How The Process Works
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We’ll present you w/ a fair written, no-obligation offer
We close at a local reputable title company, cash in your hands and property off your back!
You May Be Wondering “How do they know how much to offer?”
I’m glad you asked! No, we don’t low ball you like some other people do. We’re completely honest and transparent in how we get to our numbers and it’s all based on MATH. You know…that subject everyone hates in school? It’s a pretty simple formula actually…but we’ll get to that in a minute.
It all starts with the ARV or After Repair Value of your home. Then we work backwards from there. This means we look at what the value of your home would be, completely fixed up to HGTV standards. We do this by doing a Comparative Market Analysis which is just fancy talk for pulling the comps.
Say your neighbor next door has the same identical house you have, but it’s been recently renovated. Granite counter tops, hardwood floors, back splash, new roof etc etc. It looks like something out of a magazine and it just sold for $250K.
So what do we know now? That if we fixed up your house to the same standards we should also be able to sell it for $250k, right?
Therefore we know the ARV of your house is $250k. Next we figure out how much work your house needs to get it to that level and calculate estimated holding costs (taxes, electricity, water, closing costs, staging costs, even realtor costs when we decide to sell the house). We subtract all of this from the ARV minus whatever profit we want to make (this IS a business after all). We can now make an offer that works for us. If that works for you, great then we close on the day of your choice with nothing further needed on your end other than your signature on some forms.
The Meat & Potatoes:
After Repair Value (ARV): This is what the value of your house will be AFTER we buy and renovate the house. Just like your favorite HGTV show!
Cost Of Repairs (COR): This is what our cost will be fixing/updating the house AFTER we purchase it from you.
Our Holding Costs: Although we buy houses without agents, we do have to use an agent to sell that house again AFTER we have purchased it from you and fixed it up. So we have to pay agent fees, closing costs, taxes, holding costs etc. This is usually 10% of selling price.
Our Minimum Profit: Yeah, this IS a business after all, and we wouldn’t be able to stay in business, buy more houses, pay contractors, electricians etc, if we didn’t make some sort of profit. However, we do try to keep this to a minimum so we can present you with the highest possible offer. This means happy sellers (you) and happy buyers (us) because we get to stay employed!
[After Repair Value] – [Cost of Repairs] – [Holding Costs] – [Our Minimum Profit] = [Your Offer]
Pretty simple eh?
Selling Your House Can Be A Quick And Simple Process
Home Buyers of Alabama buys houses in and around Birmingham and Huntsville. We’re not listing your house… we’re actually the ones buying your house. Because we pay cash, we’re able to close quickly… or on your schedule. Like we’ve mentioned, when you work with us there are no fees like there are when you list your house with an agent. What this means to you is you don’t have to worry about extra costs, having to come out of pocket to sell your house, or even getting your house ready for a sale since we buy in AS-IS condition.
Don’t worry about repairing or cleaning up your property. No matter how ugly or pretty it is… no matter the location.