5 Top We Buy Houses for Cash Companies in Rhode Island
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Richard Haddad Managing EditorRichard Haddad is the managing editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
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.
If you’re balancing an unexpected tilt in life, selling your home in Rhode Island may feel like a daunting task. For homeowners facing the urgency of a quick sale or a property that needs significant work, “We Buy Houses” companies have emerged as a convenient solution.
These firms offer an all-cash lifeline, especially for those who might lack the time or funds to handle repairs and preparations. But is requesting a cash offer the right move for your Rhode Island property?
In this guide, we’ll review the process and present the pros and cons of selling your home for cash, helping you make an informed decision about whether a house-buying company is a good fit for your situation.
Need to Sell Your House Fast in Rhode Island?
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Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Rhode Island “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Rhode Island
If you’re considering a We Buy Houses company, the process is more streamlined than traditional home sales. Here’s an outline to help you understand what to expect when you opt for this route.
- Research companies: Begin by identifying reputable We Buy Houses companies in Rhode Island. Check online reviews and, if possible, get recommendations from other sellers.
- Schedule a home assessment: Once you’ve chosen a company, they’ll typically schedule a visit to assess your home’s condition. This helps them determine the value and make an appropriate offer.
- Receive a cash offer: After the assessment, you’ll get a cash offer for your property. Remember, this is typically a take-it-or-leave-it deal.
- Review the offer: Take a moment to understand the offer’s details. If it meets your needs, move forward. Otherwise, consider other options.
- Close on the sale and move on: If you accept the offer, the company will manage the paperwork and set a closing date, typically within seven days to a few weeks. You’ll receive the agreed-upon amount, allowing you to move forward with your plans.
Popular We Buy Houses for Cash companies in Rhode Island
If the process of selling to a house-buying company in Rhode Island 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 parents’ Victorian-style or Colonial-style home. By selling to one of these companies, you should be able to sell your Rhode Island home in as little as a week or two.
Ocean State Buyers
Ocean State Buyers is a local home-buying company. Owned and operated by Jesse Andrews, a licensed real estate professional, the company buys homes throughout Rhode Island and in parts of Massachusetts. Andrews has a decade of experience in the Ocean State real estate industry, so he knows the market well.
The company will provide a cash offer within 24 hours of reviewing your property and is flexible on the closing timeline. You’re able to complete the process in as little as seven days or on a schedule that works for your needs.
Locations: Rhode Island and Massachusetts
Closing costs: Sellers pay no closing costs; Ocean State Buyers cover them.
Ocean State Buyers has been BBB accredited since early 2018 and holds an A+ rating. It currently has a 5-star rating on Google and a 4.7 rating on Facebook. Customers speak to a “fair” and “honest” team that went “above and beyond.” They express that the process was “straightforward,” and Andrews was very knowledgeable and helpful throughout the process.
Website: oceanstatebuyer.com
Phone number: 401-318-3125
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Rhode Island (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 Rhode Island.
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 all areas of Rhode Island.
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 hundreds of 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
401HomeBuyers
Started in 2020, 401HomeBuyers is a relatively new home-buying company. It is owned by a pair of local real estate investors, one of which is also a licensed broker, that is knowledgeable about the Rhode Island market. The company has grown quickly and has been featured in several local news outlets.
401HomeBuyers touts a simple three-step process that can get you your money in as little as 10 days. Brad Clark, the owner, works directly with customers and completes a brief walkthrough of your property. If an offer is accepted, he works with a trusted attorney’s office in Rhode Island to complete the transaction.
Locations: All of Rhode Island
Closing costs: Sellers pay no closing costs; 401HomeBuyers covers them.
Since June 2020, 401HomeBuyers has been BBB accredited with an A+ rating. It holds a 5-star Google rating. Customers speak to a caring and “friendly” team that “made the process easy.” They express how knowledgeable the company was and how “timely” everything was completed. One reviewer emphasized the care 401HomeBuyers took during a transaction that involved several tenants staying in the house after the sale.
Website: 401homebuyers.com
Phone number: 401-541-5560
Lyon Home Buyers
Lyon Home Buyers is a family-owned business based in Warwick, Rhode Island. It is owned by an Ocean State native who also runs Lyon Property Group, a property management company that manages more than 600 apartments across the state.
The company has a team of three local real estate investors who together have more than a decade of experience buying houses in the local market.
Locations: All of Rhode Island
Closing costs: Sellers pay no closing costs; Lyon Home Buyers covers them.
Lyon Home Buyers is not yet BBB accredited, but it holds an A+ rating. It also has a 5-star Google rating. Customers speak to a company that was very straightforward and educated sellers throughout the process. They express the Lyon Home Buyers provided a “quick and easy process” that was professional and handled “difficult purchases” well.
Website: lyonhomebuyers.com
Phone number: 401-425-4010
Ocean City Development
Ocean City Development is a New England-based company that has been buying and developing homes since 2008. It is a family-owned business run out of Massachusetts that has purchased over 1,200 homes in the region. It emphasizes the fact that they “service, work, and live in the communities that we serve.”
A representative will inspect your Rhode Island property either in person or virtually and, once you agree to the terms, will schedule a closing date that works for your schedule. Typically, the process takes between two and four weeks, according to Ocean City Development’s website.
Locations: Ocean City Development services more than 15 locations in Rhode Island. A full list can be found on the company website.
Closing costs: Sellers pay no closing costs; Ocean City Development covers them.
Ocean City Development has been BBB accredited since September 2017 and holds an A+ rating. It currently has a customer rating of 4.35 on BBB and 4.5 stars on Google. Customer reviews speak to the team’s patience as sellers learned the process and decided the best steps for their families. They expressed that Ocean City Development had “competitive” offers and a professional staff that helped ease the stress of selling a home. A few complaints centered on receiving constant flyers in the mail, but, overall, reviewers said the company was honest, and the process was “easy” and “stress-free.”
Website: ocbuyshouses.com
Phone number: 781-886-3337
Why sell your Rhode Island house for cash?
There are plenty of valid reasons a Rhode Island home seller may choose to work with a Cash-For-Homes company. Leading the list are the benefits of speed, certainty, and remarkable convenience.
In Rhode Island, it typically takes around 75 days to sell a home on the market using an agent. That includes an average of 30 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 Rhode Island, and it’s clear why these We Buy Houses groups are an attractive option, even though they don’t always offer top dollar for the homes they purchase.
Let’s take a quick look at some reasons you might lean toward this less traditional home-selling path.
- Dealing with damage: Your Rhode Island home has sustained costly damage from issues like coastal erosion or storm-related concerns.
- Urgent relocations: You’re faced with a sudden need to relocate due to job changes, family emergencies, or other pressing matters.
- Limited resources for repairs: Lacking funds or the will to make necessary home fixes makes selling to cash buyers appealing.
- Avoiding sales hassles: You wish to sidestep the stress and complications of listing, showings, and extended sale processes.
- Preserving privacy: The idea of quietly selling off-market appeals to your desire for discretion.
- Facing foreclosure: You’re aiming to settle and move before the credit and emotional toll deepens.
- Handling inherited properties: An inherited home becomes a burden, and a quick sale seems like the best route.
- Landlord fatigue: As a landlord, dealing with difficult tenants or property management isn’t worth the effort anymore.
- Transitioning to assisted living: Aging and a move to a care facility or relative’s home makes selling the house a priority.
- Living remotely: Being out of state makes the traditional sale process daunting, and a fast cash sale is more manageable.
When one or several of these scenarios align with your situation, a We Buy Houses company might be the answer you’re looking for. However, it’s advisable to view this as a starting point. To make an informed decision, it’s vital to understand the benefits and drawbacks, and weigh all the options available to you.
Pros and cons of house-buying companies in Rhode Island
In the complex landscape of Rhode Island real estate, We Buy Houses companies offer unique propositions. While they extend swift solutions and hassle-free sales, it’s crucial to weigh the advantages against the potential pitfalls.
Pros: Speed and convenience rule
One of the standout benefits of house-buying companies in Rhode Island is their ability to expedite the home-selling process. They purchase properties in their current condition, relieving you of time-consuming preparations and repairs. Let’s break down the main pros:
- Quick sale: The process is faster than traditional real estate transactions.
- No repairs required: Sell your house as-is without investing in fixes or renovations.
- Straightforward process: Minimized paperwork and a clear-cut offer streamline the sale.
- Cash in hand: Immediate payment without the usual waiting period for bank approvals or mortgage processes.
Cons: Lower offers and fewer proceeds
There’s a flip side to the We Buy Houses company coin. The most glaring downside is that these businesses typically offer below market value. Selling with an experienced real estate agent might fetch you a more lucrative deal. Here are the main cons:
- Lower offers: You’ll likely receive less than what your home could fetch on the open market.
- No negotiation power: Most offers are take-it-or-leave-it, with little room for price discussions.
- Possible hidden fees: While rare, some companies might charge unexpected fees or costs that aren’t transparent initially.
- Risk of pressure tactics: While most Cash-For-Homes companies in Rhode Island have earned trustworthy reputations, there are unscrupulous players who may apply pressure tactics to take advantage of your urgent situation. There is also a risk of falling victim to a scam. Researching the company is vital.
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
Not all We Buy Houses companies are created equal. Your experience will largely hinge on the character and professionalism of the individual or group making the offer. Before jumping into any deal, invest time in vetting the company. Dive into online reviews, pore over testimonials, and assess their market presence and reputation.
Equally important is understanding the intricacies of any agreement presented to you. Don’t rush through the fine print; every clause matters. Ensure you’re fully aware of what you’re committing to, and don’t hesitate to ask questions or seek clarification.
HomeLight suggests you consult with a top Rhode Island 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 local agent might be able to get for your home. HomeLight can connect you with a top-performing agent in your market.
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 Rhode Island home quickly
iBuyers
Emerging in the mid-2010s, iBuyers combine the convenience of house-buying operations with automated valuation models (AVMs). These algorithms estimate home values using historical and current market data, facilitating near-instant offers. While iBuyers give all-cash offers and can close quickly, they generally target better-condition homes and make offers closer to market value.
Notably, major iBuyers, such as Opendoor and Offerpad, have service fees of around 5%-6%. Ideal iBuyer sellers are those seeking a streamlined process for well-maintained homes in consistent housing areas.
Listing with an agent
Though unconventional in a Cash-For-Homes context, selling with an agent can be quick in a favorable market. Strategic pricing and top-notch marketing can yield higher selling prices. HomeLight data indicates that the best Rhode Island agents achieve prices up to 10% higher than average agents.
Agents also provide valuable insights through a comparative market analysis (CMA), assessing your home’s worth based on comparable sales. This report, often offered for free, can help you gauge your selling strategy.
For those leaning toward cash buyers, consulting an agent ensures a well-informed decision. HomeLight can connect you with a leading agent in your Rhode Island market.
FAQs on Rhode Island house-buying companies
By and large, most We Buy Houses for Cash companies in Rhode Island 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 Rhode Island 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 Rhode Island Colonial could sell for $420,000 after repairs, but it’s going to need $30,000 of work to get there.
($420,000 x .70) – $30,000 = $264,000
In this example, a Rhode Island We Buy Houses company might offer you around $264,000 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 Rhode Island We Buy Houses for Cash company, you will likely be coming to grips with a two-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 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 flat-out ask the company if there are any hidden program fees that might impact your bottom line.
- Research and vet the house-buying companies that serve your Rhode Island 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 Rhode Island vs. top Rhode Island agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a Rhode Island 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 RI | Sell with a top Realtor in RI |
| Selling timeline | 7 to 30 days | 75 days average; 30 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 Rhode Island is currently worth about $450,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $475,000.
| Sell to a We Buy Houses for Cash company in RI | Sell with a top Realtor in RI | |
| Estimated sale price | ($475,000 x .70) – $25,000 = $307,500 | $450,000 |
| Market preparations | 0 | $4,500 (1% of sale price) |
| Agent commissions | 0 | $26,100 (5.8% of sale price) |
| Closing costs | 0 | $6,750 (1.5%) |
| Estimated take-home for seller | $307,500 | $412,650 |
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 and convenience: Selling to house-buying companies in Rhode Island means a faster sale, often without the need for repairs or house preparations.
- Know your home’s value: It’s essential to understand your home’s market value to evaluate offers effectively.
- Vet your buyer: Not all Cash-For-Home companies are equal; do your homework to ensure you’re working with a reputable business.
- Other selling options: Don’t overlook other avenues, like iBuyers or traditional agents, which may offer different advantages for your situation.
- Agent expertise: Consulting a top Rhode Island agent can provide valuable insights into your home’s potential market value and selling timeline.
Navigating the decision to sell your home, especially under pressing circumstances, is undoubtedly challenging. For Rhode Island homeowners considering a We Buy Houses company, gathering multiple offers and evaluating each can be enlightening. Remember, it’s in your best interest to weigh all options before finalizing a commitment.
At HomeLight, we’re happy to lend a guiding hand in 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 Rhode Island agent.
Header Image Source: sgoodwin4813/ Depositphotos)
