Below are some FAQ’s about the Flip Assist Program. If you have any additional questions, feel free to submit them in the form to the right.
FlipAssist: Frequently Asked Questions
FlipAssist program allows you to essentially “finance” work to be done on your property. This is especially helpful for those looking to get top dollar for their home (when it comes to selling) or individuals that don’t have the cash but would like to upgrade their home which will also boost the value.
By adding value to your home, it will boost the value of your home which may help boost the overall look and appeal of your neighborhood.
The ideal project would be a "Flip" with an After-Repair-Value (ARV) of $250K or less.
The application is online. Visit our Application by clicking the Flip Assist link on the navigation bar. There is no fee to apply. All information is kept confidential.
Once your application is submitted, you’ll be redirected to a page that outlines the next steps. One of our FlipAssist agents will call and email you to confirm receipt of your application. Our team will evaluate your application, your home and prepare a presentation. One of our FlipAssist agents will contact you to set up a time to meet and go over our proposal, comps (comparable) and the best course of action to fit your individual needs. If you do not qualify for the program, one of our agents will communicate with you accordingly and offer other alternatives.
NO! There are market variables that don’t allow us to guarantee value. Additionally, we are not appraisers. However, we will present you current market data along with your professional expertise and make recommendations accordingly.
You’re not required to use a certain lender, however, we do want to make sure that your credit and/or ability to obtain financing is properly assessed and that the lender will be prompt in their communication with you regarding the process. While King Realty & Management Inc. has established relationships with the preferred lenders, we do not receive any compensation (monetary or otherwise) for using the preferred lenders.
While each rehab project varies, we do require that the property be vacant during the process. This will allow the work to be done quicker and easier without putting any of your personal belongings at risk of damage. If you intend to sell the home, moving out will also facilitate a best 1st impressions when it comes to showings. If you plan on remaining in the property and refinancing, it may require you to store your personal belongings while the work is being done.
There are various refinance programs ranging from 70% Loan-to-Value to 97% loan to value. The Lender will be able to assess what fits your needs the most.
If you have some credit or value challenges that prevent you from refinancing, our team of agents is happy to provide some alternatives based on our professional experience.
If you decide to use the Flip Assist program AND you plan on selling your home, you are required to list with King Realty as the program is a partnership with the local contractors and is part of our value proposition to our clients. We do not offer this program to homeowners that are not clients of King Realty & Management Inc.
We evaluate all of your options within once your application is submitted and reviewed. One of our requirements BEFORE starting work, would be to have a preferred lender pre-approve you for a refi and/or a future purchase. If you change your mind, we’d go the refi route rather than the sale.
Yes, King Realty and Management Inc. has partnered with Unique Home Maintenance and King REI LLC to offer general contracting services. All work is done by professionals that are licensed (if required) and insured. Courtney King (Designated Broker) and David King (Licensed Real Estate Broker) have ownership interest in King REI LLC.
All work is evaluated by a senior general contractor to ensure the highest quality work product. At the end of the project you will be asked to sign an affidavit of completion. Additionally, an inspection will be done…..
You will get email updates on the status of the work being done on the property. Updates may include photos and videos in addition to comments on the progress. A timeline will also be set up which automatically updates you with key project deadlines and/or updates.
Part of the vision for our company is to “Add value to our clients.” If you don’t qualify for the program, we are happy to chat with you on other options that may get you to your goal. This may include renting your home out, selling your home as-is to an investor, etc. Our number one goal is to add value so you can feel good about the next steps that you make and also feel empowered with the information you need to make an informed decision.
King Realty benefits from this program through the commissions earned when selling the property. There is no direct benefit through a refinance, other than the satisfaction that we have added value to someone’s life and home. We do not receive any compensation (monetary or otherwise) from preferred lenders or contractors.
We charge 6% of the sale price. These numbers will be factored in with our initial meeting and we’ll show you an estimated net seller’s proceeds worksheet which will give you an idea of your net profit from the sale. 3% of this total will be paid to a cooperating Broker that brings a buyer.
Aside from the cost of the rehab work to be done on the home, if you sell or refinance the property there may be some closing costs to factor into your net profit. The Lender fees are set by the Lender ONLY. There is also a fee of 20% of the added value which would be paid at closing. This is a project management fee paid to King REI LLC for overseeing and project management.
King Realty has a team of knowledgeable agents that will help make the sale of your home smooth. Additionally, the Broker is always kept in the loop to ensure that all of the proper steps are taken. You are able to request a particular agent, or one will be assigned
While there are market variables that we cannot control, we can’t guarantee how quickly your home will sell. With the added value from the work done on your property and strategic pricing, our goal would be to get your home sold within 30-60 days.
Professional photographers will take photos of your property. Your agent will list your home on the MLS, our site and various syndicated sites including Realtor.com, Zillow.com, Trulia.com and more. Additionally, we will install a sign in the front yard and host an open house if you desire. Web presence is very important to us! We’ll also promote the property on our social media platforms. In the event you DO NOT want us to promote the properties on certain platforms, let us know. We also will send email blasts to other agents as well as our in-house clients that may be interested in the property.
You will be invited to a shared timeline with key dates that will keep you updated on the next steps in the sale of your home. You’ll also receive weekly showing updates which shows how many people have viewed the property. If we are not getting a lot of activity on your home, we will periodically evaluate the market and discuss any changes that may help in the sale of your home.