Your home is more than a place where you make memories with family; it’s also likely your biggest asset. Sure, you want to sell quickly, but you could be leaving major money on the table if you choose to work with one of these We Buy Houses for Cash companies. Always do your research, compare your options, and consult with a trusted advisor before accepting any offer. Vet cash buyers and know your home’s worth For many home sellers, We Buy Houses for Cash companies can be a solid solution to get a property sold quickly or to access cash for an expected life challenge. On the other hand, the “cash for your home” rehabbing business model has also led to what some housing advocates call predatory tactics. The level of integrity and customer service you experience can vary, even within an established house-buying company that strives to maintain consistent business standards. This is because many We Buy Houses for Cash companies are franchises and often use independent investors or local wholesaling outfits. Your experience greatly depends on the character of the person or group making the offer. If you are considering a cash offer, vet the company thoroughly. Check reviews, read testimonials, and research its presence and performance in the market. And, of course, read the buying agreement carefully before signing. Get a home value estimate Before committing to a We Buy Houses for Cash company, HomeLight suggests you consult with a top agent to get a better idea of what your home might be worth if sold on the open market. Then, compare cash offers to what a top agent might be able to get for your home. HomeLight can connect you with a top-performing agent in your market. Curious What Your Home Is Worth? Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes. You can also use HomeLight’s free Home Value Estimator right now to get an initial ballpark estimate in less than two minutes. Other options to sell your home quickly iBuyers Within the cash-for-homes business, you’ll also encounter a particular group of companies known as iBuyers, or instant buyers. iBuyer companies offer sellers many of the same conveniences of other house-buying operations, but they also leverage algorithmic technology, otherwise known as automated valuation models (or AVMs), to make you a near-instant offer on your home and provide a user-friendly, mostly online home sale experience. iBuyers have only been around since the mid-2010s, but are now widely available across Illinois. iBuyers offer all-cash and can close in a matter of days to a few weeks. But unlike more traditional We Buy Houses for Cash companies, iBuyers tend to look for homes in better condition and offer much closer to market value, typically in the 85%-95% range. One thing to note is that major iBuyers like Opendoor and Offerpad usually charge sizable fees for their services, between 5%-6%. Sellers who may be a good fit to work with an iBuyer in Illinois include those who prefer to skip staging and showing their home, who live in an area with somewhat similar housing, and who have a home in relatively good shape. Listing with an agent You want to sell your house quickly, not in 65 days. But hear us out! With the help of an expert agent, many listings are flying off the market in a matter of days, especially those that are priced strategically. Going with an agent could pay off big time. Selling on the market generally fetches the highest home price, and that’s especially true if you work with a skilled professional. Our internal transaction data at HomeLight shows that the top 5% of real estate agents sell homes for up to 10% more than average agents. This is a big financial decision, so it may make sense to consult with a trusted real estate agent who can complete a comparative market analysis (CMA) to help you understand your home’s value and how quickly it’s likely to sell. Your agent may even be able to connect you with cash buyers who are willing to offer closer to market value for your home. Plus, a CMA is usually free and you’re under no obligation to list with the agent, so this may be a good tool to explore your options. Even if you end up deciding to work with a Cash-For-Homes company, at least you’ll know you are making a sound financial decision. Overwhelmed by finding an agent? HomeLight would be happy to connect you with a top performer in your area today.
