How The Process Works
Tell us about your property – Quick, Easy & Free!
Within an hour, we’ll contact you to set up an appointment
We’ll present you w/ a fair written no-obligation offer
We 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!).
Selling Your House Can Be A Quick And Simple Process
We Buy 502 Homes buys houses primarily in Louisville Kentucky, as well as all of the surrounding areas around Louisville. The above “steps” outlines what most sellers are looking for – good cash offers within a short timeframe.
However, every situation is different. Every house is different. Every seller is different. And every seller’s situation is different. Because of this, sometimes we find that the above quick cash for house transaction is not in the best interest of our clients. This is why after we meet, we will run some numbers and present you with more than one option for your property. We want to ensure you, the seller, are provided with all the different options available so that you can make the best decision.
We are 100% here to help along the way and will do whatever we can to ensure you are happy!
Also, don’t worry about fixing, cleaning, or repairing your property. We will buy your house in as-is condition. It does not matter where it is located or how it looks. We are simply there to help find you a solution!
Lastly, you may be wondering why we are so willing to help and what is in it for us? Well, let me explain how we make money. There are no secrets with us, which is why transparency is one of our code of ethics.
As an example, let’s say you current own a 3 bedroom, 2 bathroom property that is 1,500 square feet. It is in need of a complete rehab, where it would cost $20,000 to repair.
Knowing the above information, here is how we can come to our as-is no obligation cash offer within 7 days.
Determine what the property will be worth when completely rehabbed (Known as ARV or After-Repair-Value)
Multiply the ARV by 70%
Subtract the rehab from the number arrived at in Step 2
Alas, we arrive at our cash offer price for your Louisville property!
To use the example above, let’s assume this property has an ARV of $80,000. We then multiply this by 70% to get $56,000. Next we subtract the $20,000 repair cost to arrive at $36,000. The $36,000 would be our cash offer price. Think of the 70% as a discount we receive for purchasing the property, holding the property, rehabbing the property, and paying all the various fees associated with that.
In order for We Buy 502 Homes to continue operating and helping other distressed property owners we obviously have to make money. We make our money by either renting the property after rehab or by selling the property for it’s ARV. In this case, if we purchased the property for $36,000 and put $20,000 in rehab, we would be out of pocket for $56,000. If we sell the property for $80,000 we would have to pay commission costs, closing costs, and various holding and lender fees, so we would end up making somewhere around $15,000.