7 Top We Buy Houses for Cash Companies in Chicago

Why sell for cash in Chicago?

There are plenty of reasons a Chicago seller may choose to go the cash-for-homes route, speed and certainty being chief among them.

In Chicago, it typically takes about 83 days to sell a home on the market using an agent. That includes 39 days on the market, plus the typical 44 days a buyer needs to close on a purchase loan.

Compare that to the typical seven days promised by many We Buy Houses for Cash companies in Chicago, and you can see why these companies remain popular, even though they don’t always offer top dollar.

Not every seller has months to prep, market, show, and close. Let’s look at some common reasons Chicago sellers choose cash-for-homes companies over listing the traditional way.

• The home has major repair issues common in Chicago, such as structural problems found in older homes, deterioration from prolonged vacancy, or damage from Lake Michigan water intrusion.
• The seller needs to move or cash in quickly due to divorce, job relocation, medical need, financial stress, etc.
• The seller doesn’t have the means or desire to make repairs.
• The seller doesn’t want to bother prepping the home, dealing with showings, negotiating, or navigating a long sales process.
• The seller prefers the privacy of selling their home off-market to a cash buyer.
• The seller is in the foreclosure process and wants to sell the home and settle up with the lender before it’s too late.
• The seller inherited property and wants to unload it as quickly as possible.
• The seller is a landlord who has problem tenants or no longer wishes to manage a rental property.
• The homeowner is aging and moving into a care facility, prompting their family to sell the home.
• The seller is living out of state and prefers the ease of a cash sale.

If any of these sounds like you, requesting a cash offer from a We Buy Houses for Cash company might be a good starting point, though it’s not your only option, and it may not be your best move (we’ll dive into your other options in just a minute).

Pros and cons of house-buying companies in Chicago

By now, you’ve probably figured out that We Buy Houses for Cash companies in Chicago are a bit of a mixed bag. You get speed and service, but you may pay a sizable premium for that service. Let’s walk through a few pros and cons to consider while considering your options.

Pros of We Buy Houses for Cash in Chicago

One of the biggest advantages of working with We Buy Houses for Cash companies in Chicago is that you can sell your home as-is with no repairs required, and they’ll buy homes in any condition.

If your home was severely damaged in a weather event, or you’ve fallen years behind on routine maintenance, you can still sell without needing to make the extensive repairs that financed buyers may require.

That all may sound pretty great to you as a seller if you’re looking to move within weeks rather than the months it might take you to list and sell your home on the market with an agent. However, there are downsides to working with cash-for-homes companies. Namely, they typically offer substantially below market value for your home.

Cons to We Buy Houses for Cash in Chicago

When considering an offer from a We Buy Houses site, remember that these are house-buying companies, which means they’re ultimately trying to make a profit. They plan to fix up your home and either resell it or rent it out. That takes considerable time, skill, and investment.

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.

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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 (AVMs), to make you a near-instant offer on your home and provide a user-friendly, mostly online home-sale experience.

iBuyers have been around since the mid-2010s, and are 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.

Though one thing to note is that major iBuyers like Opendoor and Offerpad usually charge sizable fees for their services, between 5% and 6%.

Sellers who may be a good fit to work with an iBuyer in Chicago 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 83 days. But hear us out! Listings that are priced strategically and marketed effectively sell relatively fast.

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’re 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.

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

Wondering how a We Buy Houses for Cash company stacks up against working with a real estate agent? We’ve got you covered.

Example net proceeds

Let’s say your Bungalow home in Chicago is currently worth about $330,000 and needs about $30,000 in repairs. Once the repairs are made, the home should be worth about $308,000.

Financially it’s usually in your best interest to go with a top agent, but depending on the condition of your home and any repairs needed, selling on the open market could be challenging.

House-buying companies can be a good alternative for Chicago sellers in need of a quick exit from homeownership, but they’re not without drawbacks. However you choose to sell your home, it’s important to avoid making a hasty decision.

For best results, take the time to consider your options, gather offers from multiple companies, and consider consulting with a top agent to see how easily your property could sell on the market. Whatever you decide, HomeLight would be happy to help with your real estate needs!

Writer Chelsea Levinson contributed to this story.

Header Image Source: (Pedro Lastra / Unsplash)