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If you’re trying to sell a home in Washington state, the housing market looks pretty appealing right now. Median prices have increased by nearly 10 percent over the past year, according to Redfin, and about 40 percent of the homes that sold in April went for above list price. Unlike in many markets, it doesn’t take all that long to sell a home here, either: The typical home spends just 14 days on the market before going into contract.
However, in most cases you’ll have to wait for your buyer’s financing to come through, which can take several more weeks, before you can close the deal. If you don’t have any time to lose — or you need the cash ASAP, or you just don’t want to deal with preparing your home to be market-ready — consider one of the many companies that buy houses in Washington. These companies buy homes quickly, sometimes closing the entire deal in a week or less, and they buy in as-is condition, meaning you don’t have to do any work or make any repairs at all. The catch? They offer you less for your home than you’d likely make in a traditional sale. Here’s more about companies that proclaim “we buy houses in Washington.”
Types of companies that buy houses for cash in Washington
Here in the Evergreen State, you have many options for selling to a “we buy houses” company. Choose from franchises of big names that are recognized from coast to coast or smaller locally-based operations.
National options
The company known as We Buy Ugly Houses (its real name is HomeVestors) has locations in Seattle and Spokane, with promises that sellers will get paid in 30 days or less. We Buy Houses — a totally different company despite the very similar name — also operates in Washington with locations from Anderson Island to Yakima. The company promises to close in as little as seven days. With either choice, you can fill out a form online with your address, and someone will come check out the property. You’ll typically receive a no-obligation cash offer within 24 to 48 hours.
Homebuying companies known as iBuyers operate with similar speed, although they don’t usually buy homes in poor condition. Washington is not typically a huge iBuyer market, but one of the biggest names out there, Opendoor, buys homes in the Vancouver area.
Local options
There are many small, local companies to choose from as well, including:
- Puget Sound Home Buyers: This company focuses on the Seattle metro area, and if your home meets their criteria, they can close in just seven days.
- Kind House Buyers: Run by a Washington native, this Tacoma-area firm can close in as little as 10 days, or on whatever timeline works for you.
- Northwest Real Estate Solutions: Rather than focusing solely on one metro area, Northwest Real Estate Solutions buys homes throughout the state. They also buy mobile homes and condos as well as single-family houses.
How do ‘we buy houses’ companies work?
While there are some nuances to each company’s operations, “we buy houses” companies all focus on a quick, as-is sale with no cleaning or repairs necessary. They pay in cash, so there’s also no waiting for a buyer’s financing to be approved, and they typically cover closing costs and other fees as well. Most of them move remarkably fast and can close in just a week or two, but they also often provide the option to close on your timeline if you need some extra wiggle room.
This all sounds great, but keep in mind that these are house-flipping companies that need to make a profit to stay in business. You will get speed and convenience, but you will not get as high a price for your home as you likely would on the open market.
With just about any of these companies, here’s a rundown of what to expect:
- Submit your address and some basic information online.
- Someone from the company will come to your house, conduct a thorough walk-through of your property and make you a cash offer.
- You’re under no obligation to accept the offer — though it might only be valid for a few days, so don’t take too long deciding. Review everything carefully to make sure you understand all the details of the deal.
- If you accept the offer, you schedule your closing date and close the deal.
Alternatives
While “we buy houses” companies can help you sell your home really fast, the reality is that homes in Washington already sell fairly fast anyway. If you don’t think a cash-homebuying company is the right move for you, there are other options to consider:
- Sell with a Realtor: Sure, you’ll have to pay a listing agent’s commission fee, but an experienced local agent who knows your market well is also your best bet to maximize your property’s value and sell for the highest price possible.
- Sell it yourself: If you want to be in full control of the transaction, you can opt for the for sale by owner route. Just be prepared to put in a lot of work to promote the listing, host showings and negotiate with buyers. It’s not an easy process, and there are plenty of complexities in the paperwork and contracts, so if you go down this road it’s smart to have a real estate attorney’s help.
- Rent it out: If you don’t need the cash from a sale right away, consider renting out your home. This can be very lucrative: The median rent for a house in Washington is just under $3,000, according to Zillow Rental Manager.
Next steps
If you need to sell your home lightning-fast, or if it needs more work than you’re willing to put into it, it’s worth comparing cash-homebuying companies in Washington to see how much they’re willing to pay. Do your research before signing on the dotted line, though, looking up online reviews and checking with the Better Business Bureau.
If price is more important than speed or convenience, the smart next step would be to find a local real estate agent who can help you list and market your home for maximum profit.
FAQs
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Homes are already selling at a pretty fast clip in Washington: According to April Redfin data, homes here spent a median of just 14 days on the market before going into contract. In Seattle, that number was just 7 days. But after you’re in contract, you typically have to wait weeks for the buyer’s financing to go through. If you have an even greater need for speed, try reaching out to a local company that buys houses for cash. They specialize in fast sales and can usually close the entire deal within a week or two.
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Yes. You don’t need a Realtor to sell an home in Washington, or in any state. One option is a “for sale by owner” listing, in which you do all the work a real estate agent would normally do yourself. Another is to sell to a company that buys houses for cash — these companies buy directly from the homeowner, with no agents as go-betweens. If you’re selling without a real estate agent, however, it’s wise to consult a real estate attorney to make sure your interests are protected.
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