We buy homes for money, companies buy houses at a huge discount compared to their market value, and generally only buy properties that are in poor condition. Companies that buy homes for cash are worth considering if your top priority is to sell quickly, not make the most money from selling. Whether a “we buy houses” company or an iBuyer is a better option depends on your location and the condition of your home.
buying houses for cash companiescan be a good option for sellers facing a situation such as foreclosure or the inheritance of a vacant or distressed property.
iBuyers are best for sellers who want a quick and convenient sale of a home that is in good condition. They are a better option than We Buy Houses companies because they pay much higher prices for homes. However, many sellers don't qualify for an iBuyer offer. All iBuyers have strict purchase criteria and are only available in select markets.
For home sellers who need to sell quickly, working with an iBuyer like Offerpad is a good way to maintain a larger amount of their home's net worth. Unlike most cash buyers, Offerpad makes competitive cash offers that are much closer to the value of your. We think Offerpad is an excellent choice because it offers more flexibility in closing dates and repairs than most of its competitors, including Opendoor. You can choose a closing date between eight and 90 days in advance, allowing you to move out of your house when it's most convenient for you.
Offerpad is available in 25 U, S. If you're in a hurry to sell, we recommend you request a free, no-obligation offer from Offerpad today. Opendoor is another good option for homeowners who need to sell their home quickly. The company generally pays less than what you would receive on the open market, but like other iBuyers, it pays more than most cash buyers.
Opendoor doesn't offer as much flexibility in terms of closing times as Offerpad, with a closing time of between 14 and 60 days. But it's available in more locations, with operations in 47 cities across the U.S. UU. We Buy Ugly Houses (also known as HomeVestors) is one of the largest and best-established We Buy House companies in the country with more than 800 franchises.
The company generally has a strong reputation and good brand recognition, but offers are often very low compared to what your house would be worth on the open market. Like most real estate investors, we buy ugly homes, usually we don't pay more than 70% of the post-repair value of your home. That could mean leaving tens of thousands of dollars on the table. RedFinnow buys homes in 31 cities and unlike other iBuyers, the company will even buy empty homes.
However, RedFinnow charges a variable service fee of 5 to 13%, depending on the location and condition of your home, potentially making it much more expensive than other companies that buy homes for cash. RedFinNow is affiliated with Redfin, one of the largest discount real estate brokers. Sundae is the only company on our list that doesn't actually buy houses, but rather connects homeowners with real estate investors in their area who are willing to pay cash. The main benefit of using Sundae is that you will receive multiple cash offers from vetted investors after submitting your information, without having to list your home for sale.
The obvious downside is that you probably won't get the best price for your home using Sundae because you'll end up selling to real estate investors looking for a deal. MarketPro is a regional We Buy Houses company that buys homes in Virginia, Maryland, Pennsylvania and Washington, DC. We Buy Homes for Cash Companies buy homes that most buyers aren't interested or can't afford, since most banks don't offer mortgages for homes in serious disrepair. If you think you don't have options to sell a badly damaged or vacant property, a cash-buying company can buy “as is,” without needing any repairs.
Cash-buying companies also move quickly and make the process as simple as possible for sellers. In most cases, you can receive a cash offer within 24 to 48 hours of submitting basic information about your property (such as your address and the general characteristics of your property) and close in as little as 7 days. Most We Buy Houses companies also cover. We Buy Ugly Houses is a national brand that has been in business for more than 20 years, so the company's reputation and home buying processes are well established.
However, because We Buy Ugly Houses operates on a franchise model, the quality of service you receive may vary depending on your location. Home sellers who choose to sell to We Buy Ugly Houses can expect to get much less than fair market value for their property, but the business can close in as little as three weeks. We Buy Ugly Houses has more than 800 franchises in 46 states. Although We Buy Houses investors won't pay what you'd get on the open market, working with one is more likely to be successful than if you were trying to find a local real estate investor on your own.
We Buy Houses has more than 2,7000 offices in 49 states. If you are looking for a cash offer from a real estate investor, Sundae offers a single market where pre-vetted investors can bid on their property. Compared to other cash-buying companies, Sundae's model creates competition that can lead to a better selling price, although cash offers will almost always be lower than open market offers. Sundae operates primarily in California, specifically in Los Angeles, Orange, San Bernardino, Riverside and San Diego counties, as well as in the greater Sacramento area.
MarketPro HomeBuyers operates in Virginia, Pennsylvania, Maryland and Washington, DC. iBuyers are real estate companies that buy and sell a large volume of homes. Although iBuyers are only available in 30 to 40 cities so far, major companies like Opendoor and Offerpad expand to new cities every month. Like cash-buying companies, iBuyers.
Most offer a preliminary cash offer within 24 to 48 hours and close in as little as 2 weeks. With a company like Offerpad, you can sometimes close in just eight days. If you are thinking of selling your home to an iBuyer, we strongly recommend that you request a free, no-obligation offer from Offerpad. Offerpad provides the most flexibility around closing times and repairs.
Unlike other iBuyers, the preliminary offer you receive is reviewed by the company's internal staff, so it will be more similar to the final offer you receive. Offerpad is available in 25 metropolitan areas of AL, AZ, CA, CO, FL, GA, IN, KS, MO, NV, NC, OH, SC, TN, TX. Compared to other iBuyers, Opendoor offers the best value because rates are capped at 5% and pay close to fair market value for homes. Sellers should note that Opendoor deducts repair costs from their final offer, and the company no longer allows home sellers to handle repairs on their own.
Opendoor is currently available in 47 major markets of AL, AZ, CA, CO, FL, GA, ID, IN, MN, MO, NV, NJ, NY, NC, OH, OK, OR, SC, TN, TX, UT, VA. Redfin Now can offer home sellers in select markets a quick and predictable sale. Unlike most iBuyers, RedFinNow even buys empty homes, which could be good news for sellers in difficult situations. However, high service charges and additional closing costs could be costly.
RedFinNow is available in metropolitan areas of. Selling to a real estate investor is best for homeowners who want to network and negotiate with investors in their community, usually through in-person meetings or online forums. You can also use third-party companies, such as Sundae, that make presentations to real estate investors. If you own a home that is in poor condition and needs extensive repairs, a cash buyer such as a We Buy Houses company might be your best option, as they will make you a quick offer, cover all closing costs, and even fixing the house after selling it.
The downside is that you won't get a very competitive offer. Many regional and national companies make legitimate cash offers to buy houses, but We Buy Houses scams do exist. You'll never have to pay any costs upfront when you request a cash offer, and when in doubt, the buyer should be able to provide you with proof of funds. The fastest way to sell your home for cash is with an iBuyer or We Buy Houses company.
iBuyers pay more, but only buy homes in select markets that are basically move-in ready. We Buy Houses companies, on the other hand, make low bids and tend to focus on distressed properties that can be repaired and resold. Request a cash offer for your home Valerie Kalfrin is a multi-award-winning journalist, film and fiction fan and creative storyteller with a gift for detailed and engaging stories. Caroline Feeney is the senior managing editor of HomeLight, where she oversees the Seller Resource Center, a blog that features hundreds of in-depth articles that address every step of the home sale process.
Previously, she served as editor of the real estate industry publication Inman News and co-authored a book on real estate leadership. The Midwestern native has a master's degree from the Missouri School of Journalism and was previously a real estate contributor to Forbes. At HomeLight, our vision is a world where every real estate transaction is simple, secure and satisfying. Therefore, we promote strict editorial integrity in each of our publications.
Connect with a reputable homebuying company No repairs, no screenings, no open houses. Reduce the stress of selling by requesting a cash offer from HomeLight's Simple Sale platform today. In just 48 hours, we'll send you a competitive offer with the possibility of closing in as little as 10 days. Request Offer Some sellers may choose to work with a company that buys homes because their home needs a lot of work before they can consider listing it for sale.
Maybe the roof needs to be replaced or repaired, the windows are in a rough shape, or the whole place is a cosmetic cold. These high-tech companies work a little differently than other cash-for-housing companies. For example, iBuyers rely heavily on digital tools to bid and deliver a primarily online selling experience. They are another legitimate option for selling your home in the markets where you shop.
However, companies that buy a home will generally offer less than the market value for their home, even if they are 100% legitimate. Different companies offer different quantities for homes, but the discount on the price can be high. Real estate investors are real estate investors who buy properties at a discount with the intention of remodeling them to add value and then resell those properties quickly for a profit. Home buffs are looking for specific improvements to increase fairness, such as cosmetic upgrades, mechanical repairs, an addition or a change in design.
Doug Van Soest, who owns a home exchange business in Southern California, buys an average of 40 to 50 homes per year and says he typically aims for at least a 10% return on his investment. Many people need to sell their current home to have sufficient funds to cover the purchase of their new home. Some homebuying companies offer or specialize in what are known as exchange programs to make this a smoother process. Usually, exchange companies will offer to buy your current home, freeing up your funds to buy a new home and eliminating the need for a home sale contingency.
Part of Homevestors of America, We Buy Ugly Houses is the largest professional home buying franchise in the U.S. Since its launch in 1996, the company has purchased more than 100,000 homes. Specializes in buying properties at auction for cash, allowing sellers in difficult situations to close in as little as three weeks. We Buy Ugly Houses is known for its bright yellow caveman signs and markings.
Review our overview of the operations and history of We Buy Ugly Houses for a deeper insight into the company. Simple Sale, a HomeLight solution, is an online platform where sellers across the country can request a cash offer on their home. Simple Sale has a network of cash buyers on its platform, and partner investors have a wide range of investment strategies, including fixing and changing and buying and holding. This allows Simple Sale to offer cash offers for a wide range of properties, even those that need a little or a lot of work.
With Simple Sale, you can get a cash offer in as little as 48 hours and sell your home in as little as 10 days, skipping the months it takes to sell the traditional way. Sundae Real Estate is a marketplace that connects homeowners who sell distressed properties with investors who want to buy them. Sellers contact an advisor by phone or fill out an online form. The next step is a brief home visit followed by the listing of your home in the Sundae investor market.
Sundae offers sellers their best deals to review four business days after the home inspection and disclosure process. Opendoor buys houses of different conditions, but criteria such as a short sale, work not allowed, or outdated materials can affect whether the company is willing and able to buy a home. Swap companies aim to solve the complicated process of buying and selling a home at the same time. Typically, these companies allow sellers to release the net worth of their home to place it in their next residence.
By doing so, sellers can generally remove the home sale contingency from their offering to better compete in the market. When you accept an offer for a new home, HomeLight buys your current home at the purchase price so that you receive the cash to close. HomeLight then completes the process by working with your agent to list your previous home for sale. If the home sells for more than what HomeLight paid for it, the company gives you the additional income minus the selling costs and program fees.
In many cases, the lack of time, money and experience to perform major repairs is what causes salespeople to work with a company that buys a home instead of listing. Others would rather avoid showing the house repeatedly. However, a home buying company is often not the right choice if your top selling priority is to maximize the sale price. How you decide to sell your home is always a personal decision, but here are some situations that could make working with a company that buys a home seem more attractive.
Homebuying companies can usually close their homes in as little as seven days or a couple of weeks. But they also tend to offer a longer closure to sellers who also need more time to pack and move. Sellers should be aware that factors such as title issues, inheritance complications, and HOA rules can cause liquidation delays, even when working with a company that buys homes for cash. Different homebuying companies will offer varying amounts for homes, depending on the types of homes they purchase and the details of the business.
In the past 12 years, most cash buyers have paid on average 12% less than funded buyers, according to research article. Although one thing to keep in mind is that major iBuyers like Opendoor, Offerpad and Redfin usually charge considerable fees for their services, often around 5%. Get free, objective, performance-based recommendations for the best real estate agents in your area. Find the best real estate agents in these similar cities HomeLight has an A+ rating with the Better Business Bureau.
I Buy Houses is a network of people and companies that want to buy houses for cash. The company acts as an intermediary, connecting homeowners who want to sell with interested members who could make a purchase offer. Another network of people and investors, but with Sundae, you will include your home in the company network and conduct an in-person visit. Four days after the home inspection is complete, submit multiple cash offers from multiple buyers for you to choose from.
Flyhomes is a brokerage agency that helps clients buy a new home before selling the one they currently live in. What's more, what you're offering isn't really a real cash offer. The company has a mortgage loan operation, so you will have a short term loan, plus the option of a long term loan for your new mortgage once your old house sells. The company operates only in select markets, including the San Francisco Bay Area, Southern California and Boston.
Necessary repairs, exterior appeal, furniture upgrades, and staging are some of the elite expenses you avoid when you choose companies that offer cash for homes to get a high-priced deal on your home. Among all the businesses that buy homes for cash in New York, the House Buyer Network has helped thousands of sellers over the years. We recommend listing with several companies, as you will usually receive cash offers without any commitment. Another great advantage of working with the main We Buy Houses for Cash companies in New York is the certainty that the deal will work.
The company is often confused with other companies that buy houses for cash because it has such a generic name. You can find potential buyers in New York by searching online for companies that buy homes for cash or working with a real estate agent. Yes, companies that buy homes for cash or homebuyers with cash are legitimate and operate legally across the country. There are many well-established companies that specialize in buying homes for cash; it's common practice in real estate.