Are Cash Home Buying Companies Legit? Pro Tips to Keep in Mind

Published October 24, 2022. Updated October 16, 2023. 

If you're considering selling your Minneapolis area home, one of the most important questions you might have is how much you can get for it. However, that's not the only thing to wonder about. 

You might also want to sell your home quickly or avoid doing any repairs on it. You may have also seen advertisements for home-buying companies that say things like, "we buy houses Minneapolis, regardless of the condition." That sounds tempting, but can you trust these companies to be honest with you? 

There are plenty of companies that buy homes. Some do it locally, and some do it all across the country in a number of markets. These companies aren't new, but their presence is growing. So, are home-buying companies legit?"

The short answer is yes — at least for most of them — but you still want to make sure you're taking a careful look at any company you do business with. So, how can you find a reputable company and sell your home to cash buyers successfully?

As long-time experts in the market, we can help! Here are a few pro tips to think through when evaluating the best cash home companies for your home sale. 

How Can You Tell if a "Pay Cash" Home Buying Company is Reputable?

Finding the right home-buying company matters. Some are better suited to your needs than others. For example, they might offer you more for your house, close faster, or treat you better.

When you want to get the very best deal you can for your home but you also need to sell the house and move quickly, working with a local home-buying company in your area can be an excellent option. There are plenty of ways you can look for a reputable company to buy your home, but one of the main areas you should focus on is the company's experience. 

Start With Experience

If the company is brand new and hasn't purchased any houses yet (or only a few homes in the area), they might not be the best option for your needs.

Instead, look for cash home buyers who have purchased many homes in the area because they're a company that understands the process. They're also more likely to be better at valuation, so they'll offer you a fair price for the home they're trying to buy from you.

In addition, how long cash buyer companies have been in business matters just as much as their overall experience. A long-term company that doesn't buy many houses is just as concerning as a brand-new company. Look for a good combination of how long a company has been established and how many homes they've purchased during that time. 

If any certifications are necessary for what they're doing in the real estate market, make sure they have those, as well. Certifications add to a cash buyer company's experience!

Reading Reviews Helps You Make the Right Choice

One of the most important things you can do to find a reputable home-buying company is to read the company's reviews. If you're wondering about the legitimacy of a company that buys houses for cash, you want to see what the company's clients have to say. 

Look for reviews and comments that refer to a few key questions, including: 

• Were they happy with the process? 

• Did they get a fair price for their home? 

• Were there any hidden fees or unexpected expenses? 

Knowing what others have experienced doesn't guarantee you the same kind of experience, of course, but it can help you see what's typical for that company. Additionally, reviews that look fake or "too good" to be true can help you stay away from a company that could be a scam or leave you without a good cash payment for your home.

Ask About Payment Terms and Locations

Cash companies that buy homes need to be easy to work with when conducting the transaction. If they aren't, it's usually better to look elsewhere. Understanding a company's payment terms and options is a big part of feeling confident in choosing that company. 

If you need cash to make repairs to your new home, put a deposit on a rental property, or hire movers, for example, will the company work with you on your timeframe? How fast can they close the deal, and how soon will you receive your money? You don't want to get caught waiting when you didn't expect to.

Also, look at the types of houses the company normally buys and the condition of those houses. This can give you a good idea of how closely your home matches what the company typically looks for. If your house fits their mold, they'll probably offer you more for it. 

You also want to look at the locations where the company buys homes because they might offer significantly less if you're asking them for a purchase quote on a house out of their typical buying area. 

Thinking Local Can Make "the" Difference

When you work with a cash home buyer who advertises, "we buy houses MN," you know they're purchasing homes in an area that works for your needs. 

Working with cash buyers who have roots in the local community helps ensure that you're choosing a company that's invested in that community. Wanting to see an area and its people succeed can be a strong reason for a home-buying company to give you a reasonable offer when you decide to sell your home. Local companies that buy houses for cash also understand the area and have an established reputation within the community. 

You can feel good about selling your house fast for cash to a well-established local group like Homefield Homebuyers!

We Buy Houses Minneapolis Residents Need to Sell

Homefield Homebuyers is a family-oriented business that has been involved in home buying throughout Minnesota for years. We live here, and we love it. We also know your house holds many memories with friends and family, and we want to respect and honor that when we make you an offer to buy your home. 

Whether you're in the midst of a divorce, you inherited a home you want to sell, you're moving for a job opportunity, or there's any other reason you need to sell your home, we're here for you.

Our team is built from family members and close friends, many of whom were born and raised here. We understand the MN market and the importance of Midwestern values that make this area so amazing. That background and experience help us provide you with the most value when it's time to sell your house for cash.

If you're asking whether a home-buying company is legit, our answer is yes! We are legit and want to help you sell your home for a fair cash offer as quickly and efficiently as possible. Contact us soon, and let's get started on the process.