Cash Home Buying Companies – Pros and Cons

Many homeowners who want to sell their homes quickly look for cash home buyers who can buy them as-is. These companies may also be able to close the sale in as little as seven days. However, selling your house to a company can come with its own set of pros and cons.

The big pro of selling to a company that buys houses for cash is you don’t have to deal with estate agents, wait for viewings or waste time waiting for mortgage lenders to approve loans. That’s especially beneficial if you’re in a hurry to move on or are facing a foreclosure deadline.

Top Cash Home Buying Companies: What You Need to Know

But that’s where the good news ends for most sellers. These companies are usually buying the properties to resell them for profit. That means they’ll make their offer based on what they believe the property can sell for in the market, not what a typical buyer would pay for it. And that can leave very little room for negotiation.

Cash-buying companies may also impose other conditions that can make it difficult for sellers to accept an offer. For example, some may require that a home be in “good” or even poor condition. Others, such as HomeGo, say they can purchase a property in any condition and won’t charge commission or closing costs. The company claims to buy more than one house every 20 minutes in 23 states. Homeowners can get a fast, free estimate on their property from the company and then schedule an in-person valuation visit to see if they qualify for an offer.