‘We buy houses’ companies in Connecticut
Selling a home isn’t easy no matter how you slice it. But if your property is in rough shape or you need to make the sale quickly, the situation can feel extra daunting. If you’re faced with this scenario, you might want to consider companies that buy houses in Connecticut.
These companies work fast, and pay cash. What’s the catch? They usually aim to flip the houses they buy for a profit, which usually means you’ll pocket less money selling to them that you would than if you’d sold on the open market. Still, though, it can be a good option in specific circumstances. So let’s take a deeper look at companies that buy houses in Connecticut.
Types of companies that buy houses for cash in Connecticut
Unfortunately, neither of the two biggest iBuyers — Offerpad and Opendoor — operates in the Constitution State. But there are still plenty of “we buy houses” options in Connecticut, both large and small.
National options
If you want to work with a bigger player in the game, there are established choices to look into. We Buy Houses (yes, that’s its official name) and HomeVestors (also known as “We Buy Ugly Houses”) both operate across the country. The former has many branches in Connecticut, while the latter has branches in the Hartford and New London/Windham areas. Both companies share a similar process: You reach out and share some info about your home, they send someone to evaluate it in person, and you get a cash offer, if not on the same day then generally within 48 hours. If you accept it (which you’re not obligated to), you can usually close within a few weeks.
Local options
There are many locally owned and operated options as well. Here are a few to consider:
- KD Buys Houses: This Manchester-based outfit has been in business since 2019 and is owned by a University of Connecticut graduate. They offer cash for your house in as little as 14 days.
- CT Cash Homes: Founded by a third-generation real estate pro, this company based in South Windsor will buy homes in any condition.
- We Buy Houses in Connecticut: This aptly named firm promises a cash offer within 30 minutes of evaluating the home. Based in Wilton, they bill themselves “Connecticut’s most badass house flippers.”
How do “we buy houses” companies work?
Generally, the process of selling to a cash-homebuying company is simple: You reach out and give them some information about your home, they typically send a representative to assess it in person (though some assess entirely online), and then they make you an offer. They pay in cash, and there are usually no fees. You’re not obligated to accept, but you usually don’t have too long to think it over, either — the offer will likely come with an expiration date.
Most of these companies buy homes in as-is condition, meaning you don’t have to make any repairs or even tidy up if you don’t want to. This is great for homes in very poor condition or owners who are overwhelmed by the amount of work that would be needed to make it look its best for potential buyers. However, keep in mind that the more work that’s needed, the lower the offer is likely to be.
They can also be a good option for people who need to sell fast — if you need to relocate ASAP for work, for example. Most can close the sale within a few weeks, or sometimes even just a few days. But don’t get caught up in the rush: Be sure you’ve read and understood all the details of the deal before you sign anything.
Alternatives
Connecticut’s housing market can be lucrative, especially in the areas within commuting distance to New York City. If maximizing your profit is more important to you than moving fast or selling as-is, consider these alternatives:
- For sale by owner: The FSBO option is exactly what it sounds like — you handle all the details of the home sale yourself, with no real estate agent. This route lets you avoid paying a seller’s agent commission, but it requires a lot of work.
- Hire a real estate agent: Selling the traditional way, with a local real estate agent, will certainly take longer. Connecticut homes sat on the market for a median of 35 days in October 2023, according to data from Redfin. But the median price was close to $400,000, a 10.3 percent jump over last year. If you’re not in a huge rush, selling with an agent who knows your market well is the best way to earn top dollar on the sale.
- Rent it out instead: If you don’t need the proceeds from your sale right away, you might consider becoming a landlord instead of selling. You could pocket a pretty penny in rental income: According to the Zillow Rental Manager, the median monthly rent for a Connecticut house is $3,400.
Next steps
If you’re considering working with a “we buy houses” company in Connecticut, do your homework. Get offers from a few companies to compare what they’re willing to pay, and check each company’s reviews and comments online. It also couldn’t hurt to check them out with your local Better Business Bureau.
It could also benefit you to talk to a real estate agent in your area. They can give you an idea of what your home might fetch on the open market before you make your decision — if the price difference is high enough, that might win out over speed or convenience.
FAQs
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Companies that buy houses in Connecticut generally make all-cash offers on homes regardless of condition, often in as little as a day. They offer closing timelines of a couple of weeks or less, too. That said, working with these companies usually means earning a significant chunk less from your home sale.
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Yes, for the most part these are legit real estate investing or fix-and-flip companies. But in exchange for the streamlined selling process and quick cash they offer, they generally pay less for home sales than buyers on the open market. Local branches of well-known national companies are likely to be independent franchises, so be sure to do your homework on the specific operation you’re dealing with. And don’t sign anything without reading it very carefully first.
