When you need to sell your house quickly due to a foreclosure or some other unforeseen circumstance, you might consider reaching out to a We Buy Houses company for assistance. Of course, they have the financial means to make an all-cash offer on your home, but do they really offer you what your house is worth?
Most We Buy Houses companies offer you between 50% to 70% less than the fair market value for your home. We created a short We Buy Houses Cincinnati guide to help you navigate the different We Buy Houses companies. Continue reading below to learn more about how these companies work and who you can reach out to for an alternative solution.
How do we buy houses companies work?
We Buy Houses companies typically market to homeowners who need to get rid of their houses as soon as possible. Most of their clients need to rid of their property because of a divorce or because they’re facing possible foreclosure.
The process of selling your property to a We Buy Houses company is relatively easy. You just submit your personal contact information and information about your house.
If your home meets the criteria that the private investor is looking for, they will schedule a time to come to look at the property. Not all companies come out to inspect the home; some do it based on photos or other data.
If the company needs to send a representative to look at your property, they will schedule a time that works for you. The We Buy Houses company representative will look over any possible repairs that your home needs.
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While at your location, a representative may provide you with an on-the-spot offer. If not, they should email you a copy of your offer letter.
Accept the offer
Granted you want to work with the company and you like their offer, you can move towards closure. There is no need for additional inspections or appraisals once you agree to the amount. Depending on the company you work with, you may be able to close on the sale within one to two weeks.
Fix and flip
When you move out of the house, the We Buy Houses company will come and fix up the home. Once they complete the repairs, they will sell it on the market to earn back their money.
Pros of we buy houses companies
Although every company we discuss in this article has its own pros and cons, there are a few of those advantages and disadvantages that they all commonly share. For example, regardless of who you decide to work with, you know you have certainty in the deal.
When you sell your home traditionally, there is a considerable chance that the buyers’ financing could fall through. When you work with a cash buyer, they already have the money ready to provide to you once you agree to their terms.
No need for repairs
Typically, when you sell your home on the market, mortgage companies won’t allow their clients to purchase the house if extensive repairs need to be completed. That isn’t the case with cash buyers. Instead, you can waive inspections and appraisals and sell your home as it is.
Cons of we buy houses companies
Selling your home to these companies is a quick way to get rid of property if you absolutely need to, but this process has a few drawbacks. For example, most offers presented to you are “as-is,” meaning that there is no room for negotiation. If you don’t like the offer, you have no other choice but to go with another company.
Most people who need to sell their houses fast need to do so due to a vulnerable situation. Someone may need to move out of state quickly or may need to sell their house because of a divorce. Others need to sell their home because they’re facing foreclosure.
Many real estate investors prey on people in these types of predicaments so that they can receive a deal for a low price. Many companies aren’t sympathetic and only see your situation as an opportunity. Be sure that you look out for predatory tactics a good amount of cash buyers practice.
1. We Buy Houses Cincinnati
We Buy Houses is a national company with franchises in several different locations in the United States. This company vets their private investors and gives them an exclusive to operate in their territories. We Buy Houses has no control over what investors offer, but they do have the right to take back licenses if they aren’t acting according to the company’s standards.
Pros of We Buy Houses Cincinnati
One of the most significant advantages of working with We Buy Houses Cincinnati is the fact that they vet out their private investors. As you continue to read through this article, you will notice that most We Buy Houses companies are private investors or families who independently purchase homes.
With We Buy Houses, their investors must meet their standards to operate in their territory. When working with this company, you won’t have to worry about repairs, and you may receive your offer within 24 to 48 hours.
Cons of We Buy Houses Cincinnati
Although this company vets its investors, there is no way to control how each investor presents their offer. This means that one investor may offer you more, whereas another may offer less.
Exclusivity is great for some things, but not all. Because licenses are exclusive, there is usually one We Buy Houses option near you.
2. Burnett Home Buyers
Burnett Home Buyers is a privately owned investment business that purchases homes for cash. They can make an offer on your house within 24 hours and can close on the sale within seven days. They purchase homes in Cincinnati and the surrounding areas.
Pros of Burnett Home Buyers
A huge advantage of working with this company is the fact that their representatives are licensed, real estate agents. They understand how the market works and how to create a fair offer for your home. Burnett Home Buyers also has been in business since 2016, and they have an A+ Better Business Bureau rating.
Cons of Burnett Home Buyers
There aren’t too many negatives about working with this company from further research. There have been complaints about the offer not being fair or them not being able to negotiate a better offer, but this scenario varies.
3. Queen City Buyer
Queen City Buyer is a local property investment company that purchases homes in Ohio, Indiana, and Kentucky. If you want to sell your house to this company, you will initially have to submit your information online.
If they find your home meets their criteria, they will send out an investor to come to check out the property. If you agree with their offer, you can close within days and receive your payment shortly after that.
Pros of Queen City Buyer
This company has the ability to create and provide you with an offer within 24 hours, and the offer you receive comes with no obligations. When you work with Queen City Buyer, you can choose your closing date on your terms.
Cons of Queen City Buyer
There aren’t too many complaints about this company, nor are there any too many third-party reviews that talk about what clients did not like about working with the company. The company does not have a Better Business Bureau rating.
4. ASAP Cash Offer
ASAP Cash Offer is a privately owned company local to the Ohio area. They boast of closing their deals within five to seven days. Their online form is relatively easy to navigate and only takes about fifteen seconds to complete. You won’t have to pay for any repairs or any commission fees if you decide to work with this company.
Pros of ASAP Cash Offer
As mentioned above, the company boasts that they can close on the home within five to seven days, of course, depending on your needs and your timeline. There are no carrying costs or other fees associated with the sale.
Cons of ASAP Cash Offer
After reviewing their website, it was a bit hard to trace back any of the testimonies listed. There is no Better Business Bureau web page for the company, but they claim that they have accreditation.
If you decide to try this company, make sure that you ask questions. If anything feels abnormal, you may want to work with another company.
5. We Buy Ugly Houses
We Buy Ugly Houses is a well-known chain that you’ve probably noticed on a billboard or on the side of the road. They are easily identifiable by their caveman mascot, who holds a money bag. This franchised company has locations across the United States, and they usually close on their sales within three weeks.
Pros of We Buy Ugly Houses
As a well-known company across the states, they have the recognition and trust of many different clients. If you decide to partner with them, you won’t have to worry about conducting any repairs.
Cons of We Buy Ugly Houses
Because this company is well known and franchised across the states, the quality of service may vary. One location may provide excellent service, whereas another may not meet up to those exact expectations. Many clients also report that they receive less than fair market value offers.
6. Buy Sell ASAP
Buy Sell ASAP is a Cincinnati house buyer who purchases homes regardless of their condition. They’ve bought and renovated over three hundred properties in Greater Cincinnati. They are not a big remote company, but instead, a smaller family ran business locally to the community.
Pros of Buy Sell ASAP
The company and its reviews claim that they offer fair market value for homes, and they can close within a couple of weeks. If they believe your home is an excellent candidate for their portfolio, they will go through a ten-minute walk-through and provide you with your offer within one day. You don’t have to pay any commissions or other fees.
Cons of Buy Sell ASAP
Per client reviews, the only other negative thing listed is the unsolicited offers sent out to potential clients. Some other clients claim that their offer was not fair for the value of their home.
7. The Cincy House Buyer
The Cincy House Buyer company is run by two twin brothers local to Cincinnati. Thus far, they’ve had over 650 transactions and have received multiple four to five-star reviews for their work. They typically purchase houses of all types, regardless of their conditions.
Pros of The Cincy House Buyer
If you decide to work with this company, you won’t have to clean up or make any repairs to the house before you move out. They also offer their clients a free ballpark offer they can send via email or text, whichever is best for you. The Cincy House Buyer also pays for your closing costs, and you can close within ten days.
Cons of The Cincy House Buyer
Some clients mentioned that they disagreed with their offer, whereas others claimed to have a decent experience. Other people noted that they continued to receive communication from the company well after expressing they had no interest in working with the company.
Alternatives to we buy house companies
Although these companies provide you with a quick way to sell property, they don’t always offer you the best offer. It isn’t uncommon for these companies to lowball you because they know you need out of a situation and see your house as an opportunity.
If you want to get a fair market value offer for your home, you may want to reach out to an iBuyer company instead. Their selling process is relatively similar to We Buy Houses companies, but instead of providing you with an offer below market value, they will give you an offer that is fair for your property’s condition.
Find out what an iBuyer would pay for your home
Parting ways with the property you’ve inherited and no longer need or need to get rid of due to a foreclosure can be a stressful experience. Selling on the traditional market can take months to complete, and there is a high chance that the deal could fall through.
Selling your home to a We Buy Houses company can yield quick cash, but you may be selling yourself short. Instead of receiving an unfair offer from a We Buy Houses company, reach out to an iBuyer company to receive the payment you deserve.