‘We buy houses’ companies in Oklahoma
If you’re aiming to sell your house in the Sooner State a lot sooner than you might on the open market, you may want to compare homebuying companies that operate in Oklahoma. These firms loudly proclaim “we buy houses,” even ones in poor condition, and they pay in cash with remarkable speed.
However, in exchange for all that convenience, you sacrifice one of the most important pieces of the sale: price. Cash-homebuying companies are real estate investors, and investors don’t want to live in the home — they want to make a profit from it. Read on to learn about cash homebuyers in Oklahoma, and the pros and cons of selling to one.
Companies that buy houses for cash in Oklahoma
From national franchises to family-owned businesses with deep roots here, you can choose from a wide range of cash homebuyers in Oklahoma.
Nationwide options
- We Buy Ugly Houses: If your home is in disrepair, some might call it ugly — but this company sees the pretty potential. In business for 25 years, the company, which is also known as HomeVestors, has offices in Muskogee, Oklahoma City and Tulsa. It promises to cover the majority of your closing costs and get you your proceeds from the sale in 30 days or less.
- We Buy Houses: Don’t be confused — We Buy Houses has a similar business model to We Buy Ugly Houses, and either company will purchase homes ugly, pretty or anywhere in between. It operates throughout the state with a promise to close in as little as seven days.
- Opendoor: One of the country’s biggest iBuyers, Opendoor, buys properties in Oklahoma City. It also makes cash offers and moves fast, but unlike other cash homebuyers, iBuyers are much choosier about what kind of properties they will buy — if your home needs a lot of work, it’s unlikely to qualify.
Local options
- Ed Buys Houses: Founded in 2017, this family-owned company buys houses as-is, charges no fees and promises to close as quickly as five days. In addition to buying single-family homes, Ed also buys mobile or multifamily properties and land.
- House Buyers OKC: As the name implies, this firm is based in Oklahoma City. In business for more than 10 years, it also buys homes in any condition with no fees. It also offers a mortgage takeover program for homeowners who are struggling to make their monthly payments and/or nearing foreclosure.
- McKinnon Home Buyers: This family-owned business specializes in single-family homes in the Oklahoma City metro area and aims to close within seven business days. They can offer a cash advance before closing, too.
How do ‘we buy houses’ companies work?
Companies that buy houses for cash, in Oklahoma or anywhere, all have a fairly similar business model. In most cases, they’re looking for homeowners who want to sell their home ASAP. Some may be relocating in a hurry, while others may be facing financial difficulties and need the cash right away. In some cases, people have inherited a home that they don’t want and are just trying to unload it as conveniently as they can.
They’re also looking for distressed properties in need of major repairs. For example, if you own a home with major damage from a tornado or a flood, a cash homebuying company might happily take that project on so they can fix it up and resell it for a profit.
These companies offer speed and ultra-convenience, but because they also need to make money, don’t expect them to offer top-dollar for your home. And the speed with which they operate can be overwhelming, so if you choose to work with one, don’t let yourself feel rushed — take the time to read all paperwork and contracts very carefully before you sign anything. If you’re exploring options for a sale in Oklahoma, here’s what to expect from the process:
- Share your details: Enter your property address and contact information online (or over the phone). Most companies will get you a preliminary cash offer within a day, and sometimes within just hours.
- Show your house: Expect to be contacted by a company representative, who will want to schedule an in-person visit to tour the property.
- Review your final offer: Shortly after the in-person evaluation, or sometimes on-the-spot, you’ll receive a final cash offer. You’re not under any obligation to accept, but it will likely only be valid for a few days, so you won’t have a lot of time to mull it over.
- Accept and schedule your closing: If you decide to move forward, you will usually be able to choose a closing date that fits your needs (within a set time frame — be sure to check the contract for how long you’re allowed to wait). You’ll get your cash soon after the transaction closes — again, check the contract to be sure of the exact time frame.
Alternatives
Your house is likely your most valuable asset, so it’s important to explore multiple avenues when you’re ready to sell. If a cash-homebuyer is not right for you, other options include:
- Working with a Realtor: This option will take longer — Oklahoma homes stay on the market for a median of 35 days before selling, according to August Redfin data. But if profits are more important to you than speed, working with a knowledgeable local real estate agent is the best way to get the highest price possible for your home.
- Selling it on your own: If you’re hesitant about paying an agent’s commission fee, it’s totally understandable. Redfin data shows that the median price for an Oklahoma home is $251,800, and a typical 3 percent commission on that would cost you around $7,500. The “for sale by owner” route lets you avoid that fee, but it’s also a lot of work — you handle everything an agent normally would, including contract negotiations and paperwork.
- Renting it out instead: If you have another place to live, consider holding on to the property and earning some steady income instead. Zillow data shows that the median rent for Oklahoma houses is $1,521 per month.
Next steps
If you need to sell your house as fast as possible, there are plenty of companies that will give you a cash offer right now. The fastest deal, however, probably isn’t going to be the best deal. If you’re willing to wait a bit longer and work with a local agent who knows your market well, you’ll have a better chance of making more money on the sale.
