4 Top We Buy Houses For Cash Companies in El Paso, Texas

Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of El Paso area “We Buy Houses” companies should not be considered endorsements.

Working with house-buying companies in El Paso

We Buy Houses companies in El Paso typically promise to give homesellers quick, convenient all-cash offers, and exceptionally speedy closings, often wrapping up the property sale in as few as seven days. These house-buying companies have polished their processes to help sellers who need to move ASAP, and tend to target distressed homes in need of repairs.

Here’s how the process generally works:

1. Contact the company: Find a reputable house-buying company in El Paso and provide them with details about your property.
2. Schedule an evaluation: The company will schedule a time to visit your home and assess its condition and value.
3. Receive an offer: After the evaluation, the company will present you with a cash offer, typically within 24 to 48 hours.
4. Accept the offer: If you agree to the terms, you will accept the cash offer and proceed with the sale.
5. Close the deal: The company will handle the necessary paperwork and coordinate the closing process, often within a few weeks.
6. Receive your payment: At closing, you will receive the agreed-upon cash amount, and the transaction is complete.

Popular We Buy Houses for Cash companies in El Paso

If the benefits of selling to a house-buying company in El Paso sound 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 parent’s Adobe-style home or your art-deco house. By selling to one of these companies, you should be able to sell your El Paso home in as little as a week or two.

Note: Individual program details frequently change. Please visit a company’s website for the most up-to-date information. HomeLight always recommends doing your own research to determine which selling option is best for your situation.

Why sell for cash in El Paso?

There are plenty of valid reasons a El Paso homeseller may choose to work with a cash-for-homes company. Leading the list are the benefits of speed, certainty, and remarkable convenience.

In El Paso, it typically takes about 96 days to sell a home on the market using an agent. That includes 53 days on the market, plus about 43 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 El Paso, 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 of the most common reasons homeowners choose to sell their homes for cash:

• Job relocation: You need to move quickly for a new job and can’t wait for a traditional home sale.
• Divorce: You want to quickly divide assets and move on with your life.
• Inherited property: You’ve inherited a house and prefer a quick sale to dealing with maintenance or renting.
• Downsizing: You’re looking to move into a smaller home or retirement community without the hassle of prepping and showing your current home.
• Repairs needed: Your home requires significant repairs that you can’t afford or don’t want to manage.
• Avoiding open houses: You prefer to avoid the stress and inconvenience of multiple showings and open houses.
• Foundation issues: Your home has structural problems, making it less attractive to traditional buyers.
• Foreclosure: You’re facing foreclosure and need to sell quickly to settle your debts.
• Problem tenants: You’re a landlord tired of managing tenants and want a quick sale of your rental property.
• Selling from out of state: You own a property in El Paso but live elsewhere and want the ease of a fast, remote sale.

If you are a homeowner facing any of these circumstances, requesting a cash offer from a We Buy Houses company might be a good option to consider. However, it’s prudent to think of this as a starting point in your search for solutions. You won’t know if it’s your best move until you know more about other options available to you, which we’ll help you review in a minute.

Pros and cons of house-buying companies in El Paso

At this point, you’ve probably noticed that We Buy Houses for Cash companies in El Paso can trigger a mixed bag of thoughts that can be difficult to sort. You may like the idea of speed and convenience, but you might be having trouble balancing these with the premium you might pay for a cash-offer service.

In this next section, we’ll walk you through some of the pros and cons of using a We Buy Houses company so you can better consider your options.

Your home is more than a place where you make memories with family, it’s also likely your biggest asset. Sure, you want to sell quickly, but you could be leaving major money on the table if you choose to work with one of these We Buy Houses for Cash companies.

Always do your research, compare your options, and consult with a trusted advisor before accepting any offer.

Vet cash buyers and know your home’s worth

For many homesellers, We Buy Houses for Cash companies can be a solid solution to get a property sold quickly or to access cash for an expected life challenge. On the other hand, the “cash for your home” rehabbing business model has also led to what some housing advocates call predatory tactics.

The level of integrity and customer service you experience can vary, even within an established house-buying company that strives to maintain consistent business standards. This is because many We Buy Houses for Cash companies are franchises and often use independent investors or local wholesaling outfits. Your experience greatly depends on the character of the person or group making the offer.

If you are considering 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.

Get a home value estimate

Before committing to a We Buy Houses for Cash company, HomeLight suggests you consult with a top agent to get a better idea of what your home might be worth if sold on the open market. Then compare cash offers to what a top agent might be able to get for your home. HomeLight can connect you with a top-performing agent in your market.

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.

Get Estimate

You can also use HomeLight’s free Home Value Estimator right now to get an initial ballpark estimate in less than two minutes.

Other options to sell your home quickly

iBuyers

iBuyers, or instant buyers, use automated valuation models (AVMs) to offer near-instant home value estimates. They provide a mostly online experience, offering all-cash deals typically closer to market value for homes in good condition. The iBuyer process from offer to closing is quick, usually within a few days to two weeks. However, companies like Opendoor and Offerpad charge service fees of 5% to 6%.

Listing with an agent

Listing with a top real estate agent can also result in a fast sale, especially in a seller-friendly market. An agent can provide a comparative market analysis (CMA), which helps determine an appropriate listing price and estimate the time to sell. Many agents offer CMAs, often free.

Partnering with a proven agent can yield the highest selling price and they may even connect you with buyers offering cash closer to market value. If you are interested in exploring the agent option, HomeLight can connect you with a top-performing real estate agent in your area today.

FAQs on El Paso house-buying companies

Are We Buy Houses for Cash companies legit or scams?

By and large, most We Buy Houses for Cash companies 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 legitimate.

That said, as with any financial transaction, it’s a good idea to be on 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.

How much will We Buy Houses for Cash companies in El Paso pay?

Most We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value (AVR), 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 El Paso contemporary home could sell for $350,000 after repairs, but it’s going to need $30,000 of work to get there.

($350,000 x .70) – $30,000 = $215,000

In this example, an El Paso We Buy Houses company might offer you about $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.

How much does selling a home to a We Buy Houses for Cash company in El Paso cost?

When you accept an offer from a We Buy Houses for Cash company you will likely be coming to grips with a two-edged sword. On one side, it shouldn’t cost you any additional money because these companies make an offer and handle almost everything once the offer is accepted. On the other side, 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 is going to be the price you walk away with at the end of the deal. Of course, it’s always a good idea to ask the company if there are any hidden program fees that might affect your bottom line.

How do you sell a house for cash in El Paso?

1. Research and vet the house-buying companies that serve your 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 El Paso vs. top El Paso 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.

Example net proceeds

Below, we’ve put together 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 mid-century modern home in El Paso is currently worth about $205,000 and needs about $15,000 in repairs. Once the repairs are completed, the home might be worth around $220,000.

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.

House-buying companies can be a good alternative for El Paso sellers in need of a quick home sale, but it’s important to consider both the benefits and drawbacks. When it comes to selling your home, it’s wise to avoid making any hasty decisions.

Before making a commitment to a cash-for-homes company, gather multiple offers and take the time to consider your options. Consider consulting with a top agent for expert insights on how soon, and for how much, your property might sell on the market. Whatever you decide, HomeLight would be happy to help with your real estate needs!

Header Image Source: (Chris Carzoli / Unsplash)