20 years’ experience buying and selling residential properties and working with mortgage companies, banks, HOA’s, and other investors.
Q: What if I only have a few weeks or few days till my house is scheduled to go to Auction?
A: There is still time. With your Authorization, we can contact the Bank and most times stop or delay the foreclosure process while we explore possible solutions with you.
Q: How is Cash Value Determined?
There are several aspects that determine the cash value of your home. They include:
- The overall condition of your home
- The quantity and cost of repairs needed to make your home ready for sale
- The number of updates needed to areas like kitchens and bathrooms
- The length of time it will take to complete the repairs and updates
- The overall market value of your property compared to other homes in the neighborhood
- Other carrying costs to maintain your home such as additional mortgage payments, taxes, insurance, utilities, HOA fees, etc.
Q: How Fast is Fast?
A: Selling a home with a traditional realtor can take between 4 to 9 months depending on your neighborhood. Repairs need to be made and sometimes updating needs to happen. Potential buyers usually need to get approved for funds. Then inspections and appraisals need to be scheduled and completed. This can be a hassle for people who want to sell their house fast to avoid foreclosure or those who have inherited a property from a death in the family.
When you sell your house for cash, you can close the deal between 1-3 weeks. You don’t have to wait for financial approvals, evaluations from home inspections, or real estate appraisals. And if you need to close faster, it is certainly possible.
Q: I have been trying to work with my Bank, but they have been difficult, unresponsive, and seem unwilling to help. Why would it be different if you contacted the bank on my behalf.
A: If you are past due on your payments, there is a good chance your bank has moved your Account to their department that focuses on collections. Many times, these departments are outside of the USA and their main objective is to make collections. We have the experience to navigate within these banks and their departments and get to the person(s) that has the authority to make decisions on your account.
Q: I have read that “cash offers” take advantage of people and use high pressure sales tactics to rush people into bad decisions. Is 2 Tall Guys any different?
A: 2 Tall Guys started out of a desire to help people. Each month 100’s of homes in Houston and the surrounding areas foreclose and go to auction. What is alarming is how often it’s unnecessary. Almost all these homes could be saved or, at the very minimum, the foreclosure averted, saving the homeowners’ credit history from years of misfortune. We strive to be as informative and open as possible with you regarding possible solutions for your situation. Together we can make the best decision to keep the bank from taking your home without you getting anything in return and keeping a foreclosure off your credit history.
Q: What is foreclosure?
A: Foreclosure is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe your lender an additional amount. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. You should avoid foreclosure if possible.
Q: I am receiving letters from my lender regarding missed mortgage payments. What should I do?
A: DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender’s loss mitigation department as soon as possible and explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.
Q: What are the alternatives to Foreclosure?
A: Foreclosure is the legal means that your lender can use to repossess (take over) your home. If you are facing financial difficulty and fear that your home ownership may be put in jeopardy you don’t need to just throw in the towel. There are several ways that you can try to keep your home and, depending on your circumstances, you might be able to work things out with the lender, limit your losses, or avoid damage to your credit score.
Below are a few alternatives to foreclosure. You’ll need to talk to your lender, or have us talk to them on your behalf, to see if you qualify for any of these plans for avoiding foreclosure.
Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.
Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.
Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily “give back” your property to the lender. This won’t save your house, but it is not as damaging to your credit rating as a foreclosure. You may qualify if you are in default and don’t qualify for any of the other options; and your attempts at selling the house before foreclosure were unsuccessful.