Looking to sell a home in Sin City? You might have to be patient: Las Vegas homes spend more than a month on the market before going into contract, according to April Redfin data — and after that, most buyers have to wait for their buyer’s financing to be approved.
If you’re in a rush to cash out, there are faster ways to go about selling your house. One option is to forgo the local housing market and sell directly to a cash-homebuying operation. These “we buy houses” companies work much more quickly than a typical sale with a real estate agent, often making instant cash offers and closing the entire deal within just a couple weeks. There’s a catch, though: They need to make a profit, like any other company, so they’re not likely to offer you the highest price possible. Here’s more about companies that buy houses in Las Vegas.
How do “we buy houses” companies work?
These businesses specialize in purchasing properties directly from homeowners. They buy in cash, so there’s no waiting on financing, and they usually buy homes in any condition, no matter how bad, so there’s no back-and-forth over repairs and concessions. This helps the process move along with remarkable speed —and lets them position themselves as a faster and less complicated alternative to the conventional real estate process.
The business model for cash-homebuying companies usually involves flipping homes for a profit. They usually don’t charge any fees, and often cover all closing costs,but they don’t make top-dollar offers. Once they buy a house, they will renovate it so that they can resell, or sometimes keep it as a rental property. So they are not the best option for sellers looking to make as much money as possible — but they can be good options for those in a hurry to move, or those whose properties need more work than they are able or willing to deal with.
Once you reach out to a company, they will typically ask you send some basic info about the home. Many companies will schedule an in-person visit to assess the property’s condition, after which you will get a no-obligation cash offer. This might happen on-the-spot or might take up to 48 hours. (In some cases, you’ll get a preliminary offer online right away, then a revised offer after the in-person assessment.) Regardless, don’t take too much time deciding whether to accept the offer, as they usually come with expiration dates. If you do decide to accept, you’ll schedule the closing —this might be as fast as one week or on a timeline of your choice. Either way, be sure to read all the paperwork and contracts extremely carefully, and don’t sign anything you don’t fully understand. The process goes fast, but you don’t want to feel rushed.
Types of companies that buy houses in Las Vegas for cash
There are several “we buy houses” companies to choose from in the Las Vegas area, from large national franchises to small, local outfits.
National options
Two of the country’s most well-known homebuyers have local branches in Las Vegas. The aptly named We Buy Houses and HomeVestors, also sometimes called the “we buy ugly houses” company, both buy homes in the area, and they operate in a similar manner. Once you reach out to the company, they will send a representative to evaluate your home in person and shortly after, you will receive a cash offer. You don’t have to accept, but if you do, you’ll likely be able to close within a few weeks or less.
Keep in mind that every local branch is different, so when you research the company online, make sure you’re looking at reviews for your local branch specifically.
Local options
Some of Vegas’s smaller local businesses include:
- LV Cash Buy: This family-owned operation is run by a father-and-son team. They can make an offer within 24 hours and close in as little as seven days.
- Sell Your House Fast LV: This company buys homes in any condition and charges no fees or closing costs.
- Coach Buys Homes: Coach buys homes for cash and offers sellers other solutions as well; they can also help with short sales and underwater mortgages.
- Alex Buys Vegas Houses: This local business, featured on HGTV’s “Property Brothers” series, says its goal is to close within a week.
iBuyers
The two biggest players in the iBuying industry, Opendoor and Offerpad, also buy houses in the Las Vegas market. These companies move on a similarly speedy timeline and also pay in cash. But they operate entirely online and typically have stricter criteria surrounding what kinds of homes they buy — for example, they do not make offers on homes that are in need of serious repairs.
Alternatives
Not sure if a “we buy houses” company is right for you? Here are some other options to consider:
- Hire an agent: Real estate agents are skilled promoters and know their markets very well. Going the traditional route with a local agent may not be the fastest way to sell a house, but it is your best chance to get the highest price possible.
- Sell by owner: Taking a hands-on approach with a for-sale-by-owner transaction allows you to bypass the cost of a listing agent’s commission. Doing all that work yourself is challenging, though, and you may still have to pay your buyer’s agent.
- Find a tenant: Renting out your home could be a viable option if you don’t need the cash from a sale ASAP. Becoming a landlord in Las Vegas can be lucrative: Houses in the area rent for a median of $2,400 a month, according to Zillow Rental Manager.
Next steps
If you’ve weighed the pros and cons and want to try a “we buy houses” company in Las Vegas, your next step would be to reach out to a few and see who offers you the best price. If full service and maximum profits are more important to you than speed and convenience, a traditional sale might be a better option. To go this route, reach out to local real estate agents and find one you click with.
FAQs
If you’re looking to sell your Vegas home as fast as possible, your best bet is to work with a “we buy houses” firm or an iBuyer. These companies make super-fast cash offers and, if you accept the offer, can often close within a week or two. By contrast, a typical for-sale home in the area spent 34 days on the market in April before going into contract, according to Redfin data.
Yes, the majority of cash-homebuying companies are legitimate real estate companies. However, some operators may engage in dubious business practices or aim to take advantage of homeowners in distress. Always do your research on a company before agreeing to work with them, and never sign a contract you haven’t read thoroughly or don’t understand.
