6 Top We Buy Houses for Cash Companies in Salt Lake City
- Published on
- 15 min read
-
Joseph Gordon EditorClose
Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
In Salt Lake City, Utah, We Buy Houses for Cash companies are becoming a go-to solution for homeowners looking to sell quickly, especially when their properties require significant repairs or upgrades. These companies make all-cash offers, providing a lifeline for those needing more time, expertise, or financial resources to invest in home improvements.
If you’re facing an urgent or unexpected situation in Salt Lake City, selling your home for cash to one of these companies could be a viable solution. It’s a straightforward path to unloading a property that might otherwise linger on the market due to its condition or other factors.
This article will guide you through the intricacies of working with house-buying companies in Salt Lake City. We’ll explore the pros and cons, helping you consider your options effectively. Whether dealing with financial constraints, time pressures, or simply seeking a hassle-free sale, understanding these key points will empower you to make an informed decision.
Sell Your House Fast in Salt Lake City With a Cash Offer
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout Salt Lake City.
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Salt Lake City area “We Buy Houses” companies should not be considered endorsements.
Selling your home in Salt Lake City to a house-buying company can be a smooth process, especially if you’re looking for a quick sale. Here’s a step-by-step guide to help you understand what to expect:
- Research companies: Research various We Buy Houses for Cash companies in Salt Lake City. Look for reputable firms with positive reviews and a strong presence in the local market.
- Initial contact: Reach out to the chosen company. This usually involves filling out a form on their website or making a phone call. Provide basic information about your property, such as location, size, and condition.
- Property assessment: The company typically will arrange a visit to assess your property. This assessment helps them determine the value of your home as-is.
- Receive an offer: The company will present a cash offer based on the assessment. Remember, these offers generally are non-negotiable and are based on the current condition of your home.
- Review the offer: Take your time to review the offer. Consider your financial needs and the convenience of a quick sale against the offer amount.
- Close the sale: If you accept the offer, the company will handle most of the closing process. The sale often can be completed in days, allowing you to move forward with your plans without the usual delays of traditional home-selling.
Popular We Buy Houses for Cash companies in Salt Lake City
If the process of selling to a house-buying company in Salt Lake City sounds good to you, it’s time to find a legitimate operation you can trust.
We’ve compiled some top companies that will pay cash for your parents’ Georgian-style house or your Cape Cod home. By selling to one of these companies, you should be able to sell your Salt Lake City home in as little as a week or two.
Joe Homebuyer (Utah Sell Now)
Founded in 2015, Joe Homebuyer provides solutions for homeowners facing obstacles such as foreclosure or divorce. With an all-cash offer usually presented within 24 hours, closing can occur in only seven days or at the seller’s convenience.
Locations: Across Utah, including Salt Lake City
Closing costs: Sellers pay no closing costs; Joe Homebuyer covers them.
Joe Homebuyer has been BBB accredited since 2016 and holds an A+ rating. The company holds 4.7 stars on Google. Customer reviews express that they received a fair offer alongside a simple and seamless sales process.
Website: utahsellnow.com
Phone: 385-503-7616
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Salt Lake City and across the country can request a cash offer for their home. Simple Sale connects you to the largest network of cash buyers in the US, and partner investors have a wide range of investment strategies, including fix-and-flip and buy-and-hold. This enables Simple Sale to provide cash offers for a wide array of properties, even those that need some or a lot of work, in locations throughout Salt Lake City.
With Simple Sale, you can get a no-obligation, all-cash offer in as little as 24 hours and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Salt Lake City
Closing costs: No prep costs, agent commissions, or fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a HomeLight platform. HomeLight was founded in 2012 and is BBB-accredited and holds an A rating. The company has 4.8 stars on Google based on hundreds of user reviews. Below, you can hear about how Baohan Wu, a seller who used Simple Sale to sell his high-rise apartment, closed within three and a half weeks and what he thought of the process overall.
Learn more: homelight.com/simple
Phone: 844-488-8455
Gary Buys Houses
Gary Buys Houses has been in business since 2009. If you’re not ready to move after the sale, you can stay in the house rent-free while searching for your next home or choose the rent-back option if you need more time. The company also provides a cash advance of up to $10,000 and says they can close within five days, regardless of the home’s condition.
Locations: Throughout Utah, including Salt Lake City
Closing costs: Sellers pay no closing costs; Gary Buys Houses covers them.
Gary Buys Houses has been BBB accredited since 2016 and holds an A+ rating. Customer reviews for Gary Buys Houses speak to the company’s professionalism and responsiveness. The company holds a 4.9-star rating on Google.
Website: garybuyshouses.com
Phone: 801-382-9199
Enlight Homebuyers
Enlight Homebuyers has been purchasing homes for cash since 2003. Enlight Homebuyers purchases properties within 48 hours and closes in as few as three days or on the seller’s timeframe. The firm also provides an advance of up to $10,000 before closing.
Locations: Across Utah, including the Salt Lake City Metro area
Closing costs: Sellers pay no closing costs; Enlight Homebuyers covers them.
Enlight Homebuyers has been BBB accredited since 2013 and holds an A+ rating. They have a 4.1-star rating on Google reviews. Enlight Homebuyers consistently delivers a positive and stress-free experience for those looking to sell their homes quickly without the hassle of repairs or the traditional real estate process. Customers highlight the convenience of working with the team, praising their fair offers and flexibility in meeting individual needs. Sellers appreciate the relief of avoiding costly repairs and extensive updates, making the process smoother during challenging times. The team is commended for their clear communication, professionalism, and willingness to help, creating an overall efficient and satisfying home-selling experience.
Website: enlighthomebuyers.com
Phone: 801-939-0123
WeBuySaltLakeCityHouses.com
The company will purchase your home, regardless of condition. They will serve homeowners under a variety of circumstances, including divorce, those facing foreclosure, homes needing extensive repairs, and more.
Locations: Throughout Utah, including Salt Lake City
Closing costs: Sellers pay no closing costs, WeBuySaltLakeCityHouses.com covers them
The company has been BBB accredited since 2017 and holds an A+ rating. Customers have highlighted the company’s flexibility and exceptional problem-solving skills, exemplified by its ability to handle unique and challenging situations. They have a perfect 5-star Google rating.
Website: webuysaltlakecityhouses.com
Phone: 385-900-2274
Fast Home Offer Utah
Fast Home Offer Utah was founded in 2014 by Jason Lewis, According to the firm’s website, they strive to respond with an offer within seven minutes. The company can provide a flexible closing date within just seven days when time is of the essence.
Locations: Throughout Utah, including Salt Lake City
Closing costs: Sellers pay no closing costs; Fast Home Offer Utah covers them.
Fast Home Offer Utah has been BBB accredited since 2018 and holds an A+ rating. Customers give the company 4.9 stars on Google, and reviews speak to Fast Home Offer Utah’s professionalism, transparency, patience, and customer service.
Website: fasthomeofferutah.com
Phone: 801-648-7942
Why sell your Salt Lake City house for cash?
There are many compelling reasons why a Salt Lake City home seller might choose to work with a cash-for-homes company. The most common benefits include a fast sale, guaranteed offers, and the convenience of skipping repairs and lengthy processes.
In Salt Lake City, it typically takes about 94 days to sell a home on the market using an agent. That includes an average of 50 days on the market plus the typical 44 days a buyer needs to close on a purchase loan.
Compare that to the typical seven to 10 days promised by many house-buying companies in Salt Lake City, and it’s clear why these cash-for-homes groups are an attractive option, even though they don’t always offer top dollar for the homes they purchase.
Selling your Salt Lake City home for cash to a house-buying company can be a practical solution in various situations. These companies are increasingly popular, especially for those needing more time and resources than for a traditional home sale. Let’s explore common scenarios where a cash sale might benefit Salt Lake City homeowners.
- Urgent financial need: If you’re facing immediate financial challenges like bankruptcy or severe debt, a quick cash sale can provide the necessary funds swiftly.
- Relocation for work: When you need to move quickly for a job relocation, selling your home for cash can expedite the process.
- Divorce settlement: In the event of a divorce, selling your home for cash can simplify the division of assets.
- Inherited property: If you’ve inherited a property you don’t wish to keep, a cash sale is a straightforward way to handle the estate.
- Avoid foreclosure: Selling your home for cash can be a viable option to avoid foreclosure and protect your credit score.
- Property in disrepair: A cash sale can relieve you of the burden if your home requires significant repairs you can’t afford or manage.
- Landlord issues: If you’re a landlord tired of managing rental properties or dealing with difficult tenants, selling for cash offers a quick exit strategy.
- Out-of-state owner: Managing a sale from afar can be challenging; a cash sale simplifies the process for out-of-state homeowners.
- Downsizing: For seniors downsizing their property, a quick cash sale can speed up a stressful and time-consuming process.
If you are a homeowner in Salt Lake City facing any of these circumstances, considering a cash offer from a We Buy Houses company might be a fitting solution. Before deciding, it’s wise to explore other avenues available to you, which we will delve into next, helping you consider the pros and cons of each.
Pros and cons of house-buying companies in Salt Lake City
When considering selling your home to a house-buying company in Salt Lake City, it’s essential to understand the pros and cons. These companies offer a quick sale and buy homes in any condition, but typically at a lower price than the market value.
Pros:
- Speed of sale: A major advantage is the speed at which you can sell your home, often closing the deal within a week.
- No repairs needed: These companies will buy your home as-is, eliminating the need for repairs or renovations.
- Simplified process: The selling process is straightforward, with less paperwork and no need for staging or open houses.
- Avoiding complications: This option can be ideal if you’re facing foreclosure, have inherited property, or have other complications that make a traditional sale challenging.
Cons:
- Lower offers: The most significant downside is receiving an offer below market value, which can be considerably less than what you might get on the open market.
- Limited negotiation: Offers from these companies typically are non-negotiable, giving you less control over the sale price.
- Potential for scams: Homeowners must be vigilant as this sector can attract fraudulent schemes, making it crucial to work with established, trustworthy companies.
As you consider the pros and cons of selling your Salt Lake City home to a house-buying company, it’s equally important to understand the value of your property and vet potential buyers carefully.
Curious What Your Home Is Worth?
Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.
Vet cash buyers and know your home’s worth
When you decide to work with a We Buy Houses for Cash company in Salt Lake City, it’s good to remember that the level of integrity and service you receive can vary significantly. Your experience largely will depend on the character and professionalism of the person or group making the offer. Before committing to any cash offer, take the time to vet the company thoroughly.
Start by checking online reviews, reading testimonials from previous sellers, and researching the company’s presence and performance in the Salt Lake City market. This due diligence can give you a clearer picture of their reputation and reliability.
Additionally, make sure to read the buying agreement carefully before signing. Understanding all the terms and conditions will help ensure you make a well-informed decision about selling your home.
HomeLight suggests you consult with an experienced local agent to get a better idea of what your home might be worth if sold on the open market. Then, compare your cash offer. HomeLight can connect you with a top-performing agent in your market. You can also use HomeLight’s Home Value Estimator to get an initial estimate in less than two minutes.
Other options to sell your Salt Lake City home quickly
iBuyers
iBuyers, or instant buyers, use automated valuation models (AVMs) to offer a quick, mostly online home-selling experience. They provide all-cash offers, often closer to market value, for homes in good condition, with the entire process from offer to closing taking just a few days to two weeks.
Keep in mind that iBuyers like Opendoor and Offerpad typically charge service fees of 5% to 6% and are best suited for homes in areas with uniform housing.
Listing with an Agent
While selling through an agent might seem counterintuitive in a discussion about quick cash sales, it’s a viable option for those in seller-friendly markets. Top real estate agents can facilitate fast sales, particularly for well-priced and well-marketed homes. Selling on the market usually yields the highest price, especially with a top agent.
Agents can also provide a comparative market analysis (CMA), often free, to help set a competitive listing price and may connect you with buyers offering cash close to market value. Exploring this option with an agent can ensure you’re making a well-informed decision. HomeLight can assist in connecting you with a top-performing agent in your area.
FAQs on Salt Lake City house-buying companies
Most We Buy Houses for Cash companies in Salt Lake City are legitimate businesses. Their services and transaction fees may differ, but the business model has existed for decades. If you use an established group with a track record, you can be fairly confident it’s legitimate.
That said, as with any financial transaction, it’s a good idea to be alert for scams. Always research companies before you sign a contract. Check customer reviews, look at their online presence, verify professional licenses, get a referral if possible, and vet the company on the Better Business Bureau website. Watch for anything that just doesn’t seem right.
Most Salt Lake City We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value (ARV) minus their estimated repair costs.
Here’s an example of what a simplified formula might look like:
(Your home’s ARV x .70) – repair costs
To see how this might work in a real-world scenario, let’s look at an example offer equation. Let’s say your Salt Lake City home could sell for $494,000 after repairs, but it will need $30,000 of work to get there.
($494,000 x .70) – $30,000 = $315,800
In this example, a top We Buy Houses for Cash company in Salt Lake City might offer you about $315,800 for your home.
However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more than We Buy Houses companies because iBuyers look for homes in better condition. An iBuyer might pay you 90% or more of market value while charging a fee for their services.
When you accept an offer from a Salt Lake City We Buy Houses for Cash company, you’re often faced with a double-edged sword. On one hand, it usually won’t cost you extra, as these companies handle most of the process once the offer is accepted. On the other hand, you’re likely to receive less money for your home compared to selling on the open market.
Because We Buy Houses for Cash companies tend to focus on distressed homes, they typically have zero fees. Many will even cover your closing costs. In most cases, this means that the cash offer you receive will be the price you walk away with at the end of the deal. Of course, it’s always a good idea to ask the company if there are any hidden program fees that might affect your bottom line.
We Buy Houses for Cash in Salt Lake City vs. a top Salt Lake City agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s take a look at how various aspects of the sale could play out and compare the potential proceeds.
| Aspect of the sale | Sell to a We Buy Houses for Cash company in Salt Lake City | Sell with a top Realtor® in Salt Lake City |
| Selling timeline | 7 to 30 days | 94 days average; 50 days to attract an offer, 44 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, stage home |
| Showings | None | 10 to 25 showings average |
| Inspections / repairs | None | May need to make additional repairs for the buyer or renegotiate the price |
| Appraisal | None | May need to lower your asking price if the appraisal comes in low |
| Title search | Cash-for-homes companies often handle title issues | Must clear title before you can sell home |
| Financing contingency | None | Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear |
| Agent commission | None | 3% to 5.8% average |
| Closing costs | None | 1% to 3% of the home sale price on top of agent commission |
Example net proceeds
Below, we’ve put together one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in Salt Lake City is currently worth about $494,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth about $519,000.
| Sell to a We Buy Houses for Cash company in Salt Lake City | Sell with a top Realtor in Salt Lake City | |
| Estimated sale price | ($519,000 x .70) – $25,000 = $338,300 | $494,000 |
| Market preparations | 0 | $4,940 (1% of sale price) |
| Agent commissions | 0 | $14,820 (3% of sale price) |
| Closing costs | 0 | $7,410 (1.5%) |
| Estimated take-home for seller | $338,300 | $466,830 |
As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be a challenge in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Quick sale: One of the primary benefits of a cash-for-homes company in Salt Lake City is the speed of the sale, often completed within a week.
- As-is purchase: These companies will buy your home in its current condition, eliminating the need for repairs or renovations.
- Simple process: The selling process is straightforward with less paperwork and no staging or open houses required.
- Lower offers: Be prepared to receive offers below market value, as these companies typically pay less than what you might get on the open market.
- Research is key: Thoroughly vet any house-buying company by checking reviews and testimonials to ensure their credibility and reliability.
- Read agreements carefully: Always read and understand the buying agreement before signing to avoid any surprises or misunderstandings.
- Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
At HomeLight, we’re happy to lend a guiding hand in navigating your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult with a top Salt Lake City agent.
Header Image Source: (serrnovik / DepositPhotos)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
