We Buy Houses Peoria: Top 4 Companies
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Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
If you’re a Peoria homeowner selling your property, you might have noticed signs advertising “We Buy Houses For Cash!” in your area.
We Buy Houses companies will purchase properties for cash, regardless of the home’s condition, often in a matter of days. These transactions are best suited for sellers who need to dispose of their property quickly, usually due to an emergency or unforeseen circumstances, such as a sudden inheritance.
Confused? Don’t worry. This article will serve as a guide for We Buy Houses companies in Peoria — the pros and cons, how they work, what to expect, and some alternatives to help you make the best decision for your home sale.
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Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Peoria area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Peoria
When selling your home to a house-buying company in Peoria, the process is typically straightforward. Here are the basic steps:
1. Contact the company: Find a local house-buying company and provide it with details about your property.
2. Schedule an inspection: The company will usually arrange a time to inspect your home to assess its condition.
3. Receive an offer: After the inspection, the company will present you with a cash offer for your home, usually within 24 hours.
4. Review the offer: Carefully review the offer, including any terms and conditions, to ensure it meets your needs.
5. Accept the offer: If you’re satisfied, you can accept it and proceed with the sale.
6. Close the sale: Complete the necessary paperwork and close the sale, often within a few days.
Popular We Buy Houses for Cash companies in Peoria
If the process of selling to a house-buying company in Peoria 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 or your parents’ bungalow or Victorian home. By selling to one of these companies, you should be able to sell your Peoria home in as little as a week or two.
I Buy IL
This company bills itself as a local cash home buyer that allows sellers to avoid the hassles of the traditional process. They promise a cash offer within 24 hours with no repairs necessary. I Buy IL will consider houses in any condition and any situation such as vacant homes or sellers that are upside down on their mortgages.
Locations: Chicago metro, Illinois
Closing costs: Sellers pay no closing costs; I Buy IL covers them.
I Buy IL received an average 4.2-star Google rating out of 41 total reviews. The vast majority of the reviews were five stars attesting to the company’s professionalism and quality. One reviewer called them “the best in the business.”
Negative reviews focused on unsolicited offers for homes, not the actual cash-buying process. I Buy IL is not currently accredited by the Better Business Bureau but does hold an A+ BBB rating.
Website: ibuyil.com
Phone number: 312-584-2960
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Peoria (and across the country) can request a cash offer for their home. Simple Sale connects you to the largest network of cash buyers in the U.S. Partner investors have a wide range of investment strategies, including fix-and-flip and buy-and-hold. This enables Simple Sale to provide cash offers for a wide array of properties, even those that need some or a lot of work, in different locations throughout Peoria.
With Simple Sale, you can get a no-obligation, all-cash offer in 24 hours and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Peoria
Closing costs: No prep costs, agent commissions, or fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a HomeLight platform. HomeLight was founded in 2012 and is BBB-accredited with an A+ rating. The company has 4.8 stars on Google based on hundreds of user reviews. Below, you can hear about how Baohan Wu, a seller who used Simple Sale to sell his high-rise apartment, closed within three and a half weeks and what he thought of the process overall.
Learn more: homelight.com/simple
Phone: 844-488-8455
Windy City Solutions
Windy City Solutions has been in business for five years in the greater Chicago area. They promise a three-step process that is 100% stress-free for sellers, where they handle all paperwork, inspections, and closing proceedings.
Locations: All of Illinois, including Peoria
Closing costs: Sellers pay no closing costs.
Windy City Solutions enjoys a five-star rating on Google, with customers praising their patience and professionalism in all aspects. Many go on to say that the company exceeded expectations and demonstrated a customer-centric, non-pushy attitude. They also have an A+ rating on BBB, though they are not BBB-accredited.
Website: windycitysolutions.com
Phone: 708-832-6654
We Buy Ugly Houses – HomeVestors
We Buy Ugly Houses, also known as HomeVestors, is a nationwide house-buying company that’s been around for over 25 years. The company has several branches in the state of Illinois. After filling out a form, the company will conduct an inspection of the home, leading to an offer. Once an offer is in place, closing can happen in as little as three weeks.
Locations: Nationwide, including most zip codes in Illinois
Closing costs: HomeVestors covers all closing costs.
As a whole, HomeVestors touts an A+ BBB rating, but each branch has a different accreditation time record. In general, Google reviews speak highly of the Illinois franchises, with customers saying that they were pleasantly surprised by the offers they received.
Website: webuyuglyhouses.com
Phone: 877-415-658
Why sell your Peoria house for cash?
Selling your home for cash is typically much faster than the traditional real estate market, which can often take several months for a sale to close. Customers of We Buy Houses companies will frequently cite the speed and overall ease of the process as some of the biggest benefits.
In Peoria, it typically takes around 75 days to sell a home on the market using an agent. That includes an average of 33 days on the market plus the typical 42 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 Peoria, 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 house for cash can be a great solution for Peoria homeowners, particularly if you’re going through a divorce or trying to fend off foreclosure. Here are some common scenarios where you might turn to a We Buy Houses company:
- Job relocation: If you need to move quickly for a new job, a cash sale is a great solution.
- Divorce: Selling your house quickly can help you move on during a divorce.
- Inherited property: Cash sales make it easier to sell an inherited property you don’t want to keep.
- Downsizing: If you’re moving to a smaller home, a cash sale can provide the funds you need quickly.
- Repairs: Avoid the hassle and expense of fixing up a house in poor condition by selling for cash.
- Open houses: Skip the stress of preparing for and hosting open houses and showings.
- Foundation issues: Cash buyers often purchase homes with significant repair issues, such as foundation problems.
- Foreclosure: Selling for cash can help you avoid foreclosure and settle your debts.
- Tenants: If you’re tired of managing rental properties or dealing with difficult tenants, a cash sale can offer relief.
- Selling from out of state: A cash sale simplifies the process if you’re selling a property from out of state.
Pros and cons of house-buying companies in Peoria
House-buying companies in Peoria offer several benefits, but there are also some drawbacks to consider. Here are the main pros and cons:
Pros:
- Quick sale: Complete the sale in a matter of days, not months.
- No repairs needed: Sell your home as-is without making any repairs.
- Cash payment: Receive a cash payment, providing immediate financial relief.
- Simplified process: Avoid the complexities of traditional home sales, such as showings and negotiations.
Cons:
The most significant drawback is that a house-buying company will likely offer you less than market value for your home. Here are the key drawbacks:
- Below market value: Cash offers are typically lower than market value.
- Limited negotiation: Offers are usually take-it-or-leave-it, with little room for negotiation.
- Potential scams: Be cautious of scams and ensure you’re working with a reputable company.
- Missed opportunities: You might miss out on a higher price by not selling on the open 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.
Vet cash buyers and know your home’s worth
With so many different We Buy Houses companies in the market, it’s important to choose a reputable buyer. Here’s a quick checklist of how to ensure you choose a company you can trust:
- Check reviews: Look for online reviews and testimonials about the company.
- Research the company: Investigate the company’s presence and performance in the market.
- Verify credentials: Ensure the company is reputable and has a good track record.
- Read the agreement: Carefully read the buying agreement before signing to understand all terms.
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 Peoria home quickly
iBuyers: iBuyers, such as Opendoor and Offerpad, offer all-cash deals for homes in good condition using automated valuation models. This provides a fast, mostly online sale process, usually completed within days to two weeks. However, iBuyers charge service fees of 5%-6%, making them suitable for homes in good condition.
Listing with an agent: Listing with a top real estate agent can result in a quick sale, especially in a seller-friendly market. Agents provide a comparative market analysis (CMA) to help set the right price and connect you with potential buyers, including cash buyers. This method typically yields the highest selling price. HomeLight can connect you with a top-performing real estate agent in your area.
FAQs on Peoria house-buying companies
By and large, most We Buy Houses for Cash companies in Peoria 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.
As described in our pros and cons list above, most Peoria 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 Peoria bungalow could sell for $125,000 after repairs, but it will need $30,000 of work to get there.
($125,000 x .70) – $30,000 = $57,500
In this example, a Peoria We Buy Houses company might offer you around $57,500 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.
When you accept an offer from a Peoria 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 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.
1. Research and vet the house-buying companies that serve your Peoria 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 Peoria vs. top Peoria 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 Peoria | Sell with a top Realtor in Peoria |
| Selling timeline | 7 to 30 days | 75 days average; 33 to attract an offer, 42 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 the 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 compiled 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 Peoria is worth about $150,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $175,000.
| Sell to a We Buy Houses for Cash company in Peoria | Sell with a top Realtor in Peoria | |
| Estimated sale price | ($175,000 x .70) – $25,000 = $97,500 | $150,000 |
| Market preparations | 0 | $1,500 (1% of sale price) |
| Agent commissions | 0 | $8,700 (5.8% of sale price) |
| Closing costs | 0 | $2,250 (1.5%) |
| Estimated take-home for seller | $307,500 | $137,550 |
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
- Quick sale: House-buying companies offer a fast sale, often within days.
- As-is condition: Sell your home without making any repairs.
- Cash payment: Receive immediate cash payment.
- Simplified process: Avoid the complexities of traditional home sales.
- Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
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 with a top Peoria agent.
Header Image Source: (brandy61546/ Depositphotos)
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