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 Minnesota 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 own a mid-century ranch home in Minneapolis that you’re ready to leave behind. The cold winters have been tough on you and your house. It needs repairs to make it viable for sale. Or suppose you want to capitalize on the remote work trend; now you want to get rid of your modern farmhouse, pack up, and leave Rochester for your dream home in Colorado.
If you need to sell your Minnesota 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 Minnesota 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.
Working with house-buying companies in Minnesota
We Buy Houses companies in Minnesota 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:
- 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.
- The company completes a walk-through of your property, usually within 24 to 48 hours.
- 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.
- 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.
- 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 Minnesota
If these benefits of selling to a house-buying company in Minnesota 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 split-level rambler in St. Paul or your Spanish Colonial in Duluth. By selling to one of these companies, you should be able to sell your Minnesota home in as little as a week or two.
Minnesota Home Guys
Phone number: (952) 222-7138
Locations: Twin Cities and surrounding communities
Jaden Ghylin and James Kolde founded Minnesota Home Guys in 2011. The company has a combined forty-three years of experience and has bought 358 homes. Minnesota Home Guys strive to be the most trusted home buyer in Minnesota. They are a family-owned company with members that live in the communities they serve. Home Guys will buy homes from people who are going through life-changing events such as a divorce, foreclosure, or in a situation that requires the sale of the house.
To work with Minnesota Home Guys, fill out a form on their website or call them. When contacting the company, you will need to tell them about the property. If the home meets their criteria, the company will present you with multiple home-sale options including investor offers and an all-cash offer directly from them. Minnesota Home Guys may complete the sale and give you your cash in as little as seven days.
Closing costs: Sellers pay no closing costs; Minnesota Home Guys covers them.
Reviews: Minnesota Home Guys has been Better Business Bureau accredited since March 31, 2017. Customer reviews for Minnesota speak to their kindness, speed, and efficiency while completing a transaction. They have a 4.8 out of 5.0 and an A+ rating with BBB. Clients express appreciation for the responsiveness and speed of the whole process. The company holds a 4.8 out of 5.0 rating with Google Reviews, with several lauding the real estate agents’ professionalism and positivity when selling the home.
Simple Sale (a HomeLight platform)
Contact information: homelight.com/simple
Phone: (844) 488-8455
Locations: Nationwide, including Minnesota
Simple Sale, a solution from HomeLight, is an online platform where sellers in Minnesota (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 Minnesota. 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.
Minnesota Home Brothers
Phone number: (952) 900-5841
Locations: Twin Cities and surrounding communities
Brothers Andrew, Matthew, and Henry Tobler created Minnesota Home Brothers in 2019. The brothers are a team that includes a general contractor, real estate agent, and home remodeler. They bring that experience to their transactions. The company focuses its buying efforts on St. Paul but they can serve other Twin Cities area home sellers. They might be able to help with that split-level home you inherited from your grandma.
The metrics they use to determine their cash offer include the property’s location, repairs, and condition. Once the process starts, you could have a cash offer within 24 hours. Closing could potentially occur within seven days.
Closing costs: Sellers pay no costs; Minnesota Home Brothers covers them.
Reviews: Minnesota Home Brothers has been Better Business Bureau accredited since October 26, 2020. There are currently no reviews on their BBB listing. With 73 Google Reviews, the company has a 5.0 out of 5.0-star rating. Customer reviews for Minnesota Home Brothers speak to the team’s trustworthiness, knowledge, and professionalism. They express appreciation for the fair offers and passion that they bring to help people sell their homes.
Twin Cities Home Buyers
Phone number: (612) 389-0310
Locations: Twin Cities metro area
Twin Cities Home Buyers has been in business since 2002. The company primarily services the Twin Cities metro area. The company has bought hundreds of homes around the Minneapolis-Saint Paul area. With over twenty years of experience, Twin Cities Home Buyers has purchased homes from people who need flexible solutions.
After contacting the company, you could receive an offer within 24 hours. To get an offer, you must schedule a walkthrough and home visit with a home-buying expert. You get to pick the closing date.
Closing costs: Sellers pay no standard closing costs; Twin Cities Home Buyers covers them.
Reviews: Twin Cities Home Buyers has been BBB accredited since January 21, 2004, and holds an A+ rating. With 49 Google reviews, the company holds a 4.7 out of 5.0-star rating. Reviews for Twin Cities Home Buyers speak to the company as being reputable and acting with integrity throughout the home-selling process. Some customers appreciate how easy it was to work with the company compared to other “We Buy Homes Minnesota” companies. They express happiness with the ease of the transaction and the team’s professionalism.
Advantage Home Buyer
Phone number: (612) 353-1004
Locations: Twin Cities and other Minnesota communities
Advantage Home Buyer has been in business since April 3, 2020. The owner, Neil Allen, brings his twenty years of home buying experience to the table. Advantage has over 1,000 successful home-selling transactions in Minnesota.
The company believes it can offer more value to its clients through in-house researchers, title workers, attorneys, and MLS. The company responds 24 hours a day by phone, text, or email. It will evaluate your home based on location, repairs, condition, and comparable housing prices.
Closing costs: Sellers pay no closing costs; Advantage Home Buyer covers them.
Reviews: Advantage Home Buyer has been BBB accredited since April 10, 2020, with an A rating. There are currently no reviews on their BBB listing. With 28 Google reviews, the company has a 5.0 out of 5.0-star rating. The reviews for Advantage Home Buyer speak to the ease of the transaction, respect, and Neil’s professionalism. They express gratitude for the speed of the process and how well Neil explained each step.
MN Nice Home Buyers
Phone number: (320) 412-1200
Locations: Twin Cities and Central Minnesota
Leah and Travis Johnson started MN Nice Home Buyers on March 22, 2018. The team has been investing in real estate since 2002 and brings that experience to their process. Both were born and raised in Minnesota, so Leah and Travis bring value to the transactions with their area knowledge. The cash offer can come within 24 hours, and the transaction can close in as little as seven days.
Closing costs: Sellers pay no closing costs; MN Nice Home Buyers cover them.
Reviews: MN Nice Home Buyers has been BBB accredited since May 21, 2019, and has an A+ rating. There are currently no reviews on their BBB listing. The company has 15 Google reviews and a 4.7 out of 5.0-star rating. The review for MN Nice Home Buyers speaks to (no surprise here!) how nice Travis was during the entire process. They expressed happiness with the communication and honesty that the team had during the transaction. Some commenters specifically mentioned that the understanding and willingness to problem solve made the deal comfortable.
Why sell for cash in Minnesota?
There are plenty of reasons a Minnesota seller may choose to go the Cash-For-Homes route, speed and certainty being chief among them.
In Minnesota, it typically takes around 80 days to sell a home on the market using an agent. That includes an average of 26 days on 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 Minnesota, 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 Minnesota sellers choose Cash-For-Homes companies over listing the traditional way.
- The home has major repair issues common like an unfinished basement, insufficient insulation, and energy inefficient windows.
- 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 Minnesota 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 Minnesota
By now, you’ve probably figured out that We Buy Houses for Cash companies in Minnesota 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.
One of the biggest advantages of working with We Buy Houses for Cash companies in Minnesota 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 Minnesota 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.
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 Minnesota 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
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 Minnesota.
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 Minnesota real estate market.
Sellers who may be a good fit to work with an iBuyer in Minnesota 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 80 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 Minnesota 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 Minnesota 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 Minnesota 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 Minnesota 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 Minnesota modern 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 Minnesota 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 Minnesota 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 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 Minnesota?
- Research and vet house buying companies available in your area. The above list is a great place to start.
- Submit offer requests to your top few companies.
- Schedule any on-site visits.
- Field and compare offers. Choose the best option for you.
- 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 Minnesota vs. top Minnesota agent
Wondering how a We Buy Houses for Cash company stacks up against working with a Minnesota real estate agent? We’ve got you covered.
|Aspect of the sale||Sell to a We Buy Houses for Cash company in Minnesota||Sell with a top Realtor® in Minnesota|
|Sale timeline||7 to 30 days||80 days average; 26 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 Spanish Colonial home in Bloomington is currently worth about $341,500 and needs about $15,000 in repairs. Once the repairs are made, the home should be worth around $356,500.
|Sell to a We Buy Houses for Cash company in Minnesota||Sell with a top Realtor® in Minnesota|
|Estimated sale price||($341,500 x .70) – $15,000 = $224,050||$341,500|
|Market preparations||0||$3,415 (1% of sale price)|
|Agent commissions||0||$19,807 (5.8% of sale price)|
|Closing costs||0||$5,123 (1.5%)|
|Estimated take-home for seller||$224,050||$313,155|
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.
- We Buy Houses for Cash companies in Minnesota 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 Minnesota, 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 Minnesota. Because the platform has partner investors with different buying parameters across Minnesota, 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 Minnesota 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 Minnesota real estate needs!
Header Image Source: (Zach Vessels / Unsplash)