5 Top We Buy Houses for Cash Companies in Pennsylvania

Popular We Buy Houses for Cash companies in Pennsylvania

If the process of selling to a house-buying company in Pennsylvania 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’ colonial or Victorian house. By selling to one of these companies, you should be able to sell your Pennsylvania home in as little as a week or two.

Why sell your Pennsylvania house for cash?

There are plenty of valid reasons a Pennsylvania home seller may choose to work with a Cash-For-Homes company, such as speed or convenience.

In Pennsylvania, it typically takes around 108 days to sell a home on the market using an agent. That includes an average of 61 days on the 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 Pennsylvania, 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.

Selling your Pennsylvania home for cash can be an attractive option for many homeowners, especially when traditional selling methods don’t align with their needs or timelines. Below are some scenarios where choosing a house-buying company could be the right fit.

• Significant repairs needed: If your home requires major repairs, such as roof damage from Pennsylvania’s diverse weather conditions, selling for cash can eliminate the need for costly fixes.
• Quick sale required: Whether it’s due to a divorce, medical need, financial strain, job relocation, or other urgent life changes, cash sales can be completed rapidly.
• Lack of funds for repairs: Not having the money or desire to undertake necessary repairs before selling can make cash offers more appealing.
• Avoiding traditional sale hassles: For those looking to skip the stress and inconvenience of open houses, negotiations, and a lengthy sales process, a cash offer provides a simpler alternative.
• Desire for privacy: Choosing a cash buyer allows you to sell your property off-market, maintaining your privacy throughout the transaction.
• Facing foreclosure: Selling for cash can offer a way out for homeowners trying to avoid foreclosure and protect their credit.
• Inheriting a property: If you’ve inherited a property and prefer a quick, hassle-free sale, a cash offer might be the best route.
• Landlord selling a rental: For landlords wanting to offload rental properties or deal with problem tenants, selling for cash offers a clean break.
• Downsizing or relocating: Whether you’re moving to a retirement community or downsizing, a cash sale can facilitate a smoother transition.
• Selling from out of state: For homeowners who are selling from out of state, cash sales can simplify the process and minimize complications.

If any of these situations resonate with you, considering a cash offer from a “We Buy Houses” company in Pennsylvania might be a wise decision.

Other options are available, and understanding these will be important as we discuss the pros and cons of cash-for-homes companies.

Pros and cons of house-buying companies in Pennsylvania

Working with house-buying companies in Pennsylvania can streamline the selling process, offering speed and convenience as significant advantages. These companies buy homes in any condition, removing the need for repairs or preparations.

Pros:

• Quick sale: The most significant advantage is the speed of the transaction, allowing homeowners to close in as little as a week.
• As-is purchase: Your home will be purchased as-is, meaning no repairs or renovations are required on your part, saving time and money.
• No listing hassles: Avoid the stress and inconvenience of listing your home, staging, and dealing with potential buyers.
• No real estate commissions: Selling to a house-buying company eliminates the need for a real estate agent, saving you the cost of commissions.

House-buying companies in Pennsylvania provide a convenient option, but it’s important to consider the drawbacks, primarily that you may receive an offer below market value for your home.

Cons:

• Lower offers: The most significant drawback is receiving an offer that’s below market value, which is typically less than what you might achieve on the open market.
• Limited negotiation: Offers from these companies are usually non-negotiable, giving you little room to discuss a better price.
• Potential for scams: While many companies are reputable, there’s a risk of scams, so it’s crucial to research thoroughly.
• No market exposure: Selling directly to a cash buyer means your home won’t be exposed to the broader market, potentially missing out on higher offers.

As you consider the path of selling your home to a cash buyer, understanding the value of your property is important. The next section will guide you on how to make an informed decision.

Vet cash buyers and know your home’s worth

When considering a We Buy Houses for Cash company in Pennsylvania, it’s important to remember that your experience can vary greatly depending on the integrity and service level of the company or individual extending the offer. Not all cash buyers operate with the same level of professionalism or fairness, so taking the time to vet the company thoroughly is crucial for a satisfactory experience.

Before committing to any cash offer, ensure you conduct a comprehensive review of the company. Check online reviews, read testimonials from previous sellers, and research the company’s market presence and past transactions. T

This due diligence can provide valuable insights into what you can expect from your interaction. Additionally, reading the buying agreement carefully before signing is essential to understand the terms and avoid any unwelcome surprises.

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 Pennsylvania home quickly

Exploring other quick sale options beyond traditional cash-for-homes companies can lead to beneficial outcomes. iBuyers, or instant buyers, utilize automated valuation models to offer a swift, mostly online selling experience, often providing offers closer to market value for homes in good condition.

While iBuyers like Opendoor and Offerpad can charge service fees of around 5%-6%, they are ideal for sellers with homes in uniform housing markets. Learn more about the iBuyer process.

Alternatively, partnering with a top real estate agent might be advantageous, especially in seller-friendly markets. Agents can maximize your home’s visibility and appeal, potentially securing a fast sale at a premium price.

A significant advantage of consulting with an agent is obtaining a comparative market analysis (CMA), which is often free and helps in setting a competitive listing price. Agents might also connect you with cash buyers, ensuring you make an informed decision. If you are considering this route, HomeLight can connect you with a top-performing agent in your area.

FAQs on Pennsylvania house-buying companies

Are We Buy Houses for Cash companies legit or scams?

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

As described in our pros and cons list above, most Pennsylvania 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 Pennsylvania colonial home could sell for $215,000 after repairs, but it’s going to need $30,000 of work to get there.

($215,000 x .70) – $30,000 = $120,500

In this example, a Pennsylvania We Buy Houses company might offer you around $120,500 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 Pennsylvania cost?

When you accept an offer from a Pennsylvania We Buy Houses for Cash company, you will likely come 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 it is accepted. Conversely, 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 will be the price you walk away with at the end of the deal. Of course, asking the company if any hidden program fees might impact your bottom line is always a good idea.

How do you sell a house for cash in Pennsylvania?

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

Another helpful exercise compares 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 Pennsylvania	Sell with a top Realtor in Pennsylvania
Selling timeline	7 to 30 days	108 days average; 61 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 Pennsylvania is currently worth about $215,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $240,000.

	Sell to a We Buy Houses for Cash company in Pennsylvania	Sell with a top Realtor in Pennsylvania
Estimated sale price	($240,000 x .70) – $25,000 = $143,000	$215,000
Market preparations	0	$2,150 (1% of sale price)
Agent commissions	0	$12,470 (5.8% of sale price)
Closing costs	0	$3,225 (1.5%)
Estimated take-home for seller	$143,000	$197,155

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

• Fast sales: Selling your Pennsylvania home to a cash-for-homes company can significantly speed up the process.
• No repairs needed: You can sell your home as-is, avoiding the hassle and expense of making repairs.
• Simple process: The selling process is straightforward, with no need for open houses or staging.
• Below market offers: Be prepared to receive offers that may be below market value compared to traditional sales.
• Research is key: Thoroughly vet any cash buyer and understand the terms before agreeing to a sale.
• Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
• Explore all options: Consider alternative selling methods, such as iBuyers or listing with a real estate agent, to ensure the best outcome for your situation.

As you contemplate working with a Cash-For-Homes company in Pennsylvania, gathering multiple offers and carefully considering your options before making any commitments is prudent.

Consulting with a top Pennsylvania agent can provide valuable insights into how quickly and for how much your property could sell on the market. If you’re looking for expert assistance with your real estate needs, let HomeLight help guide you through the process.

Header Image Source: (Christopher Boswell / Pixabay)