‘We buy houses’ companies in Maryland

Do you need to sell your Maryland home, and do it fast? Rather than hire an agent and sell the traditional way, you might consider looking into one of the many “we buy houses” companies that operate in the area. These companies make quick, all-cash offers and can usually close the deal with remarkable speed. The majority of them also buy as-is, which means you don’t even have to bother fixing the place up first.

While this may sound like a great deal — especially if the home is in bad shape or you really need the cash fast — cash-homebuying companies come with downsides, too. Specifically, you probably won’t make as much money on the sale as you might otherwise. Read on to learn the ins and outs of selling to one of the many companies that buy houses in Maryland.

Types of companies that buy houses in Maryland

Neither of the two biggest iBuyers, Opendoor and Offerpad, operate in Maryland. However, there are plenty of national and local options to choose from.

National options

We Buy Houses — yes, that’s their actual brand name — is one of the best-known on the national front. It has affiliated offices in many Maryland markets, including Potomac, Silver Spring, Pikesville and Annapolis. HomeVestors, often referred to as the “we buy ugly houses” company, is another popular pick; it operates in the Baltimore area. Both make quick cash offers shortly after sending a representative to assess your home, and both can close the deal within just a few weeks (or less).

Local options

If you prefer a smaller, locally owned business, here are some to look into:

• Sell Your MD House Now: This family-owned company based in Lutherville buys homes in any condition, even if they’re damaged, tenant-occupied or facing foreclosure.
• Sell Your House in Maryland: Run by two sisters who grew up in Baltimore, this outfit buys homes all over the state. They make offers within 24 hours and close on a timeline of your choosing.
• We Buy MD Homes: Buying apartments, condos and townhouses as well as single-family homes, this company says they can make an offer in as little as one hour, with no repairs or even cleaning required.

How do ‘we buy houses’ companies work?

Speed is one of the main benefits of selling to a homebuying outfit. Traditional, agent-assisted listings in the Maryland housing market take a median of 29 days to sell, according to November 2023 Redfin data. Then you wait for the financing to be approved and the deal to close, which could be many more weeks (or even longer). But when you work with a “we buy houses” company, your house can be sold, with cash in your pocket, in a matter of a few weeks or less.

To get started, you just reach out to the company by phone, email or web submission form. Next, the company will likely schedule a walk-through assessment to determine your home’s value. (Some companies work entirely online, though, using algorithms and publicly available data.) You’ll usually receive an all-cash offer within 24 to 48 hours, or even on the spot. You’re not obligated to accept the offer, and in fact, it may be smart to shop around and see which company gives you the best deal. But keep in mind that these offers typically expire fairly quickly, so don’t take too much time comparing.

Most of these companies are fix-and-flip operations, meaning their goal is to renovate your house and resell it for a profit. That’s both good and bad for you: Good because they’ll buy in any condition, since they’re renovating anyway, which means you don’t have to spend any money on repairs or sprucing things up. The bad side? They need to make money on the transaction, so they are not going to offer you top dollar. And the worse condition the home is in, the lower the offer is likely to be (because they’ll have to put more work into fixing it).

Most of these companies do not charge commissions or fees, but you never know, so be sure to read the contract carefully before you sign on the dotted line. Make sure you understand all the details, terms and conditions, including any fees that may apply.

Alternatives

Not sure if selling your Maryland home to a “we buy houses” company is right for you? Here are a few alternatives to consider.

• Selling with an agent: Working with a local real estate agent is the most common route to selling a home, and typically the most lucrative. An experienced agent can help you price your home competitively and negotiate offers.
• For sale by owner (FSBO): You might also opt to sell your home without the help of an agent. This saves you from having to pay a listing agent’s commission — but it’s a lot of work and a big time commitment, and you’ll still have to pay your buyer’s agent.
• Renting out your home: If you don’t need the proceeds from a sale right away, consider becoming a landlord. Again, this can be a lot of work, but it can also be a steady money-maker: The median monthly rent for a house in Maryland is $2,263, according to Zillow Rental Manager.

Next steps

It’s important to weigh your options before selling your home to a “we buy houses” company. This could be a good choice if you are in a big rush to sell, need the money fast or don’t want to deal with the repairs on a home in poor condition. If you choose this route, you might land a better deal if you seek out offers from multiple companies. If maximizing your profit is more important to you than selling as fast as possible, though, selling with the help of a local agent is likely to be a better bet.

FAQs

• How can I sell my house fast in Maryland?

  Selling to a “we buy houses” company in Maryland is one way to sell your house fast — they can close a deal significantly faster than it would take to sell on the open market with a real estate agent. However, while you’ll get your money quickly and without much hassle, you’ll probably pocket much less than you would if you sold with a Realtor.
  

• Are ‘we buy houses’ companies legitimate businesses?

  Most “we buy houses” companies are legit — however, it’s always better to be safe than sorry, especially when there’s this much money at stake. Research any company you’re thinking of working with thoroughly, look for independent online reviews and Better Business Bureau accreditation, and read all paperwork very carefully before you sign anything.