Frequently Asked Questions:
Q: Will you check my credit?
A: We will check your credit; however, our interpretation of your credit worthiness will likely be more flexible than a bank. If you are serious about buying a home, can assume the responsibility for any necessary repairs required to occupy, can make a down payment based on our review of your credit and can make the required monthly payments to repay the Note and property taxes, you will be approved.
Q: What happens if I want to sell the house before it is paid off?
A: In order to transfer ownership to an owner, other than yourself, you must satisfy the entire, outstanding note balance to receive title to the home.
Q: If I want to get a home inspection report on the property before deciding to purchase what do I need to do?
A: Buyers are encouraged to conduct a thorough inspection of the home prior to committing to purchase. Use of a licensed home inspector is certainly acceptable. All inspections should be completed prior to completing a full deposit, as deposits are non-refundable.
Q: Can I have the utilities put on for an inspection or how can I pursue getting them turned on?
A: Yes, power and water can be turned on temporarily by request, once a Good Faith Deposit is received.
Q: Where would I be making my payments and to whom?
A: Payments can be made via wire transfer, automatic electronic check; counter deposit at any Branch Banking and Trust or Bank of America branch location, money order or MoneyGram. One of our Customer Service Representatives can assist you with setting up bank autodraft and making your payments. You will be making your payments to National Asset Advisors, LLC; P.O. Box 1996; Irmo, SC 29063.
Q: How long is your process before I can move in?
A: The sales process can take up to 10 business days, within which time you will receive your purchase documents for your signature and return to our Contract Administration Department. All purchase documents must be properly signed and received by our Contract Administration Department prior to the granting of possession of the home.
Q: When do I take possession of my home?
A: You can move into your home after all necessary purchase documents have been received back from you, properly signed, by our Contract Administration Department. Upon receipt of the executed documents, you will be notified by your Sales Consultant that the home is ready for move-in.
Q: Once I’ve purchased my home, what are my obligations?
Q: How long has your company been doing business?
A: Over 20 years, with a combined professional experience of over 100 years.
Q: How do I know my deposit is safe and Reca/National Asset Advisors is a legitimate company?
If making a deposit via counter deposit or MoneyGram, the bank or MoneyGram location can provide verification that the account number you have been given is the correct account for Reca/National Asset Advisors. We encourage you to check South Carolina State Department
records for National Asset Advisors and Reca, Limited Partnership . You can also find reviews of National Asset Advisors, Reca, Limited Partnership and/or Reca Properties on the Better Business Bureau
Q: Do I need to obtain insurance on this property?
A: Yes, if purchasing via an Agreement for Deed contract and a seller-financed, Purchase Money Note, you will be required to place insurance coverage on the home and name the Seller as an Additional Insured/Loss Payee on your policy. If you are in search of an insurance carrier, we recommend you inquire with Foremost Insurance Company at www.foremost.com.
Q: Can I make an appointment to meet someone to take a look inside?
A: You will need to call one of our Sales Assistants to be pre-qualified and obtain a lock combination code, after which you may tour the home at your leisure.
Q: Are your homes for sale or rent-to-own?
A: All homes listed are for sale via either an All Cash Sales Contract or an Agreement for Deed, utilizing a seller-financed, Purchase Money Note.
Q: Are these properties sold as is?
A: Yes, all homes are sold on a strictly “AS IS, WHERE IS” Basis.
Q: Do you do “rehab loans?
A: No, seller financing for repairs or rehab work is not available.
Q: Can you finance more than the house so I can make improvements?
A: No, seller financing for desired improvements is not available.
Q: Is my deposit refundable?
A: All Deposits are non-refundable. You will be required to inspect the home, and we encourage you to conduct a very thorough inspection, before you commit to purchase the home and send in a deposit.
Q: What is a land contract?
A: A "land contract" is a type of purchase by which a home is paid for over a given period of time, typically with the use of a seller-financed, Purchase Money Note. Title to the home is held by the Seller until the full amount of the agreed purchase price is received, after which title is transferred to the Buyer. For more detailed information about land contracts, please visit the "How to Purchase" page on this website.
Q: Who makes improvements to the home?
A: You have all the same rights of ownership under a land contract as you would if you held title to the property, thus you make any and all necessary repairs or desired improvements.