‘We buy houses’ companies in South Carolina
When it comes to selling a home in South Carolina, you have a variety of options. The most common approach is selling with the assistance of a Realtor — but it’s certainly not the only approach. Depending on your financial needs and timeline, another option to consider is working with companies that advertise, “We buy houses!”
If you’re in a hurry — say you need the proceeds ASAP or you have to relocate for work right away — these operations can speed things up considerably. They make all-cash offers and do so quickly, sometimes immediately after viewing your property. The entire process, from initial contact to closing, can often be completed in just a few weeks. That’s a far cry from the 74 days it typically takes a South Carolina home to go into contract when selling the traditional way, according to Redfin data.
While all of this may sound very convenient, there is a drawback to bear in mind. You are not likely to make full market value for your home when selling this way. Keep reading to learn all about “we buy houses” companies in South Carolina.
Types of companies that buy houses for cash in South Carolina
There are many cash-homebuying companies operating here, including national chains and small, family-run and locally owned outfits. Here are a few of your choices as a Palmetto State homeowner.
National options
The national chain that goes by the brand name We Buy Houses operates in many areas throughout South Carolina. That’s not to be confused with We Buy Ugly Houses, also known as HomeVestors, another national outfit that serves South Carolina hubs including Charleston, Columbia and Myrtle Beach.
Both businesses follow the same basic process, which begins with you reaching out and providing some information about your home. Next, a representative visits your property in person to conduct an assessment. Shortly after that, a cash offer is typically extended. Both companies buy houses regardless of condition and can finalize the transaction quickly, within just a few weeks.
Local options
There are also local homebuyers operating in South Carolina, including the following:
- House Hub Real Estate Solutions: Based in Cowpens, this company buys houses in any condition, does not charge any fees and covers all closing costs, too.
- Columbia Cash Home Buyers: This family-owned outfit promises cash offers on qualifying properties within 24 hours and closes the deal within 30 days, or sometimes as fast as seven days.
- Myrtle Beach Home Buyers: Focused on and based in Myrtle Beach, this company doesn’t charge any fees and buys homes, including condos and mobile homes, in as-is condition.
iBuyers
Another variation on the “we buy houses” business model can be had with iBuyers. These types of homebuyers also pay cash and move quickly. However, they typically operate almost entirely online and will not buy homes that require major repairs. In addition, some charge steep fees for their service. Two of the biggest iBuyers in the country, Offerpad and Opendoor, both operate in Columbia and other select South Carolina areas.
How do ‘we buy houses’ companies work?
No matter which “we buy houses” company you opt to work with, the process is typically similar. With the exception of iBuyers, most buy houses in as-is condition — which is convenient both for you, as you don’t have to spend any money or time on repairs, and for them, as they are going to renovate the home anyway, so that they can sell it for a profit. (Some may instead keep the home and rent it out.)
You can also expect the process to move quickly from start to finish. This is largely because these companies pay in cash, which means no waiting on lenders or financing. Most will send a representative to assess the home in person before making you an offer, though some companies do their research entirely online. The offer will typically be made within 24 or 48 hours, and while you’re under no obligation to accept, don’t spend too much time deciding, as it will likely only be valid for a short time.
And there’s one more feature that’s common among “we buy houses” outfits: You’ll likely be offered less that you’d make if you sold on the open market. These companies are for-profit operations, and they need to make money on each transaction, so they can’t offer you top dollar for your home.
Here’s a step-by-step breakdown of the typical process:
- Make initial contact with the company either by calling, emailing or via the company website.
- A representative will visit to assess your home. (Though sometimes an assessment will be conducted remotely using data available online.)
- A cash offer is made within a few days, or even a few hours. This offer can be rejected — you’re not obligated to accept. Keep in mind that the more work your home needs, the lower the offer is likely to be.
- If you do choose to proceed, a closing will be scheduled, usually at your convenience. Some companies can close within a matter of days, but do not let yourself be rushed by the speed of the process: Make sure to read all paperwork closely and review the fine print before making a decision.
Alternatives
If you’re not sure whether a cash-homebuying company is right for you, there are other options. Here are some of the alternatives to consider:
- Sell with a Realtor: The process of working with a real estate agent will take longer, certainly — you’ll need to ensure your home looks its best, host showings and then wait on your buyer’s financing to be approved. But this approach is also very likely to increase your profits. Redfin data from February 2024 shows that median prices for South Carolina homes sold the traditional way are up 6.7 percent since February of last year.
- Sell by owner: The for sale by owner approach, which means selling the home without the help of a professional agent, eliminates the need to pay a listing agent’s commission. However, it involves a substantial amount of work and effort on your part, and a mistake can be costly.
- Rent it out instead: This option is worth considering if you’re not in need of a quick cash infusion from a sale. Becoming a landlord isn’t for everyone, but it can provide a steady stream of ongoing income: According to Zillow Rental Manager, the median rent for houses in South Carolina is $2,000 per month.
Next steps
Companies that buy houses in South Carolina can be a tempting option if you are pressed for cash, in a hurry to relocate or unable/unwilling to make necessary repairs on your home. But it’s probably not the most lucrative choice.
If speed is of the essence, seek out offers from multiple “we buy houses” firms to see who can offer you the best price, and do your due diligence before making a decision. This includes looking up customer reviews and Better Business Bureau accreditation, as well as reading the details of the sale agreement very carefully before signing.
If you decide that getting the best price possible for your home is the top priority, find an experienced local real estate agent who can help you achieve that goal.
FAQs
-
There’s a variety of ways to sell your home quickly in South Carolina, including local and nationwide “we buy houses” companies. There are also iBuyers operating in certain markets, though you are might pay more in fees with this option. No matter which option you choose, the deal can typically be closed within just a few weeks — though the price you get will not be as high as you might’ve gotten selling the traditional way.
-
Yes, in most cases these are legitimate real estate investment businesses that fix up houses and then flip them for a profit. But, as with nearly any industry, it is possible to come across scam operations. So be sure to carefully research the company you’re considering working with, and don’t sign anything you don’t fully understand and agree to.
