‘We buy houses’ companies in Raleigh, NC

Most homeowners sell their houses with a real estate agent’s help, but that isn’t the only way to do it. Sellers across the Research Triangle can also opt to work with a “we buy houses” company for a faster, all-cash sale.

Cash-homebuying companies provide a speedier alternative to agent-assisted home sales, with some deals closing in as little as a week. If you need to sell your home ASAP, or if you need the cash fast, that might be a tempting proposition. The downside? Offers from cash homebuyers will almost certainly be lower than what you’d get if you sold your home the traditional way.

Not sure if this type of sale is right for you? Let’s explore the pros and cons of companies that buy houses in Raleigh.

Types of companies that buy houses for cash in Raleigh

If you’re thinking about selling to a “we buy houses” company in Raleigh, you’ll have quite a few to choose from, including big-name national brands, local cash homebuyers and iBuyers. Here are some examples of each type.

National companies

The aptly named We Buy Houses, one of the largest cash homebuyers in the country, operates in Raleigh and nearby cities. It works quickly, often extending all-cash offers in as little as 24 to 48 hours. There’s no obligation to accept an offer, but if you do, you can typically close in just a week or two.

Another big outfit serving the Raleigh area is HomeVestors (perhaps better known as the “We Buy Ugly Houses” company). They also make fast cash offers and can close in as little as three weeks.

Local and regional options

There are also a number of local cash homebuyers that operate in the Raleigh housing market. Some of these companies include:

• The Equity Pros: This Raleigh-based business makes cash offers within a day and, in some cases, can close in just a week.
• Sell Raleigh Home Fast: This company buys houses in as-is condition across North Carolina. It makes offers in 24 to 48 hours and says it typically closes deals in a week or two.
• Wake County Home Buyers: The team at Wake County Home Buyers usually extends offers within 24 hours and can close in a week.

iBuyers

Raleigh home sellers also have the option of working with an iBuyer. These companies also specialize in quick, all-cash home sales, but they carry out the entire process online. However, read the fine print carefully, as they sometimes charge service fees that can cost as much as a real estate agent commission would. Two of the industry’s biggest players, Opendoor and Offerpad, both operate throughout the Raleigh market.

How do ‘we buy houses’ companies work?

Selling to a “we buy houses” company is a very different experience than working with a Realtor. Before you take the leap, it’s important to understand how these companies work, and what they do (and don’t) offer.

Every company is different, but in general, cash homebuyers buy most types of residential properties. This usually includes single-family homes, duplexes, townhouses and even condos. They are usually fix-and-flip companies, meaning they specialize in buying homes in as-is condition. Since they plan to renovate anyway, you don’t have to pay for repairs or even clean up before selling to them: This can be a huge plus for homes that need more work than the seller is willing or able to deal with, but keep in mind that the worse shape the home is in, the lower the offer is likely to be.

You’ll begin the process by reaching out to the company, either online or over the phone. Be prepared to provide some basic details about your house, potentially including photos or videos. Some companies base their offer entirely on that and publicly available data, while others will send a representative to evaluate your home in person.

Afterward, you’ll receive a cash offer, either on the spot or within a couple of days. There are typically no fees or closing costs to pay, and there’s no obligation to accept the offer — in fact, you might even request offers from multiple companies to compare them. Bear in mind, though, that these offers typically expire relatively quickly. Also, cash homebuyers understand their profit margins well and usually won’t negotiate on price.

If you take the offer, the next step is to discuss a closing timeline. Some companies can complete the deal in as little as a week, while others might take a few weeks, and many let you choose the date most convenient for you. Either way, you can expect the entire process to move along much faster than an agent-assisted sale. Don’t let the speed stop you from doing your due diligence though — always read the paperwork very carefully and make sure you understand all the details before you sign anything.

Alternatives

Speed and convenience are the primary perks of selling to a business that advertises “we buy houses” in Raleigh. However, it’s not the best option for everyone. If you’re hoping to earn more on your home sale or have more control over the transaction, consider one of these alternatives:

• Use a local real estate agent: This option can net you a lot more money on your sale. However, it generally takes quite a bit longer — as of January 2024, homes in Raleigh spent 35 days on the market before going into contract, according to Redfin, after which you’ll need to wait even longer for the deal to close.
• Try a “for sale by owner” listing: Also known as a “FSBO” sale, this option means you handle things yourself and thus don’t have to pay a listing agent’s commission. The typical commission rate is 2.5 to 3 percent, and the median home price in Raleigh is $382,750 per Redfin, so that could save you $10,000 or $11,000. However, you’ll still have to pay your buyer’s agent, and selling a home without professional help is a whole lot of work.
• Rent your home instead: If you don’t need the money from a sale right now, consider keeping it and renting it out to paying tenants. You could generate plenty of extra income: The median rent for a home in Raleigh is $2,060 per month, according to Zillow Rental Manager.

Next steps

If your goal is to sell your home as quickly as possible, if the home is in poor condition, or if you just need cash fast, working with a “we buy houses” company might make good sense. To understand just how much you might get from a cash homebuyer, you can request offers from a few companies (there’s no obligation to accept). But if maximizing your profit is of more concern to you than speed or convenience, working with a local real estate agent is probably a better choice. Look for someone who knows your specific Raleigh neighborhood well.

FAQs

• How can I sell my house fast in Raleigh?

  Homes in Raleigh typically spend about 35 days on the market before selling, according to Redfin data, and then you must wait for the buyer’s financing to be approved before you can close. If that’s not fast enough for you, consider selling your house to an iBuyer or cash homebuyer. Typically, these companies make offers within a day or two and can close the entire deal in just a few weeks.
  

• Are cash-offer companies legit?

  Generally, yes, companies that buy homes for cash are legitimate. They make money by purchasing homes for less than market value, then renovating them and reselling them for a profit. Still, there may be scammers looking to take advantage of people in financial distress, so it’s wise to research any company before doing business with it. Look into the company’s history and reviews, read the fine print on its website and check out its rating on the Better Business Bureau. Always read the contract very carefully before you sign it.