Thu. Aug 18th, 2022
6-of-the-top-we-buy-houses-for-cash-companies-in-connecticut

Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of companies in this post do not constitute an endorsement. Individual program details can also frequently change — please visit a company’s website for the most up-to-date- information on each program’s fees, market coverage, business model, and more. HomeLight always recommends doing your own research to determine which selling option is best for your situation.

We Buy Houses companies in Connecticut make all-cash offers for homes that often need some work, enabling sellers who lack the time, expertise, and money for repairs to move quickly and receive the cash proceeds from their home sooner if they need it.

Maybe you’ve got an old, heavy-upkeep colonial in Bridgeport and you’re ready to retire. It’s time to spend some serious quality time with your family in Texas. Perhaps your New Haven cottage has lost its luster after years of drizzly winters on the East Coast. You don’t want to keep sinking money into repairs. Or maybe, like many Connecticuters, you’re ready to leave the Constitution State completely to relocate to New York or Florida.

If you need to sell your Connecticut home quickly, a We Buy Houses for Cash company could be the best solution. However, before you request a cash offer, it’s important to understand how much a Connecticut house-buying company might offer for your home and weigh your options. Once you’re familiar with the process, you can opt to select a company on our list of some of the top contenders and get moving.

Get an All-Cash Offer on Your Connecticut Home

No repairs, no staging, no open houses. HomeLight’s Simple Sale platform provides full cash offers for homes in almost any condition nationwide and in Connecticut. Get an offer in as few as 48 hours and close in as little as 10 days.

Working with house-buying companies in Connecticut

We Buy Houses companies in Connecticut typically promise quick, all-cash offers and ultra-fast closings, often in as few as seven days. They tend to target distressed properties in need of repairs, and work with sellers who need to move ASAP.

Here’s how the process generally works:

  1. You request an offer and provide the company with some information about your home. Some companies may make a preliminary offer at this stage, but it’s usually subject to change once they’ve inspected your property.
  2. The company completes a walk-through of your property, usually within 24 to 48 hours.
  3. The company makes a firm offer (usually within 24 hours, sometimes on-site after the walk-through) which you can accept or decline. Most of these companies will not negotiate on price, so the offer is a take-it-or-leave-it scenario.
  4. If you accept the offer, you’ll both sign a contract and the closing process will begin. Some companies offer a large deposit or moving cost assistance, and a few may even pay for the home upfront.
  5. Closing and getting paid is quick, typically within seven days to a few weeks. This can vary by company, and sellers who work with a house-buying company often enjoy flexibility in selecting a move-out date that works for them.

Popular We Buy Houses for Cash companies in Connecticut

If these benefits of selling to a house-buying company in Connecticut 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 Victorian-style home in Stamford or your outdated farmhouse in Hartford. By selling to one of these companies, you should be able to sell your Connecticut home in as little as a week or two.

We Buy Houses in Connecticut

Website: webuyhousesinconnecticut.com
Phone number: (203) 529-4712
Locations: Offers made throughout Connecticut

We Buy Houses in Connecticut has been purchasing, rehabbing, and selling houses at a profit since 2016. The company touts its pedigree as a house-buying company known for its fair offers. The home buying business employs in-house contractors. That means it costs less money to renovate. Fewer dollars on renovations can ostensibly result in better offers than the competition.

Buying homes is the owner’s passion — and robots. The owner, Jerryll Noorden, is a former NASA robotics scientist. He brings his unique approach gleaned from creating robot exoskeletons for astronauts to home buying and flipping.

Closing costs: Sellers pay no closing costs; We Buy Houses in Connecticut covers them.

Reviews: We Buy Houses in Connecticut has been BBB accredited since 2017 and holds an “A+” rating. There are no reviews posted on the BBB site. The company has 25 Google reviews and 5.0 out of 5.0 stars. Customer reviews for We Buy Houses in Connecticut speak to the professionalism and responsiveness of the business. They recognize and value the honesty and integrity that Jerryll and his team bring to the transactions.

Simple Sale (a HomeLight platform)

Contact information: homelight.com/simple
Phone: (844) 488-8455
Locations: Nationwide, including Connecticut

Simple Sale, a solution from HomeLight, is an online platform where sellers in Connecticut (and across the country) can request a cash offer for their home. Simple Sale has a network of cash buyers on its platform, and 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 Connecticut. With Simple Sale, you can get an all-cash offer in as few as 48 hours and sell your home in as little as 10 days, skipping the months it can take to sell the traditional way.

Closing costs: No prep costs, no agent commissions, and no fees charged by HomeLight. Individual investor fees may vary.

Reviews: Simple Sale is a HomeLight platform. HomeLight is BBB accredited with a customer review rating of 4.57 stars out of 5, and has 4.6 stars on Google based on 355 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.

Valley Residential Group

Website: valleyresidentialgroup.com
Phone number: (860) 589-4663
Locations: Central Connecticut

Valley Residential has been around buying homes in Central Connecticut since 2007. The company highlights its local roots and its expertise in dealing with residential properties. From start to finish, Valley Residential makes an offer within 48 hours and can purchase a home in as few as five days.

While Valley specializes in single-family homes, they will also purchase multi-family dwellings. One of the pain points the business identified is the spectacle of selling a house, and they commit to a quick and efficient transaction. The commitment to keeping the deal hush-hush is sure to be popular with Nutmeggers who value their privacy.

Closing costs: Sellers pay no closing costs; Valley Residential Group covers them.

Reviews: Valley Residential Group has been BBB accredited since 2012 and has an “A+” rating. BBB customer reviews give Valley Residential Group a rating of 4.71 out of 5.0 stars. The company also has a 4.6-star rating on Google based on 19 reviews. The generally positive reviews speak to the pleasantness and professionalism of the team. Clients expressed relief at how easy the process was, and praised the integrity of the company and its employees.

Sell Your Home CT

Website: sellyourhomect.com/home
Phone number: (860) 255-8617
Locations: Hartford County and surrounding area

Sell Your Home CT has been in the home buying business since 2015. The company primarily services Hartford County and the surrounding communities. Sell Your Home CT buys homes in foreclosure as part of their business model. They also offer advice and services on stopping foreclosure.

A personal touch, like the advice on foreclosures, is one of the company’s goals as it serves its clients. According to the president (Oz Pariser), that differentiates Sell Your Home CT from other house-buying companies. They specialize in helping distressed homeowners find a solution to their problems.

Closing costs: Sellers pay no closing costs; Sell Your Home CT covers them.

Reviews: Sell Your Home CT has been BBB accredited since 2016 and carries an “A+” rating. Customer reviews for Sell Your Home CT highlight how professional Oz and his team were during the transaction. The company has a 5.0 star Google rating based on 14 reviews. The reviewers expressed happiness with the timeliness of the process and the friendliness of the agents.

Freedom House Buyer

Website: freedomhousebuyer.com
Phone number: (860) 876-SOLD (7653)
Locations: Offers made throughout Connecticut

Freedom House Buyer has sixteen years of experience investing in real estate. The company reports it has helped 1,341 sellers offload their commercial or residential property. Freedom buys homes from all over Connecticut, especially from motivated sellers. The business says it can sometimes make a cash offer within hours, and expects most home sales to close in five days.

Freedom House Buyer laments, “for legal reasons, we can’t just give you a brown paper bag with cash.” However, they would be happy to provide a check or wire transfer.

Closing costs: Freedom House Buyer does not pay for any closing costs or fees.

Reviews: Freedom House Buyer has a 4.6 Google rating based on 46 reviews. Customer reviews for the company are generally positive. The reviews of Freedom House Buyer speak to the professionalism and courteousness of Luke Florian and his team. They express appreciation for the company’s responsiveness and ability to get deals done.

Cash Offer Express

Website: cashofferexpress.com
Phone number: (203) 601-6921
Locations: Offers made throughout Connecticut

Cash Offer Express has been expressly offering cash for homes since 2017. The company describes itself as a real estate solutions and investment firm. Their goal is to help homeowners to exorcise burdensome houses from their lives.

Cash Offer Express buys distressed homes and fixes them up. The repairs are simple and cost less than complex remodeling would cost. Since the repairs are inexpensive, the company believes it can offer home sellers the best deal.

Closing costs: Sellers pay no closing costs; Cash Offer Express covers them.

Reviews: Cash Offer Express has been BBB accredited since 2019 and has an “A+” rating. Customer reviews for Cash Offer Express speak to the excellent customer service and knowledge of local real estate markets. Also, Cash Offer Express has a 4.8 Google rating based on six reviews. Those Google reviews express gratitude for the speed of transactions and the hassle-free experience.

Why sell for cash in Connecticut?

There are plenty of reasons a Connecticut seller may choose to go the Cash-For-Homes route, speed and certainty being chief among them.

In Connecticut, it typically takes around 84 days to sell a home on the market using an agent. That includes an average of 30 days on the market, plus the typical 54 days a buyer needs to close on a purchase loan.

Compare that to the typical seven days promised by many We Buy Houses for Cash companies in Connecticut, and you can see why these companies remain popular, even though they don’t always offer top dollar.

Not every seller has months to prep, market, show, and close. Let’s look at some common reasons sellers choose Cash-For-Homes companies over listing the traditional way.

  • The home has major repair issues common in Connecticut such as a crumbling concrete foundation due to pyrrhotite impurities.
  • The seller needs to move or cash in quickly due to divorce, job relocation, medical need, financial stress, etc.
  • The seller doesn’t have the means or desire to make repairs.
  • The seller doesn’t want to bother prepping the home, dealing with showings, negotiating, or navigating a long sales process.
  • The seller prefers the privacy of selling their home off-market to a cash buyer.
  • The seller is in the foreclosure process and wants to sell the home and settle up with the lender before it’s too late.
  • The seller inherited property and wants to unload it as quickly as possible.
  • The seller is a landlord who has problem tenants or no longer wishes to manage a rental property.
  • The homeowner is aging and moving into a care facility, prompting their family to sell the home.
  • The seller is living out of state and prefers the ease of a cash sale.

If any of these sounds like you, requesting a cash offer from a We Buy Houses for Cash company might be a good starting point, though it’s not your only option, and it may not be your best move (we’ll dive into your other options in just a minute!).

Pros and cons of house-buying companies in Connecticut

By now, you’ve probably figured out that We Buy Houses for Cash companies in Connecticut are a bit of a mixed bag. You get speed and service, but you may “pay” a sizable premium for that service. Let’s walk through a few pros and cons to consider while weighing your options.

Pros

One of the biggest advantages of working with We Buy Houses for Cash companies in Connecticut is that you can sell your home “as is” with no repairs required, and they’ll buy homes in any condition.

If your home was severely damaged in a weather event, or you’ve fallen years behind on routine maintenance, you can still sell without needing to make the extensive repairs that financed buyers may require.

Here are some other pros to consider:

  • Speed: You can often sell your home in as few as seven days.
  • Certainty: Since the company does a pre-offer walk-through, their offer is firm and comes with few (if any) contingencies. Cash-For-Houses companies are experts at clearing roadblocks and closing deals.
  • No repairs: Again, if your home is in rough shape and you don’t have the funds or the patience to make repairs, you can skip them altogether and save yourself the stress.
  • Less hassle: You don’t have to deal with staging, open houses, fielding offers, negotiating with picky buyers, worrying about the appraisal, or stressing about the buyer’s financing falling through. Overall, reputable We Buy Houses for Cash companies in Connecticut offer a smooth ride from offer to close.

That all may sound pretty great to you as a seller if you’re looking to move within weeks rather than the months it might take you to list and sell your home on the market with an agent. However, there are downsides to working with Cash-For-Homes companies. Namely, they typically offer substantially below market value for your home.

Cons

When considering an offer from a We Buy Houses site, remember that these are house-buying companies, which means they’re ultimately trying to make a profit. They plan to fix up your home and either resell it or rent it out. That takes considerable time, skill, and investment.

Here are some potential downsides to weigh:

  • Lower offers: Most companies follow the 70% rule, meaning they’ll offer you 70% of your home’s after-repair value (or the value that your house could sell for on the market once it’s all fixed up) minus repair costs. So the price you get for your home may be appreciably lower than what you’d get on the market.
  • Inconsistent market knowledge: Not all cash home buying companies are equal. Some are more localized, have specific neighborhood knowledge, and are able to leverage that expertise into more competitive offers. Others are less knowledgeable about the specifics of your community, which could result in lowball bids.
  • Not all companies are trustworthy: Some companies make extremely low offers to desperate homeowners and try to pressure you into making a quick decision. A few bad players may even engage in fraud tactics, though it’s uncommon.
  • They may use pressure tactics: These companies know that homeowners looking to sell quickly are often desperate, and some do take advantage of that by using pressure tactics. You should never feel pressured to accept an offer, especially since there are plenty of We Buy Houses for Cash companies in Connecticut to choose from. If anyone makes you uncomfortable, it’s time to move on to another option.

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 home sellers, 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.

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.

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

Within the cash-for-homes business you’ll also encounter a particular group of companies known as iBuyers, or instant buyers.

iBuyer companies offer sellers many of the same conveniences of other house-buying operations, but they also leverage algorithmic technology, otherwise known as automated valuation models (or AVMs), to make you a near-instant offer on your home and provide a user-friendly, mostly online home sale experience.

iBuyers have only been around since the mid-2010s, but are now widely available across Connecticut.

iBuyers offer all-cash and can close in a matter of days to a few weeks. But unlike more traditional We Buy Houses for Cash companies, iBuyers tend to look for homes in better condition and offer much closer to market value, typically in the 90% range — and sometimes more, particularly in a hot real estate market.

Though one thing to note is that major iBuyers like Opendoor, Offerpad, and Redfin usually charge sizable fees for their services, between 5% and 13%.

Sellers who may be a good fit to work with an iBuyer in Connecticut include those who prefer to skip staging and showing their home, who live in an area with somewhat similar housing, and who have a home in relatively good shape.

Listing with an agent

You want to sell your house quickly, not in 84 days. But hear us out! With many housing markets still being largely seller-friendly, many listings are flying off the market in a matter of days, especially those that are priced strategically.

Going with an agent could pay off big time. Selling on the market generally fetches the highest home price, and that’s especially true if you work with a skilled professional. Our internal transaction data at HomeLight shows that the top 5% of real estate agents sell homes for up to 10% more than average agents.

This is a big financial decision, so it may make sense to consult with a trusted real estate agent who can complete a comparative market analysis (CMA) to help you understand your home’s value and how quickly it’s likely to sell.

Your agent may even be able to connect you with cash buyers who are willing to offer closer to market value for your home.

Plus, a CMA is usually free and you’re under no obligation to list with the agent, so this may be a good tool to explore your options. Even if you end up deciding to work with a Cash-For-Homes company, at least you’ll know you’re making a sound financial decision.

Overwhelmed by finding an agent? HomeLight would be happy to connect you with a top performer in your area today.

FAQs on Connecticut house-buying companies

Are We Buy Houses for Cash companies legit or scams?

Most We Buy Houses for Cash companies are legit, and you can rest assured that this business model has been around for decades.

However, it’s always a good idea to keep an eye out for scams, or anything that just doesn’t seem right. Always thoroughly research companies ahead of time. Verify all professional licenses, check customer reviews, get a referral if possible, and vet the company on the Better Business Bureau website.

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

Most Cash-For-Homes companies follow the 70% rule, meaning they’ll offer you 70% of your home’s after-repair value, minus repair costs.

Here’s what that simple formula looks like:

(Your home’s ARV x .70) – repair costs

Now let’s take a look at a practical example. Let’s say your Connecticut farmhouse could sell for $350,000 after repairs, but it’s going to need $80,000 of work to get there.

($350,000 x .70) – $80,000 = $165,000

In this example, a Connecticut cash-for-homes company will probably offer you around $165,000 for your property.

However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more like 90%-95% 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 Connecticut cost?

Selling a home to a We Buy Houses for Cash company shouldn’t cost you any money, though you’ll likely get less overall for your home.

Since these companies are geared toward distressed homes, they tend to have zero fees, and most will even cover your closing costs. That means the offer you get is the price you should walk away with. Make sure to ask about any hidden program fees that could eat into your bottom line.

How do you sell a house for cash in Connecticut?

  1. Research and vet house-buying companies available in your area. The above list is a great place to start.
  2. Submit offer requests to your top few companies.
  3. Schedule any on-site visits.
  4. Field and compare offers. Choose the best option for you.
  5. Close in a week to 30 days and get paid (or you can often choose a later closing date, up to 90 days after receiving the offer).

We Buy Houses for Cash in Connecticut vs. top Connecticut agent

Wondering how a We Buy Houses for Cash company stacks up against working with a real estate agent? We’ve got you covered.

Aspect of the sale Sell to a We Buy Houses for Cash company in Connecticut Sell with a top Realtor® in Connecticut
Sale timeline 7 to 30 days 84 days average; 30 to attract an offer, 54 to close the loan
Home preparations None Make necessary repairs, deep clean, declutter, landscape, stage home
Showings None 10 to 25 showings average
Inspections / repairs None May need to make repairs for the buyer or renegotiate price
Appraisal None May need to lower the price if 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 loan doesn’t clear
Agent commission None 5.8% average
Closing costs None 1% to 3% of sale price on top of commission

Example net proceeds

Let’s say your ranch style home in Waterbury is currently worth about $205,000 and needs about $15,000 in repairs. Once the repairs are made, the home should be worth around $220,000.

Sell to a We Buy Houses for Cash company in Connecticut Sell with a top Realtor® in Connecticut
Estimated sale price ($205,000 x .70) – $15,000 = $128,500 $205,000
Market preparations 0 $2,050 (1% of sale price)
Agent commissions 0 $11,890 (5.8% of sale price)
Closing costs 0 $3,075 (1.5%)
Estimated take-home for seller $128,500 $187,985

Obviously, financially it’s usually in your best interest to go with a top agent, but depending on the condition of your home and any repairs needed, selling on the open market could be challenging.

Key takeaways

  • We Buy Houses for Cash companies in Connecticut can offer you a way to sell your home in as few as seven days with no repairs, showings, or hassles.
  • There are many reputable cash homebuying companies across Connecticut, and most sellers going this route can find a company that suits their needs.
  • You could leave significant money on the table using a Cash-For-Homes company versus going with a top agent or iBuyer.
  • HomeLight’s Simple Sale platform provides no-obligation all-cash offers for homes in almost any condition in Connecticut. Because the platform has partner investors with different buying parameters across the state, it can be a great starting point if you aren’t sure who would buy your home.

House-buying companies can be a good alternative for Connecticut sellers in need of a quick exit from homeownership, but they’re not without drawbacks. However you choose to sell your home, it’s important to avoid making a hasty decision.

For best results, take the time to weigh your options, gather offers from multiple companies, and consider consulting with a top agent to see how easily your property could sell on the market. Whatever you decide, HomeLight would be happy to help with your real estate needs!

Header Image Source: (Rusty Watson / Unsplash)

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