We Buy Houses Review | Bankrate

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If you don’t have the time or capacity for a traditional home sale, selling to an iBuyer or another type of service that buys homes quickly may be just what you need. We Buy Houses is a company that works with homeowners all over the country to buy homes for cash. It’s a convenient option, especially if you really need to sell your home quickly, but how does it work? Here’s what to expect when you sell a home to We Buy Houses.

We Buy Houses overview

As the name implies, We Buy Houses is a homebuying company that has locations throughout the country. The branding and name are licensed, so each individual branch will be different.

It will assess your home and make you a cash offer — after you reach out you’ll be contacted within 24 hours, and you’ll typically have an offer within 24 to 48 hours. There’s no need to make any repairs or prepare the home for showings, and you’re under no obligation to accept the offer if it doesn’t work for you. The process is much quicker and simpler than selling your home with a traditional listing agent.

One thing to note: We Buy Houses is different from the company often called We Buy Ugly Houses (its real name is HomeVestors). The two services are not affiliated, despite the similar names.

How does We Buy Houses work?

We Buy Houses buys homes of all types. The company purchases properties in as-is condition, meaning homeowners don’t have to do any repairs or maintenance before reaching out, no matter what kind of shape it’s in. (Although homes in better condition are likely to get higher offers, of course.) You sell directly to the company, with no need for real estate agents or listing the home on the market — so there are no agent commissions or similar seller-related fees to be paid.

It will likely still be able to make you an offer even if your situation is unique: For example, according to its website it does not matter if the property is vacant or even if it is currently occupied by a tenant. It can make an offer if you are behind on your mortgage payments, underwater or facing foreclosure as well. The homes it buys are typically turned around to investors, who fix them up for resale.

Selling your home to We Buy Houses

If you decide to sell to We Buy Houses, the process is fairly simple. Once a homeowner reaches out — whether by phone, text message, email or online form — the company will schedule an in-person visit for a representative to come and assess the property. This is different from some online services, which decide how much a home is worth remotely using only online algorithms and publicly available data.

Once the representative determines your home’s condition, you will receive a cash offer. This usually happens within 24 to 48 hours. If you accept, the company says it can typically close the deal in 7 to 14 days.

While this timeline is much, much faster than a traditional sale, keep in mind that We Buy Houses is a for-profit venture. The company needs to make money on each transaction to stay in business, so the amount it offers for a home will likely not be as much as you could get in a traditional sale. They make it easy for you, but don’t expect to get top dollar.

Is We Buy Houses legitimate? Pros and cons

Yes, We Buy Houses is a legitimate homebuying company based in Texas, with licensed locations in more than 200 markets in 30 states. However, all its offices are independently owned and operated by individual licensees, so consumers may receive different levels of service from — and see different online reviews for — the various local branches. Here are some pros and cons of working with the company.

We Buy Houses alternatives

There are many other companies that buy houses out there. Here are some home-selling alternatives to consider:

• National homebuyers: Other nationwide cash-for-homes companies, such as HomeVestors, work in a very similar way to We Buy Houses. These companies can assess your home and give you a cash offer, with a quick closing and no real estate commissions.
• Local homebuyers: Most markets also have similar locally based operations that might know the area better or offer more personalized service.
• iBuyers: Opendoor, Offerpad and other iBuyers operate completely digitally. These companies also provide cash offers within a quick turnaround time and no commission — though they tend to be pickier, and there could be service fees nearly equivalent to an agent’s commission.
• Home equity: If you need cash, home equity loans and HELOCs are an alternative that don’t require selling. These allow you to tap the equity you’ve built in your home to access a chunk of cash or a line of credit.

Where does We Buy Houses operate?

We Buy Houses doesn’t operate everywhere, but it has a presence in more than 200 markets, including many major U.S. cities. You can input your zip code online to find out if it is an option in your area. Licensees can be found in the following states:

We Buy Houses vs. finding a local agent

A traditional home sale, with an experienced local real estate agent who knows your area well, offers sellers the best chance to get top dollar for their home. It’s an agent’s job to get you the best deal possible. Agents can also provide more personalized, one-on-one service and assistance throughout the home-selling process than a homebuying company. However, if speed and convenience are of the essence, We Buy Houses could be a good option.