If you have decided that finding a cash buyer is the best way to sell your home, you have many companies to choose from. Many businesses have sprung up, claiming, "we buy houses for cash," but which should you choose?
We will review the best companies that buy houses for cash to make selling your home to a cash buyer easier.
Remember, there are pros and cons to selling to companies that purchase homes. You must enter a transaction like this with your eyes and ears wide open.
Don't expect these cash investors to pay anywhere close to the market value for your property. They can offer 30-50 percent less than your home value.
We Buy Ugly Houses
One of the best-known cash buyers for homes is We Buy Ugly Houses. But, while their name is catchy, do they offer the best service to sellers?
They will dispatch a local representative to inspect and assess your home when you contact them. The representative will check the interior and exterior, inspect the HVAC systems, and judge the home's condition.
The money they offer will be based on market conditions, a comparative sales analysis, and the home's condition.
They will pay closing costs, and there won’t be any commission due either. Closing can occur at least three weeks after you have agreed to the sale, but this can be delayed if you need more time.
Closing on a house is simple when selling to a cash real estate investor.
We Buy Houses
We Buy Houses was one of the pioneers in the buying houses for cash business. They don’t buy the houses themselves; they have a network of investors who inspect and make offers nationwide.
After you have filled out some details on their website, one of their local real estate investors will make an appointment to inspect your home.
Once they have looked at your home, you can expect an offer in one or two days. The offer is what you will receive without deductions because of hidden fees. If you’re happy with the offer, the sale will likely close in one or two weeks.
They will forgo inspecting your home, and if you have unpermitted improvements, they will tackle them. The beauty of selling to one of this home-buying for cash companies is that they are purchasing as-is.
1-800-CashOffer
When you call 1-800-CashOffer, they will put you in contact with someone from their network of professional real estate investors. They operate in every state, and buyers in their network purchase, on average, more than 25 homes per year.
You don’t only have the option of calling them. You can also visit their website to provide basic home information.
Based on that information, they will compare your property to other listings in your area and might make an offer soon after. They could also arrange an appointment to visit your home before making a cash offer.
If the offer looks good, you can arrange to close in 5 to 90 days to suit your situation. They don’t charge extra fees, and you don’t even have to remove furniture if it is unwanted.
Offerpad
Offerpad is an iBuyer operating in 15 states. When you provide some details about your home, you will get an offer within 24 hours. You can upload photos or create a virtual video tour for a better offer.
They give you four days to accept their offer; if you do, they will inspect the home. If it shows repairs are required, you will have to take care of them, or they can be deducted from the sales price.
You can schedule closing from 1 day (in unusual cases) to 90 days in the future, with the average being 15 days. Offerpad does charge fees for their service, which can be between 6% and 10%, and there are also closing costs to pay.
Opendoor
This iBuyer operates in more than 35 locations across the U.S. They are selective about the homes they will buy and aren’t looking for a property needing renovation.
iBuyers won't make an offer if your home doesn’t fit their criteria. They consider the age and lot size among details before deciding if they want to make a cash offer.
If they want your home, they will likely hold onto it until they can sell it for a profit.
You can go to their website and receive an offer within just minutes. However, if you accept, pictures and video could produce a better offer, and they will send a representative to confirm the home's condition.
If the home needs repairs, this will be deducted from the offer price.
They charge 5% for their service, and the closing costs are the seller's responsibility. These closing costs are estimated to be about 1% of the sales price. See what you need to know about the iBuying concept.
Final Thoughts on We Buy House For Cash Companies
The buy houses for cash concept gives sellers another option besides selling with a real estate agent or as a FSBO.
There are advantages and disadvantages to these kinds of home buyers. You can close quickly with an as-is transaction on the upside. However, the significant downside is selling significantly under the current market value.
Only you can decide which makes sense for your current situation.
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