The Short Answer
Companies who buy houses for cash, or cash home buyers, present an opportunity for sellers to get their homes sold fast and without the risk of traditional transactions. The difference is that they may need to accept a slightly lower price for their home than fair market value, but the tradeoff is that the transaction is likely to be smoother.
Some of the best companies that buy houses for cash in the US are:
1. HomeVestors (We Buy Ugly Houses)
2. We Buy Houses
3. MarketPro HomeBuyers
4. HomeGo
5. iBuyer.com
6. Sundae
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Why Do People Sell Their Houses To These Companies?
Companies who buy houses for cash, also known as cash home buyers, offer sellers a fast and convenient way to sell their homes, without having to use traditional listing platforms and processes. The advantages presented by these companies for sellers include:
- Fast transaction: Thanks to the nature of a cash purchase, the selling process can be sped up significantly, without the need for loans and excessive paperwork. This is a huge advantage for sellers who need to get their home sold quickly, due to financial difficulties or other reasons.
- Lower risk: Without having to rely on financial contingencies, the risk of deals falling through is a lot lower. Buyers don’t need to wait for loan approval and therefore there are no delays, and very little chance of the deal falling through.
- Home sold as-is: A cash buyer typically buys houses in their current condition, which means that sellers don’t need to make extensive repairs or spend any more money on improvements to the house. This saves sellers time and money.
- No extra fees: Selling to cash buyers means that sellers can save on the extra costs associated with traditional transactions. These include real estate agent commissions, listing fees and so on. Ultimately, sellers can retain more profit from the sale, without having to pay these extra fees.
- Flexible closing dates: Cash buyers are often more likely to be flexible on their closing dates, which means that sellers can work with a timeline that suits them. This comes in handy when sellers need to make sure that their home sale coincides with the purchase of their new home.
List Of Companies That Buy Houses For Cash
Cash home buyers offer sellers a fast and convenient option to get their home sold. In the US, there are a variety of companies who buy houses for cash, which gives sellers a host of options. To help you choose the right company, we’ll outline some of the top companies that buy houses for cash below.
Company 1: HomeVestors
One of the most popular US cash home buyers is HomeVestors, the company behind the “We Buy Ugly Houses” slogan. The “We Buy Ugly Houses” company operates in 47 states across the US and buys houses for cash as-is. The company promotes the fact that their process is a simple, three-step one where HomeVestors will offer a free consultation first, then a fair cash offer is made, and if the no-obligation offer is accepted then HomeVestors can close in as little as 3 weeks.
Sellers who can benefit from using HomeVestors include:
- Those who are facing costly repairs
- Those who are inheriting a house
- Those who are relocating
- Those who are downsizing
- Those who are liquidating their assets
- Those who are changing their lifestyle
- Those who are retiring
HomeVestors will pay the typical closing costs when they “buy ugly houses”, handle the repairs, offer flexible closing dates, and pay cash for the house. HomeVestors, as per their slogan “we buy ugly houses”, offers sellers a quick way to sell their home and get a reasonable offer, without having to spend any more money on it beforehand and save on closing costs.
Company 2: We Buy Houses
We Buy Houses is a cash home buyer with local offices in over 30 states and 200 markets all over the US. Sellers can simply enter the zip code of the home they’re selling, and the platform will link them with a local home buyer. The home buyer will then arrange a viewing, before making a cash offer where no repairs will be needed. Once the seller accepts the offer, We Buy Houses would then conclude the sale quickly.
We Buy Houses advertises that they will connect sellers with local real estate professionals who can purchase their property within a matter of days. The website requires basic information from sellers, along a few brief questions about the property such as the number of bedrooms and bathrooms, asking price, property type and reason for selling. From there, sellers can get access to local buyers who are real estate investors in the We Buy Houses network.
Company 3: MarketPro Homebuyers
MarketPro Homebuyers is a reliable home buyer operating in the Washington D.C., Maryland, Northern Virginia, Florida and Pennsylvania areas. Sellers can use the MarketPro Homebuyers website to get a cash offer by filling in a few details to get an instant quote and then meeting with a member of their team to discuss their options. MarketPro Homebuyers buy homes as-is, which means that buyers don’t need to spend any money on homes before selling them. Deals can close in as little as 7 days.
The company was established in 2012 and has been operating since then. The company has zero fees, charges or commissions, which means that sellers don’t need to pay closing costs when they get a cash sale from MarketPro HomeBuyers. The company typically holds properties and rents them out, or makes repairs to properties and then sells them, or sells them to an investor on MarketPro Deals. Sellers who have a home that is in bad condition, or those who need cash quickly should consider using MarketPro Homebuyers.
Company 4: HomeGo
HomeGo is a home buying company based in Texas that doesn’t require any inspections or repairs because they buy homes as-is. The HomeGo website advertises that homes will be sold on Day One with an offer, not just an estimate, which means that sellers can get a cash offer within 24 hours. Sellers can schedule a 30-minute home walk-through with a licensed agent, get a firm cash offer, and then close in as little as 7 days. Sellers are not under pressure to move in those 7 days however, they can move when they are ready.
HomeGo’s cash offer is worked out by looking at comparable properties in the area, deducting the estimated repair costs and charging no commission or closing costs. HomeGo currently purchases homes in 23 states, and the condition of the home is not a factor. In fact, HomeGo claims to make offers on a wider range of homes than almost any other cash home buyer.
Company 5: iBuyer.com
iBuyer connects sellers with trusted buyers, in a matter of minutes, who will make cash offers. Sellers can submit their information on the iBuyer.com platform by answering 4 questions, then the platform will provide the solutions available that will allow a seller to sell their home as soon as possible, from there sellers can pick the choice that suits them best, at no cost.
Sellers can choose to take care of any home repairs themselves or have the iBuyer team take care of the repairs for them and have the expenses taken out of the sale price. One of the biggest benefits for sellers using iBuyer.com is that they can select their closing date, if they need more time in the home. iBuyer.com provides instant cash offers for sellers who need to get their homes sold quickly, using the iBuyer network.
Company 6: Sundae
Sundae is a cash home buying platform that connects sellers with local buyers so that they can receive multiple cash offers. No repairs need to be made to houses, and no showings need to be done, which speeds up the transactions and makes the process easier and more affordable for sellers. Sundae offers closing in as little as 10 days or up to 60 days, on home sales.
Sellers can fill in a form or contact Sundae to find out more, then Sundae will prepare a property listing with photos, a 3D tour and a home inspection if needed. From there, Sundae will present sellers with multiple cash offers from investors in a matter of days, and the seller can choose the best option and sell the home as-is. Essentially, Sundae specializes in helping sellers get their home sold off-market, at the highest price.
Benefits Of Using Companies That Buy Houses For Cash
Selling a house via a company that provides cash offers has many advantages, let’s take a look at some of the major ones.
Benefit 1: Faster Sale
Sellers can often close deals much quicker when using cash buyers, sometimes even in a matter of days. There is less paperwork in a cash sale, without the need for dealing with a lender. Financial contingencies are also not a factor in these sales, which helps speed up sales and ensures that there is less chance of something slowing down the sale. For sellers who need to sell quickly due to relocation, financial difficulties, retirement or other factors, cash buyers can be a saving grace.
Benefit 2: No Repairs Necessary
Companies that buy houses for cash typically don’t require any renovations or repairs to be made, which means that sellers can save on these costs and the extra hassle. Selling a home as-is, is a more convenient option for sellers than having to fix it up and spend more money to get it sold.
Benefit 3: No Showings
Sellers won’t need to conduct house showings when selling to a company that buys houses for cash. Typically, a representative from the company will view the house briefly, and then the cash offers will be made very soon afterwards. This eliminates the need for the hassle of house showings where people are coming in and out of the house.
Benefit 4: Save On Extra Costs and Fees
Real estate agent fees can be avoided when cash home buyers purchase a property, along with listing fees, home appraisal costs, closing costs and more. This means that sellers can retain more of the proceeds from the sale and essentially make more money.
Benefit 5: Simplified Process
The process of selling a house through a cash home buyer is much simpler than the traditional real estate transaction process. Typically, there’s a meeting with the cash home buyers, an offer is made within a few days and the deal is concluded soon after the offer is accepted. This simple process means that these transactions can be done a lot faster, and without many delays.
Risks Of Using Companies That Buy Houses For Cash
While selling a house through companies that buy houses for cash can be a good alternative to selling it the traditional way, there are risks associated with this strategy.
Risk 1: Lower Selling Price
Cash home buyers are typically aiming to acquire your property at a reduced price (lower than fair market value) and then resell it for a profit or rent it. Regardless of the strategy, it’s in the company’s best interest to negotiate the lowest possible purchase price. The less the company pays you, the greater its potential profit. As such, selling your house to companies that buy houses for cash can result in getting an offer that is lower than fair market value on the house.
Risk 2: Lack Of Competition
While companies that are buying homes for cash may have to compete against a few others for your business, it’s unlikely that they will face much competition. The lack of competition can leave sellers with a lower offer than they would like.
Risk 3: No Negotiation
Cash buyers may offer take-it-or-leave-it offers, leaving sellers with limited room for negotiation on price or terms. Sellers are therefore stuck with whatever the offer is from the buyer who will pay cash, and there is not likely to be any wiggle room.
Risk 4: Potential For Scams
While there are many reputable cash home buyers, there are also scammers who operate in this field. Sellers need to be cautious and make sure to thoroughly research the company that they intend to sell their property to. A reputable cash home buying company should be easy to find online, along with good reviews and a solid reputation from others.
Final Thoughts - Should You Sell Your House To One Of These Companies?
Deciding whether you should sell to a cash buyer depends on a number of factors pertaining to your situation specifically. Ask yourself:
- Do I need to sell quickly?
- Can I do the necessary repairs to my house or do I need to sell it as-is?
- Do I want to use a real estate agent and sell my house the traditional way or am I open to selling a quicker way?
- Am I willing to accept a lower offer than I would from a buyer that isn’t all cash?
These questions are a good starting point for evaluating your needs. Selling to a cash buyer is suited to sellers who need to quickly (for example those who are in financial trouble), can’t afford to do the necessary repairs or renovations required on the home, don’t require a real estate agent and aren’t set on selling their home the traditional way, and are willing to accept a slightly lower offer than fair market value if it means getting the home sold fast. This is usually a sign of financial difficulties, or sellers needing to relocate or retire in a hurry. The choice is yours, however, make sure that your choice between using a cash buyer or not aligns with your goals.