Got a Nevada home you’re looking to sell soon? Finding a buyer could take a while if you opt for a traditional sale — homes here are spending more than a month on the market before going into contract, according to May data from Redfin.
But you don’t necessarily need to wait that long. When time is of the essence, selling to a business in the Silver State that offers cash for homes provides a speedy and simplified sale — you can typically close the entire deal within a couple weeks, or even sooner. The downside? You won’t make as much money as you might selling the conventional way. Here’s what to know about the many companies that buy houses in Nevada.
How do ‘we buy houses’ companies work?
These are usually house-flipping operations — they buy homes in any condition, no matter how bad, then they fix them up and resell them for a profit.
The benefit for the seller is that they pay in cash, which means there’s no need to wait on financing, and therefore they can move with remarkable speed. Many firms provide cash offers within 24 hours and can close within a week or two. In addition, because they’re going to renovate anyway, they buy as-is, meaning there’s no need to make any repairs or even clean up. They usually don’t charge any fees or commissions and cover closing costs as well. In exchange for this speed and convenience, you sacrifice a bit of profit — “we buy houses” companies typically operate with narrow margins, which limits their ability to offer top-dollar offers.
Most companies typically follow a similar process:
- First, you reach out to them with your address and some info about the home.
- They will usually (but not always) send a representative to evaluate the house in person.
- After this — sometimes on the spot, sometimes within 24 or 48 hours — they will make you a cash offer. The offer might only be valid for a short time, so don’t take too long contemplating it.
- You are not obligated to accept, and they are not typically open for negotiation. But if you do want to accept, be sure to read all the paperwork very thoroughly, and don’t sign anything you don’t understand.
- Finally, you schedule the closing. This might happen ASAP if you’re in a serious rush, or on a timeline of your convenience.
Types of companies that buy houses for cash in Nevada
Motivated to sell to a “we buy houses” outfit in Nevada? You’ve got numerous choices, from national franchises to locally owned small businesses to iBuyers.
Nationwide options
Two of the biggest names in nationwide homebuying, HomeVestors (also often called the “we buy ugly houses” company) and We Buy Houses (yes, that’s the full name), both operate in Nevada. Each company follows a similar process to that described above, and each can close the deal within a few weeks.
When you research companies like these, make sure you’re looking at the info for your specific local branch and not for the company as a whole. Different franchises are independently owned, and some may provide better service than others.
Local options
Seeking a more home-grown choice that’s based in your area? Here are a few to consider:
- Sell Fast NV: This Reno-based business buys homes all over Northern Nevada, including condos, townhouses and mobile homes, and can close in as little as five days.
- Maata Buys Houses: Operating in Las Vegas/Clark County and the surrounding areas, this company makes offers within 24 hours and can have cash in your hand in seven days.
- Sierra Housing Solutions: A family-owned company that’s been buying homes in Carson City, Reno, Fernley, South Lake Tahoe and Dayton for more than 10 years.
- Alex Buys Vegas Houses: This Henderson-based company has been featured on the HGTV series “Property Brothers” and can close a sale within seven days.
iBuyers
Two of the biggest iBuyers in the industry, Offerpad and Opendoor, both buy homes in the Vegas area. These online-only companies operate with similar speed to other cash-homebuyers, but they may charge service fees and their buying criteria is much stricter — they don’t buy homes in poor condition, and other restrictions may apply as well.
Alternatives
There’s more than one path to consider if you’re looking to sell your house. If a “we buy houses” company isn’t right for you, explore these alternative options:
- Hire an agent: The traditional route — engaging a real estate agent to handle the sale — doesn’t have to take forever. Just be upfront about your need for speed, and let the agent use their expertise to market your home accordingly. This is also the best way to maximize your profits and bring in the highest price possible on your sale.
- Sell on your own: When you sell your property yourself — called a for sale by owner transaction — you don’t have to pay a listing agent’s commission fee. This can mean big savings, but it’s also a lot of work to take on, and a mistake could cost you a lot of money.
- Rent it instead: Explore renting out your home if you don’t need the cash from a sale right away. This can bring in a nice monthly income: Zillow Rental Manager shows that houses in Nevada bring in a median monthly rent of $2,399.
Next steps
It’s essential to thoroughly assess the pros, cons and details before committing to any agreement with a “we buy houses” company. You might even request offers from multiple companies to see who can make you the best offer. Research the company’s background, online reviews and Better Business Bureau status, and make sure you read all paperwork carefully. If you think you’d prefer to earn top dollar than simply to sell quickly, reach out to a local real estate agent instead.
FAQs
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Yes. You are not required to sell your home using a Realtor or real estate agent in Nevada, or any state. Selling directly to a “we buy houses” company is one option that removes Realtors from the equation; another is opting for a “by owner” sale in which you handle all the tasks a Realtor normally would.
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For the most part, yes. Most “we buy houses” companies are legitimate real estate firms whose business model is to buy houses, renovate them and re-sell them for a profit. However, as in any industry, some operators may have questionable practices or even be outright scams. Do your research and due diligence before agreeing to sell your house to one of these companies.
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