4 Top We Buy Houses for Cash Companies in Madison
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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.
“We Buy Houses” companies are reaching out to homeowners in Madison and other cities, promising fast, all-cash offers for homes that may need a little extra love.
Are these companies legitimate? They are, but there are a few things to keep in mind. While selling your home quickly for cash can be perfect for sellers who find themselves strapped for time, lacking in DIY skills, or short on finances for repairs, it’s not always the right move.
However, it can be an ideal solution for those dealing with unexpected life events or urgent situations that require a quick home sale.
This post will highlight the pros and cons of selling your Madison home for cash, offering insights to help you decide whether this is the right move for you.
Sell Your House Fast in Madison 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 Grand Junction.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Madison area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Madison
Selling your Madison property for cash is pretty simple, but there are a few steps you should know. Here’s a straightforward guide through the process:
- Reach out to the company: Contact a reputable “We Buy Houses” company in Madison to express your interest in selling your home. This initial step sets the wheels in motion.
- Schedule a home assessment: The company will arrange a visit to your property to assess its condition and determine its value. This evaluation is crucial for the offer you’ll receive.
- Receive an offer: The company will present you with a cash offer based on the assessment. Remember, this offer is typically non-negotiable and aims to provide sellers a quick solution.
- Review the offer: Take some time to consider the offer. It’s important to ensure it aligns with your needs and expectations for a fast sale.
- Accept the offer: If the offer meets your criteria, you can proceed by accepting it. This step moves you closer to finalizing the sale.
- Close the sale: The final step involves closing the sale, usually at an attorney’s office or through a title company.
Popular We Buy Houses for Cash companies in Madison
If the process of selling to a house-buying company in Madison 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 you or your parents’ tudor revival or craftsman home. By selling to one of these companies, you should be able to sell your Madison home in as little as a week or two.
Bigger Equity
BiggerEquity is a nationwide house-buying company that began operations in 2016. The company says it can make a cash offer in as little as seven minutes and close as quickly as seven days.
Locations: BiggerEquity buys houses throughout Wisconsin, including Madison. The company serves homeowners in all 50 U.S. states.
Closing costs: Sellers pay no closing costs; BiggerEquity covers them.
BiggerEquity has been BBB accredited since 2018 and holds an A+ rating and 4.8 stars on Google. Customer reviews on Google for BiggerEquity speak to a smooth, transparent, and up-front process without pressure or surprises.
Website: biggerequity.com/wisconsin/madison
Phone number: 866-333-8377
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Madison (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 Madison.
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 Madison
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
We Buy Ugly Houses® / HomeVestors®
We Buy Ugly Houses is a subsidiary of the parent company HomeVestors. HomeVestors was founded in 1996 and began franchising, so this company is also one of the longer-standing house-buying companies in a crowded market. Its independently owned and operated offices have purchased more than 110,000 houses since inception.
Locations: Wisconsin, including Madison, and markets nationwide.
Closing costs: Sellers pay no closing costs; We Buy Ugly Houses covers them.
This well-known company garners reliably positive reviews on Google. Holding a 4.7 star rating there as well as an A+ BBB rating, customers appreciate “compassionate, “professional,” and “respectful” staff. Several reviewers on Google note that the agents they worked with went “above and beyond” to deliver a quick, positive customer service experience.
Website: webuyuglyhouses.com/madison-wi/
Phone number: 877-468-1079
We Buy Houses, Madison
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 Madison
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/WI/Madison
Phone number: 877-932-8946
Why sell your Madison house for cash?
Selling to a Cash-For-Homes company in Madison can be attractive, offering homeowners the speed of sale, the assurance of a deal, and remarkable ease throughout the process.
In Madison, it typically takes around 74 days to sell a home on the market using an agent. That includes an average of 27 days on the market plus the typical 47 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 Madison, 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.
- Job relocation: You need to move quickly for a new job opportunity and don’t have the luxury of time to sell traditionally, making swift, straightforward selling necessary.
- Divorce: Looking to liquidate shared assets swiftly and with minimal hassle during a divorce, where a quick cash sale can simplify the process.
- Inherited property: You’ve inherited a property that you’re not prepared to manage or maintain, and selling it quickly for cash can help you avoid burdens.
- Downsizing: The need to downsize quickly without the wait and preparation traditional selling requires, where a cash sale can facilitate a smoother transition.
- Major repairs needed: Your home requires significant repairs, and you’re unable or unwilling to invest in them, making selling for cash a way out without costly renovations.
- Avoiding open houses: You prefer not to deal with the inconvenience and invasion of privacy that come with open houses, and a cash sale eliminates this step.
- Foundation issues: Your property has serious foundation problems that are too costly or complex to address, and a cash buyer often purchases the home as-is.
- Foreclosure looming: You’re facing foreclosure and need to sell quickly to avoid further financial damage, where a fast cash sale can provide the funds needed.
- Problematic tenants: You’re a landlord with tenants who are making your life difficult, and you want out, where a cash sale offers an immediate solution.
- Selling from afar: Managing a sale from out of state is complex, and a quick cash offer simplifies the process, especially useful for those who cannot manage the property up close.
Pros and cons of house-buying companies in Madison
Selling your Madison home to a house-buying company presents a unique set of advantages and challenges. It’s essential to weigh these carefully to determine if this route aligns with your selling objectives and circumstances.
Pros:
- Fast closing: The process can be completed in a matter of days, offering a quick solution for those who need to sell urgently.
- Buy as-is: These companies will buy your house in its current condition, saving you the time and expense of making repairs.
- No need for staging: You can skip the hassle and expense of staging your home for showings, simplifying the selling process.
- Fewer contingencies: House-buying companies often have fewer contingencies, making the sale smoother and more predictable.
Cons:
However, the most significant drawback is receiving an offer that’s below market value, which can be a hard pill to swallow for sellers looking to maximize their home’s financial potential.
- Lower offers: Expect to receive less than what you might get on the open market, as these companies need to profit from the eventual resale of your home.
- Potential for scams: Always verify the credibility of the company, as the industry is not immune to scams.
- Limited negotiation: Offers from house-buying companies are typically non-negotiable, leaving little room for discussion on price.
- Less market exposure: Selling directly to a cash buyer means missing out on potential offers that a wider market exposure could bring.
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 deciding to sell your Madison home to a “We Buy Houses for Cash” company, it’s crucial to remember that your experience will largely depend on the integrity and service quality of the company you choose. The character of the person or group making the offer can greatly influence the outcome of your sale.
Therefore, thoroughly vetting the company before you commit to any cash offer is essential. Check reviews, read testimonials, and research its market presence and performance to ensure you deal with a reputable entity.
Additionally, understanding your home’s true worth is fundamental in this process. Before signing any buying agreement, read it carefully and fully comprehend its contents.
HomeLight suggests you consult with an experienced local agent to understand better 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 for an initial ballpark estimate in less than two minutes.
Other options to sell your Madison home quickly
Exploring other quick-sale options for your home, beyond traditional cash-for-homes companies, can broaden your possibilities and potentially increase your sale proceeds.
iBuyers: Instant buyers, or iBuyers, use automated valuation models (AVMs) to offer a fast, data-driven home sale experience, mostly online. Since their emergence in the mid-2010s, iBuyers such as Opendoor and Offerpad provide all-cash offers close to market value for homes in good condition, with the iBuyer process taking just a few days to two weeks. However, service fees typically range from 5%-6%.
Listing with an Agent: Though not the first option for those seeking a rapid sale, listing your property with a skilled real estate agent in a seller-friendly market could expedite your sale. A top agent can offer strategic pricing and effective marketing, potentially resulting in a quick sale at a premium price.
Agents also provide a comparative market analysis (CMA), often free of charge, to help you understand your home’s market value and set an appropriate listing price. Moreover, experienced agents might connect you with cash buyers, ensuring you make a well-informed decision. If you’re considering an agent, HomeLight can connect you with a top performer in your area.
FAQs on Madison house-buying companies
By and large, most We Buy Houses for Cash companies in Madison 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 Madison 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 Madison Tudor revival could sell for $440,000 after repairs, but it’s going to need $30,000 of work to get there.
($440,000 x .70) – $30,000 = $278,000
In this example, a Madison We Buy Houses company might offer you around $440,000 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 Madison We Buy Houses for Cash company, you will likely come 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 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 will 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 any hidden program fees might impact your bottom line.
- Research and vet the house-buying companies that serve your Madison area. Our list above is a good place to start.
- Submit offer requests to a few of the companies you like best.
- Schedule any required on-site property visits.
- Compare offers. Weigh the pros and cons and choose the best option for you.
- 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 Madison vs. top Madison agent
Another helpful exercise compares how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s 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 Madison | Sell with a top Realtor in Madison |
| Selling timeline | 7 to 30 days | 74 days average; 27 to attract an offer, 47 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 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 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 home in Madison is currently worth about $440,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $465,000.
| Sell to a We Buy Houses for Cash company in Madison | Sell with a top Realtor in Madison | |
| Estimated sale price | ($465,000 x .70) – $25,000 = $300,500 | $440,000 |
| Market preparations | 0 | $4,400 (1% of sale price) |
| Agent commissions | 0 | $25,520 (5.8% of sale price) |
| Closing costs | 0 | $6,600 (1.5%) |
| Estimated take-home for seller | $300,500 | $403,480 |
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
- Quick sale: Selling your Madison home to a Cash-For-Homes company can significantly speed up the process.
- As-is condition: You can sell your home in its current condition without needing to make costly repairs.
- Simplified process: Avoid the complexities of staging, showings, and negotiations.
- Below market value: Be prepared to receive an offer that’s below your home’s potential market value.
- Research is key: Thoroughly vet any cash buyer to avoid scams and ensure a fair deal.
- Consider all options: Exploring alternatives like iBuyers or listing with an agent might yield better financial outcomes.
- 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 Madison agent.
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