If you're looking to sell your home, there are numerous companies out there that are willing to buy it from you. In this article, we'll introduce you to a variety of companies, including both iBuyers (also known as "instant buyers") and traditional firms, that specialize in buying houses for cash. We'll also provide some essential information you need to know about these companies.
A Plethora of Options
As a homeowner, especially if you live in a big city, you may have received phone calls, letters, or even texts from investors expressing their interest in purchasing your house. The process of working with these companies can be quite different from the traditional home-selling experience. Money expert Clark Howard, for instance, had a positive experience selling his condo with the help of an iBuyer.
Rapid Sales, But Do Your Research
Many of these companies specialize in quick sales, which means the entire process can move quite fast, sometimes even uncomfortably so. It's always wise to do thorough research on any company you plan to do business with. While we'll discuss some potential pitfalls later on, let's first take a closer look at some of the companies that are in the business of buying homes for cash.
Companies That Buy Homes for Cash
Here are some notable companies that buy houses for cash:
-
1-800 Cash Offer: This company is willing to make a cash offer on your home, regardless of where you live in the United States. According to its website, they can close on a home sale in as little as a week.
-
HomeGo: HomeGo enlists licensed real estate agents to work with you. After an in-home walkthrough, a HomeGo agent could offer you a same-day cash offer.
-
HomeVestors: Known as the "We Buy Ugly Houses" network, HomeVestors is one of the largest home-buying companies. They will pay all normal closing costs, and you don't have to repair or clean the home.
-
iBuyHomes: This company handles all aspects of the home buying and selling process, including financing. They typically close home sales within a week.
-
Knock: Knock is an iBuyer that gets your home ready to sell and lists it. If no buyer can be found, Knock buys your home for an agreed-upon price.
-
Need To Sell My House: NeedToSellMyHouse.com provides an online form for you to fill out. Then, someone from the company will contact you with an offer.
-
Networth Realty USA: Networth Realty matches real estate buyers with property sellers. They have a Cash Offer program that promises a quick and easy way to unload your property.
-
Offerpad: Offerpad promises to make you an offer within 24 hours after you provide information about your house on its website. They also offer professional movers as part of a free local relocation package if they buy your home.
-
Opendoor: Opendoor is another popular iBuyer. They make an offer based on the information you provide about your home, with no risk of financing fall-through. However, the final offer is contingent upon an in-home assessment.
-
Orchard: Orchard puts an emphasis on finding you a new home before listing your existing one. They provide real estate agents to assist in the process.
-
The Buy Guys: The Buy Guys purchase homes regardless of their condition. The entire home-buying process can be completed in as little as five days.
-
We Buy Houses: As the name suggests, this national network buys houses in any condition, without requiring repairs.
-
Zillow: Zillow combines its iBuyer service, Zillow Offers, with its proprietary home valuation tool, Zestimate, to make cash offers on homes.
Pitfalls to Be Aware Of
If you're considering selling your home through one of these companies, it's important to be aware of potential pitfalls. Here are three key points to keep in mind:
-
Don't Take Offense: These companies often offer less than your home's market value since they don't require you to make repairs. Remember, everything is open to negotiation in the business world.
-
Neighborhood Effect: These rapid sales have the potential to significantly alter the look and feel of a neighborhood, sometimes not for the better. Consider the impact of numerous homes being sold to investors in a short period of time.
-
Pressure Tactics: Some of these "We Buy Houses Fast" companies may use high-pressure sales tactics when they discover that you need cash or are experiencing financial hardship. If you're uncomfortable negotiating, consider having a broker handle the deal on your behalf.
More Home-Buying Resources
If you're looking for more information on buying a home, getting a mortgage, or refinancing your mortgage, check out the following resources from Clark.com:
Remember, when selling your home, it's essential to explore all available options and conduct thorough research to ensure a smooth and successful transaction.