We Buy Houses Suffolk, VA: Top 5 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 are looking for a quick way to sell your home, you might have seen advertisements that read “We Buy Houses in Suffolk, VA.” Undoubtedly, you had questions. We Buy Houses companies are businesses that purchase homes for cash, regardless of the property’s condition, and typically can complete the transaction in a matter of days.
Selling your home for cash isn’t for everyone, but it can be ideal if you’re under a tight deadline to sell your home—perhaps due to a sudden inheritance, the threat of foreclosure, or needing to relocate for a new job.
With this in mind, this post will serve as a guide to We Buy Houses companies in Suffolk. We will discuss the pros and cons and explain how the process works while also providing you with some companies to consider and why it might make sense to sell your home for cash.
Sell Your House Fast in Suffolk With a Cash Offer
Get an all-cash, no-obligation offer 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 Suffolk.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Suffolk area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Suffolk
If you need to sell your Suffolk home quickly, working with a house-buying company offers a fast and convenient solution. As noted, the process is simple. Here’s a breakdown of how it works:
- Contact the company: Reach out to a reputable cash home buyer and provide details about your property.
- Schedule an evaluation: The company will typically arrange a visit to assess the condition of your home.
- Receive an offer: After the evaluation, the company will present a cash offer, often within 24-48 hours.
- Review the offer: Take time to consider the offer. Most offers are non-negotiable, so it’s important to evaluate if it meets your needs.
- Accept the offer: If you decide to move forward, you’ll accept the offer and begin the paperwork process.
- Close the sale: Once the paperwork is completed, closing usually happens in a matter of days, allowing you to receive your cash and move on.
Popular We Buy Houses for Cash companies in Suffolk
If the process of selling to a house-buying company in Suffolk 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’ colonial or ranch-style home. By selling to one of these companies, you should be able to sell your Suffolk home in as little as a week or two.
Hampton Roads House Buyers
Hampton Roads House Buyers is a locally-owned real estate investment company that helps homeowners sell their homes quickly for cash. The company offers a straightforward and hassle-free solution for those looking to sell their properties without needing repairs, agents, or commissions.
Locations: Hampton Roads area, including Norfolk, Virginia Beach, Chesapeake, and surrounding communities in southeastern Virginia, including Suffolk.
Closing costs: Sellers pay no closing costs; Hampton Roads House Buyers cover them.
Hampton Roads House Buyers holds a 5-star rating on Google.
Website: hamptonroadshousebuyers.com
Phone number: 757-498-2101
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Suffolk (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 Suffolk.
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 Suffolk
Closing costs: HomeLight does not charge prep costs, agent commissions, or fees. 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
The House Guys
The House Guys is a local real estate investment company providing fast and hassle-free solutions for homeowners looking to sell their properties quickly. The House Guys offer cash deals, allowing sellers to avoid the traditional real estate process and its associated costs.
Locations: Suffolk, VA, and surrounding areas in Virginia
Closing costs: Sellers pay no closing costs; The House Guys covers them.
The House Guys hold a 4.2-star rating on Google.
Website: thehouseguysdc.com
Phone number: 571-207-5171
Advantage Homebuyers
Advantage Homebuyers is a home-buying company that offers a straightforward and efficient selling process, focusing on customer satisfaction. The company is experienced in closing deals in as little as seven days and handles all the paperwork, making it easier for sellers who need a fast and convenient transaction.
Locations: Suffolk, VA, and surrounding areas in Virginia
Closing costs: Sellers pay no closing costs; Advantage Homebuyers covers them.
Advantage Homebuyers have a 5.0-star rating on Google.
Website: sevendaystosold.com
Phone number: 757-644-1313
Sold Ease
Sold Ease is a home-buying company that sells homes quickly, eliminating the need for repairs, showings, or dealing with agents, ensuring a hassle-free experience for homeowners who want to sell their property on their terms. The company emphasizes fast closings, often completing deals in as little as seven days.
Locations: Suffolk, VA, and surrounding areas in Virginia
Closing costs: Sellers pay no closing costs; Sold Ease covers them.
Sold Ease has a 4.2-star rating on Google.
Website: soldease.com
Phone number: 757-239-5646
Why sell your Suffolk house for cash?
There are plenty of valid reasons a Suffolk 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 Suffolk, it typically takes around 87 days to sell a home on the market using an agent. That includes an average of 43 days on the market plus the typical 44 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 Suffolk, 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.
When life throws you a curveball, selling your home for cash can be a smart move. Given that selling a home for cash isn’t for everyone, here are some common scenarios where selling for cash might make sense for Suffolk homeowners:
- Job relocation: If a new job requires you to move quickly, selling for cash allows you to focus on your next step without delay.
- Divorce: During a divorce, selling your home for cash can help you move forward faster and split the proceeds efficiently.
- Inherited property: If you’ve inherited a home you don’t plan to keep, a cash sale offers a hassle-free way to liquidate the asset.
- Downsizing: Selling for cash can simplify the process of moving to a smaller home or retirement community.
- Repairs needed: When major repairs like a new roof or HVAC system are beyond your budget, a cash buyer takes the home as-is.
- Avoiding open houses: If you prefer to skip the inconvenience of hosting open houses, a cash sale eliminates that stress.
- Foundation issues: Cash buyers often take on homes with foundation problems that traditional buyers avoid.
- Facing foreclosure: If foreclosure is imminent, selling your home for cash can help you avoid long-term financial consequences.
- Tenant-occupied property: Cash buyers are often willing to purchase homes with tenants, saving you the trouble of evicting them.
- Selling from out of state: If you no longer live in the area, a cash sale lets you complete the transaction without needing to be present.
Pros and cons of house-buying companies in Suffolk
Pros and cons of house-buying companies in Suffolk
Let’s take a look at the pros and cons of selling your home cash, as it comes with some key ups and downs.
When it comes to the pros, speed is a huge advantage. A house-buying company will purchase your Suffolk home as-is, meaning you don’t have to worry about repairs or staging. Here are some key benefits:
- Fast sale: House-buying companies can close in as little as a week, providing a quick exit when you need it most.
- No repairs needed: You can sell your home as-is, no matter the condition, and skip the costs of renovations or fixes.
- No contingencies: You won’t have to deal with financing or contingencies that can slow down traditional deals.
- Avoid real estate commissions: Selling directly to a cash buyer eliminates the need to pay a commission to a real estate agent.
At the same time, there are some downsides to consider. The biggest drawback is that house-buying companies typically offer below-market value, meaning you could earn less than if you sold with a real estate agent. Here are some common drawbacks:
- Lower offers: Expect an offer that’s significantly lower than what you’d get on the open market due to the convenience factor.
- Potential for scams: You’ll need to be cautious of scams in the cash-for-homes industry.
- No negotiations: Cash offers are typically non-negotiable, so you may have to accept a “take it or leave it” situation.
- Missed competitive bidding: By avoiding the open market, you miss the chance of multiple offers that could drive up the price.
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
The level of integrity and service you experience from a We Buy Houses for Cash company can vary, even within an established house-buying group that strives to maintain high standards. This is because many Cash-For-Homes companies are franchises and often use independent investors or wholesaling outfits. Your experience depends on the character of the person or group making the offer.
Before committing to 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.
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 Suffolk home quickly
iBuyers
iBuyers use automated valuation models (AVMs) to offer near-instant cash offers for homes in good condition. Companies like Opendoor and Offerpad close sales quickly, usually within a few days to two weeks. While offers are closer to market value, service fees of 5%-6% typically apply. iBuyers are ideal for sellers in areas with standardized housing and who own homes in better condition.
Listing with an agent
Working with an agent remains a strong option if you want to maximize your sale price. A top agent can sell quickly in a hot market, often for up to 10% more than the average agent. A significant advantage is receiving a comparative market analysis (CMA), often free, which helps set an appropriate listing price. If you’re still considering a cash offer, an agent may have connections to buyers willing to make competitive offers. If you’re interested, HomeLight can connect you with top agents in your area.
FAQs on Suffolk house-buying companies
By and large, most We Buy Houses for Cash companies in Suffolk 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 Suffolk 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 Suffolk colonial home could sell for $383,000 after repairs, but it will need $30,000 of work to get there.
($383,000 x .70) – $30,000 = $238,100
In this example, a Suffolk We Buy Houses company might offer you around $238,100 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 Suffolk 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.
- Research and vet the house-buying companies that serve your Suffolk 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. Weigh 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 Suffolk vs. top Suffolk 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 Suffolk | Sell with a top Realtor in Suffolk |
| Selling timeline | 7 to 30 days | 87 days average; 43 to attract an offer, 44 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 | 3%-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 Suffolk is worth about $383,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $408,000.
| Sell to a We Buy Houses for Cash company in Suffolk | Sell with a top Realtor in Suffolk | |
| Estimated sale price | ($408,000 x .70) – $25,000 = $260,600 | $383,000 |
| Market preparations | 0 | $3,830 (1% of sale price) |
| Agent commissions | 0 | $11,490 (3% of sale price) |
| Closing costs | 0 | $5,745 (1.5%) |
| Estimated take-home for seller | $260,600 | $361,935 |
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 sale: Cash-for-homes companies can close quickly, often in as little as a week, making them ideal for urgent situations.
- No repairs needed: You can sell your home as-is, without the time or expense of making repairs.
- Lower offers: Cash offers are typically lower than market value due to the convenience factor.
- No fees or commissions: You’ll avoid paying agent commissions or traditional seller fees, which can simplify the process.
- Limited negotiation: Most cash offers are non-negotiable, so you may have to accept the first offer provided.
- 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. The first thing to remember is that you have options. 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 Suffolk agent.
Header Image Source: (howdy76 / Deposit Photos)
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