We Buy Houses in Austin, Texas
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The traditional home selling process, in which you prepare your home for the market, work with a realtor to price and list it, host multiple showings and ultimately negotiate with a buyer, can be time-consuming. There are many reasons a seller might want to move a little faster than that — if you’re cash-strapped and need cash quickly, for example, or if you need to move for work quickly.
If you need to sell your home at a critical time, you might consider selling to a company in Austin that advertises “We Buy Houses.” These companies typically offer all cash and close the deal quickly — within weeks or even days — and typically won’t ask you to do any prep work or repairs, either. The efficiency and convenience of selling to one of these companies is certainly attractive, but there is a downside: They usually pay much less than you would earn on the open market. Read on to learn all the pros and cons of selling your Austin home to a cash home buying company.
Types of Companies That Buy Homes for Cash in Austin
If you want to sell your Austin home to an Austin “we buy houses” company, you’re in luck: Austin’s housing market is very popular, and you’ll have a wide range of local and national options to choose from. Here are some home buying companies that operate in your area:
- We buy houses: One of the most popular options, perhaps because of its straightforward brand name, is We Buy Houses. This company, which is physically based in Texas but operates across the country, buys homes in their current condition, makes an offer within 24 to 48 hours and can close within 7 to 14 days.
- Main Also known as We Buy Ugly Houses, HomeVestors is another option that works in much the same way, buying homes regardless of their condition with quick showings and closings.
- Lisa buys Austin homes: This outfit, run by a local couple, buys homes as is, lets you choose your closing time and handles all closing costs.
- Buy Austin Homes: This company, a family-owned business founded in 2006, says it will buy homes in any condition throughout the Austin metro area, including those experiencing foreclosure or in extremely poor condition.
- Austin All Cash Home Buyers: Another local, family-run option, operating in the area since 2014. They also allow sellers to close on their own schedule and buy quickly for cash, promising to close in as little as 7 days.
- These online-only companies make quick cash offers and can close the deal quickly. However, they may charge exorbitant service fees and do not typically buy distressed homes. The two most popular iBuyers, Opendoor and Offerpad, operate in the Austin market.
How do “we buy houses” companies work?
We Buy Houses companies are known for their flexibility – most will buy houses in any condition, no matter how much work you need. This can be a godsend for homeowners who have serious maintenance issues that they can’t afford to fix or simply don’t want to deal with. Some companies will even buy homes with legal complications such as liens, foreclosures, probate issues, or rental properties that still have tenants in residence.
Why are they willing to undertake these projects? Because most of them are home flippers, looking to buy a bargain, fix it up and resell it at a profit. In exchange for the ease and convenience of your transaction, the price they offer you will likely be low. In some cases, this may be a fair trade – and certainly some homeowners are happy to have this process completed quickly and easily. But in most cases, the seller could have made more profit by selling the traditional way, with a real estate agent.
If you choose to sell to a cash house buying company, the process is very simple: simply contact them, either by phone or online, and they will make you an offer quickly, usually within 48 hours (or sooner). Some companies base their offers on publicly available data, and others will send a representative to your home to evaluate its condition first. You are not obligated to accept the offer, but if you do, you will then arrange payment and a closing time. These transactions can move incredibly quickly, so be sure to read all paperwork and contracts carefully before signing anything. It’s not a bad idea to have a real estate attorney review your contract first.
If you’re not sure We Buy Houses is right for you, there are a number of other selling options available:
- Working with a real estate agent: Hiring a professional real estate agent is the most common way to sell a home. The right agent will know the ins and outs of your Austin neighborhood and can help you sell your home at a competitive price. As of September 2023, homes in Austin sold for a median price of $548,000 and spent an average of 60 days on the market before going into contract, according to Redfin data.
- Sale by owner: If you don’t want to work with an agent, you can choose to sell it yourself, known as “for sale by owner” or FSBO. In this scenario, you won’t have to pay the listing agent’s commission, but you will still have to pay the buyer’s agent. You will be responsible for staging and marketing the home yourself, which requires a lot of work.
- Rent it: If you don’t need the proceeds from the sale right away, consider becoming a landlord. It’s a big responsibility, but rental income can be lucrative — especially in a popular market like Austin.
We Buy Houses can get you out of your home quickly and with minimal hassle. But your profit from the sale will likely be less than you would if you went the traditional route. Shop around and compare offers from multiple companies to boost your odds of getting a better rate. But if you have more flexibility on time, you’ll likely see a greater profit selling your home with a local real estate agent.
Yes, most cash home buying companies are legitimate companies that buy homes and resell them. However, you should definitely do research on the company’s reputation before working with them, check local reviews and the Better Business Bureau, and make sure you understand all the details of the contract before signing it.
“We buy houses” companies, in Austin or elsewhere, typically pay homeowners less than they would get in traditional market sales. These clothes need to be bought at a low price and sold at a high price to make a profit. The amount they’ll offer for your home depends on a number of factors, including its location and condition — but if you’re looking to earn the best possible price, a local realtor is likely the best option.
Most “we buy houses” companies do not charge any fees or commissions for your sale. In comparison, traditional home sales come with closing costs and agent commissions, which typically range between 5 and 6 percent of the home price and are covered by the seller. However, you will likely get more money if you choose to sell traditional homes, since “we buy houses” companies typically pay less than market price for homes.