Cash-homebuyer companies in 2024

In today’s constantly evolving market, it’s tough to figure out the right time to sell your house. However, you don’t necessarily have to list it for sale and wait for an offer from a house-hunter who’s scouring the market. Instead of worrying about the potential pitfalls of your buyer securing financing from a lender, you can opt for another route: Find a company that will buy the property directly from you, in cash. Read on to learn how the biggest and best companies that buy houses for cash work, and whether selling to one makes sense for you.

Why sell to a cash homebuyer?

These companies all generally have the same simple promise: They pay in cash, and they do it fast. The business model comes with plenty of upsides for sellers:

• No waiting: Selling a home this way is speedy — with some, you simply enter your address online and receive an instant offer right then and there. Closings happen quickly too, often within just a couple weeks. If you’re on a tight timeline or need the cash ASAP, this can be a big benefit.
• No negotiations on price or timeline: When you sell to a cash homebuyer you’ll receive a firm offer, usually with an option to set your own closing date. The lack of delicate back-and-forth negotiation helps things move fast and gives you a clear idea of what your net proceeds will be right from the start.
• No real estate commissions: Most offers from these companies have no agent commissions involved. There can be other fees that add up to just as much, however, so it’s important to read the fine print.
• No need to make repairs or spruce things up: Many sellers invest extra money in their home before listing it for sale, in the hope of attracting a higher price. That might include small repairs, bigger upgrades or home staging to make it look picture-perfect. But with many homebuying companies, there’s no need for that — some even specialize in buying homes “as is,” with no need to even tidy up or haul away the garbage.
• No worrying that the deal might fall through: If you’re selling to an individual, there are plenty of scenarios in which the sale might not actually happen. Perhaps they decide to back out after the home inspection, or maybe the lender doesn’t approve their loan. With these companies, you can feel fairly confident that the deal will get done.

There is one major downside to selling to a cash buyer, though: You are very likely to bring in a lower price than you would with a traditional home sale. However, sometimes all the pros can outweigh this con. It all depends on your situation.

How do cash homebuyers work?

Some companies that buy houses for cash are fix-and-flip operations, looking for properties in poor condition to fix up and sell for a profit. Some hold onto the properties they buy and rent them out instead, and some even help you buy a new home before you actually sell the one you’re living in.

But, while each may have its own guidelines and regulations, their processes tend to be fairly similar. First, you provide some basic info about the home online. You may get a preliminary offer instantly, or within a day or two. Typically a quick in-person evaluation of your property will come next, though some companies may do everything entirely online. Then you’ll receive a final cash offer, usually with no room for negotiation. These offers usually have expiration dates, so don’t expect them to stay valid forever.

You’re not obligated to accept the offer, but if you do, there will be paperwork to sign — read it carefully! — and potentially fees to pay, which can vary widely from one company to the next. Then you can begin the closing process, and the entire deal can be closed and completed within a couple of weeks. Some companies move even faster than that, and some let you choose a closing date at your own convenience, within a particular timeframe.

It all happens much faster than a traditional, agent-assisted sale, but don’t forget the trade-off: You will likely make less money than you would on the traditional market.

Best companies that buy houses for cash

Traditional cash buyers

HomeVestors

Also known as the “we buy ugly houses” company, HomeVestors was founded in 1996 and operates more than 1,100 franchises around the country. As the tagline implies, this company is happy to buy your house even if it doesn’t look list-ready — and it promises to close in as little as three weeks.

• Fees: No closing costs for sellers (they’re paid by the company)
• Locations served: 47 states and Washington, D.C.

We Buy Houses

Founded in the late 1990s, this company is literally called We Buy Houses and has independent offices in more than 200 markets across the country. Like other companies that pay cash for houses, it purchases homes as-is, so you won’t need to make any repairs. In most cases, it says, you’ll receive an offer within 48 hours, with the sale finalized within two weeks.

• Fees: No closing costs for sellers (they’re paid by the company)
• Locations served: More than 30 states

MarketPro Homebuyers

This regional company was established in 2012 and buys houses, condos and townhomes for cash in several East Coast locations. It also offers to cover packing and moving expenses.

• Fees: No closing costs for sellers (they’re paid by the company)
• Locations served: Florida, Georgia, Maryland, Pennsylvania, Virginia, Washington, D.C.

HomeGo

HomeGo buys a lot of homes — one every 20 minutes, according to its website. If you are in a big hurry, the company offers closings in as little as seven days.

• Fees: No closing costs for sellers (they’re paid by the company)
• Locations served: 22 states, mostly in major metro areas

I Buy Houses

In business since the mid-1990s, I Buy Houses is a network of individuals and companies that want to buy homes for cash. The company acts as an intermediary, connecting homeowners who want to sell with interested members who might want to buy.

• Fees: Sellers may need to pay closing costs
• Locations served: All 50 states and Washington, D.C.

Sundae

Another network of individuals and investors — but with Sundae, the company creates a listing to share on its own auction website. A few days after a home inspection is completed, it will present the highest offer to you. If you decide to accept the offer, you can close within 10 days. The company may also offer you a cash advance of up to $10,000.

• Fees: No fees or closing costs for sellers (they’re paid by buyers)
• Locations served: Metro areas throughout California and Texas

iBuyers and options for buying before selling

Opendoor

Opendoor, which launched in 2014, typically buys homes with valuations between $100,000 and $600,000 (with some exceptions — and there are other criteria to be met as well, including lot size, year built and flood zone status). Enter your address and basic information about your home on the company’s website and, based on these details and comps in your area, its algorithm will generate a preliminary cash offer for your property within minutes.

• Fees: Sellers pay a service charge of up to 5 percent of the home’s sale price, plus closing and repair costs
• Locations served: Metro areas in 25 states and Washington, D.C.

Offerpad

Established in 2015, Offerpad lets you choose a closing date up to 90 days after accepting a cash offer. You can also opt to list your home with the company to work with an agent instead. The company operates in major metro areas, and it typically buys homes valued at less than $1 million.

• Fees: Sellers pay a service fee of 5 percent plus additional closing and repair costs
• Locations served: More than 1,700 cities and towns in 14 states

HomeLight

HomeLight’s Simple Sale displays your property to a network of cash-buying real estate investors. If you receive an appealing offer, you can get paid in just 10 days, and you have up to 30 days after closing to move out.

• Fees: HomeLight doesn’t charge sellers fees or closing costs, but individual buyers may ask sellers to cover certain costs.
• Locations served: Most of the country — enter your address online to see if your home is eligible.

Flyhomes

Flyhomes is a brokerage that offers a few selling options — including an all-inclusive listing service and a “buy before you sell” option that helps sellers buy a new home before selling their current one. With this option, if your home doesn’t sell within a set period of time, the company will buy it from you. Flyhomes also boasts an AI-powered listing portal that lets users search for homes by asking conversational questions.

• Fees: Flyhomes acts as your listing agent and takes a listing agent’s commission, typically 2.5 to 3 percent of the home’s sale price. Sellers are also responsible for their own closing costs, and may be responsible for the buyer’s agent’s fee as well.
• Locations served: 28 states and Washington, D.C.

Orchard

Orchard doesn’t really buy your home for cash, per se. Instead, its Move First program allows you to buy a new home, move in, and then sell your old property. You’ll unlock what the company calls an “equity advance” to help cover your down payment and closing costs while Orchard guarantees your home sale. The idea is to help streamline buying a new home while selling your old one. There are restrictions on the home’s age and value.

• Fees: Sellers pay a brokerage fee, which is typically 6 percent of their home’s sale price, and if you use the Move First program, you also pay a 2.4 percent program fee. Other traditional home sale expenses, like closing costs, also apply.
• Locations served: Austin, Dallas–Fort Worth, Houston and San Antonio, Texas; plus Denver and Atlanta

Knock

Similarly, Knock also allows you to buy a new home and then sell your old one. It’s not actually paying cash, though; the company underwrites a new loan for you. Known as a Knock Bridge Loan, the service allows you to get a six-month loan before you sell your home that can be used toward part of a down payment, for closing costs, for moving expenses or to help with non-structural renovations.

• Fees: Sellers pay a 2.25 percent fee of their home’s estimated list price, plus closing costs.
• Locations served: 21 states and Washington, D.C.

Alternatives

A cash homebuyer isn’t the right fit for everyone. There are several other options to consider:

• Sell with an agent: To get the highest possible price for your property, your best bet is to work with an experienced real estate agent and go through the traditional sale process. It will take longer, but you’ll benefit from an agent’s professional expertise and earn more in profits.
• Sell on your own: You could also sell your home on your own, without the help of a Realtor. The “for sale by owner” route saves you the cost of a listing agent’s commission, but keep in mind that without an agent, you have to do all the work yourself.
• Rent your home: Finally, if you don’t need the cash from a sale immediately and have somewhere else to live, consider renting your home out instead of selling it. You could be rewarded with a steady stream of monthly rental income.

Bottom line: Should you sell your house for cash?

It all depends on your priorities. Which is more important to you, speed or profits? If your house needs serious repairs that you cannot afford to (or just don’t want to) take on, or if you need the money ASAP, companies that pay cash for houses can be a good option. But if the house is in good shape and you have time to spare, you are likely to make more money in a traditional sale, with a knowledgeable real estate agent on your side.

If you want to explore your options, you can always see what some cash buyers are willing to offer to get a sense of what you could earn in a speedier deal. Then, talk with a local agent to get a professional opinion on what they realistically believe your home could command on the open market.

FAQs

• Do homebuying companies make fair offers?

  These companies operate very quickly — so, if you believe in the adage that time is money, perhaps a speedy offer will feel more than fair. However, these companies need to make a profit, too, so you’ll almost certainly receive a lower offer from them than you would in a traditional open-market sale.

• Are companies that buy houses for cash legit?

  By and large, yes. There are plenty of well-established companies that specialize in buying houses for cash; it’s a common practice in real estate. However, scams are certainly out there, so it’s smart to do your research. Look up the company’s profile with the Better Business Bureau, read online reviews and always examine a contract carefully before signing — be sure you understand all the fine print.

• How fast can I sell my house to a company for cash?

  Mighty fast. Many companies will make you an offer within one day, or sometimes within minutes, and some guarantee to close on the home within one week. The more typical timeframe is probably two to three weeks — which is still significantly faster than a traditional open-market sale.