How We Buy Houses:
Tell us about your property – Quick, Easy & Free!
If it meets our buying criteria, we’ll contact you to set up a quick appointment
We’ll present you with a fair, no-pressure, no-obligation offer
We can close at a local reputable title company, cash in your hands in as little as 7 days
Timeframe: Once we get your info, we’re usually able to make you a fair all-cash offer within 24 hours. From there, we can close as quickly as 7 days… or on your schedule (sometimes we can have a check in your hand the very same day!).
Let’s Compare Some Examples
Summit Home Buyers, LLC buys houses in Salt Lake City (and other areas too!). We’re not listing your house… we’re actually the ones buying your house. Let’s look at an example. Ever hear of Zillow? This company gives “zestimates” of home value ranges without taking into account repairs needed and things like that. Go ahead, do a quick search for your property…
Example 1 – Selling With A Realtor
Let’s say Zillow gives your house a “zestimate” of $175K, with a range of $150-$200k. If your property is in average condition AND you clean it up really nice inside and out, you might sell it on the retail market for about $175k, right? If your home is in pristine condition with newly remodeled bathrooms, kitchen, and a new roof, you might sell it for somewhere around $200k. Finally, if it is in poor condition you might get closer to $150k (if it even sells). Let’s not forget selling fees. When you list with a realtor, you can expect to pay anywhere from 8-12% of the final sales price in fees – seller’s agent fees, buyer’s agent fees, broker fees, title fees, escrow fees, attorney fees (just to name a few). We’ll go ahead and use a nice round number of 10% for our current example.
Net Proceeds From Realtor Sale =
If you sell for $175k, you will actually end up with $157.5k ($175k – 10% or $17.5k). If you sell for $200k, you’ll end up with $180k ($200k – 10% or $20k). If your final sales price is $150k, you walk away with $135k ($150k – 10% or 15k).
Example 2 – Selling to Us!
If we buy your house, we plan to fix it up into tip-top shape. That is how we calculate our After Repair Value (ARV). Using the Zillow example above, let’s say that the ARV is $200k. To calculate our cash offers, we subtract repair/renovation costs, followed by our reselling costs (10% as shown above), followed by our minimum desired profit (we are a business, after all). Let’s say that your home needs $20k in repairs, and we hope to make $20k in the end… here’s how the offer would look:
After Repair Value $200K
Less $20k repairs
Less $20k resale fees
Less $20k profits
Your Cash Offer = $140k
Okay, maybe that is a simplified example, but it gives you a general idea of our process. We can answer any additional questions you might have along the way. And, here are just a few things to keep in mind… We can close FAST! It might take months to sell your house on the retail market. Don’t worry about repairing or cleaning up your property when you sell to us. We’ll buy your house as-is… no matter how ugly or pretty it is… no matter the location.
Don’t pick up a broom. Pick up the phone and give us a call (801) 410-0341