5 Top We Buy Houses For Cash Companies in Illinois

Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Illinois “we buy houses” companies should not be considered endorsements.

Working with house-buying companies in Illinois

We Buy Houses companies in Illinois typically promise quick, all-cash offers and ultra-fast closings, often in as few as seven days. They tend to target distressed properties in need of repairs, and work with sellers who need to move ASAP.

Here’s how the process generally works:

1. You request an offer and provide the company with some information about your home. Some companies may make a preliminary offer at this stage, but it’s usually subject to change once they’ve inspected your property.
2. The company performs a walk-through. This on-site property visit is typically completed within 24 to 48 hours, but the timeframe may vary depending on the company and market.
3. You receive a firm offer. Your official cash offer is typically received within 24 hours of the on-site visit, but can sometimes be presented at the end of the walk-through. At this point, you can accept or decline the offer. The majority of house-buying companies do not negotiate. They usually present a take-it-or-leave-it sale price.
4. If you accept the offer, you’ll both sign a contract, and the closing process will begin. Some companies offer a large deposit or moving cost assistance, and a few may even pay for the home upfront.
5. Closing and getting paid is quick, typically within seven days to a few weeks. The exact duration depends on the company you’re working with. However, most firms allow sellers to enjoy the flexibility in selecting a move-out date that works for them.

Popular We Buy Houses for Cash companies in Illinois

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

We’ve compiled some of the top companies that will pay cash for your parent’s traditional two-story home in Springfield or your off-campus ranch in Champaign-Urbana. By selling to one of these companies, you should be able to sell your Illinois home in as little as a week or two.

Note: Individual program details frequently change. Please visit the company’s website for the most up-to-date information. HomeLight always recommends doing your own research to determine which selling option is best for your situation.

Why sell for cash in Illinois?

There are plenty of reasons an Illinois seller may choose to go the Cash-For-Homes route, speed and certainty being chief among them.

In Illinois, it typically takes around 71 days to sell a home using the traditional real estate agent method. That includes 27 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 Illinois, 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 Illinois sellers choose Cash-For-Homes companies over listing the traditional way.

• The home has major repair issues common in Illinois, such as wind damage, lake-effect temperature swing problems, and typical snow-related issues.
• The seller needs to move or cash in quickly due to divorce, job relocation, medical need, or financial stress.
• 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 facing foreclosure and wants to sell the home and settle their debts with the lender before it’s too late.
• The seller inherited a 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 aging homeowner decided to downsize and move 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 Illinois

By now, you’ve probably figured out that We Buy Houses for Cash companies in Illinois are a bit of a mixed bag. You get speed and service, but you might be concerned that you’re losing out on a great home sale deal. Let’s walk through a few pros and cons to consider while weighing your options.

Pros to We Buy Houses for Cash in Illinois

One of the biggest advantages of working with We Buy Houses for Cash companies in Illinois is that you can sell your home as-is with no repairs required since they 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 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 Illinois

When considering an offer from a We Buy Houses firm, 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 don’t take into account all possible selling approaches.

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 selling a property quickly or accessing 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.

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.

Get Estimate

HomeLight can connect you with a top-performing agent in Illinois. You can also use our 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 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. They 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% to 95% range.

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 Illinois include those who prefer to skip staging and showing their home, live in an area with somewhat similar housing, and have a home in relatively good shape.

Listing with an agent

You want to sell your house quickly, not in 71 days. But hear us out! With the help of an expert agent, many listings can sell fast, especially when you price it 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.

Unsure how to pick the right agent for you? HomeLight would be happy to connect you with a top performer in your area today.

We Buy Houses for Cash in Illinois vs. top Illinois 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 traditional ranch home in Waukegan is currently worth about $293,000 and needs about $15,000 in repairs. Once the repairs are made, the home should be worth around $308,000.

Based on the computation above, it’s in your best financial interest to go with a top agent, but it’s still important to consider the condition of your home and any repairs needed. In some cases, selling on the open market could be challenging.

House-buying companies can be a good alternative for Illinois 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 weigh 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 post.

Header Image Source: (Zander Betterton / Unsplash)