Companies that buy houses for cash in 2022
If you’re thinking about selling your house, 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 all-cash deal.
Pros of using home buying companies
There are different nuances to the way companies that buy homes for cash 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 home staging 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 “as-is.” 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 iBuyer 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.
CashOffer™
CashOffer™, 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.