Whether your home is in need of costly repairs or you are relocating for work, selling a house can be a daunting process. If you lack the expertise, funds, or time to address those issues yourself, “we buy houses” companies can provide a solution by buying your property in its current condition. These companies offer an all-cash deal and close on an accelerated timeline, making them ideal for sellers who are trying to avoid foreclosure or need to relocate as quickly as possible.
Many of these companies specialize in a specific market or type of property. For example, HomeGo, which serves all 50 states, aims to close on homes in as few as seven days. Other “we buy houses” companies have a more general focus. Often, they are real estate investment firms that purchase properties for bargain prices, fix them up, and either rent them or sell them on the open market for a profit. Typically, they will make an offer on your property that is based on its after-repair value minus repair costs. That may be lower than the amount you could expect to get on the market, but can still be a good option if you are in need of quick cash.
Another option is an iBuyer, which offers an all-cash, no-obligation purchase for your house that can be completed in as few as 24 hours. The iBuyer’s algorithm evaluates your property based on its location, size, and other factors. Then, the company will make a preliminary offer within minutes or hours of submitting a simple online form. Once you agree to the terms of sale, the company will conduct a home inspection and complete any necessary repairs before closing.
If you do decide to go with a who will buy houses company, check its reputation and contract terms carefully. Some investors try to trick sellers by including unfair contract terms in their agreements, such as unreasonably long due diligence periods or low earnest money deposits that leave the seller with no protection if the buyer backs out of the transaction. It’s also a good idea to have your contract reviewed by a CPA or attorney to make sure it’s fair.
Ultimately, it’s best to use a traditional real estate agent for a standard home sale. That will take longer but can help you get a higher return on your property, plus you’ll benefit from the agent’s marketing and negotiation skills. However, if you need to sell a house quickly and are willing to accept a lower price, a we-buy-houses company can be a fast and easy solution. For more information on how to find the right partner for your unique situation, read our guide on who will buy your house. It’s packed with helpful tips and information on the pros and cons of different selling options. It’s free to download!