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There’s more than one way to sell a home. The most common approach, of course, is listing your house for sale with the help of a real estate agent, hosting showings and maybe even investing in staging to help it look its best.
But what if you don’t have time for all those steps and just need to sell your house fast? One alternative to consider is a company that proclaims “We buy houses!” This type of homebuying company is proliferating around the country, including in Phoenix. Their business model involves making all-cash offers for homes — and in many cases, the entire deal can be closed in as little as one week.
If you need cash quickly or have to relocate on a short timeline, the speed offered by these types of companies can be a big benefit. But there are also drawbacks to consider. Cash homebuying companies typically offer less than market value for homes, and sometimes far less — so, even though they take it off your hands quickly, you may end up losing money on the deal.
Throughout the country, there are a few different types of companies that buy houses for cash. One of the most well-known national brands literally uses the name We Buy Houses and has locations in 31 states and the District of Columbia, including in Phoenix. In many cases, it can make an offer on a home in as little as 24 to 48 hours. Like many such companies, it also buys your home as-is — meaning you don’t have to bother making repairs. And closing typically takes place in as little as seven to 14 days.
HomeVestors is another national chain offering cash homebuying services in the Phoenix area. (You may also hear it referred to by its tagline, “We Buy Ugly Houses.”) The company has been in business since 1996 and also buys homes in as-is condition. A local representative will visit your home and make a cash offer on the spot; closing can happen in as little as three weeks.
Phoenix is also served by the national chain ASAP Cash Home Buyers, which has locations in all 50 states. ASAP buys all types of homes, including condominiums and townhouses, and it also promises on-the-spot offers for homes in as-is condition.
There are regional and local cash home buyers operating in Phoenix as well, which offer the same general approach as the national options. Some of the choices include:
iBuyers are another option. But their business model is not exactly the same as “we buy houses” companies: While both types of companies will make a cash offer for your home and do so quickly, an iBuyer is generally an online-only operation. That means there may not be a local office to go visit if you prefer personalized service. iBuyers sometimes charge steep fees for their services, and often will not buy homes in poor condition. Two of the most well-known iBuyers are Opendoor and Offerpad, both of which operate in Phoenix.
For the most part, these companies purchase houses in any condition, including those in significant need of repair. Cash homebuyers are known for making offers on homes “as-is.”
The offer you’ll receive, however, is likely to be less than you would make in a traditional, agent-assisted sale on the open market. While most cash home buyers promise a fair price, they still have to make a profit. You’re likely to make less money selling your home this way, although you’ll have the money in hand much faster.
While some steps vary from company to company, the cash homebuying process generally follows a similar progression:
The allure of getting cash for your home quickly from a “we buy houses” company can be tempting, but it may not be the right choice for everyone. If you have a more flexible timeline or are not in a cash crunch, you may make more money by taking another route to selling your home in Phoenix. Here are some other options to consider.
Deciding when and how to sell your home is a significant step, one that should be based on your unique needs and goals. Do you need the cash ASAP? Is your timeline flexible or do you need to pack up and move quickly? Is your home in serious need of repairs? The answers to these questions and more can help you determine your best sales option.
If you decide to proceed with a “we buy houses” company, be sure to shop around — there are many companies doing business in Phoenix, so you have plenty of options. Take the time to get more than one offer on your home, check the company’s reviews from past customers and read the FAQs on their websites. And before signing on the dotted line, read the sale contract very carefully.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
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