We Buy Houses review
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If you don’t have the time or capacity for a traditional home sale, selling to an iBuyer or another type of service that buys homes quickly may be just what you need. We Buy Houses is a company that works with homeowners all over the country to buy homes for cash. It’s a convenient option, especially if you really need to sell your home quickly, but how does it work? Here’s what to expect when you sell a home to We Buy Houses.
We Buy Houses overview
As the name implies, We Buy Houses is a home-buying company that has locations throughout the country. It will assess your home and make you a cash offer — after you reach out you’ll be contacted within 24 hours, and you’ll typically have an offer within 24 to 48 hours. There’s no need to make any repairs or prepare the home for showings, and you’re under no obligation to accept the offer if it doesn’t work for you. The process is typically much quicker and simpler than selling your home with a listing agent.
One thing to note: We Buy Houses is different from the company often called We Buy Ugly Houses (its real name is HomeVestors). The two services are not affiliated, despite the similar names.
How does We Buy Houses work?
We Buy Houses buys homes of all types. The company purchases properties in as-is condition, meaning homeowners don’t have to do any repairs or maintenance before reaching out. (Although homes in better condition are likely to get higher offers, of course.) You sell directly to the company, with no need for real estate agents or listing the home on the market — which means there are no agent commissions or similar seller-related fees to be paid.
It will likely still be able to make you an offer even if your situation is unique: For example, according to its website it does not matter whether you still live there, if the property is vacant or even if it is currently occupied by a tenant. It can make an offer if you are behind on your mortgage payments, underwater or facing foreclosure as well. The homes it buys are typically turned around to investors, who fix them up for resale.
Selling your home to We Buy Houses
If you decide selling to We Buy Houses is the right decision, the process is fairly simple. Once a homeowner reaches out, whether by phone or by filling out a form online, the company will schedule an in-person visit for a representative to come and assess the property. This is different from some online services, which value a home remotely using automated valuation models and available data.
Once the representative determines your home’s condition, you will receive a cash offer. This usually happens within 24 to 48 hours. If you accept, the company says it can typically close the deal in 7 to 14 days.
Keep in mind that this is a for-profit house-flipping venture. It needs to make money on each transaction to stay in business, so the amount it offers for a home will likely not be as much as you could get in a traditional sale. The company makes it easy for you, but don’t expect to get top dollar on the sale.
Where does We Buy Houses operate?
We Buy Houses doesn’t operate everywhere, but it does have a presence in more than 200 markets in 30 U.S. states, plus Washington, D.C. It services many major U.S. cities, including Philadelphia, Los Angeles, Atlanta, Austin and Phoenix. You can input your zip code online to find out if it is an option in your area.
Is We Buy Houses legitimate?
We Buy Houses is a legitimate home-buying company based in Texas. However, all its offices are independently owned and operated by individual licensees, so consumers may receive different levels of service from — and see different online reviews for — the various local branches. Here are some pros and cons of working with the company.
- Easy and convenient: We Buy Houses purchases properties as-is, regardless of condition — there is no need to make repairs, host open houses or even clean up if you don’t want to. It is able to buy a property even if the homeowner is behind on their mortgage payments or facing foreclosure.
- Quick process: Once you agree to an offer from We Buy Houses, the transaction can close in as few as 7 to 14 days.
- No Realtor commissions: In a traditional real estate sale, the seller is responsible for covering the agents’ commissions, which can total up to 6 percent of the purchase price. When you sell to We Buy Houses (or any buy-for-cash or iBuying company), there are no agents involved, so there is no commission to be paid.
- Low offers: As with any buy-for-cash or iBuying company, We Buy Houses is a for-profit venture that needs to make money. The offer it makes you will not be as high as you’d be likely to get in a traditional sale, and it will likely be for less than full market value.
- No control of the process: The closing process will likely accommodate the company’s needs and timeline, not yours. If you need more flexibility, this could make the sale difficult for you.
- Lack of transparency: We Buy Houses is really a network of many independent contractors operating locally. This fact, combined with its fairly generic name, makes it difficult for consumers to research or perform due diligence on the company as a whole. Any online reviews you might find could easily be for branches other than your local one, or for competing homebuying companies with similar names.
We Buy Houses may have the most straightforward company name, but there are many companies that buy houses out there. And enlisting a professional real estate agent is still the most common method of selling a house. Here are some home-selling alternatives to consider:
- We Buy Ugly Houses, also known as HomeVestors, works in a very similar way to We Buy Houses. It assesses your home and gives you a cash offer, with a quick closing and no real estate commissions.
- Opendoor is an iBuyer that operates completely digitally. It also provides cash offers, but homeowners do a video walkthrough of the property rather than scheduling an in-person assessment with a company representative. It promises that sellers will get paid “within days,” however, it does charge a service fee similar to an agent’s commission.
- Offerpad, another iBuyer, offers an additional option. It will assess your property and give you a cash offer, then, you can choose to accept or let them help you list your property and keep the cash offer as a backup. It also provides free local moving services.
- Traditional home sales, with experienced local Realtors, offer sellers the best chance to get top dollar for their home. It’s an agent’s job to get you the best deal possible. Agents also provide much more personalized, one-on-one service and assistance throughout the home-selling process than online companies do.
No. Despite their confusingly similar names, We Buy Houses and We Buy Ugly Houses (also known as HomeVestors) are not the same company. Both outfits offer similar services, though.
This depends on your situation and your needs. Selling to a cash buyer or iBuyer is easy and convenient, especially if you need to sell in a hurry or the home is in poor condition, but you are not likely to get full market price. Selling your home using a real estate agent may take more prep work and more time, but it is the best way to get the highest price for your home.
We Buy Houses is a real home-buying company with franchise locations in more than 200 markets and 30 states. However, each location is independently owned and operated. Thus, it is difficult to do research on the brand overall: Each branch may offer varying levels of service, and garner very different online reviews.
Every home is different, and the amount you will be offered depends on your individual property. The location, condition and size of the home all play a part in determining its value. As with any homebuying company, We Buy Houses needs to make money on the deal, so the offer you get is likely to be on the low side. In exchange for a lower price, you get more speed and convenience than you would in a traditional sale.