5 Top We Buy Houses for Cash Companies in Schaumburg
- Published on
- 14 min read
-
Kelsey Morrison EditorClose
Kelsey Morrison EditorKelsey Morrison is an editor for HomeLight's Resource Centers. She brings six years of editorial experience covering real estate, home design, cooking, crafting, and pet care. With a background as a commerce editor at World of Good Brands (eHow.com and Cuteness.com) and an associate editor at Livabl, Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec.
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 can help turn your Schaumburg, Illinois property into cash, whether you’ve recently inherited a home you don’t wish to keep or own a home in need of extensive repairs you can’t afford to tackle.
These companies offer all-cash deals for homes that need a bit of TLC and can provide relief to homeowners in a bind, such as those who need to move quickly for a new job opportunity or divide assets in a divorce. Partnering with a cash-for-homes company is a path worth considering when traditional sales methods don’t align with your circumstances. However, because these groups tend to present offers that are below market value, you’ll likely net less money from the sale compared to selling on the open market.
In this article, we’ll discuss the advantages and disadvantages of selling to a “We Buy Houses” company. We’ll also highlight some of the most reputable cash investors operating in the Schaumburg market. By the end, you’ll be better equipped to weigh your options and make an informed decision when selling your home.
Sell Your Schaumburg House Fast 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 Schaumburg, IL.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Schaumburg area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Schaumburg
If you’re thinking of selling your house for cash, understanding the steps involved will make the process smoother. Here’s what you can expect:
- Research companies: Begin by looking up reputable “We Buy Houses” companies in Schaumburg. Focus on those with positive online reviews and a solid track record.
- Request an offer: Contact your chosen company to request an offer on your home. This usually involves submitting details about your property online or over the phone.
- Home assessment: The company will likely conduct an assessment of your home to determine its condition and market value. This is often a quick and straightforward process.
- Receive an offer: Based on the assessment, the company will present you with a cash offer. Remember, these offers are typically non-negotiable.
- Accept the offer: If the offer meets your expectations, you can accept it to move forward with the sale.
- Close the sale: The final step is closing the sale, where you’ll complete the necessary paperwork and receive your cash. This can happen in as little as a week, making it a fast route to selling your home.
Popular We Buy Houses for Cash companies in Schaumburg
If you like the idea of selling to a “We Buy Houses” company, finding a trustworthy and reputable business is key.
We’ve compiled a list of some of the top companies that will pay cash for your parents’ split-level or ranch-style home. By selling to one of these companies, you should be able to sell your Schaumburg home in as little as a week or two.
Sell My House Fast Chicagoland
Sell My House Fast Chicagoland is a family-owned business that buys houses in and around Chicago. They purchase properties in any condition and can extend an offer within 24 hours. Sellers can choose their own closing dates and pay zero fees, commissions, or closing costs. If you’re on a short timeline, Sell My House Fast Chicagoland can close the deal in as little as seven days.
Locations: Throughout Illinois, mainly around Chicago, including Schaumburg
Closing costs: No closing costs for sellers.
Sell My House Fast Chicagoland has been accredited by the Better Business Bureau (BBB) since 2022 and has an A+ rating. They also boast 4.9 stars on Google. Multiple reviews attest to the employees’ compassion, competitive offers, and clear communication. “After I went through five different potential buyers, Sell My House Fast Chicagoland was the best — painless and easy to work with,” wrote a former client. “I work in the industry and highly recommend them to anyone looking to sell a property quickly.”
Website: sellmyhousefastchicagoland.com
Phone: 312-869-2289
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Schaumburg (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 US. 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 Schaumburg.
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 Schaumburg, IL
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 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
I Buy IL
I Buy IL buys houses in Chicago, the surrounding suburbs, and across Illinois. Sellers can obtain a no-obligation cash offer within 24 hours and close the sale on their timeline, in as few as seven days. The process is 100% free for sellers, as they don’t pay for commissions, closing costs, repairs, fees, or any other expenses.
Locations: Statewide, mainly Chicagoland, including Schaumburg
Closing costs: No closing costs for sellers.
I Buy IL has been BBB-accredited since 2022 and holds an A+ rating. They also have a 4.2-star rating on Google. Previous clients praise the company’s quick and easy process, professionalism, and transparency. “It was such a stressful time trying to sell our property and put a down payment on the next,” reads a recent review. “I Buy IL got us an unbelievable deal and had our property sold in no time — 30 days!” Negative reviews mostly focus on unsolicited text messages and letters.
Website: ibuyil.com
Phone: 312-584-2960
Reinvest Homes LLC
Reinvest Homes LLC, based in Algonquin, is a family-owned company that purchases properties in the Chicagoland area. They present fair, all-cash offers on homes in any condition within 24 hours of first contact. Sellers can choose their own closing date and get their cash in as little as seven days. It’s not necessary to clean, make repairs, or even remove unwanted belongings when selling your house to Reinvest Homes LLC.
Locations: Chicagoland area, including Schaumburg
Closing costs: Sellers pay no closing costs.
Reinvest Homes LLC touts an A+ BBB rating and has been accredited since 2022. They also have a 5-star rating on Google based on a limited number of reviews. Customers appreciate the company’s quick responses, fair offers, and smooth transactions. “I called Reinvest Homes to sell a vacant property my family has owned for years,” wrote a former client. “They came over the next day, made me a great offer, and we closed by the end of the month.”
Website: sellnowtoday.com
Phone: 847-996-9838
Direct Property Aid, LLC
Direct Property Aid, LLC operates in six states, including Illinois. The first step in the process is to schedule an in-person consultation, after which they will present you with a no-obligation cash offer. They can close deals in as few as seven days, and sellers can choose a closing date that works best for them. Direct Property Aid, LLC also pays all closing costs on the sellers’ behalf.
Locations: Several states throughout the US, including Illinois, and the Township of Schaumburg
Closing costs: Sellers pay no closing costs.
Direct Property Aid, LLC has been BBB-accredited since 2023 and touts an A+ rating. They have been in business for four years and have a 4.8-star rating on Google. Employees of the company have received positive feedback for their professionalism, responsiveness, and fair offers. “Mary and her team were great to work with and were quick to respond to any questions that I had regarding the sale,” reads one review. “I was really impressed with how smoothly the entire process went. Only wish I had called them sooner.”
Website: directpropertyaid.com
Phone: 773-840-7581
Why sell your Schaumburg house for cash?
Choosing to sell your Schaumburg house for cash can be an appealing option for a variety of reasons, especially when traditional selling methods don’t meet your needs.
In Schaumburg, it typically takes around 61 days to sell a home on the market using an agent. That includes an average of 17 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 Schaumburg, 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.
Let’s dive into some common situations where reaching out to a house-buying company could be the right move for you:
- Job relocation: When you’re moving for a new job, selling your house for cash can simplify the transition.
- Divorce: A quick cash sale can ease the financial and emotional strain of dividing assets in a divorce.
- Inherited property: Selling an inherited home for cash is a straightforward way to deal with estate matters without added stress.
- Downsizing: For those looking to move to a smaller home or retirement community, a cash sale offers a fast path to a new beginning.
- Major repairs needed: If your home requires significant repairs, selling for cash might be a more viable option than facing costly renovations.
- Avoiding open houses: Selling for cash means skipping the hassle and invasion of privacy that comes with open houses.
- Foundation issues: Homes with foundational problems can be especially difficult to sell traditionally, making cash offers appealing.
- Facing foreclosure: A quick cash sale can help you avoid foreclosure and its impact on your credit score.
- Problem tenants: For landlords dealing with difficult tenants, selling for cash offers an escape route.
- Selling from out of state: For those living elsewhere, a cash sale provides an easy, hassle-free selling experience.
If you’ve found yourself in any of these scenarios, considering a cash offer from a “We Buy Houses” company in Schaumburg might be a good solution. However, this is just one option among many.
Pros and cons of house-buying companies in Schaumburg
Some of the major benefits of a house-buying company include a quick closing and no need for repairs. These can be especially appealing if you’re looking for speed and simplicity in your home sale. However, “We Buy Houses” companies typically extend offers that are below market value, which could affect your net proceeds.
Here’s a quick breakdown of the pros and cons of this arrangement:
Pros
- Speed of sale: A major advantage is the quick process, often completing sales within a week, allowing you to move on quickly.
- Buy as-is: These companies will buy your home in its current condition, saving you the time and money that would have been spent on repairs.
- No real estate fees: Selling to a house-buying company means you avoid realtor commissions and closing costs, potentially saving you thousands of dollars.
- Simplified process: The absence of showings, contingencies, and negotiations streamlines the sale, making it less stressful for the home seller.
Cons
- Below market value: The biggest downside is receiving an offer that’s typically below market value, which could be significantly less than what you might get on the open market.
- Limited negotiation: Offers from these companies are usually non-negotiable, leaving little room for you to advocate for a higher price.
- Risk of scams: While many companies are reputable, the risk of falling victim to scams exists, so you should always conduct thorough research.
- Impersonal service: The sale can feel transactional and impersonal, lacking the personalized service that real estate agents often provide.
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 sell your Schaumburg home to a “We Buy Houses for Cash” company, remember that the experience can vary greatly. The integrity and quality of service depend largely on the company or individual making the offer. This means doing your homework is crucial to ensure you’re dealing with a reputable party. Before you say yes to any cash offer, take the time to vet the company thoroughly. Look up reviews, read through testimonials, and dig into their market presence and track record.
It’s also wise to read the buying agreement carefully before you sign on the dotted line. Understanding every clause and condition in that agreement can save you from potential pitfalls or surprises down the line. Selling your home is a big decision, and ensuring you’re informed every step of the way can help make the process smoother and more favorable for you.
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 it to your cash offer. HomeLight can connect you with a top-performing agent in Schaumburg. 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 Schaumburg home quickly
iBuyers
Instant buyers, or iBuyers, use automated valuation models (AVMs) to offer a fast, mostly online home selling experience. Since their rise in the mid-2010s, iBuyers have provided all-cash offers close to market value for homes in good condition. The entire iBuyer process, from offer to closing, takes just a few days to two weeks. This route is best suited for sellers in areas with uniform housing types. The industry’s top players, including Opendoor and Offerpad, typically charge service fees of around 5%–6%.
Listing with an agent
While it might seem counterintuitive, listing your property with a top agent in a seller-friendly market can result in a quick home sale, particularly if your agent makes use of strategic pricing strategies and expert marketing. Experienced agents will often prepare a comparative market analysis (CMA), provided to you for free, to set a competitive list price. HomeLight can connect you with a top-performing agent in Schaumburg who could potentially leverage their network to get you a cash offer closer to market value. Consulting with an agent ensures you’ve explored all avenues before potentially settling for a quick cash sale.
FAQs on Schaumburg house-buying companies
By and large, most We Buy Houses for Cash companies in Schaumburg 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 Schaumburg “We Buy Houses” 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 Schaumburg ranch-style 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, a Schaumburg 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 Schaumburg 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 Schaumburg 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 Schaumburg vs. top Schaumburg 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 Schaumburg | Sell with a top Realtor in Schaumburg |
| Selling timeline | 7 to 30 days | 61 days average; 17 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 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” company and an agent-assisted sale.
Let’s say your home in Schaumburg is currently worth about $300,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $325,000.
| Sell to a We Buy Houses for Cash company in Schaumburg | Sell with a top Realtor in Schaumburg | |
| Estimated sale price | ($325,000 x .70) – $25,000 = $202,500 | $300,000 |
| Market preparations | 0 | $3,000 (1% of sale price) |
| Agent commissions | 0 | $17,400 (5.8% of sale price) |
| Closing costs | 0 | $4,500 (1.5%) |
| Estimated take-home for seller | $202,500 | $275,100 |
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
- “We Buy Houses” companies can significantly speed up the selling process in Schaumburg.
- Selling your home “as-is” means no need for repairs or upgrades.
- Be prepared to receive offers that are below market value. It’s important to know your home’s value before agreeing to sell.
- Selling to a cash buyer often eliminates agent commissions and closing costs.
- It’s crucial to research and vet potential buyers to avoid scams.
- iBuyers and traditional agents offer alternative selling routes that might result in a better financial outcome.
HomeLight’s Simple Sale platform extends no-obligation, all-cash offers for homes in any condition in Schaumburg. With a variety of partner investors, it’s a good starting point for those unsure of their home’s buyer market.
Selling your Schaumburg home is an important decision. To get the best outcome, take some time to gather offers from different buyers, including cash for homes companies. This way, you can compare options and feel confident you’re making the smartest move.
Consulting with an experienced Schaumburg agent can be a huge asset. They’ll have the inside scoop on the current market and advise you on how quickly you could sell and for what price. If navigating the selling process feels overwhelming, HomeLight can connect you with the resources and expertise to make it all go smoothly.
Header Image Source: (Alex Simpson / Unsplash)