Here’s How FlipSplit Works
Very simply, we pay for your home’s fair market value upfront in cash with no fees, commissions, or closing costs. The cash offer we give you is the amount you put in your pocket. We’ll also give you a “Profit Participation Agreement” that makes you eligible to split any profits above our agreed upon benchmark with a 50/50 split. If you’re a homeowner looking to skip the hassle of a traditional sale, FlipSplit is the best option for you to save your time and money!
1 Tell Us About Your Property
Quickly submit your property info through our online form. We’ll need some kind of idea of interior condition which you can supply us in a couple different ways: photos, videos, or an in-person visit.
2 You Receive an Offer
As soon as you submit your property information and give us the interior condition, we can have an exact offer ready for you within 24 hours. Most of the time without even being to the property!
3 Review Your Participation Agreement
Attached to your offer will be our profit participation agreement. In this agreement will be the threshold number that tells you when you begin sharing in the flip profits. So if you sell us your property for $500,000 and you have a participation threshold of $600,000, that means if we sell the property for $650,000 you will be receiving 50% of the additional $50,000 over your threshold amount, or $25,000. If you have questions about how this works, please give us a call at 800-661-7489.
4 We Perform Final Inspection
Once you have your offer and you want to move forward, we’ll send a FlipSplit rep for no longer than a 30 minute inspection to make sure there are no major problems that we overlooked.
5 You Sign the Contract
You’ll be sent the normal California registered purchase agreement via docusign. All you have to do is open it up and sign digitally and we’ll move into escrow.
6 The House Enters Escrow
Once the purchase contract is signed, we’ll move into escrow. The length of escrow is completely up to you. We can close in as quickly as 72 hours so you have your money quick or take as long as 90. Whatever is most convenient for you!
7 Obtain Your Initial Sale Proceeds
Voila! The easiest sale you’ll ever have is completed on your timeline. You’ll be given the total offer amount (minus any outstanding mortgages) agreed upon in cash on the day of closing.
8 Receive Your Participation Results
Now comes the fun part. We’ll get to work on increasing the maximum value of your home and reselling for as much as possible. Within 10 days of the sale date, we’ll notify you of the final sale amount. If it exceeds your profit participation threshold, we’ll be sending you a check for 50% of those profits!
Frequently Asked Questions
When you work with us you work with a diverse team of seasoned real estate professionals. Choose how you’d like to leverage our skills to sell your home.
What fees, closing costs or commissions are involved in selling my home to FlipSplit?
Absolutely ZERO. You will receive 100% of the amount we offer you. There are no hidden fees.
How is FlipSplit different from other iBuyers of flippers?
FlipSplit will purchase distressed and dated properties that are rejected by iBuyers for their condition. We love hammered homes that are beat up from the ground up! Additionally, we charge absolutely zero fees and we have a profit-split component that puts all others to shame. Our high volume of transactions allows us to work for a smaller profit for ourselves which means a higher sales price for you. (And finally, we don’t get paid up-front simply to facilitate a transaction. That business model rarely makes sense for a seller. We only get paid when we add value and profitability to a home.)
Will FlipSplit tell me what they intend to re-sell the property for after the upgrades?
Yes, of course! You will receive with your initial offer a projected sales price goal for the finished property. We will be fully transparent and honest with you about all projections related to renovation costs and our final exit price up front. Additionally, will be fully transparent with you about the final actual renovation costs and exit price when the property has finally re-sold. We’ll substantiate it all for you with a closing statement. Full transparency with you is our firm commitment.
How should I compare a FlipSplit offer to any other offer?
For the initial sale, it is all about comparing your Sales Proceeds at the close of escrow. Don’t be fooled into thinking the highest number quoted to you up front is your best offer, while ignoring all the fees, commissions, and closing costs. The highest offer is almost always NOT your best offer when you consider all the hidden ‘fees and costs’. At the end of the day it is the size of the check or wire that you receive when the transaction is completed that matters. You want to compare apples to apples. Oh, and there is always the looming ‘profit split kicker’ from FlipSplit that awaits you after we finish our renovations. This is the cherry on the sundae.