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The Good Brigade/Getty Images July 07, 2022 Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you’re thinking about , today’s seller’s market means you’re certainly not alone. But you don’t necessarily have to go through the trouble of finding an individual or a family to buy it. Instead, you can consider selling directly to a company that will pay in full, upfront — an .
Pros of using home buying companies
There are different nuances to the way operate, but they all generally have the same simple promise: There’s no need to wait for a buyer to secure financing. The business model comes with plenty of upsides for sellers: No waiting: The process is fast — in fact, with some companies, you can simply enter your address online and receive an instant offer within a few minutes. If you’re on a tight timeline, need to relocate as soon as possible or need the cash quickly, that kind of speed can be a big benefit. It basically eliminates the work of preparing to list, hosting open houses and waiting for offers to roll in. No delicate negotiations on price or timeline: “You also know how much you’re going to sell for, and when you’ll sell,” says Jennifer Dohm, vice president of brand communications at Offerpad, which buys houses for cash and allows sellers up to 90 days to close. “This empowers people who are looking to buy another home with the knowledge of what they’re working with for their next offer, or to make life decisions with a solid timeline of their choosing.” No real estate commissions: With traditional real estate transactions, sellers foot the bill for their agents and a buyer’s agent, which typically takes 6 percent away from the final sale price. Most cash offers have no agent commission involved. There can be other fees, however, so it’s important to read the fine print. No need to pay for work before listing: Many sellers invest extra money in their home before listing it for sale, in the hope of attracting a higher price. That might include small repairs, bigger upgrades or to make the property look picture-perfect. When you sell your home to a company that pays in cash, there’s no need for that. “With a cash offer, there’s no cleaning, updating or repairs needed — no showings at all,” Dohm says. No worrying that the deal might fall through: If you’re selling to an individual, there are plenty of scenarios in which the sale might not actually happen. Perhaps they decide to back out after a home inspection uncovers an issue, or maybe a lender doesn’t approve their loan. If you receive an offer from a company that’s paying in cash, you can feel fairly confident that the deal will get done. What types of companies buy houses for cash
There are a few different kinds of companies that typically make cash offers on homes: Company type What they offer Fix-and-flip House-flipping companies want to buy properties in bad shape, fix them up and sell them for a profit. Often, these companies advertise that they buy houses “.” If your property is in serious disrepair, this might be an attractive option. Buy-and-hold On the other hand, buy-and-hold companies are focused on keeping the house and making it into a rental property. Rather than turning an immediate one-time profit by selling, the house becomes a steady stream of rental income. Trade-in These companies are designed to help you buy your new home before you actually sell the one you’re living in. iBuyers The “i” in stands for instant. You’ll likely enter your address in a search bar, and the company’s algorithm will generate an offer for your home within a few minutes. It’s meant to feel as easy as traditional e-commerce giants like Amazon. Companies that buy houses for cash
Traditional cash buying companies
We Buy Ugly Houses
As the name implies, this company is happy to buy your house even if it doesn’t look list-ready. The “ugly” isn’t just about physical appearance, either. The company buys properties with high-interest financing that isn’t working for homeowners; houses with bad memories due to divorce or death; and a range of characteristics that might make living there less than desirable for the current owner. HomeVestors
HomeVestors operates more than 1,100 franchises around the country. The company has collectively bought more than 125,000 homes since its founding in 1996. We Buy Houses
This company has more than 200 independent real estate investing offices across more than 30 states. Rather than operating purely online, after you enter your address a local representative comes to your home in person to assess its value and make a cash offer. MarketPro Homebuyers
This regional company buys an average of 25 homes each month for cash in Pennsylvania, Maryland, northern Virginia and Washington, D.C. HomeGo
HomeGo, however, buys a lot of homes for cash — one every 20 minutes, according to its website. If you really need cash fast, the company offers a valuable benefit: Closings in as little as seven days. I Buy Houses
I Buy Houses is a network of individuals and companies that want to buy homes for cash. The company acts as an intermediary, connecting homeowners who want to sell with interested members who might make an offer to buy. Sundae
Another network of individuals and investors — but with Sundae, you’ll list your home on the company’s network, and it performs an in-person visit. Four days after a home inspection is completed, it presents multiple cash offers from multiple buyers for you to choose from. Flyhomes
Flyhomes is a brokerage — it helps customers buy a new home before selling the one they currently live in. In addition, what it provides is not really a true cash offer. The company has a mortgage lending operation, so you’ll have a short-term loan, plus the option for a long-term loan for your new mortgage once your old home sells. The company operates only in select markets, including the San Francisco Bay Area, Southern California and Boston. iBuyers and trade-in companies
Opendoor
Opendoor aims to buy homes with valuations between $100,000 and $600,000. The company also primarily operates in major metro areas, so it’s not a good option for homeowners in rural areas. HomeLight
HomeLight’s Simple Sale offering values your home based on data from your neighborhood. You can get paid in just 10 days, and you have up to 30 days from closing to move out. Offerpad
Offerpad’s Express offer service gives you an offer within 24 hours and up to 90 days to move out. If you qualify for the company’s Flex service, you can test the open market with a cash offer as a backup. Dohm adds that the company includes a free move within 50 miles of your old home, too. Orchard
Orchard doesn’t really buy your home for cash, per se. It gives you cash — up to 90 percent of your current home’s value — to buy your next one. Then, it takes care of sprucing up your old home and listing it after you find a new place to call home. It’s all designed to help eliminate paying two mortgages at the same time or trying to . It’s only available in select metro areas, including Atlanta, Austin, Charlotte, Denver, Phoenix and Seattle. Knock
Similarly, Knock is another company that allows you to buy a new home and then sell your old one. It’s not actually paying cash, though; the company underwrites a new loan for you. The service — known as the Knock Home Swap — is available in 16 states.
Should you sell your house for cash
A cash sale might move much quicker, but a traditional sale is more likely to fetch a higher price for your home. If you’re trying to figure out whether you should sell your house for cash, it ultimately comes down to two key factors: What kind of condition your house is in, and how long you can afford to wait. If your house needs serious repairs that you cannot afford to cover or you need to sell immediately, companies that pay cash for houses are a good option. If the house is in good shape and you have time to spare, you are likely to make more money in a traditional sale, with a knowledgeable real estate agent on your side. If you want to explore your options, you can always see what some cash buyers are willing to offer to get a sense of what you could earn in a speedier deal. Then, to get a professional opinion on what they realistically believe your home could command on the open market. Do not sign a contract with an agent first, though; you may be bound to pay them a commission even if you opt to sell for quick cash.
FAQs
Are companies that buy houses for cash legit
By and large, yes. There are plenty of well-established companies that specialize in buying houses for cash; it’s a common practice in real estate. However, if you receive an offer from a company you’ve never heard of, it’s wise to investigate. Research the company’s profile with the Better Business Bureau to see about any past complaints or lawsuits. Additionally, look for reviews from past customers on sites like Trustpilot to see what they have to say about their experiences.
Do home buying companies make fair offers
That depends on your definition of “fair.” These companies buy your house very quickly — so, if you believe in the adage that time is money, perhaps a speedy offer will feel more than fair. However, it’s important to note that these companies need to make a profit, too. Thus, you’ll likely receive a lower offer from them than you would if you invited multiple traditional buyers to submit bids.
How fast can I sell my house to a company for cash
Very fast. Some companies will make you an offer within one day, or sometimes within minutes, and offer guarantees to close on the home within one week. SHARE: Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles