‘We buy houses’ companies in Virginia

Hiring a real estate agent and listing your home for sale the traditional way is the most common method of selling a home. But if preparing the home for showings, hosting open houses and negotiating with prospective buyers sounds exhausting to you, or if you need to sell on an expedited timeline, there are other options available. One of these is working with one of the many companies that advertise, “we buy houses!”

These companies make all-cash deals and specialize in providing a speedy sale process. There are cash-homebuying operations all across the country, including in Virginia. But before you dive in, make sure you understand the drawbacks. The speed and convenience of selling to one of these companies comes at a cost: You’re not likely to earn as much money as you would if you went the traditional route. Read on to learn about companies that buy houses in Virginia, and the pros and cons of this approach.

Types of companies that buy houses for cash in Virginia

If you’re hoping to sell your home in Virginia quickly, and get the proceeds in your pocket quickly too, you have plenty of options. Many well-known national brands operate branch locations in the Old Dominion, and there are local and regional companies that also offer a fast-track approach to homeselling.

National options

Nationwide franchises offering these services in Virginia include a company that actually goes by the brand name We Buy Houses, as well as one often called We Buy Ugly Houses (but actually named HomeVestors). The selling process is similar with both companies: First, you reach out with some basic information about your home. Typically a representative will assess your home in-person next, and not long after — often within just 24 hours — you’ll receive a cash offer. You’re not obligated to accept the offer, but if you do, the entire deal can be closed in a matter of two or three weeks.

Local options

Some of the state’s locally owned homebuying companies include the following:

• The House Guys: Owned by two Virginia Tech grads, this firm buys homes throughout the Washington, D.C. metro area as-is, meaning no repairs are required. They will close on your schedule, take care of all closing costs and do not charge any fees or commissions.
• Maxsin Investment Group: Similarly, Maxsin buys homes in any condition with no fees or commissions. The Richmond-based company promises to make an offer within 24 hours and provides a flexible closing date.
• We Buy VA: Established in 2009 and also based in Richmond, this husband-and-wife-owned operation also features a quick, no fee home buying process and purchases homes as-is.

iBuyers

Working with an iBuyer is another option to sell your home quickly, though some of the details are slightly different from “we buy houses” companies. While iBuyers also pay cash for homes, they are typically online-only outfits, and they don’t usually purchase homes that are in need of serious repairs. There are also likely to be fees when you work with an iBuyer, so read the fine print carefully. Opendoor, one of the biggest iBuyers in the industry, buys homes in Virginia, but only in the Richmond and suburban D.C. areas.

How do ‘we buy houses’ companies work?

Whether you choose to work with a local or national outfit, the business model for “we buy houses” companies is essentially the same. They typically purchase houses in nearly any condition, even those in severe need of repairs, because they are going to renovate the property anyway. They also offer a speedy process from start to finish — because the faster they can start renovating, the faster they can flip the home for a profit. Which brings up the biggest downside of working with these companies: They move fast and pay in cash, but they need to turn a profit on each transaction, so they offer less than market value for the homes they purchase.

Here’s a breakdown of the typical process:

• You reach out to the company, either via their website or by phone.
• They conduct an assessment of your home.
• Soon afterward you will receive a cash offer. There’s no obligation to accept, but it will likely expire quickly, so don’t spend too much time making up your mind. Unlike a traditional home sale, in most cases there’s no room for negotiation on price.
• If you accept the offer, the next step is to schedule the closing — often, you can choose your own closing date. Before making a decision, however, be sure to read the contract and all other paperwork very carefully.

Alternatives

Not sure whether a cash-homebuyer sale is right for you? Consider these other options:

• Sell with a Realtor: A local real estate agent who specializes in your specific corner of the Virginia housing market can help you secure the most competitive price for your home. This will be slower than selling to a cash-homebuying company — homes here spend about 41 days on the market before going into contract, according to Redfin — but you’re likely to walk away with more money in your pocket.
• For sale by owner: Selling a home on your own eliminates a listing agent’s commission fee, which can save you thousands of dollars. But it can also be daunting: You’ll need to create a listing, host showings and negotiate a deal without the assistance of a professional.
• Rent it out instead: If you don’t need a lump sum of cash quickly, you might consider generating an ongoing stream of income by renting out your home instead of selling. Keep in mind that there’s a lot of work involved in being a landlord, though.

Next steps

If time is of the essence, you’re overwhelmed by the amount of work the home needs or you simply want to bypass the traditional sale process, a cash homebuyer can be a tempting option. But before committing to such a significant financial transaction, you might want to shop around and compare offers — and never sign the contract without making sure you understand all the details laid out within. If making top dollar on your home sale is more important to you than speed or convenience, your best option is to enlist the help of a local real estate agent. This path will take longer, but can offer a more lucrative outcome.

FAQs

• How can I sell my house fast in Virginia?

  “We buy houses” companies offer a fast-tracked sales process. They make cash offers, often in as little as 24 hours, and can schedule your closing in just a few weeks. By comparison, a traditional home listing in Virginia usually spends 41 days on the market before going into contract, per Redfin data.
  

• Are cash-offer companies legit?

  Yes, most cash-homebuyers are legitimate house-flipping companies. But it’s always important to do your homework before proceeding. Read the fine print before signing a contract, and take the time to scan previous customer reviews. It’s also a good idea to check with the Better Business Bureau to find out more about the company you’re considering — but if you’re considering a national company, remember to check ratings and reviews for your local franchise, as each branch will be different.