Frequently Asked Questions
Please contact the Irby Deals representative for the property directly for more information and guidance on submitting an offer or obtaining additional information. Our representatives are available Monday thru Friday, 8am to 5pm Central (excepting holidays) with some after hours and weekends availability as needed.
All showings will need to be scheduled by calling the Irby Deals representative for the property directly. No showings to be done without prior consent (standard operations 24hrs in advance). Traditionally, to schedule a showing, an investor would submit an offer based on the pictures, videos, inspections available, and then have 3 business days to complete all their showings and inspections. We believe this makes a smoother process with less wasted time for everyone involved!
The primary use of these highly discounted houses are for investment properties. We generally only operate and facilitate the needs of buyers who have already submitted an offer prior to seeing the property when occupied and that we know have available funding to complete a transaction successfully. The occupants / tenants are very suspect of the selling of the asset and we do not want to alarm them or have heavy foot traffic. We do try to provide ample pictures and walkthrough videos. Please contact the Irby Deals representative for the property directly for additional info if you have a concern about the property that is not addressed in the listing.
All purchase transactions with our firm require a minimum of $3,000 earnest money or 3% of the sales price, whichever is greater. We provide highly discounted investment properties at great value, with high demand, so we require these deposits to insure a firm commitment from you as the buyer. These are held by the title company and are 100% refundable during your 3 business day inspection period.
In many real estate markets, the average good faith deposit for traditional retail sales has typically been between 2% and 5% of the property’s purchase price.The EMD amount required from the buyer in most of our transactions typically falls in this range. However, due to the high demand for our properties and the inherent urgency of investment real estate, Earnest Money Deposits may be as high as 10% for highly competitive homes with multiple interested buyers. As in all real estate transactions, EMD is applied toward the final sale price upon closing or may be refunded if the transaction is terminated in accordance with contract terms. The Earnest Money Deposit is always held by a reputable title company in a segregated escrow account per the contract terms.
No. Due to the volume of inventory we sell, we only work exclusively with select and vetted title companies in each market to ensure the best possible customer service. We have agreements in place with these title companies to ensure our closings have priority with strict performance minimums which benefits all parties to the transaction. Additionally, in most cases, we have already begun title work and would like to ensure as quick and painless closing as possible. For additional information, please contact your Irby Deals representative.
Due to the competitive nature of the discounted investment properties we sell, we generally require all transactions to be closed within 15 days of the purchase agreement or as soon as documents are ready with some limited exceptions to extend to 30 days. Significant priority is given to offers with quicker closing time frames. Due to the volume and popularity of our properties, along with the inherent distressed nature of them, we are unable to extend closings except in very limited circumstances.
We are a real estate wholesaler specializing in discounted investment properties. We purchase some properties outright and others we have an equitable interest via a purchase contract to buy the property. This means that the sale to you as the buyer is sometimes contingent upon our firm closing on the purchase of the property first. We sell hundreds of houses per year via this arrangement so we have it down to a science, and it really doesn’t affect you in any way, except allowing us to provide great off market opportunities below market value. All properties are provided with clear title at closing, but this disclaimer is required for legal purposes in the event that we are unable to obtain clear title on our original purchase. If this happens your earnest money will be refunded to you and you will have no obligation to move forward..
Buyer has 3 business days from the date of the Purchase Agreement to complete all inspections and other due diligence. You may cancel the agreement for any reason prior to 5PM central time on the 3rd business day after execution of the agreement. Priority is given to those buyers who waive this contingency and are ready to close. Backup offers are always accepted.
Buyer must pay the earnest deposit to the title company on the business day following execution of the purchase agreement. In the event that earnest money isn’t received in a timely manner, the seller has the option to cancel this agreement and proceed with another buyer.
We always shoot for a quick close. Many times we accept “highest and best offer” meaning the best offer to us is sometimes who can close the quickest depending on the exact property, situation, financing type, and buyer strength. We can usually close in less than a week and frequently sooner.
Hard Money Lenders (call for preferred lenders)
Private Lenders (friends and families)
Line(s) of Credit (unsecured or on other properties)
Conventional Loans on a case by case basis (preferably from local banks)
***All buyers must be able to provide either a prequalification from the lender or proof of funds.
Generally No. At these prices we can not accept this financing. Many times we have just recently purchased the property and many of these lenders have rules that do not allow “flips” to occur within certain time frames. If you have a very strong buyer that is willing to pay substantially higher than asking price (to account for our financing/capital expenses, holding expenses, etc) then you are free to contact the Irby Deals representative to request an exception. Keep in mind that circumstances usually dictate that financing from FHA/VA/USDA/Etc rarely work out due to the pricing increases, lender required repairs, buyer closing timelines, etc but we will do our best to accommodate if possible