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Most home sellers list their property on the market with the help of a real estate agent. But a traditional home sale isn’t always ideal for every seller. For example, what if you need to sell fast to relocate for a job or get the cash as quickly as possible? Or your home needs more repairs than you are able to handle?
In challenging circumstances, turning to cash-homebuying companies can be a lifeline. “We buy houses” companies make fast, all-cash offers on homes in just about any condition. On the upside, you get cash in your pocket quickly, without having to do any work to get the property ready to show. But on the downside, you almost certainly won’t earn as much as you would if you listed it on the open market. Here’s what to know about companies that buy houses in Philadelphia.
Types of companies that buy houses for cash in Philadelphia
The Philly market offers multiple options for those flirting with the idea of selling their home fast, for cash. There are big national companies, and there are also many local firms that may have a better pulse on the market conditions in your neighborhood. (The two biggest iBuyers, Offerpad and Opendoor, do not operate in the Philly area.) Here are a few options:
- We Buy Houses: This appropriately named company’s investors purchase real estate in any condition all over the Philly area, including single-family homes, condos and even land. After an evaluation of your property, you will typically receive an all-cash offer in 24 to 48 hours.
- HomeVestors: Also known as “We Buy Ugly Houses,” this company has been around since 1996. As the name suggests, it focuses on homes in bad shape or challenging circumstances that owners might struggle to sell the traditional way. They cover closing costs and can close your deal in as little as three weeks.
- Brotherly Love Real Estate: Founded and owned by two childhood best friends, this company buys homes as-is with no fees, and lets you choose a move-out date that works for you.
- G Buys Philly: G is owner Greg Guzman, who has more than 20 years of real estate experience. The company buys homes in Philly and the surrounding areas for cash, in any condition, with no fees.
- Home Cash Guys: This company makes cash offers online, using a proprietary algorithm, and lets you choose your own closing date. They can close in a little as two weeks.
- We Buy Philly Home: This outfit buys homes for cash throughout Philly and its surrounding suburbs, with no closing costs and no repairs needed. They can make you an offer as fast as 30 minutes after seeing the home.
How do ‘we buy houses’ companies work?
Keep in mind that these are typically house-flipping outfits — they’re looking for a good deal that can be fixed up and resold at a profit. So you’re not likely to get a top-dollar offer, and the worse condition the home is in, the lower the offer will likely be (because they’ll have to put more money into the rehab before they can sell it).
“We buy houses” offers may vary by company, but there are some basic steps that your transaction will follow no matter who you work with:
- Reach out online or via phone to provide your home’s address and some details about the property and its condition. Some companies operate exclusively online, but many will send a representative to check out the home in person and assess its value.
- You’ll receive a cash offer quickly, either right away or within 24 to 48 hours. You’re not obligated to accept the offer, but don’t take too much time thinking it over — they usually come with an expiration date.
- If you accept the offer, you will negotiate a closing date and move-out date. Be sure to read all the paperwork extremely carefully, and don’t sign the contract until you’re sure you understand all the details.
Selling your home to a cash-homebuyer might not be right for you, and that’s fine. There are other options, including:
- Work with a real estate agent: This process will move more slowly — as of Redfin’s October 2023 data, homes in Philadelphia stayed on the market for a median of 42 days before selling. But it is likely to get you a better price in the end.
- Sell without an agent: A for sale by owner, or FSBO, sale is a lot of work. But it means you get to do everything your own way, with no outside interference, and you won’t have to pay a listing agent’s commission. (Keep in mind, though, that you will still have to pay your buyer’s agent.)
- Rent it out instead: If you can afford not to sell immediately, you might consider holding on to the property and becoming a landlord. Rental income can be lucrative: According to the most recent Zillow data, the median rent for a Philadelphia house is $1,750.
Before you sell your Philadelphia home to a “we buy houses” company, weigh your options. Get offers from more than one company to see who can give you the highest price and most closely meet your desired timeline. But, if you’re not in a big hurry, consider working with a local real estate agent who knows your Philly neighborhood well instead. Agents are licensed professionals, and their expertise can get you the best possible deal for your home.
Yes, most of these companies are legitimate real estate investors or fix-and-flip firms that buy homes for cash. They tend to offer under-market-value purchase prices, because they need to make a profit, but they make the transaction fast and convenient. Just be sure to read the contract carefully before you sign it, so you fully understand what you’re agreeing to.
Companies that pay cash for houses don’t disclose their average purchase prices, but what they offer will be heavily reliant on the home’s location and condition. Because they need to make a profit on the transaction, they usually offer a fair amount less than you might make if you listed the home on the open market. And the worse shape your home is in, the less you’ll likely be offered (because the company will have to invest more money in its renovation).