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There’s a variety of ways to sell a home. The traditional route involves hiring a professional real estate agent, and between finding a buyer, negotiating the contract and waiting for the financing to come through, it can take quite a while. Even in a popular area like Colorado Springs, Redfin data shows that homes typically spend nearly two months — 54 days — on the market before going into contract.
But if it’s a quicker approach you’re after, you might consider working with companies that proclaim “We buy houses!” These companies are convenient: They typically make all-cash offers on homes in just about any condition, they specialize in closing the sale quickly and they usually take care of all the paperwork, too. That can all be valuable if you need to relocate in a hurry, if the property requires heavy repair work or if you just want to get your money ASAP. But here’s the catch: These firms are not likely to pay full market value for your home. Here’s everything to know about “we buy houses” companies in Colorado Springs.
Types of companies that buy houses for cash in Colorado Springs
The Colorado Springs market offers many cash-homebuying options, including a handful of national chains and several smaller, locally owned operations.
National options
Among the national outfits is We Buy Ugly Houses, also known as HomeVestors. The company that goes by the brand name We Buy Houses also operates in Colorado Springs. The process for both is similar: You reach out to them with some basic info about your home, a representative comes to assess the property in person and then they make you a cash offer. Both buy homes in any condition, and both can close the deal within a few weeks.
Local options
There are also local or family-run cash homebuyers working in Colorado Springs, including the following:
- Sell My House Today: This family-run business lets you choose your own closing date and says they can close in as little as 24 hours. Like many cash buyers, they also cover all closing costs.
- Pink Real Estate: Buying as-is homes throughout Colorado Springs, Pink provides cash offers within 24 hours and can close in seven days — or on a date of your choosing.
- Pikes Peak Homebuyers: This company, run by a husband-and-wife team for more than 10 years, also makes quick cash offers on homes in as-is condition and can close within seven days.
- HBR Colorado: There are no commissions, closing costs or fees with this local company. They also purchase properties as-is and can close in around seven days.
iBuyers
Offering a similar business model to “we buy houses” outfits, iBuyers pay cash for your home and close the deal very quickly. However, these companies operate almost entirely online, and they typically do not purchase homes in need of serious repairs. In addition, they might charge steep fees for their services. iBuyers operating in Colorado Springs include two of the biggest players in the industry: Offerpad and Opendoor.
How do ‘we buy houses’ companies work?
The process of selling to a “we buy houses” company is very different from a traditional home listing. It begins with you contacting the company, either by phone, email or online, and providing some basic info about the property. After that, a representative will often visit your home in-person to conduct a walk-through and gauge its condition. Some companies will assess your home remotely, though, conducting research online with no in-person visit. You may also be asked to provide photos of your home.
After this, you can typically expect an offer within 24 hours, though some will take a bit longer and some might make the offer on-the-spot while the representative is there. You’re under no obligation to accept the offer — but don’t take too long in deciding, because it will probably only be valid for a short time.
If you choose to accept the offer, a closing will be arranged, often on a date of your choosing. Since these companies typically buy homes in any condition, you won’t be required to make any repairs, or even to clean up, and there are usually no commissions or fees to pay. However, in exchange for all this convenience, you are paying a price of another sort: The offer you’ll get will almost certainly not be as much as you’d get if you sold the traditional way.
The entire process of selling to a company that buys houses in Colorado Springs — from walk-through to closing day — can often be completed in a matter of two weeks or less. But don’t let yourself feel rushed: Be sure to read the fine print of any offer before you decide to proceed, and don’t sign anything you don’t fully understand.
Alternatives
Selling your home to a “we buy houses” company is convenient, but it’s not your only option. Here are some alternatives:
- Sell with a Realtor: The traditional approach of working with a local real estate agent will take longer, but it’s your best option for maximizing your profits. Redfin data shows that Colorado Springs home prices are on the rise, and nearly 30 percent of listings sold above their list price in February 2024.
- For sale by owner: Selling your home on your own, known as for sale by owner or FSBO, takes a great deal of work. You’ll need to host showings on your own and negotiate a sale price, as well as navigate the closing process. However, doing it yourself means you won’t have to pay a listing agent’s commission.
- Rent it out instead: If you’re not pressed for the immediate cash proceeds of a sale, renting your home is another option worth considering. Taking this approach can be quite lucrative, if you’re willing to be a landlord. According to data from Zillow Rental Manager, houses in Colorado Springs rent for a median of $2,375 per month.
Next steps
Selling your home to a “we buy houses” outfit has its benefits: speed, less hassle, no repairs. But it’s important to weigh your options carefully. A home is most people’s largest asset, and you aren’t likely to get fair market value when selling this way. If you decide to take this approach, try to obtain offers from multiple companies to ensure you’re getting the best price and sale terms possible. And remember, no matter how many offers you get, you’re not obligated to proceed. You can always choose to work with a local real estate agent instead, which will take longer but likely be more profitable in the end.
FAQs
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There are several options to sell your home quickly in Colorado Springs, including both local and nationwide “we buy houses” companies. Two of the biggest iBuyers operate in the market as well, which also provide a speedy approach to selling. Any of these operations will be able to close a deal in a matter of weeks, rather than months — but you won’t make top-dollar from them.
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Yes, most of these companies are legitimate real estate investment firms — they buy homes, renovate them and either resell them for a profit or keep them as rental properties. But it’s still important to do your homework before choosing to work with one. Before you commit to anything, research the company thoroughly, reading online reviews from past customers and checking with your local Better Business Bureau. And be sure to read all the contract details carefully so that you understand what you’re signing on for.