Frequently Asked Questions.

ABOUT THE SOLD SPOT

Do you really waive all closing costs? What’s the catch?

Yes. Unlike in traditional real estate agent sales or sales through iBuyers, sellers do not pay agent commissions, fees, or title processing. That is a savings of about 10% of your property’s value. Unlike agents and iBuyers, we do not have a fee and commission-based business model. Seller incurred debts and liens are typically paid from the sale proceeds just as they would be in a traditional or iBuyer sale.

Are you an iBuyer or real estate brokerage?

The Sold Spot is neither a real estate brokerage or an iBuyer. We are direct or instant cash buyers, but unlike iBuyers we tailor the sale to you and do not base our offer on automated algorithms. We remove the expense and time of traditional real estate sales because we do not need costly and time-consuming bank approval. You can learn more about our business model here.

Is a real estate agent or attorney required to sell or buy real estate?

In most of the United States, a real estate agent or attorney is not required for the standard sale or purchase of real estate. A real estate agent or attorney is not required for the standard sale or purchase of real estate in Florida. The Sold Spot does not service select locations.

How is The Sold Spot better than “for sale by owner?”

For sale by owner, or “FSBO,” only reduces the cost of selling your home or investment property by removing the seller real estate agent commission. That is less than 3% of your property value. You still must pay for listing the property on the Multiple Listing Service (MLS), the buyer agent commission (3%), and all closing costs (4%). Ultimately, FSBO sellers still lose about 7% of their purchase price to fees and commissions. The Sold Spot waives all commissions and closing cost fees. That is a 10% savings as compared to only a 3% savings through FSBO.

ABOUT YOU AND YOUR PROPERTY

Which states do you serve?

We assist sellers with properties located throughout the United States. Some exclusions apply. Headquartered in Miami, Florida, we specialize in real estate across Florida.

What kind of real estate qualifies?

Single family homes, multifamily properties under 10 units, and land. Properties may be in any condition. We will never ask you to make repairs.

Can I sell my property during litigation? Probate, bankruptcy, foreclosure, or divorce.

Yes. Court approval may be required. Our experienced team is here to help you.

Do you work with out-of-state owners and foreign nationals?

Yes. Where the owner is located in the United States, we can schedule for a mobile notary to complete the closing where available under state law. A mobile notary can meet you at the location of your choice and at your preferred time to assist you in signing the settlement documents. Where residing outside of the United States, closing documents can be mailed and a closing agent can assist you with requirements. However, it is encouraged that the seller signs settlement documents in-person at the title agency.

Do you work with landlords and investors?

Yes. The Sold Spot serves landlords and investors. Our representatives are aware of the unique considerations of rental properties. We will be minimally intrusive to your tenants and business functions.

ABOUT THE PROCESS

Are representatives available during evenings and weekends?

Yes! Your assigned representative will be your one point-of-contact from consultation to closing. You can call, text message, Zoom, or email them directly. Your representative is on call from 8 AM to 8 PM on Mondays through Fridays. They are available with previous notice on weekends for consultations and property condition assessments. The Sold Spot observes major national holidays.

How fast can I close?

Typically, in less than 14 days.

Can I pick my closing date?

Yes. The closing date is your choice.

How do you arrive at the offer price?

We complete a Comparative Market Analysis (CMA), the standard quantitative valuation model used by appraisers, real estate agents, and other real estate professionals. The CMA takes into account market conditions, properties similar to yours that have sold recently in your neighborhood, and the condition of your property. We share the CMA with you from the start so that you have access to the same information.

How are escrow and title searches managed?

A state licensed and impartial title agency coordinates escrow and clears title for every property, just as would be done in a traditional real estate sale. A closing agent will be assigned to you. Settlement documents may be signed in-person at the title agency or through a mobile notary at your location of choice where available under state law.

Do I have to be present at the property for a property condition assessment?

No. However, owner presence is preferred. We may ask you to provide formal consent to access your property in your absence through a signed waiver. Providing full property access is beneficial to the seller and highly recommended. Where possible, when absent please provide a key or key code and the alarm code so that your representative may enter the property to complete the property condition assessment. However, when necessary, representatives can conduct the property condition assessment without entering the property. This is not advised. All employees of The Sold Spot undergo a criminal background check. You also have the option of uploading a video tour of your property, instead. See the next question.

Instead of the brief property condition assessment, can I provide a video tour of my property?

Yes. Sellers may use digital cameras to conduct a thorough tour of their property and share a link to the footage through Google Drive, YouTube, or Vimeo. Your representative can guide you through the requirements. Note that incomplete or low quality footage will cause delays.

How do I collect the profit from the sale of my home or investment property?

Profits are distributed through a licensed title agency via your choice of wire transfer or check once all settlement documents are complete. Wire transfers typically take a business day to process. Wire transfers are also delayed by bank holidays and weekends. Check payment is immediate upon closing.