“We Buy Houses” in Ohio
Closing a traditional real estate sale can take a long time, with a lot of work along the way — not to mention the cost of closing costs and real estate commissions. But if you’re short on time, looking to save money or need cash from your sale in a hurry, there are ways to get to closing more quickly. One option is to sell your home to a company that claims “We Buy Houses.”
Cash home buying companies are found all over Ohio, and they usually make quick offers and promise a quick closing time. Most buy homes in any condition, even badly damaged or distressed properties, with little hassle. But if all this sounds too good to be true, know that there may be serious downsides, too. Here’s what to know before selling to We Buy Houses in Ohio.
Types of Companies That Buy Homes for Cash in Ohio
It’s important to shop around and compare offers if you’re considering selling to a home buying company. Fortunately, there are plenty of options in the Ohio market. Here are some of the operations doing business in the Buckeye State:
National companies:
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HomeVestors, known as We Buy Ugly Houses, buys homes in any condition (as the name suggests). They operate in most parts of the country, including Ohio, and offer fast cash offers and promise a quick closing, too.
- Another aptly named company, Need To Sell My House Fast, has been buying homes in all 50 U.S. states since 1999. It buys homes in any condition, including single-family or multi-family homes, condos, and townhomes. Independent.
Local companies:
- Global Real Estate Solutions, based in North Canton, Ohio, makes all-cash offers across the state within 24 hours and can close the deal in just seven days.
- Ohio Cash Buyers has been operating in the greater Cincinnati and Dayton areas for 17 years. It makes instant cash offers on homes in any condition and will close on a timeline of your choosing.
- John Buys Houses Ohio has been serving Central Ohio since 2014 and can close on homes in 15 days or less.
Buyers:
- The “i” in iBuyers stands for “instant,” and these online-only companies make quick offers on homes. However, they usually do not buy properties in poor condition, and may charge a service fee. The two largest companies, Opendoor and Offerpad, operate in select markets in Ohio.
How do “we buy houses” companies work?
Cash home buyers buy a wide range of homes, including those that buyers might have difficulty selling otherwise (such as properties in extreme distress or in foreclosure). They will usually fix up the house and flip it for a profit as quickly as possible.
To start the process, contact the company online or by phone. Some will have a representative evaluate your home in person, while others will estimate its value based on online data. You will usually receive an offer within 24 to 48 hours, or sometimes even immediately.
You’re not obligated to accept the offer, but don’t spend too much time thinking about it – these offers usually come with expiration dates. If you decide to accept, you can usually close the deal within a few weeks or even less. The speed can be overwhelming, so read the contract very carefully and make sure you understand all the details before signing on the dotted line.
Alternatives
We Buy Houses companies can be a good resource if you need to move as quickly as possible, if you need money quickly, or if the property needs more work than you want to handle. But there are other options too, especially if you have a little flexibility.
- Selling with a real estate agent: Working with a real estate agent is the most traditional way to sell a home. It takes longer, but the agent’s knowledge and experience in the market will likely get you a higher price for your home.
- Sale by owner: However, you don’t need a real estate agent to sell your home in Ohio. If you choose the FSBO (for sale by owner) route, you won’t have to pay the listing agent’s commission fees. But you’ll still be on the hook for your buyer’s agent fees, and you’ll also face the daunting task of preparing, pricing and marketing your home without professional guidance.
- Rent instead: If you don’t need the cash from the sale right away, you might consider renting your home for a while instead of selling. Becoming a landlord can be lucrative, but it also requires a lot of work and responsibility.
Next steps
Is selling your home to We Buy Houses the right choice for you? It depends on your specific case. If speed, convenience or quick cash are your top priorities, this may be the right move – try getting multiple offers to evaluate your offer options. But if you have the time and getting the highest possible price for your home is more important than anything else, it’s best to work with a local real estate agent who knows your Ohio market inside out.
common questions
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Most companies that advertise “We Buy Houses” are legitimate real estate companies whose business model is flipping houses – meaning they buy properties on the cheap and resell them at a profit. However, it is important to do your research before you choose to work with a company, since each company’s reputation may vary, and always read any contract carefully before signing it.
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Cash home buying companies in Ohio, like “we buy houses” companies everywhere, need to make a profit from reselling your home. So they will almost certainly pay you less than the market value of your home, and if your home needs a lot of work and repairs before it can be flipped, they will offer less than that. If you want to achieve the highest profit, it is better to use a local real estate agent.
