The solution for the homeowner who needs to sell their home fast and also close fast is getting a cash buyer. This is a buyer who has no contingencies – meaning they have the cash and don’t need a mortgage and also don’t need to sell their home first. You can sometimes find such an individual cash buyer through an agent or even by selling yourself, but usually only if you have a high demand property and there is a “sellers market” (more buyers than sellers). Even then, these individuals often will delay closing so they can physically move. Therefore, the only reliable way to make that quick sale of your house is to turn to companies who specialize in buying houses quickly and for cash. Below are discussed the types of companies who do this, followed by a list of the best of these kinds of companies.
There are basically two types of companies that buy houses fast for cash:
1) Traditional House Buying Companies – These companies have been around for a long time and you’ll often see their ads touting “We Buy Houses”. They all specialize in buying for all cash and with no contingencies (they usually will not even require you to make any needed repairs) and closing very quickly. These companies operate throughout most of the country and are usually very quick to act if they are interested in your home. However, most of them will only give you between 50 – 70% of your house’s market value – that is the trade off for selling very quickly (they often can close in a matter of days). However, they charge no commissions and usually pay for all the closing costs.
2) “iBuyer” Companies – These house buying companies are more recent on the scene. They have this name because they utilize advanced computer technology to select which homes they will buy. These companies only operate in select areas and are somewhat particular about the type of house they will buy. However, they usually will pay you 90% or more of your house’s market value. They do charge a commission about the same as a realtor and make you pay for the normal closing costs – but that will still leave you with more net cash than from a traditional company.
Also known as HomeVestors of America, is a national brand that’s been in the business for over 20 years, so their reputation and processes for buying homes are well established. They will give you an offer in 24 to 48 hours and close in as little as three weeks. No need to prep your house or worry about repairs or closing costs.
Not the same company as above, has numerous positive reviews from their clients. They’re nationwide and able to close in just seven days, which is faster than most cash buyer companies. They can present an offer within 48 hours and pay for the closing costs.
Only operating in California, Florida and Georgia, this company is special in that it creates multiple cash bids for your home – thus realizing a higher sales price for you than their competitors. They buy homes in “as is” condition and can provide a $10,000 advance payment to you while the home is going through the closing process.
They operate in Virginia, Pennsylvania, Maryland, and Washington, D.C. They can close within seven days and buy properties in “as is” condition. They will also provide you with a free moving service.
They usually offer the best price of iBuyer companies, because their fees are capped at 5% and they pay close to fair market value for homes. They operate in almost 50 major metropolitan areas across the country. They usually can close in about two weeks.
They operate in over 20 metro areas across the country and can close in eight days. However, they usually will pay less than Opendoor. Also, they deduct large amounts for any needed repairs.
Operating in most major metro areas, this company will buy vacant houses, which other companies usually will not. They can close in 10 days, but their service fees are higher than their competitors.