If you’re thinking of selling your property, are you aware that there are firms that buy properties for cash?
The answer is yes… there are several companies who will buy your home outright and do so quickly and fuss-freely.
If you want to sell your property as quickly as possible, working with a firm that purchases houses for cash may be the best option for you.
Because they work with investors searching for homes to flip or rent, these businesses are generally able to complete transactions quickly and without much paperwork.
What Do House Buying Companies Do?
The business model of most house-buying companies is simple.
They buy houses for resale, flipping, or real estate investment purposes.
As they are cash home buyers that can move quickly, sometimes even making instant offers.
They try to offer less cash than what would typically be accepted on market value.
While a traditional sale is in the best interests of most homeowners, there are some situations where it can make sense to sell to a company that buys houses for cash; especially if you can get a fair offer.
Here are a few of the best companies that buy houses for cash:
Working with WeBuyHouses.com is more likely to be positive than working with a local private real estate investor.
WeBuyHouses.com vets all of its investors and gives them an exclusive license to operate in their territory, so investors who use the brand name have an incentive to work hard in order to maintain their advantage.
This company has a better reputation than most individual cash buyers, but the house seller’s experience can vary depending on the quality of their local franchise.
While WeBuyUglyHouses.com might close in as little as three weeks, it is well understood that they pay significantly less than fair market value.
HomeVestors (The parent company of We Buy Ugly Houses) is a national cash buyer brand composed of independently owned and managed local franchises.
HomeVestors can offer the first offer within 48 hours and close in as little as three weeks.
However, home sellers get only 55 percent of the after-repair value, plus any anticipated repair expenses.
This company connects home sellers with a network of subscribers who are independent real estate investors.
These investors aren’t vetted in any way, so it’s impossible to know what level of service you’ll receive, and negotiating will be entirely up to you.
In fact, there’s no guarantees that anyone will even contact you when you submit your information.
MarketPro pays significantly less than fair market value and is only available in four states, so it’s not an option for many home sellers.
On the other hand, they can close quickly and even offer a free moving service, so it might be worth it if you are relocating.
Sundae Real Estate
Sundae is a marketplace that pairs home sellers of distressed properties with investors.
Compared with other cash buyer companies, Sundae’s business model gives you the best chance for a high off-market offer.
Here Are Some of The Best iBuyers
Opendoor is the best option for most home sellers who want to use an iBuyer because the service fee is capped at 5%, closing times are flexible, and the company is active in 45 markets across the country.
Offerpad promises the certainty of a cash offer and a fast closing on a date you choose.
However, the company charges a 1% cancellation fee and generally makes less competitive offers than Opendoor.
Compared to its competitors, RedfinNow handles a relatively small volume of iBuyer sales and has high service fees (up to 13%).
However, RedfinNow shines in several niches.
Thanks to its willingness to accept older homes and its availability in a wide range of California cities.
Flyhomes isn’t purely an iBuyer.
It’s a home trade-in service that can help you win the bid on your next home and move in before you sell your old home.
The company will buy your home from you if you can’t sell on the open market and you want to accept their backup offer.
But the offer will represent the home’s appraised value, not its actual fair market value, which is likely to be higher.
Orchard is a home trade-in service that allows you to purchase a new home by getting access to your current home’s equity.
You can then list your old home on the market with an Orchard listing agent.
If you need to move quickly, but still want to get top dollar for your home, Orchard is worth considering.
However, Orchard only accepts newer homes compared to its competitors.
Knock allows customers to purchase a new home before selling their old one.
Unlike typical iBuyers, you’ll sell on the open market with a traditional real estate agent.
Knock will cover your old mortgage until your home sells — but you’ll still eventually have to settle up, and costs can add up fast if your home sits on the market.
What is the best way to Get Your House Purchased?
In general, firms that purchase houses buy homes for a fraction of the market value, make any required repairs, and then resell them on the open market for a profit.
Following is a description of how a typical transaction works:
- Submit information about your home. Most firms get basic information about your house by using an online form or over the phone. In some cases, you may get a rough idea of your cash offer in as little as 24 to 48 hours.
- Complete the inspection. An on-site inspection will be conducted by a third-party inspector and/or local representative from the firm. Any required repairs will be taken into account throughout your final offer.
- Accept the final offer. If you accept the company’s final offer, you’ll sign a purchase agreement and set closing dates.
- Close on your schedule. Companies can make faster decisions and provide more flexibility in terms of timing than individuals. Rather than waiting for a bank to underwrite a mortgage, you may be able to close in as little as ten days.
Pros and cons of using a house-buying company
There are several pros and cons to using companies that buy houses for cash:
- You can get a fair offer quickly, without any hassle.
- Many companies will buy your home as-is, so you don’t have to worry about making repairs.
- The process is typically much faster than trying to sell your home through a traditional real estate agent.
- You may get less for your home than it’s worth on the open market.
- Many companies have strict criteria about what homes they’ll purchase.
- Closing times can be inflexible.
- You may have to pay a cancellation fee if you change your mind.
- There are typically service fees associated with using these companies.
With all that being said, STHomeBuyers.com is the best company because they offer a free consultation first in order to ensure selling your house to cash investors like us is the best option for you.
Complete the forms around this article and we will reach out within 12 business hours.
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Are we buy houses for cash companies legit?
Yes, many reputable companies buy houses for cash. If you’re considering selling your home to one of these companies, make sure to thoroughly research it first by checking its rating with the Better Business Bureau and reading previous clients’ reviews.
How can I sell my house fast for cash?
The fastest way to sell your house for cash is with an iBuyer or We Buy Houses company. iBuyers pay more, but they only buy houses in select markets that are basically move-in ready. We Buy Houses companies, on the other hand, make low offers and tend to focus on distressed properties that can be fixed up and resold.
Who makes the most money in selling a house?
The people who make the most money in selling a house are typically real estate agents. They make a commission based on the sale price of the home. iBuyers, in contrast, purchase homes for a fraction of the market value and resell them for a profit.