Do you or someone you love need to sell their home quickly? Are you facing a foreclosure? Do you just need to sell quickly so you can move on? If you answered “yes” to those questions, you most likely would benefit from working with a We Buy Houses Austin company.
They can offer you a quick and easy way to sell your home if you are in a rush to sell, but there is a slight catch. Most of these companies provide clients with offers less than the market value, which can eat up a lot of your potential proceeds.
To learn more about the most popular We Buy Houses companies in Austin, continue reading below. We will cover what you need to know about these companies in addition to an alternative option that can save you more money.
What are we buy houses companies?
We buy houses companies are private investment companies that offer all cash payments for homes in any condition. This works well for people who have property they can’t afford to make repairs on or if they have property they no longer want. Although a good majority of these companies are legit, there are a few that you should look out for.
How we buy houses companies work
When compared to selling your home on the traditional housing market, selling your home for cash cuts down a lot of time. For example, it typically takes between one to eight weeks to prep a house to sell and around 23 days to receive an offer in Austin’s market. The closing process is around one month and a half, and the minimum time to sell traditionally in Austin, TX, is about 67 days.
When it comes to We Buy Houses companies, that time minimizes by about 90%. Instead of waiting almost a month to receive an offer or to close, you can complete the process within one to two weeks.
There is also no time needed to prep your home before the sale. Most We Buy Houses companies purchase your home as it is. This means that you don’t have to conduct any repairs or clean up the house.
We buy houses process
Each We Buy Houses company has its own buying criteria, and their final closing processes may vary, but they all tend to follow a general timeline. If you decide that you want to sell your home to a We Buy Houses company; you must first send them information about your property and your best personal contact information so they can reach back out to you. If your home meets their buying criteria, they may provide you with a rough estimate of how much they can offer.
1. Property inspection
The We Buy Houses company will send out their representative to take a look at your property and evaluate it. If any significant repairs are needed, they will note that because it will affect your final offer. Once they figure out how much they wish to offer, they will then provide you with an offer.
2. Accept and close on the sale
If you accept the offer, you get to choose your closing date. You can either close within a few days or a few weeks; the choice is yours. You won’t have to wait for buyer financing approval, inspections, or mandatory appraisals.
3. We buy houses takes possession
Most We Buy Houses companies turn their purchases into rental properties. Others fix and flip the property back onto the market for a quick profit.
Advantages of we buy houses companies
If you face foreclosure and need to sell your home quickly, you can benefit from partnering with a We Buy Houses company. Because they are able to offer you cash and close on the sale quicker than you would be selling the house traditionally, We Buy Houses companies are a great solution.
Other situations where We Buy Houses companies are an excellent option:
- Homeowners who can’t afford severe repairs in the home
- People who’ve inherited an unwanted property
- People who need to sell fast due to a divorce
The best part about working with these companies is you don’t have to repair anything before they make an offer. This solves the problem of trying to find a buyer if you’re selling the house as-is.
Lower overall costs
Not many people quite understand how expensive it is to sell a house. There are associated costs such as carrying costs, concessions, and commissions that can significantly impact how much you receive in profit.
Disadvantages of we buy houses companies
Although selling your home to a We Buy Houses company quickly sounds like an excellent idea, there are a few disadvantages you should keep in mind. For example, a lot of these companies follow predatory tactics. Most of these companies understand that their market is people who have distressed properties or are in situations where they need to sell quickly.
Instead of being transparent and trying to help out their clients, they prey on them instead. Before you partner with any of these, We Buy Houses companies, be sure that you check them out and ask questions about their process and how they value your home. If anything feels off, you may want to reach out to a different company.
Take it or leave it
In general, there is no negotiating with We Buy House companies. Once their representative evaluates your home and docks down any repairs, they will make their offer. If you disagree with their offer, you will have to move on to another company.
Even if you avoid real estate agent fees or other closing costs by selling to a We Buy Houses company, you still may end up with a lower than average offer. Most of these cash home buying companies offer you about 40% to 50% lower than the fair market value of your home.
1. We Buy Austin Houses
We Buy Austin House is a family-owned company that claims they value their clients above all else. Their main goal is to sell houses as quickly as possible regardless of the reason why you want to sell.
They make their offers to their clients within 24 hours, and clients report that their experience with this company is favorable. If you are comfortable with the offer, you can close within a few days if you would like. We Buy Austin Houses advises that they give you the ability to pick your closing date.
2. Lisa Buys Austin Houses
Lisa Buys Austin Houses is a private investor who purchases properties throughout Austin, Texas. With this company, you won’t have to clean up the property completely, and they will take care of that when you move.
If you accept their offer, you can close within seven days. Lisa Buys Austin Houses is a veteran-owned business with an A+ rating from the Better Business Bureau.
3. I Buy Austin Houses
I Buy Austin Houses is a family-owned company run by the Grote family. They are local to Austin and have been in business for over thirteen years.
To find out what you’d receive from them, you must first submit your contact information. If you need money from the sale of your home before you move, you can ask them for transition assistance.
4. We Buy Houses Austin
We Buy Houses is a company that has several locations across the United States. They are a well-known franchise that provides exclusives to their real estate investors. Before anyone can sell in a We Buy Houses territory, they must have an exclusive license from the company.
It is important to note that this company is not a local company which means the franchise in Austin may provide a different level of service than a location in another city or state would. If you plan on working with this company, know that each individual investor has their own way of evaluating your property. There is also little to no room to negotiate if you are unhappy with your offer.
5. Austin All Cash
Austin All Cash is a local property investor who buys homes from clients in Austin and around the surrounding areas. If you wish to sell to them, you can provide them with your information online, and they will call you if your home meets their needs.
There are mixed reviews about this company. Some clients claim they loved their experience, whereas others complained about the lowball offer they received. Other customers claimed that the companies marketing tactics were a bit invasive.
6. Zit Buys Homes
Zit buys homes is a local property investor that mainly purchases homes across Central Texas. They are family-owned and pride themselves on buying all types of properties.
If you have a mobile home or a condo you wish to sell, you can do so through this company. To sell your house to Zit Buys Homes, you must call them on their business line.
7. We Buy Sad Houses
We Buy Sad House does just that; they purchase sad and distressed homes that need some work. They specialize in buying homes that require a lot of repairs or updating, and they also take care of the closing costs associated with the sale. If you agree to their offer, you can close on the deal within seven days.
Are we buy houses companies fraudulent?
Most of these cash buyer companies are legitimate, and they’ve been purchasing properties for years in their communities. Of course, others don’t have the same reputation and instead seek to prey on people.
Ensure that you do your research before you sign anything to ensure that you aren’t taken advantage of. Never sign a contract before thoroughly reading it. If the company makes you feel pressured to sign, that is a red flag.
Please take a look at a company’s reviews not only on their website but on third-party websites where they cannot edit comments or reviews. For example, you can check out websites like the Better Business Bureau or Google. Some companies have Yelp pages, and others may have Facebook pages as well.
Alternatives to we buy houses companies
Fortunately, We Buy Houses companies are not your only viable option if you need to sell your home quickly for cash. There are other companies known as iBuyers who follow a process reasonably similar to We Buy Houses. The significant difference between the two is that the iBuyer typically offers more than a We Buy Houses company.
The process to sell your property to an iBuyer starts with first locating a local iBuyer near you. You will then need to provide them with information about your property and your best personal contact information.
If your property meets the iBuyer’s criteria, they will send someone to take a look at the house. After a quick walk-through, they will advise you of their offer. If you accept, you have complete control when you close, and you walk away with more than you would with a We Buy Houses private investor.
Skip we buy houses companies
We Buy Houses companies are excellent for a quick and easy way to sell your home, but it may come at a price. Most of these companies don’t provide you with a fair market value, and sometimes they offer you less than fair market value.
Cash offers on your home? You’re in the right place!
That isn’t fair for you. Instead of dealing with companies that don’t value your property as much as an iBuyer would, you should sell to a reputable iBuyer in your local neighborhood.