Not every homeowner can spare time waiting for their house to sell on the traditional housing market; some need to sell their home within a month or two. In these circumstances, it may be good to reach out to a We Buy Houses in Florida company to sell your home.
Most of these companies close on house sales within weeks instead of months, making it ideal for those who are in a hurry to sell. If you’ve seen those ads and signs all across Florida saying, “We Buy Houses For Cash,” and you want to learn more about those companies, you’ve come to the right place.
In this brief Florida cash home buyers guide, we will cover the pros and cons of these companies and an alternative that may work better for you.
What are we buy houses in Florida companies?
We Buy Houses companies are private investors who purchase homes in any condition from homeowners like you.
They typically pay their clients less than fair market value for their homes, sometimes less than 50%. This isn’t a problem for those who have distressed properties they wish to get rid of, but for others who need help getting out of a foreclosure, this could pose an issue.
Why do these companies exist?
We Buy Houses companies exist because there are multiple ways to sell your home. Some people prefer to sell their houses traditionally on the housing market, whereas others need a quicker solution.
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On average, it takes around 60 days to close on a home, but this timeline can extend into months if there are issues with buyer financing. Some people also pull out last minute if they decide they don’t want to go through with the purchase.
To combat this, private investors purchase homes from homeowners who are ready to sell now. Most of these investors use those properties as fix and flip projects, whereas others use them as rental properties.
We buy houses in Florida companies
There are several different We Buy Houses companies in Florida, and they all have their own processes and procedures. One popular We Buy Houses Florida company is House Heroes.
This local Florida property investor buys homes for cash in several different cities across Florida. They’ve been around since 2017, and they only have a small team of four people. To receive an offer from this company, you must call in.
They have a Better Business Bureau rating of A+, and when you work with them, you don’t have to worry about realtor fees. You also have the opportunity to choose your closing date. The average time to receive an offer from House Heroes is about 24 hours, and the time to close is approximately 15 days.
1. Florida Cash for Home
Florida Cash for Home is a private investment company only based in South Florida. If you have properties in Broward County, Miami-Dade County, or Palm Beach County, they are the people to call.
They purchase all types of properties in varying condition levels, and if you have issues evicting your tenants, they can help you with that as well. To receive an offer from this company, you must call in.
Before they give you your final cash offer, they will need to come to walk through your home. If everything looks good, you can expect to close within seven days. As of this writing, there is no third-party review information available for this company for us to list here for your review.
2. We Buy Houses Florida
We Buy Houses is a nationally recognized company with franchises all over the nation. Because they are a franchise, there are mixed reviews about clients’ experiences with the company.
We Buy Houses vets all of their investors and gives them an exclusive right to operate in certain territories. Although this exclusive license sounds ideal, it may not be for your situation. These licenses limit how many We Buy Houses options are in your area.
We Buy Houses disadvantages
A major disadvantage of working with this company is that the investors all have their own individual strategies for valuing homes. There is a chance that one investor may value your home wildly different from another investor. When you work with this company, there is also little to no room for negotiation. Their offers are “as-is.”
We Buy Houses advantages
Although there are a few disadvantages to working with this company, there are a few advantages that you should consider. One of the most significant advantages of working with this company is getting your offer within 24 to 48 hours, and you can close within seven days if you need to. If your home requires repairs, they will take care of that when you move out.
3. South Florida Cash Home Buyers
South Florida Cash Home Buyers is a private local property investor that buys houses in Miami-Dade county for cash. If you wish to sell to this company, you can call in or fill out an online form.
If your house meets their criteria, they will send a representative to inspect the home. Once you agree to their offer, you can close within seven days.
South Florida Cash Home Buyers advantages
One of the biggest advantages of working with this company is their quick turnaround. Most clients claim they received their offer within 24 hours and were able to close within one week. Other users claimed their website and application process were very user-friendly.
South Florida Cash Home Buyers disadvantages
The disadvantage that many clients experience when working with this company is the low offers. Just like most other We Buy Cash companies, they must compensate for the repair and renovation costs.
4. We Buy Ugly Houses Florida
We Buy Ugly Houses is another company that mainly caters to those who are financially distressed with undervalued properties. Once you submit your information to this company, they will send you an offer within 24 to 48 hours.
Although the offer and close timeline are reasonably short and easy, many clients complained about their offers received from the company. We Buy Ugly Houses Florida tends to make offers less than 50% of the property’s fair market value. They offer low prices to make up for the costs they will spend repairing and flipping your house.
Pros of We Buy Ugly Houses
As with other We Buy Houses companies, We Buy Ugly Houses Florida also provides quick turnaround times for their clients. They are very attentive and quick to respond to any questions or concerns you may have. Another advantage is that they have been in the industry for over twenty years.
Cons of We Buy Ugly Houses
Representatives from We Buy Ugly Houses are very motivated to get you to accept the lowest offer possible. If you need to sell a mobile home, they most likely won’t consider your application.
5. FL Homebuyers
FL Homebuyers is another private investment company that purchases properties for cash. They purchase homes of all condition types in Broward County, up to Saint Lucie County.
They do their best to close on houses fast to help those with liens on their homes and possible foreclosures.
As with most all-cash buyers, you get to set your closing date and move out on your own terms. You won’t need to pay for repairs or handle any repairs before moving out.
Advantages of FL Homebuyers
The biggest advantage of working with this company is their customer service. Many clients claim they are attentive and able to answer any questions or concerns they may have about the process. The closing process is also fairly quick; most clients close within two weeks.
Disadvantages of FL Homebuyers
There aren’t too many disadvantages found with this company other than their fair market value offers. Depending on the review, some clients complain that they were offered significantly less than other We Buy Houses companies.
6. Express Homebuyers
Express Homebuyers is a nationally recognized company that partners with local investors to purchase cash homes. To receive an offer from Express Homebuyers, you will first send them your personal contact information and information about your house. The offer they send will be an “as-is” offer.
Before they finalize the transaction, they will send a local investor to come to check out your home and answer any questions you may have about the process. If you’re willing to move forward with their offer, you can sign a sales agreement right then and there.
With Express Homebuyers, you can choose your closing day at your convenience. On the day of the sale, all you have to do is show up, sign the final paperwork, and receive your cash payment within hours.
Advantages of Express Homebuyers
Communication with this company is one of the biggest advantages of working with them. They are always available to answer any questions or concerns you may have about the process. Most clients close on their sale within two weeks.
Disadvantages of Express Homebuyers
One of the biggest disadvantages of working with this company is their communication. Although it is a benefit, sometimes too much of a good thing is not a good thing at all.
Some clients reported that after advising that they did not want to work with the company anymore, the company still reached out to them and continued to try to purchase the home.
When to use a sell my house fast company
Working with a cash buyer may be an excellent option if you are in a rush to sell your home and don’t want to pay for any repairs out of pocket. Although this method may work for some, it does not work for everyone.
To ensure that they make a profit, these companies make offers that are considerably under fair market value — sometimes, this can be between 30% to 50% below fair market value. To put that into perspective, let’s say you have a house valued at $250,000. When you work with a We Buy Houses company, you could possibly lose out on around $75,000 to $125,000.
How we buy houses companies work
Most of these companies follow the same protocol when it comes to their business models. Sure, a few details and timelines vary, but they are all quite the same.
The first step you should take is to reach out to the company for an offer request. If they believe that your home is a good candidate, they will send someone out to assess the property. When evaluating the house, they focus on necessary repairs and the potential resale value.
The company will make their as-is offer based on the amount of money and time they have to invest in your home. If you accept, you can close on the sale within a few days. There is no need to wait for a mandated inspection or appraisal of the property because there is no financing involved in your transaction.
We buy houses companies pros and cons
The most significant advantage of working with these companies is the quick turnaround time. They generally send you an all-cash offer within 24 hours, and there is no need to worry about the home sale falling through because of a homebuyer’s financial lender or because they get cold feet.
Can sell your home as-is?
If your home is in bad condition, it may not meet the standards of a homebuyer’s FHA or conventional loan requirements. In this situation, you will need someone with cash, not mortgage financing, to purchase your home. Most We Buy Houses companies buy houses as they are, and they complete the repairs when you move out.
Low closing costs
Most FL cash home buyers cover the closing costs, so you don’t have to. This can save you between 1% to 3% of your sale price.
Schedule your closing date
When you sell your home, traditionally, the closing process takes between thirty to forty-five days, depending on the mortgage lenders and all other involved parties. When you work with a cash buyer, you get to skip out on all those days of waiting. Instead, you get to choose whatever day works best for you and your situation.
Disadvantages of we buy houses cash companies
As mentioned earlier, these companies tend to offer significantly less than fair market value. This is to ensure that they make a profit after flipping your property back onto the market.
Most homeowners who need to sell their homes are doing so because they face a difficult situation such as foreclosure. Some companies will take advantage of you because they know you need to sell the house as soon as possible.
If you feel pressured, don’t sign anything. Instead, be prepared to move on to another potential company if the situation seems sketchy.
Most of these We Buy Houses companies provide you with an “as-is” offer, which means you can’t negotiate a different amount. You either take their offer or move on to another company.
iBuying: alternative to we buy houses
Although these We Buy Houses Companies have some advantages that work for some people, they don’t work for everyone. If you want to sell your home fast but for a better sale price, you may want to look into an iBuyer.
What is an iBuyer?
An iBuyer, also known as an “instant” or “internet” buyer, functions similarly to We Buy Houses for Cash companies. To receive an offer from an iBuyer, you will need to send them information about your house and your personal contact information. If your home is a good candidate, they’ll send over a cash offer within minutes, but no later than two or three days.
If you accept their offer, they will conduct an inspection to see if there are any significant repairs. If there are, they will deduct those repairs from your net proceeds.
The best iBuyers give you five days to make your decision. If you accept, you can choose your closing date and move on to your next adventure. They also sell homes if you want to purchase one from the iBuyer.
We Buy Houses in Florida companies are good options for those who need to sell quickly and are okay with taking a massive cut in their proceeds to get the sale over with. That doesn’t necessarily work for everyone.
Instead, you have the alternative option to partner with a reputable iBuyer who has enough financial backing to provide you with a higher-paying offer. Keep in mind that even if you work with an iBuyer, they do have some fees you will need to take into account.
If you are ready to find out how much you can sell your home to an iBuyer, submit your home information. If you have any questions about the iBuying process, we are available.