Cash home buyer questions, answered

Penguin Capital LLC is a small, locally owned company in Whiting, Indiana. We purchase houses with cash, in as-is condition, straight from Lake County homeowners. You can read more on our About page.

No. We're the buyer, not a brokerage. We don't list houses or represent sellers. When we make an offer, we're on the other side of the sale, so you're always welcome to get advice from an agent or attorney who works only for you.

Mostly single-family houses. If yours is a duplex, a small multi-family building or a vacant lot, get in touch anyway. We'll tell you plainly whether it's something we'd buy.

Very likely. We consider houses with fire or water damage, foundation problems, hoarding, code violations, roofs that leak, and kitchens and baths that haven't been touched in decades. Condition affects the price, but it rarely rules a house out.

No. Take what you want to keep and leave the rest. Please don't spend money on repairs or a cleanout before talking to us. It often doesn't raise a cash offer by as much as it costs.

We buy in Lake County, Indiana, from the cities along the lake like Gary, Hammond, East Chicago and Whiting down to Crown Point, Cedar Lake and Lowell. Our Lake County page lists every community we cover.

We look at recent sales of similar homes nearby and the repairs your house needs. Then we factor in our own costs to own it for a while, close and eventually sell it. The How It Works page walks through the full math in plain language.

Because the buyer takes on the repairs, the carrying costs and the risk, and you skip the commissions, showings and waiting. For a house in good shape with time to sell, listing often nets more. Our cash buyer vs. agent page shows a side-by-side example.

No. We don't charge fees of any kind, and there's no agent commission when you sell to us. You'll never be asked to pay us anything up front.

It depends on the house and the offer, and it's always spelled out in writing before you sign. You'll know your expected bottom line before you commit, not at the closing table.

Sure. If something about the price, the date or the terms doesn't work, tell us. Sometimes we can move and sometimes we can't, but we'll explain why either way.

No. An offer is just an offer until both sides sign a written purchase agreement. You can take time to think, get other offers, or decline.

Asking a cash buyer for proof of funds is reasonable, and you should ask us too. You'll also be paid by the title company at closing, not by a personal check from the buyer.

Any mortgage and liens normally have to be paid off from the sale at closing unless the lender agrees to accept less. If our offer won't cover what you owe, we'll tell you plainly. Talk with your lender and a HUD-approved housing counselor about your options.

You set the closing date. With no lender or appraisal involved, the main thing that takes time is title work. That's often weeks, not months, though inherited houses and liens can stretch it out.

Yes. If you need a couple of months to move, find a new place or sort through belongings, we'll write that date into the agreement. Just tell us up front so the offer reflects it.

At a local title company. The title company checks the records, prepares the paperwork, pays off any loans or liens, and records the deed with the county.

The title company pays you at closing, by check or wire transfer. Your mortgage, any liens and agreed closing costs are paid first out of the sale price, and the closing statement shows every dollar.

Yes. We can see the house through a relative, a neighbor with a key, or photos and video. Title companies can often arrange for you to sign the closing papers with a notary near where you live.

Bring a government-issued photo ID, plus all keys, garage door openers and any alarm codes. The title company will tell you ahead of time if it needs anything else, like estate papers or a payoff authorization.

It depends on how the property passed to you and what authority the court has given the estate's personal representative. Some inherited houses can be sold quickly, and others have to wait for a court step. An Indiana probate attorney can tell you where you stand. Our inherited house page explains the basics.

Selling before a sheriff's sale can let the sale proceeds pay off the loan, but whether it makes sense depends on what you owe and what the house is worth. Please also talk with a HUD-approved housing counselor about every option, and don't ignore any court papers. Our foreclosure page has more general information.

Usually, yes. Unpaid taxes are paid from the sale proceeds at closing, like any other lien. If the house is headed for a county tax sale, timing matters, so reach out early. Our page on back taxes explains more.

Yes, we consider rentals with tenants in place, including tenants who are behind on rent. We'll want to know about any lease and what the tenants pay. You're not required to empty the house before we make an offer.

Not for us. Open violations are something we look at and factor in, not a reason to walk away. Let us know about any letters or orders you've received so the offer reflects them.

Yes, as long as everyone on the title agrees to sell. If there's a court order about the house, follow it and check with your attorneys before signing anything. A firm, as-is sale can make dividing the proceeds simpler.

No. We don't sell personal information, and we don't share your phone number or text-message consent with third parties or affiliates for their marketing. We use a few service providers to run the website and respond to you, as described in our Privacy Policy.

Reply STOP to any text, or just tell us you'd like us to stop, by phone or text. We'll honor it. Agreeing to calls or texts is never a condition of selling your house.

A phone number makes things faster, since we usually need to ask a few questions. If you'd rather not talk yet, text the property address to (708) 712-6846 and we'll go from there.

Call or text (708) 712-6846. If you leave a message, include the property address and the best time to reach you.