5 Top We Buy Houses for Cash Companies in Philadelphia
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Richard Haddad, Executive EditorClose
Richard Haddad Executive EditorRichard Haddad is the executive editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
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Fran Metz, Contributing EditorClose
Fran Metz Contributing EditorFran Metz is a freelance content writer, editor, blogger and traveler based in Las Vegas, Nevada. She has seven years of experience in print journalism, working at newspapers from coast to coast. She has a BA in Mass Communications from Fort Lewis College in Durango, Colorado, and lived in Arvada for 15 years, where she gained her experience with the ever-changing real estate market. In her free time, she enjoys 4-wheeling, fishing, and creating digital art.
In the historic heart of Pennsylvania, Philadelphia homeowners may find themselves in situations where a fast home sale is imperative. It may be that your Philly home needs some hefty TLC that you just don’t have the time, expertise, or funds to provide. Enter “We Buy Houses” companies in Philadelphia: They provide all-cash offers, typically for homes in need of repairs.
For many, this can be a beacon of hope, especially when unexpected life events require a rapid change. A cash sale allows you to sidestep the often daunting task of repairs and preparations, giving you the freedom to pocket the proceeds and move on to your next adventure or pressing obligation.
However, while selling to a cash-for-homes company can be the solution to your immediate needs, is it the best choice for everyone? This article will unravel the pros and cons, helping you make an informed decision that’s right for your unique Philadelphia story.
Sell Your House Fast in Philadelphia With a Cash Offer
Get an all-cash, no-obligation offer on your Philadelphia home through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout Philadelphia.
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Philadelphia area “We Buy Houses” companies should not be considered endorsements.
Working with house-buying companies in Philadelphia
For Philadelphia homeowners facing the prospect of a quick sale, understanding the process of working with a house-buying company is vital. This ensures that you’re prepared and can navigate the journey smoothly. Below is a step-by-step guide to selling your Philadelphia home to a cash-for-homes company.
- Research local companies: Start by exploring the various house-buying companies operating in Philadelphia. Look for reviews, ratings, and any reported customer experiences to gauge their reputation.
- Contact your chosen company: Once you’ve narrowed down your choices, reach out to your preferred company. They’ll typically ask for basic details about your home, such as its age, condition, and location.
- Schedule a home inspection: The company will arrange a time to visit and assess your property. This inspection allows them to determine the home’s value and the potential offer price.
- Receive an offer: After the inspection, the company will provide you with an all-cash offer. This is often below market value, as they account for repair costs and potential risks.
- Review the terms: Carefully review the terms of the offer. This includes any fees, the closing timeline, and other pertinent details. If unsure, consider consulting with a legal professional.
- Accept or decline: Based on your situation and the terms of the offer, decide whether to accept or decline. Remember, you’re under no obligation to accept, and it’s crucial to make a choice that suits your needs.
- Complete the sale: If you accept the offer, the company will handle most of the paperwork and logistics, leading to a speedy sale. Upon completion, you’ll receive your cash, allowing you to move forward with your plans.
Armed with these steps, you’re better equipped to navigate the process and make informed decisions for your Philadelphia home.
Popular We Buy Houses for Cash companies in Philadelphia
If these benefits of selling to a house-buying company in Philadelphia 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 parents’ Federal-style or Georgian-style row houses. By selling to one of these companies, you should be able to sell your Philadelphia home in as little as a week or two.
We Buy Houses Philadelphia
Founded in 1998, We Buy Houses is a national home-buying network with independent franchise offices across the country, serving more than 200 markets in more than 30 states. They buy single-family homes, condos, land, and other types of real estate. The process begins with the seller providing initial details about the property. Next, a representative visits the home to assess it and make an offer. After the offer is accepted, the company schedules the closing date, typically within seven to 14 days.
We Buy Houses also handles foreclosures, sellers who are behind on payments, short sales, landlord-tenant disputes, and vacant properties.
Locations: Nationwide, including Philadelphia
Closing costs: Sellers pay no closing costs; We Buy Houses covers them.
We Buy Houses has been BBB accredited since 2020 and holds an A+ rating. Google reviewers for We Buy Houses Philadelphia give the company a perfect 5-star rating, and speak to reliability, responsiveness, and fairness. They express that it was a quick and easy process and an overall great experience.
Website: webuyhouses.com/PA/Philadelphia
Phone: 215-883-4833
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Philadelphia 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 US, and 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 Philadelphia.
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 Philadelphia
Closing costs: No prep costs, no agent commissions, and no 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 more than 500 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
We Buy Any Philly Home
We Buy Any Philly Home is a family-owned real estate solutions company based in Philadelphia. They specialize in providing win-win solutions for homeowners facing various difficult situations, such as foreclosure, burdensome property ownership, probate, or other challenges. Their goal is to help homeowners find solutions for their property problems, including those who can’t sell their houses for various reasons.
The company also assists investors looking to cash out. With their expertise and experience in real estate, they offer professional analysis, market trend research, and a quick cash close, ensuring a hassle-free process for their clients. They say they are committed to exceptional customer service and making a positive impact on the lives of the people they serve in the community.
Locations: Philadelphia and across Pennsylvania
Closing costs: Sellers pay no closing costs; We Buy Any Philly Home covers them.
We Buy Any Philly Home is a BBB-accredited company with an A+ rating, and Google reviewers give the company 5 stars, saying they appreciate their professionalism and dedication to ensuring successful deals in the Philadelphia market. Working with them is described as an absolute pleasure due to their smooth facilitation, excellent communication, and full transparency. Customers say they are courteous, understanding, and responsive, promptly addressing all questions and concerns during the sale of a family home, while maintaining a flexible and accommodating process.
Website: webuyanyphillyhome.com
Phone: 267-780-9049
Philly Home Investor
Philly Home Investor is a reputable house-buying company located in Philadelphia, specializing in providing faster and easier solutions for selling houses. With more than 10 years of experience, they have completed more than 500 purchases and focus on assisting homeowners facing various challenges, such as burdensome rental properties, probate, vacant houses, foreclosure, falling behind on mortgage payments, or needing a quick and fair way to sell a house.
Philly Home Investor is known for its transparency and honesty. They aim to educate their clients and offer win-win solutions to help homeowners resolve their predicaments. As a family-run business, their concentration lies in ensuring a seamless transaction from start to finish.
Locations: Pennsylvania, including Philadelphia, New Jersey, Delaware and Southwest Florida
Closing costs: Sellers pay no closing costs; Philly Home Investor covers them.
Philly Home Investor has a strong online presence with a 4.6 Google rating. Customers who have worked with Philly Home Investor express positive feedback in their reviews. One reviewer mentions a great experience selling their aunt’s home, praising the clear and responsive communication and the relatively quick process. Another satisfied customer shared their smooth process of selling their home, with TJ keeping them informed throughout the entire process. The reviewer expressed their contentment with the experience, giving two thumbs up. The company is not listed with the Better Business Bureau.
Website: www.phillyhomeinvestor.com
Phone: 215-422-3288
Express Home Buyers Philadelphia
Express Homebuyers was founded in 2003 by Jud Allen and Brad Chandler to address the needs of home sellers facing various challenges, such as divorce, foreclosure, or inherited property. Their focus is on providing a respectful and efficient solution for sellers by offering a simple 3-step process to get a fair cash offer. This process allows sellers to avoid the complexities of listing with a broker, paying commissions, and dealing with a lengthy closing process. Express Homebuyers also offers to assist with moving expenses.
The company prides itself on its extensive experience, personalized service, and successful track record in buying homes directly from sellers, making the process hassle-free and helping sellers move on with their lives.
Location: Throughout Philadelphia
Closing costs: Sellers pay no closing costs; Express Home Buyers covers them.
Express Homebuyers is a BBB-accredited company with an A rating. The main office has 4.4 stars on Google with more than 100 reviews. One satisfied customer mentions that the entire staff was extremely helpful. They sold their rental property to Express Homebuyers, which offered the best option for their needs. Despite having a renter in place, Express Homebuyers efficiently moved up the closing when the renter left early. The customer appreciated the quick and easy process and recommended Express Homebuyers to anyone planning to sell their home as-is.
Note: The BBB site reports a resolved complaint brought against Express HomeBuyers by the Office of the Attorney General for the District of Columbia (OAG). The lawsuit alleged that the company sent letters to DC homeowners falsely claiming that they owed past due property taxes and urging them to act quickly so they would not lose their home to a tax sale or foreclosure. In December 2022, Express Homebuyers paid a fine and entered into a Consent Order with the OAG that settles the allegations.
Website: expresshomebuyers.com/pennsylvania/philadelphia
Phone: 877-804-5252
Why sell your Philadelphia house for cash?
There are plenty of valid reasons a Philadelphia 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 Philadelphia, it typically takes about 91 days to sell a home on the market using an agent. That includes an average of 48 days on the market, plus the typical 43 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 Philadelphia, 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.
Let’s look at some situations where a Philadelphia homeowner might go with a cash sale.
Job relocation: You need to move quickly for a new job and can’t wait for a traditional home sale.
Divorce: You want to quickly divide assets and move on with your life.
Inherited property: You’ve inherited a house and prefer a quick sale to dealing with maintenance or renting.
Downsizing: You’re looking to move into a smaller home or retirement community without the hassle of prepping and showing your current home.
Repairs needed: Your home requires significant repairs that you can’t afford or don’t want to manage.
Avoiding open houses: You prefer to avoid the stress and inconvenience of multiple showings and open houses.
Foundation issues: Your home has structural problems, making it less attractive to traditional buyers.
Foreclosure: You’re facing foreclosure and need to sell quickly to settle your debts.
Problem tenants: You’re a landlord tired of managing tenants and want a quick sale of your rental property.
Selling from out of state: You own a property in Philadelphia but live elsewhere and want the ease of a fast, remote sale.
For Philadelphians facing any of the above scenarios, a cash offer might indeed be the beacon of hope you’re looking for. Yet, it’s always wise to tread with caution. Understanding the bigger picture and comparing all available options is essential.
We’ll dive deeper into the pros and cons of cash-for-homes companies in the next section, ensuring you’re equipped with all the knowledge you need to make the best decision.
Pros and cons of house-buying companies in Philadelphia
Pros
- Quick sale: Selling to a house-buying company can expedite the process, often resulting in a sale within days or weeks, as opposed to months.
- No repairs needed: One of the main advantages is that these companies will buy your home as-is, eliminating the stress and cost of home improvements.
- Simplified process: With fewer steps and less paperwork than a traditional sale, this route reduces complexities and potential roadblocks.
- No listing hassles: Avoid staging, open houses, and multiple showings that can disrupt your daily life.
However, every silver lining has a cloud. The most significant drawback is the potential to receive an offer below the market value, especially when compared to selling with a top real estate agent in Philadelphia’s active market.
Cons
- Lower offers: Cash-for-homes companies often present offers below market value to account for their risk, repairs, and profit margin.
- Fewer options for negotiation: There’s typically less wiggle room for negotiations, which can sometimes mean accepting terms that aren’t in your best interest.
- Potential for scams: Not all house-buying companies are reputable. It’s crucial to do your homework and ensure you’re working with a trustworthy entity.
- 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.
As you contemplate the pros and cons, it’s important to understand the full scope of your decision. You’ll want to be certain you know who your cash buyer is and how they operate. Always do your research, compare your options, and consult with a trusted advisor before accepting any offer.
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
Venturing into the world of cash-for-homes sales in Philadelphia requires due diligence. While many house-buying companies offer speed and convenience, your experience largely hinges on the integrity and character of the individuals or groups presenting the offer. It’s vital that you safeguard your interests by vetting any prospective buyer.
Dive into reviews, scour testimonials, and assess their market presence and track record. This research can be the difference between a smooth sale and potential regrets.
Furthermore, don’t let the allure of a quick sale cloud your judgment. Before you ink the contract, meticulously read the buying agreement. Ensure you fully grasp all the terms and are comfortable with the deal.
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 estimate in less than two minutes.
Other options to sell your home quickly
iBuyers
Instant buyers, known as iBuyers, use automated valuation models (AVMs) for quick home value estimates, leading to an efficient, primarily online sales process. Originating in the mid-2010s, iBuyers like Opendoor and Offerpad make all-cash offers often closer to market value for well-maintained homes, with a speedy closing period. However, they usually charge service fees of 5% to 6% and are ideal for sellers in areas with consistent housing styles and homes in good condition.
Listing with an agent
Exploring all options is prudent. In seller-friendly markets, a skilled real estate agent can expedite the sale through effective pricing and marketing strategies. Homes listed with top agents often fetch higher sale prices.
Experienced real estate agents can provide valuable insights through a comparative market analysis (CMA), helping gauge your home’s worth and potential selling speed. Some agents also have connections with cash buyers, which could expedite the sale. A CMA, which is often free, helps in setting an accurate price and ensures you’ve thoroughly explored your selling options.
If intrigued by this route, HomeLight can link you with a top agent in your area.
FAQs on Philadelphia house-buying companies
Most We Buy Houses for Cash companies in Philadelphia 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 legitimate.
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.
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 (ARV), 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 Philadelphia Federal-style or Georgian-style row house could sell for $250,000 after repairs, but it’s going to need $30,000 of work to get there.
($250,000 x .70) – $30,000 = $145,000
In this example, a Philadelphia We Buy Houses company might offer you about $145,000 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 90% or more of market value while charging a fee for their services.
When you accept an offer from a We Buy Houses for Cash company, you’ll need to weigh the pros and cons. On one hand, these companies typically cover most of the costs and manage the entire process, making it convenient for you. On the other hand, the overall sale price for your home may be lower than what you could get through other methods.
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 ask the company if there are any hidden program fees that might affect your bottom line.
- Research and vet the house-buying companies that serve your area. Our list above is a good place to start.
- Submit offer requests to a few of the companies you like best.
- Schedule any required on-site property visits.
- Compare offers. Consider the pros and cons and choose the best option for you.
- 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 Philadelphia vs. top Philadelphia agent
Another helpful exercise is to compare how a top We Buy Houses for Cash company in Philadelphia 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 Philadelphia | Sell with a top Realtor® in Philadelphia |
| Selling timeline | 7 to 30 days | 91 days average; 48 to attract an offer, 43 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 | 3% to 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 top We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in Philadelphia is currently worth about $212,000 and needs about $15,000 in repairs. Once the repairs are completed, the home might be worth about $227,000.
| Sell to a We Buy Houses for Cash company in Philadelphia | Sell with a top Realtor in Philadelphia | |
| Estimated sale price | ($227,000 x .70) – $15,000 = $143,900 | $212,000 |
| Market preparations | 0 | $2,120 (1% of sale price) |
| Agent commissions | 0 | $6,360 (3% of sale price) |
| Closing costs | 0 | $3,180 (1.5%) |
| Estimated take-home for seller | $143,900 | $200,340 |
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
- Philadelphia’s We Buy Houses for Cash companies offer a convenient, fast process, allowing you to sell your home in potentially just a week without the need for repairs or showings.
- A number of trustworthy cash-for-homes companies operate within Philadelphia, ensuring a variety of choices for homeowners.
- Opting for a We Buy Houses company will likely result in a lower sale price than what you might achieve through an agent-assisted or iBuyer transaction.
- HomeLight’s Simple Sale platform extends no-commitment, all-cash offers for houses in almost any condition in Philadelphia. With a diverse range of partnered investors across the region, it serves as an ideal starting point for uncertain sellers.
While house-buying companies provide an alternative for those in Philadelphia seeking rapid sales, it’s crucial to fully understand both their advantages and limitations. Avoid rushing your decisions when selling such a valuable asset.
Before settling with a cash-for-homes company, solicit multiple bids and meticulously evaluate your choices. Engaging with a premier Philadelphia Realtor can grant valuable insights into your property’s potential market timeline and price.
Regardless of your choice, HomeLight stands ready to support all your real estate endeavors!
Header Image Source: (Keith McCrea / Unsplash)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
