5 Top We Buy Houses for Cash Companies in Reno
- 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.
In Reno, We Buy Houses companies are gaining traction, offering a unique solution for homeowners looking to sell quickly. These companies make all-cash offers, particularly to those whose homes may need some work. If you’re in a situation where time, expertise, or funds for repairs are out of reach, these cash offers provide a swift path to selling your home and moving forward with your life plans.
Selling your home for cash can be ideal for unexpected or urgent situations. Whether relocating, facing financial challenges, or dealing with property inheritance, a quick cash sale can offer relief and simplicity in otherwise complex circumstances.
This post aims to guide you through the intricacies of dealing with house-buying companies in Reno. We’ll explore the pros and cons, helping you weigh your options and make an informed decision that aligns with your needs and circumstances.
Sell Your House Fast in Reno, Nevada 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 Reno, Nevada.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Reno area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Reno
Navigating the sale of your Reno home to a house-buying company can be straightforward. Here’s a simple guide to the basic steps involved, ensuring you understand what to expect during the process.
- Research companies: Start by researching various We Buy Houses companies in Reno. Look for those with a strong reputation and positive reviews. This step ensures you’re dealing with a legitimate and trustworthy buyer.
- Initial contact: Reach out to the chosen company. This usually involves filling out a form on their website or making a phone call. Provide basic information about your property, such as location, size, and condition.
- Property assessment: The company will then assess your property. This might be a physical visit or a virtual assessment, depending on the company’s process and your preference.
- Receive an offer: The company will present you with a cash offer after evaluating your home. Remember, this offer is typically non-negotiable and is a take-it-or-leave-it deal.
- Review the offer: Take your time to review the offer. Consider your financial needs, the speed of sale, and any other personal circumstances that affect your decision.
- Close the sale: If you accept the offer, the company will work with you to close the sale. This process is usually faster than traditional real estate sales, often completed in days or weeks.
Popular We Buy Houses for Cash companies in Reno
If the process of selling to a house-buying company in Reno 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’ Ranch-style or Tudor-style home. You can sell your Reno home in a week or two by working with one of these companies.
Reno Area Home Buyers
Reno Area Home Buyers, headquartered in Midtown, Reno, was founded in 2019. They prioritize simplicity, transparency, and seamless transactions for home sales. They specialize in helping homeowners dealing with foreclosure, divorce, property repairs, and other scenarios.
Locations: Several areas throughout Nevada, particularly Reno, Sparks, Douglas, Lyon, Storey, Carson, Washoe, and Churchill counties.
Closing costs: Sellers pay no closing costs; Reno Area Home Buyers cover them.
The company maintains an A+ BBB rating and has a 4.9 Google review rating. Reviews highlight their exceptional service and knowledgeable team. The property manager’s consistent communication and accommodation are highlighted.
Website: renoareahomebuyers.com
Phone number: 775-600-4506
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Reno (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 in different locations throughout Reno, even those that need some or a lot of work.
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 Reno
Closing costs: No prep costs, no agent commissions, and no 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 more than 500 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
Sierra Housing Solutions
Sierra Housing Solutions serves homeowners in Reno, Sparks, Carson City, Northern NV, and Lake Tahoe. Sierra Housing Solutions offers 24-hour offers and will purchase homes in any condition. They also offer free, confidential consultations.
Locations: Several areas throughout Nevada, particularly Reno, Sparks, Carson, Northern NV, and Lake Tahoe
Closing costs: Sellers pay no closing costs; Sierra Housing Solutions covers them.
The company holds a 4.9 on Google reviews. Reviewers mention the company’s honesty, knowledge, and industry connections, making for a quick and safe sale. Reviews also noted that the staff was delightful and informative, creating a pleasant client experience.
Learn more: shscash.com
Phone: 775-455-4500
Northern Nevada Home Buyers
Northern Nevada Home Buyers, based in Reno, specializes in solutions for homeowners facing various challenges such as foreclosure, burdensome properties, or probate. They offer quick cash purchases, even if a property is in disrepair or has tenants.
Locations: Throughout Northern Nevada, including Reno, Sparks, Dayton, Carson City, Gardnerville, Minden, Fallon, Fernley, and the surrounding areas.
Closing costs: Sellers pay no closing costs; Northern Nevada Home Buyers cover them.
The company holds an A+ BBB rating and a 5.0 Google review rating. Northern Nevada Home Buyers receive high praise for their professional, trustworthy, and accommodating approach. The team is commended for their honesty, integrity, and kindness throughout the sales process.
Learn more: nnvhomebuyers.com
Phone: 775-382-1075
Sell Fast NV
Sell Fast NV was established over a decade ago in Reno, Nevada. real estate landscape. It can provide cash offers in as little as 24 hours. They will purchase homes in any condition, even with roof leaks, mold, or foundation problems.
Locations: Several areas throughout Nevada, including Reno
Closing costs: Sellers pay no closing costs; Sell Fast NV covers them.
Sell Fast NV maintains a 5.0 on Google reviews. They are praised for their exceptional assistance throughout the selling process. Many clients are impressed by the promptness and fairness of the transactions, leading them to recommend the company to others.
Learn more: sellfastnv.com
Phone: 775-351-9361
Why sell your Reno house for cash?
There are plenty of valid reasons a Reno home seller may choose to work with a Cash-For-Homes company. The primary benefits are speed, certainty, and remarkable convenience.
In Reno, selling a home on the market typically takes around 86 days using an agent. That includes an average of 41 days on the market plus the typical 45 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 Reno, 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.
Selling your Reno home for cash to a house-buying company can be a practical solution in various situations. These companies are increasingly popular, especially for sellers who need a quick, hassle-free sale. Let’s explore some common scenarios where opting for a cash sale might be beneficial:
- Urgent financial need: If you’re facing financial strain and need quick access to funds, selling for cash offers a rapid solution.
- Relocation for work: When you need to move quickly for a job, a fast cash sale can ease the transition.
- Avoiding foreclosure: Selling your home for cash can be a way to settle debts and avoid foreclosure, protecting your credit.
- Inherited property: If you’ve inherited a property and want to avoid the complexities of a traditional sale, a cash offer provides simplicity.
- Property in disrepair: Homes needing significant repairs, like roof or plumbing issues, can be sold as-is to cash buyers.
- Desire for privacy: Opting for a cash sale allows for a more private transaction, avoiding the public exposure of a traditional listing.
- Landlord issues: If you’re a landlord tired of managing a rental or dealing with difficult tenants, selling for cash offers a quick exit.
- Life changes: Whether it’s divorce, medical needs, or other personal changes, a cash sale can provide the speed and ease you need.
- Elderly moving to care: For seniors moving into care facilities, a quick cash sale can help fund the move and ease the transition.
- Out-of-state owner: If you live out of state, managing a traditional sale can be challenging; a cash sale simplifies the process.
Understanding the full spectrum of selling options, including their pros and cons, which we will delve into next, is crucial for making the best decision for your situation.
Pros and cons of house-buying companies in Reno
Selling your home in Reno to a house-buying company comes with distinct advantages, particularly if you’re looking for speed and convenience. These companies buy homes in any condition, eliminating the need for repairs or preparations. Here’s a quick overview of the key benefits:
- Quick sale: Companies close the deal much faster than traditional real estate transactions, often within days.
- No repairs needed: You can sell your house as-is, avoiding the cost and time involved in making repairs.
- Simplified process: The sale process is straightforward, with less paperwork and no need for staging or showings.
- Cash payment: You receive a direct cash payment, which can be crucial in urgent financial situations.
However, there are also downsides when selling to a house-buying company in Reno. Most importantly, you’re likely to receive less than market value for your home. Here’s a summary of the main drawbacks:
- Lower offers: These companies usually offer less than you might get in the open market.
- Limited negotiation: The offer you receive is often non-negotiable and take-it-or-leave-it.
- Potential for scams: It’s important to research companies thoroughly as there are potential scams in this sector.
- Loss of potential profit: You might miss out on higher profits that could come from a traditional sale, especially in a strong market.
As you weigh the pros and cons of selling your Reno home to a house-buying company, it’s imperative that you understand your home’s true value and carefully vet potential cash buyers. The next section will guide you through this important step.
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 you decide to work with a We Buy Houses for Cash company in Reno, it’s important to remember that the level of integrity and service can vary significantly. Your experience will largely depend on the character and professionalism of the person or group making the offer.
Before committing to any cash offer, take the time to vet the company thoroughly. This means checking online reviews, reading testimonials from previous sellers, and researching the company’s presence and performance in Reno.
Additionally, it’s crucial to understand the details of the buying agreement before you sign. Read the agreement carefully, ensuring you know all terms and conditions. This step is vital in safeguarding your interests and ensuring that the deal you’re entering aligns with your expectations and needs. Remember, knowledge is power, especially in real estate transactions.
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 Reno home quickly
iBuyers: iBuyers offer a modern, mostly online approach to selling your home quickly. Using automated valuation models to estimate home values, they provide near-instant, all-cash offers, typically closer to market value, for homes in good condition. The process is fast, usually completed in a few days to two weeks.
Keep in mind that iBuyers like Opendoor and Offerpad often charge service fees of around 5%-6%, and they’re best suited for homes in areas with uniform housing and homes that need minimal or no repairs.
Listing with an Agent: While selling through a real estate agent might seem counterintuitive when seeking a quick sale, it can be effective, especially in seller-friendly markets. Top agents can achieve fast sales through strategic pricing and marketing.
Agents provide valuable insights through a Comparative Market Analysis (CMA), often for free, helping you set a competitive listing price. They might also connect you with cash buyers offering a fair market value. HomeLight can connect you with leading real estate agents in Reno today.
FAQs on Reno house-buying companies
By and large, most We Buy Houses for Cash companies in Reno are legitimate businesses. Their services and transaction fees may differ, but the business model has existed for decades. If you use an established group with a track record, you can be fairly confident it’s legit.
As with any financial transaction, it’s a good idea to be 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 Reno 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. Your Reno ranch-style home could sell for $560,000 after repairs, but it will need $30,000 of work to get there.
($560,000 x .70) – $30,000 = $362,000
In this example, a Reno We Buy Houses company might offer you around $362,000 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 Reno 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 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.
We Buy Houses for Cash in Reno vs. top Reno 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 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 Reno | Sell with a top Realtor in Reno |
| Selling timeline | 7 to 30 days | 86 days average; 41 to attract an offer, 45 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 Reno is currently worth about $560,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $585,000.
| Sell to a We Buy Houses for Cash company in Reno | Sell with a top Realtor in Reno | |
| Estimated sale price | ($585,000 x .70) – $25,000 = $384,500 | $560,000 |
| Market preparations | 0 | $5,600 (1% of sale price) |
| Agent commissions | 0 | $32,480 (5.8% of sale price) |
| Closing costs | 0 | $8,400 (1.5%) |
| Estimated take-home for seller | $384,500 | $513,520 |
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 challenging in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Speed and convenience: Selling to a house-buying company in Reno offers a quick and straightforward process, ideal for urgent situations.
- Know your home’s worth: Always be aware of your property’s estimated market value before you proceed with a cash-offer company.
- As-is sale: You can sell your home in its current condition, avoiding the cost and time of repairs.
- Lower offers: Be prepared to receive offers below market value compared to traditional sales.
- Research is vital: Thoroughly vet any house-buying company before proceeding. Check reviews and understand the buying agreement.
- Other options: Consider alternatives like iBuyers or listing with a real estate agent, especially if your home is in a seller-friendly market.
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 Reno agent.
Header Image Source: (sframe / DepositPhotos)
