5 Top We Buy Houses for Cash Companies in Akron

Popular We Buy Houses for Cash companies in Akron

If the process of selling to a house-buying company in Akron sounds good to you, it’s time to find a legitimate operation you can trust.

We’ve compiled some top companies that will pay cash for you or your parents’ French Norman or Large Colonial homes. By selling to one of these companies, you should be able to get cash for your Akron home in as little as a week or two.

Why sell your Akron house for cash?

An Akron home seller may choose to work with a Cash-For-Homes company for plenty of valid reasons. The quickness of the sale, combined with a near-guaranteed offer and convenience, are the primary reasons sellers choose this option.

In Akron, selling a home on the market typically takes around 87 days using an agent. That includes an average of 40 days on market plus the typical 47 days a buyer needs to close on a purchase loan.

Compare that to the typical seven to 10 days promised by many house-buying companies in Akron, and it’s clear why these Cash-For-Homes groups are an attractive option, even though they don’t always offer top-dollar for the homes they purchase.

Choosing to sell your Akron home for cash through a house-buying company can be an appealing option for many homeowners, especially when traditional selling methods don’t align with their needs or timelines. Here are some common scenarios where reaching out to a cash buyer might make sense:

• Job relocation: If you need to move quickly for a new job opportunity, selling for cash can expedite the process.
• Divorce: Simplifying the division of assets during a difficult time can be crucial, and a cash sale can offer that simplicity.
• Inherited property: Dealing with a home you’ve inherited can be overwhelming, especially if it’s in another city or needs extensive work.
• Downsizing: For those looking to move into a smaller, more manageable home, especially in retirement, a quick cash sale can be attractive. Downsizing can help achieve that goal.
• Major repairs needed: Homes that require significant repairs, such as foundation issues, can be hard to sell through traditional channels.
• Avoiding open houses: If you value your privacy and wish to avoid the stress of open houses, selling for cash is a viable option.
• Facing foreclosure: For homeowners facing foreclosure, a cash sale can provide a way to quickly settle debts and avoid credit damage.
• Problematic tenants: Landlords who want to sell properties with difficult tenants may find a cash offer to be a straightforward solution.
• Selling from out of state: Managing a property sale from another state can be challenging, making a cash offer particularly appealing for selling from out of state.

Pros and cons of house-buying companies in Akron

Selling your home to a house-buying company in Akron can be a double-edged sword. While these companies offer the convenience of speed and buying your home as-is, it’s essential to weigh these benefits against potential downsides.

Pros:

• Speed of sale: One of the biggest advantages is the rapid sale process, allowing you to close in as little as a week, bypassing the lengthy traditional market sale process.
• No need for repairs: These companies buy your home as-is, meaning you don’t have to invest in repairs or renovations to make your property market-ready.
• Avoiding contingencies: Selling to a cash buyer typically means fewer contingencies, which can complicate or delay the sale process in a traditional market.
• Simplicity: The process is straightforward, with less paperwork and no need for showings, staging, or waiting for buyer financing approvals.

Cons:

• Below market value: The most significant drawback is receiving an offer that’s below market value compared to selling through a real estate agent on the open market.
• Limited negotiation: There is little to no room for negotiating the offer, leaving you with a take-it-or-leave-it decision.
• Potential for scams: While many companies are reputable, the risk of running into scams exists, necessitating thorough research and caution.
• Less profit: Even considering the money saved on repairs and commissions, the lower sale price often means less profit from the sale.

As you consider selling your home to a house-buying company, it’s important to vet potential buyers carefully and understand your home’s worth.

Vet cash buyers and know your home’s worth

Before you accept a cash offer for your home, it’s important to vet the buying company thoroughly. The level of integrity and quality of service offered by “We Buy Houses for Cash” companies can greatly differ, often reflecting the character of the individuals or team behind the offer.

Take the time to research the company, check online reviews, read testimonials, and examine its market presence and performance history to get a sense of its reputation and trustworthiness.

Additionally, clearly understanding your home’s value is key to making a confident decision. Before you sign any buying agreement, make sure to read it carefully. This step helps you avoid unfavorable terms and empowers you to make a decision that supports your financial and personal objectives.

HomeLight suggests you consult with an experienced local agent to get a better idea of what your home might be worth if sold on the open market. Then compare your cash offer. HomeLight can connect you with a top-performing agent in your market. You can also use HomeLight’s Home Value Estimator to get an initial ballpark estimate in less than two minutes.

Other options to sell your Akron home quickly

iBuyers, or instant buyers, utilize automated valuation models (AVMs) to offer a quick, mostly online selling process. These companies, established in the mid-2010s, provide all-cash offers that are typically closer to market value for homes in good condition. The iBuyer process is fast, from offer to closing in just days to a couple of weeks, but be aware of service fees around 5%-6%.

Listing with a real estate agent is another avenue, especially in a seller-friendly market. Thanks to strategic pricing and marketing, agents can often secure a fast sale at the highest possible price.

A key advantage of consulting an agent is receiving a comparative market analysis (CMA), which is often free and helps set an appropriate listing price. Moreover, an experienced agent might connect you with cash buyers, ensuring you make a well-informed decision. For assistance finding a top agent, HomeLight can connect you with a professional in your area.

 

FAQs on Akron  house-buying companies

Are We Buy Houses for Cash companies legit or scams?

By and large, most We Buy Houses for Cash companies in Akron are legitimate businesses. Their services and transaction fees may differ, but the business model has been around for decades. If you use an established group with a track record, you can be fairly confident that it’s legit.

That said, as with any financial transaction, it’s a good idea to be on the alert for scams. Always research companies before you sign a contract. Check customer reviews, look at their online presence, verify professional licenses, get a referral if possible, and vet the company on the Better Business Bureau website. Watch for anything that just doesn’t seem right.

How much will We Buy Houses for Cash companies in Akron pay?

As described in our pros and cons list above, most Akron We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value, minus their estimated repair costs.

Here’s an example of what a simplified formula might look like:

(Your home’s ARV x .70) – repair costs

To see how this might work in a real-world scenario, let’s take a look at an example offer equation. Let’s say your Akron French Norman could sell for $130,000 after repairs, but it will need $10,000 of work to get there.

($130,000 x .70) – $10,000 = $81,000

In this example, an Akron We Buy Houses company might offer you around $81,000 for your home.

However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more than We Buy Houses companies because iBuyers look for homes in better condition. An iBuyer might pay you 90% or more of market value while charging a fee for their services.

How much does selling a home to a We Buy Houses for Cash company in Akron cost?

When you accept an offer from Akron  We Buy Houses for Cash company, you will likely be coming to grips with a double -edged sword. On the one side, it shouldn’t cost you any additional money because these companies make an offer and handle almost everything once the offer is accepted. On the other side, you’ll likely get less money overall for your home.

Because We Buy Houses for Cash companies tend to focus on distressed homes, they typically have zero fees. Many will even cover your closing costs. In most cases, this means that the cash offer you receive is going to be the price you walk away with at the end of the deal. Of course, it’s always a good idea to flat-out ask the company if there are any hidden program fees that might impact your bottom line.

How do you sell a house for cash in Akron?

1. Research and vet the house-buying companies that serve your Akron area. Our list above is a good place to start.
2. Submit offer requests to a few of the companies you like best.
3. Schedule any required on-site property visits.
4. Compare offers. Weigh the pros and cons and choose the best option for you.
5. Close the sale in a week to 30 days and get paid. (Some companies will let you choose a closing date up to 90 days after accepting the offer, which can be helpful when planning a move.)

We Buy Houses for Cash in Akron vs. top Akron agent

Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s take a glance at how different aspects of the sale might look and compare possible proceeds.

Aspect of the sale	Sell to a We Buy Houses for Cash company in Akron	Sell with a top Realtor in Akron
Selling timeline	7 to 30 days	87 days average; 40 to attract an offer, 47 to close the loan
Home preparations	None	Deep clean, declutter, make necessary repairs, landscape, stage home
Showings	None	10 to 25 showings average
Inspections / repairs	None	May need to make additional repairs for the buyer or renegotiate the price
Appraisal	None	May need to lower your asking price if the appraisal comes in low
Title search	Cash-For-Homes companies often handle title issues	Must clear title before you can sell home
Financing contingency	None	Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear
Agent commission	None	5.8% average
Closing costs	None	1% to 3% of the home sale price on top of agent commission

Example net proceeds

Below, we’ve put together one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.

Let’s say your home in Akron is currently worth about $120,000 and needs about $10,000 in repairs. Once the repairs are completed, the home might be worth around $130,000.

	Sell to a We Buy Houses for Cash company in Akron	Sell with a top Realtor in Akron
Estimated sale price	($130,000 x .70) – $25,000 = $66,000	$120,000
Market preparations	0	$1,200 (1% of sale price)
Agent commissions	0	$6,960 (5.8% of sale price)
Closing costs	0	$1,800 (1.5%)
Estimated take-home for seller	$66,000	$110,040

As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.

However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be a challenge in your area, or the agent timeline might not fit your immediate needs.

Key takeaways

• Speed and convenience: Selling your house to a Cash-For-Homes company can be significantly faster and more convenient than traditional sales methods.
• As-is sale: You can sell your home as it is, without investing in repairs or upgrades.
• No listings or showings: Avoid the hassle of listing your property, hosting showings, and waiting for offers.
• Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.

Sellers considering a Cash-For-Homes company are wise to gather multiple offers and take the time to weigh their options before making any commitments. It’s also recommended to consult a top agent for expert insights on how soon and how much your property could sell on the market.

At HomeLight, we’re happy to lend a guiding hand in navigating your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult a top agent.

Header Image Source: (Shep McAllister / Unsplash)