If you’ve got a home in Indiana you are determined to sell quickly, it’s worth taking a closer look at businesses that purchase properties in the Hoosier state for cash. Often referred to as “we buy houses” companies, they make a home sale simple and speedy, which can be great for people who are in a rush to relocate or simply need the money fast. But the trade-off is, you’ll probably get paid less for your home than if you had sold it the traditional way.

Here’s more about companies that buy houses in Indiana, how they work and the benefits — and drawbacks — of selling your home to one.

How do “we buy houses” companies work?

Cash-homebuying companies are just what they sound like: They buy houses directly from the homeowner, and they pay cash. Because there’s no financing involved, they’re able to move extremely quickly, and with no third parties like agents or brokers or appraisers involved, the process is remarkably hassle-free. This can be particularly attractive to individuals seeking a rapid sale, including those facing foreclosure, dealing with a divorce or seeking to quickly unload an inherited property.

It’s also an appealing option for owners of rundown properties that require more repairs then they are able, or willing, to make. The business model these companies follow is typically to remodel the home and flip it for a profit (or keep it as a rental), which means they often buy homes “as is,” regardless of condition.

You can expect a more straightforward and expeditious process when you choose to sell your home with a “we buy houses” company than you’d see with a traditional, agent-assisted sale. Typically, after you reach out and give them some information about your home, they will send a representative to check out the home in-person and then make you a cash offer — usually within 48 hours, but often much faster, or even on-the-spot. If you accept, you choose a closing date and that’s it: You don’t have to host showings, make any repairs, or even clean up if you don’t want to.

Keep in mind, though, that the more work a home needs, the lower your offer will be. “We buy homes” companies typically function within narrow profit margins, making it improbable for them to offer top-of-the-market prices. “These companies target fixer-uppers and distressed properties,” says Martin Orefice, founder of Rent To Own Labs. “These homes usually need more work before they are market-ready, so these companies make lower offers.”

You are under no obligation to accept an offer from a cash homebuyer. If you do choose to accept, though, read all the paperwork and contracts extremely carefully before you sign — make sure you understand all the details of the deal, and don’t be afraid to ask questions if you don’t.

Types of companies that buy houses for cash in Indiana

Intrigued? If you want to sell your home to a “we buy houses” company in Indiana, there are numerous options to consider, from national players to small, local operations.

National options

Two of the biggest nationwide buyers, We Buy Houses and HomeVestors (you may hear this one referred to as the “we buy ugly houses” company), both have multiple locations throughout Indiana. The process is similar for both: After you reach out to request an offer, a representative from the company will conduct an in-person assessment. You’ll receive a cash offer quickly after that, typically within 24 to 48 hours, and if you accept you can close within two or three weeks.

Local options

“Local players often have a deeper understanding of the local market and can offer more personalized solutions,” says Gagan Saini, director of acquisitions for JiT Home Buyers. Here are a few Indiana-based options to consider:

  • Simple Cash Offers: Based in Fishers, north of Indianapolis, this family-owned company buys homes in any condition all over Indiana.
  • Matt Buys Indiana Houses: In the north of the state, this operation is based near South Bend. It buys all kinds of properties, including apartments and mobile homes, and promises to close within 10 days.
  • Ben Buys Indy Houses: An Indianapolis-based outfit that guarantees to beat other offers.
  • 317 Home Buyers: Founded and owned by a former Marine, this company buys homes in and around Indianapolis and can close in as little as seven days.

iBuyers

If you’re located in the Indianapolis metro area specifically, you also have the option of selling to one of the two biggest online iBuyers. Opendoor and Offerpad both buy houses in the area, and both also make cash offers and close quickly — though they are not likely to buy homes in poor condition, and they may charge service fees.

Alternatives

Not sure whether working with a “we buy houses” company is right for you? There are other options to consider, such as:

  • Listing your home with a real estate agent: Opting for a traditional sale on the open market will take longer — Indiana homes typically spend 26 days on the market before going into contract, according to Redfin data, and then it could take many more weeks to close. But if profit is more important to you than speed, this is the best way to ensure you get the highest price possible for your home.
  • Selling your home yourself: Consider taking a hands-on approach to selling your home with a “for sale by owner” listing. This allows you to avoid paying a listing agent’s commission — but you’ll still have to pay your buyer’s agent, and it requires a lot of time and effort.
  • Renting out your home instead: If you don’t need the money from a sale immediately, renting out the property could bring in a steady monthly income. Becoming a landlord isn’t for everyone, though, and you’d ideally want to bring in at least enough money to cover your mortgage payments.

Next steps

It’s crucial to carefully evaluate the advantages and disadvantages of selling your home to a “we buy houses” company. Conduct thorough research on any company before committing to a deal, and don’t sign anything without reading it very carefully. If you are in a rush to sell, need the money fast or simply want to unload a property with minimal hassle, this could be a good choice for you. But if you’d prefer to make as much money as possible, consider hiring a local real estate agent instead.

FAQs

  • Selling your home to a cash homebuyer, or a company that proclaims “we buy houses,” is probably the fastest way to a swift sale, in Indiana and every other state. These companies buy directly from homeowners, with no intermediaries, and they pay cash so there’s no need to wait on financing — many can close a sale in a week or less.
  • The majority of “we buy houses” businesses are reputable, yes. However, some operators may engage in questionable business practices and scams, so it’s crucial to thoroughly investigate a company before committing to any transaction. Check online reviews and Better Business Bureau ratings, and be sure you understand every detail of the deal, including any fees that may be charged, before signing on the dotted line.