The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
A traditional real estate sale can take a long time to close, with a lot of work along the way — not to mention the expense of closing costs and real estate commissions. But if you’re crunched for time, looking to save money or need the funds from your sale in a hurry, there are ways to get to closing more quickly. One option is to sell your home to a company that claims “we buy houses.”
Cash-homebuying companies exist throughout Ohio, typically making fast offers and promising a speedy closing time. Most buy homes in any condition, even severely damaged or distressed properties, with very little hassle. But if that all sounds a little too good to be true, know that there can be serious downsides as well. Here’s what to know before selling to a “we buy houses” company in Ohio.
Types of companies that buy houses for cash in Ohio
It’s important to shop around and compare offers if you’re considering selling to a homebuying company. Luckily, there are plenty of options in the Ohio market. Here are some operations that do business in the Buckeye State:
- HomeVestors, which is better known as “We Buy Ugly Houses,” buys homes in any condition (as the name implies). It operates in most of the country, including Ohio, making quick cash offers and promising quick closings as well.
- Another aptly named company, Need To Sell My House Fast, has been buying homes in all 50 U.S. states since 1999. It buys homes in any condition, including single-family or multi-family homes, condos and townhouses.
- Global Real Estate Solutions, based in North Canton, Ohio, makes all-cash offers all over the state within 24 hours and can close a transaction in just seven days.
- Ohio Cash Buyers has operated in the greater Cincinnati and Dayton regions for 17 years. It makes immediate cash offers on homes in any condition and will close on a timeline of your choice.
- John Buys Houses Ohio has served Central Ohio since 2014 and can close on homes within 15 days or less.
- The “i” in iBuyers stands for “instant,” and these online-only companies do make quick offers on homes. However, they typically do not buy properties in poor condition, and they may charge service fees. The biggest two, Opendoor and Offerpad, both operate in select Ohio markets.
How do ‘we buy houses’ companies work?
Cash-homebuying companies purchase a wide range of homes, including those that buyers might struggle to sell otherwise (such as properties in extremely rough shape or in foreclosure). They will typically fix the home up and flip it for a profit as fast as they can.
To start the process, reach out to the company online or over the phone. Some will have a representative assess your home in-person, while some will estimate its value based on online data. You’ll typically receive an offer within 24 to 48 hours, or sometimes even on the spot.
You’re not obligated to accept the offer, but don’t spend too much time contemplating it — these offers typically come with expiration dates. If you decide to accept, you can usually close on the deal within a few weeks or even less. The speed can be overwhelming, so read the contract very carefully and make sure you understand all the details before you sign on the dotted line.
“We buy houses” companies can be a good resource if you need to relocate ASAP, if you need the cash fast, or if the property needs more work than you want to deal with. But there are other options as well, especially if you have a bit of flexibility.
- Selling with a real estate agent: Working with a real estate agent is the most traditional way to sell a home. It does take longer, but an agent’s market knowledge and expertise is likely to get you a higher price for your home.
- Selling by owner: You don’t need a real estate agent to sell your home in Ohio, though. If you choose the FSBO (for sale by owner) route, you won’t have to pay a listing agent’s commission fee. But you’ll still be on the hook for your buyer’s agent’s fee, and you’ll also face the daunting task of preparing, pricing and marketing your house without professional guidance.
- Renting instead: If you don’t need the cash from your sale immediately, you might consider renting out your home for a while instead of selling. Becoming a landlord can be lucrative — but it’s a lot of work and responsibility, too.
Is selling your home to a “we buy houses” company the right choice for you? It depends on your specific situation. If speed, convenience or fast cash is your top priority, it could be the right move — try getting multiple offers to weigh your offer options. But if you have the time and snagging the highest price possible for your home matters more than anything, you’re better off working with a local real estate agent who knows your Ohio market inside-out.
Most companies that advertise “we buy houses” are legitimate real estate companies whose business model is house-flipping — meaning they buy properties for cheap and resell them at a profit. However, it’s important to do your research before you choose to work with one, since the reputation of each company may vary, and always read any contract carefully before signing it.
Cash-homebuying companies in Ohio, like “we buy houses” firms everywhere, need to make a profit on the resale of your home. So they will almost certainly pay you less than your home’s market value, and if your home needs a lot of work and repairs before it can be flipped, they’ll offer even less. If you want to bring in top dollar, you’re likely better off using a local real estate agent.