5 Top We Buy Houses for Cash Companies in Durham
- Published on
- 15 min read
-
Joseph Gordon Associate EditorClose
Joseph Gordon Associate EditorJoseph Gordon is an Associate Editor with HomeLight. He has seven years of experience reporting on the commercial real estate and insurance industries. He holds an MFA in Creative Writing from the University of San Francisco.
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.
Considering selling your Durham home fast? “We Buy Houses” companies in Durham could be what you need. These comapnies make all-cash bids for homes, typically for property that require some renovations.
This post will explore the pros and cons of selling your Durham home to cash-for-homes companies, giving you insight into how the process works and providing you with some alternatives so you can make the best decision possible for your home.
Sell Your House Fast in Durham 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 Durham.
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Durham area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Durham
Selling your Durham home quickly to a house-buying company is a simple process. Here’s a quick step-by-step guide into how it works:
1. Research local companies: Look up reputable cash-for-homes companies in Durham. Check their reviews and track records to ensure they are trustworthy.
2. Contact the company: Reach out to your chosen company to express interest in selling your home. Provide them with basic details about your property.
3. Receive an offer: The company will likely conduct a brief assessment of your home and then present an all-cash offer. This is usually a non-negotiable, as-is offer.
4. Review the offer: Consider the terms of the offer. It’s important to understand what you’re agreeing to without the expectation of negotiating the price.
5. Accept the offer: If the offer aligns with your needs, you can accept it to move forward with the sale.
6. Close the sale: The final step involves closing the transaction, which can often be completed in a matter of days. The company will handle most of the paperwork, making the process smoother for you.
Popular We Buy Houses for Cash companies in Durham
If the process of selling to a house-buying company in Durham 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 Cape Cod. By selling to one of these companies, you should be able to sell your Durham home in as little as a week or two.
Green Street Home Buyers
Green Street Home Buyers serves the entirety of North Carolina. The company will buy properties directly from homeowners and landlords with all-cash offers that close quickly. The company also specializes in resolving challenging situations like foreclosure, tax issues, or inherited properties, emphasizing client satisfaction.
Locations: Raleigh, Durham, Burlington, Greensboro, High Point, Rocky Mount, Charlotte, Concord, Gastonia, Fayetteville.
Closing costs: Green Street Home Buyers pays for closing costs.
Green Street Home Buyers has been BBB accredited since 2022 and holds an A rating. Clients of Green Street Home Buyers appreciate the company’s convenient, smooth, and rapid process, highlighting their adeptness at handling complex sales scenarios, like selling rental properties. The company’s Google rating is 4.6.
Website: www.greenstreethomebuyers.com
Phone number: 919-926-1791
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Durham (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 Durham.
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 Durham
Closing costs: No prep costs, agent commissions, or 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 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
Vets Buy Houses NC
Vets Buy Houses is a veteran-owned real estate solutions company based out of North Carolina, serving both North and South Carolina. They buy, sell, and rent real estate, specializing in distressed properties that need work.
Locations: Durham and all over North and South Carolina
Closing costs: Seller pays no closing costs; Vets Buy Houses in NC will cover closing costs.
Clients of Vets Buy Houses NC express appreciation for the company’s professionalism, timeliness, and ease of service. Customers also noted the fairness in the pricing offered and the company’s capacity to handle transactions swiftly and smoothly, thus offering a stress-free selling experience. The company’s Google rating is 5.0.
Website: vetsbuyhousesnc.com
Phone number: 919-410-7263
NC HomeBuyers
NC Homebuyers is a local home-buying company serving Raleigh and surrounding communities, including Cary, Durham, Chapel Hill, Garner, Apex, and Morrisville. As a solution-driven company, they buy houses as-is, meaning no repairs or clean-up is required by homeowners.
Locations: Durham and surrounding areas
Closing costs: Sellers pay no closing costs; NC HomeBuyers covers them.
NC HomeBuyers has been BBB accredited since 2022 and holds an A+ rating. Reviews for NC HomeBuyers highlight the company’s professionalism, honesty, and effective communication. Customers particularly appreciate the seamless, stress-free experience of selling their homes with this company. It’s Google rating is 4.7.
Website: nccashhomebuyers.com
Phone number: 919-283-5585
We Buy Houses, Durham
WeBuyHouses.com was founded in 1997 and buys houses in 200 markets and 30 states in any condition. According to their website, they have been trusted by 1 million homeowners and can present a cash offer even if the homeowner is behind on their mortgage or facing foreclosure.
Locations: Nationwide, including Durham
Closing costs: Sellers pay no closing costs; WeBuyHouses.com covers them.
WeBuyHouses.com has been BBB accredited since August 2020 and has an A+ rating. Customer reviews for WeBuyHouses.com speak to their professionalism and understandable procedure.
Website: webuyhouses.com/NC/Durham/
Phone number: 877-932-8946
Why sell your Durham house for cash?
There are plenty of reasons a Durham home seller may choose to work with a Cash-For-Homes company. Speed, certainty, and remarkable convenience are some of the primary benefits cited by sellers.
In Durham, it typically takes around 64 days to sell a home on the market using an agent. That includes an average of 20 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 Durham, 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.
Here are some situations where you might want to sell for a cash for homes company.
- Job relocation: If you need to move quickly for a new job, selling your home for cash can simplify the transition job relocation.
- Divorce: During a divorce, you might want to liquidate shared assets swiftly and without complications divorce.
- Inherited property: Selling an inherited home for cash can avoid the lengthy probate process and maintenance hassles inherited.
- Downsizing: As you look to move to a smaller, more manageable living space, a quick cash sale can be convenient downsizing.
- Major repairs: If your home requires significant repairs that you can’t afford or manage, a cash offer might be ideal repairs.
- Avoiding open houses: Selling your home for cash means you can skip the stress and invasion of privacy from numerous open houses open houses.
- Foundation issues: Homes with foundational problems can be hard to sell traditionally; cash buyers often buy homes as-is foundation.
- Foreclosure risk: If you’re at risk of foreclosure, a quick cash sale can help settle debts efficiently foreclosure.
- Problematic tenants: For landlords tired of managing or dealing with difficult tenants, selling for cash offers an easy exit tenants.
- Selling from afar: Managing a property sale from another state can be cumbersome; cash sales simplify this process selling from out of state.
Pros and cons of house-buying companies in Durham
Selling your Durham home to a house-buying company can be fast and convenient option, particularly if you need to avoid lengthy preparations and repairs.
Pros:
- Quick sale: House-buying companies often close the deal within days, allowing you to quickly move on with your plans.
- As-is purchase: These companies buy homes in any state, saving you the trouble and expense of making repairs as-is.
- No open houses: You avoid the hassle and invasion of privacy associated with showings and open houses.
- Fewer contingencies: Selling to a cash buyer typically involves fewer hurdles like financing or home sale contingencies contingencies.
Cons:
- Lower offers: These companies usually offer below market value to account for their risk and repair costs below market value.
- Scams: Be cautious as the industry has its share of fraudulent players. Always verify the legitimacy of the company scams.
- Less profit: You might end up receiving less than you would from a traditional sale, even after factoring in repairs and agent fees.
- Limited negotiation: Offers from cash-buying companies are typically non-negotiable, giving you little room to maneuver.
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
When considering a cash offer for your Durham home, it’s importantl to thoroughly vet the house-buying company to ensure a fair and honest transaction. Here are key steps to help you make an informed decision:
- Check reviews: Look for feedback from previous sellers to gauge the company’s reputation and reliability. Positive reviews are a good sign of credibility.
- Read testimonials: Testimonials can provide insights into the company’s handling of transactions. Happy clients often share detailed experiences.
- Research their market presence: Investigate how long the company has been in business in Durham and their activity level. A well-established presence usually indicates a serious buyer.
- Review the agreement: Carefully read the buying agreement before signing. Understand all terms to ensure there are no unfavorable conditions.
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 Durham home quickly
- iBuyers: iBuyers like Opendoor and Offerpad use automated valuation models (AVMs) to quickly offer fair market prices for homes in good condition. These online-centric transactions can close in days, though they typically include service fees of 5%-6%.
- Listing with an agent: Contrasting with quick-cash options, selling through an agent could yield higher returns, especially in seller-friendly markets. Agents provide valuable market insights through a comparative market analysis (CMA), often free, helping set competitive prices and faster sales comparative market analysis, often free. HomeLight can directly connect you with top agents HomeLight can connect.
FAQs on Durham house-buying companies
By and large, most We Buy Houses for Cash companies in Durham 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 Durham 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 Durham Cape Cod could sell for $350,000 after repairs, but it will need $30,000 of work to get there.
($350,000 x .70) – $30,000 = $215,000
In this example, a Durham We Buy Houses company might offer you around $215,000 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 Durham 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.
1. Research and vet the house-buying companies that serve your Durham area. Our list above is a good place to start.
2. Submit offer requests to a few of the companies you like best.
3. Schedule any required on-site property visits.
4. Compare offers. Weigh the pros and cons and choose the best option for you.
5. 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 Durham vs. top Durham 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 Durham | Sell with a top Realtor in Durham |
| Selling timeline | 7 to 30 days | 64 days average; 20 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 | 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 Durham is worth about $395,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $420,000.
| Sell to a We Buy Houses for Cash company in Durham | Sell with a top Realtor in Durham | |
| Estimated sale price | ($420,000 x .70) – $25,000 = $269,000 | $395,000 |
| Market preparations | 0 | $3,950 (1% of sale price) |
| Agent commissions | 0 | $22,910 (5.8% of sale price) |
| Closing costs | 0 | $5,925 (1.5%) |
| Estimated take-home for seller | $269,000 | $362,215 |
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
- Speed of sale: Cash-for-homes companies in Durham offer a rapid sale process, ideal if you need to move quickly.
- As-is convenience: You can sell your home as it is, without the need for repairs or renovations.
- Simple process: The selling process is straightforward, with minimal paperwork and no need for open houses.
- Consider the offer: Typically, the offer will be below market value, which is something to keep in mind.
- 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. 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 Durham agent.
Header Image Source: (sepavone/ Depositphotos)