7 Top We Buy Houses for Cash Companies in Phoenix

Popular We Buy Houses for Cash companies in Phoenix

If these benefits of selling to a house-buying company in Phoenix sound 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 home in Queen Creek, your condo in Phoenix, and even your parents’ modular unit in Peoria. By selling to one of these companies, you should be able to sell your Phoenix area home in as little as a week or two.

Note: Individual program details frequently change — please visit a company’s website for the most up-to-date information on each program’s fees, market coverage, business model, and more. HomeLight always recommends doing your own research to determine which selling option is best for your situation.

Why sell your Phoenix house for cash?

There are plenty of valid reasons a Phoenix home seller may choose to work with a Cash-For-Homes company. Leading the list are the benefits of speed, certainty, and remarkable convenience.

In Phoenix, it typically takes around 97 days to sell a home on the market using an agent. That includes an average of 53 days on market, plus the typical 44 days to close a mortgage.

Compare that to the typical seven to 10 days promised by many house-buying companies in Phoenix, 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.

These companies are growing in popularity, especially for sellers who do not have the typically required long weeks or months to prepare, market, and close on a traditional home sale. Let’s look at some of the most common reasons Phoenix sellers decide to use a We Buy Houses for Cash company over listing a property the traditional way.

• The home has significant repair issues such as damaged or cracked roof tiles, failing HVAC, deteriorated or blocked sewage pipes, cracked foundation, etc.
• The seller needs to cash in quickly or move ASAP due to a divorce, medical need, financial strain, job relocation, or some other pressing family or life change.
• The seller doesn’t have the necessary funds or desire to make home repairs.
• The seller doesn’t want the stress, work, or headaches of prepping the home, coordinating showings, negotiating, or navigating a lengthy or complex sales process.
• The seller desires the privacy of selling their property quietly off-market to a cash buyer.
• The seller is facing foreclosure and just wants to sell the home and settle their debts with the lender before the situation (or credit history) gets worse.
• The seller wants a convenient and fast way to unload an inherited property.
• The seller is a landlord who no longer wants to manage a rental property, or wants to relieve themselves of a problem tenant.
• The homeowner is growing old and moving in with a relative or into a care facility, prompting their family to sell the property for convenience or to help fund the move.
• The seller is living out of state and desires the benefits of an easy, quick cash sale.

If you are a homeowner facing any of these circumstances, requesting a cash offer from a We Buy Houses company might be a good option to consider. However, it’s prudent to think of this as a starting point in your search for solutions. You won’t know if it’s your best move until you know more about other options available to you, which we’ll help you review in a minute.

Pros and cons of house-buying companies in Phoenix

At this point, you’ve probably noticed that We Buy Houses for Cash companies in Phoenix can trigger a mixed bag of thoughts that can be difficult to sort. You may like the idea of speed and convenience, but you might be having trouble balancing these with the premium you might pay for a cash-offer service.

In this next section, we’ll walk you through some of the pros and cons of using a We Buy Houses company so you can better weigh your options.

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.

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.

Here are some potential downsides to weigh:

• Lower-priced offers: Most companies follow the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value (or the value that your house could sell for on the market once it’s all fixed up) minus repair costs. This means the cash offer you receive may be markedly lower than what you could get for your home on the market.
• Inconsistent market knowledge: There can be a vast difference in a house-buying company’s knowledge of a market. One may have localized information, such as specific neighborhood data, which enables the company to leverage that knowledge into more competitive cash offers. A company without this expertise may give you a lowball offer.
• A company may be untrustworthy: As with any industry, there’s a risk of falling in with a less trustworthy company. Some cash-offer outfits deliberately make low offers to desperate homeowners and then pressure them into making a fast, unvetted decision. An unprincipled group may even engage in fraud tactics, though it’s rare.
• Pressure tactics: We Buy Houses for Cash companies know that homeowners in need of a quick sale are often facing a desperate situation. While many offer real solutions, some companies take advantage of this urgency by applying pressure tactics. If you feel pressured to accept an offer, step away and reassess your options. There are a good number of established We Buy Houses for Cash companies in Phoenix to choose from.

FAQs on Phoenix house-buying companies

Are We Buy Houses for Cash companies legit or scams?

By and large, most We Buy Houses for Cash companies 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 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 Phoenix pay?

As described in our pros and cons list above, most 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 classic Arizona Ranch style home could sell for $450,000 after repairs, but it’s going to need $20,000 of work to get there.

($450,000 x .70) – $20,000 = $295,000

In this example, a Phoenix We Buy Houses company might offer you around $295,000 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 85%-95% 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 Phoenix cost?

When you accept an offer from a We Buy Houses for Cash company you will likely be coming to grips with a two-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 Phoenix?

1. Research and vet the house-buying companies that serve your 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 Phoenix vs. top Phoenix 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.

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 Spanish Mission home in Phoenix is currently worth about $430,000 and needs about $20,000 in repairs. Once the repairs are completed, the home might be worth around $450,000.

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.

House-buying companies can be a good alternative for Phoenix sellers in need of a quick home sale, but it’s important to consider both the benefits and drawbacks. When it comes to selling your home, it’s wise to avoid making any hasty decisions.

Before making a commitment to a Cash-For-Homes company, gather multiple offers and take the time to weigh your options. Consider consulting with a top agent for expert insights on how soon, and for how much, your property might sell on the market. Whatever you decide, HomeLight would be happy to help with your real estate needs!

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