Top 5 We Buy Houses for Cash Companies in Illinois

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  Written by Kristine Cameron

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  Edited by Kristen Klempert

Best We Buy Houses companies in Illinois | Who should use a We Buy Houses company? | How We Buy Houses companies work | Pros and cons | How much do they pay? | Alternatives | FAQ

We Buy Houses for Cash companies purchase homes as-is, then make repairs and resell the properties for a profit. Since these companies provide quick cash offers (usually within a week), they’re great for sellers who are more concerned about their timeline than maximizing profits.

However, selling to a We Buy Houses company generally means you’ll earn significantly less than what your home could sell for on the open market.

If you’re considering selling to a We Buy Houses company, we strongly recommend talking to a local realtor before you make a decision. An experienced agent can determine if a traditional listing would work within your timeline — which can help you make a higher profit

Talk with an agent after getting a cash offer from a We Buy Houses company to compare how much you could earn on the open market compared to selling to a cash buyer. Our friends at Clever Real Estate can get you a free, no obligation home valuation from a top real estate agent in your area.

Summary: Top 5 We Buy Houses companies in Illinois

Company	Time to offer	Time to close
Heartland Funding Inc.	24 hours	7 days
Express Homebuyers	24 hours	7 days
Finally Sold	24 hours	Within 3 days
We Buy Ugly Houses	24–48 hours	21 days
We Buy Houses	24–48 hours	7 days

Who should use a We Buy Houses for Cash company?

Selling to a We Buy Houses company isn’t right for everyone. If you aren’t facing a tight deadline and want to earn the most money, it’s probably best to sell with a real estate agent.

However, it may be a good option if you:

• Own an unwanted property
• Have to relocate unexpectedly
• Can’t afford expensive home repairs
• Need to sell quickly

We Buy Houses companies can close quickly — typically within a week — because they pay cash. Typical home sales usually take at least a month because the buyer’s loan has to be approved. 

We Buy Houses companies will also purchase your house as-is, so you don’t need to make any repairs or renovations. This is great if you’re short on time or money to fix things up for a traditional listing. 

If you’re not sure selling to a We Buy Houses company is right for you, connect with a Clever agent! A local realtor can give you an estimated timeline for selling your house and help you determine which route is best for your needs.

Top 5 Illinois We Buy Houses for Cash companies

Heartland Funding Inc.: Best for Chicago sellers

Heartland Funding Inc. operates in several cities in Illinois, however, their website emphasizes their work in the Chicago metro area and the suburbs surrounding Chicago.

They can get you an offer within 1 to 24 hours. In a review, one customer stated they “filled out a quick survey and was contacted within the hour” after finding the Heartland website. Other customer reviews talk about how fast and easy it is to work with the company, especially for inherited properties or other homes that need to be sold quickly.

Closing time varies based on the condition and location of the property, but Heartland Funding Inc. has had a successful track record for over three decades, so you should be in good hands.

Founder Don Wede even gives out his personal phone number on the website to highlight his dedication to providing excellent service as a top We Buy Houses in Chicago company.

The only caveat is that there aren’t a ton of online reviews available for this company.

Express Homebuyers: Best for rural sellers

Express Homebuyers is a We Buy Houses company available in Illinois and several other states across the country. Since 2003, the company has purchased over 4,000 properties, and it has mostly positive reviews.

While some We Buy Houses companies only focus on certain cities or counties, Express Homebuyers claims that it will buy properties “no matter where you live in Illinois.” So, if you live in a rural area or small town in Illinois — such as Mount Vernon or Danville — Express Homebuyers should still give you an offer on your home.

After submitting a request for an offer, sellers can expect to hear back from Express Homebuyers within 24 hours. Some reviewers stated that they heard back from a home-buying specialist within minutes and set up a time for them to visit their property on the same day.

Express Homebuyers can allow sellers to close in as few as seven days, and the company covers all closing costs and provides up to $10,000 in advance to help the seller cover any moving costs.

Most reviews talk about the company’s speed and the ease of the transaction. One reviewer stated that they “weren’t interested in the expense, time or headaches involved with remodeling” and ended up closing with Express Homebuyers within a couple weeks.

Another review said that “Express Homebuyers were very professional in their home evaluation process and were quick and responsive if I had any questions or concerns,” and raved about the “smooth, fast, and secure transaction.”

However, one issue to be aware of is a pending issue with the Better Business Bureau (BBB). In Washington, DC, some people have accused Express Homebuyers of sending misleading or deceitful letters about their homes. The company claimed it meant no harm and that they have since changed their practices.

Although no complaints or issues have been raised in Illinois, it’s worth it to be aware of any potentially unsavory marketing tactics a company might use.

Finally Sold: Best for earning “top dollar”

Finally Sold is a national real estate investment company that purchases properties throughout the state of Illinois. You can search its list of cities to see if Finally Sold operates in your area, but even if you’re located outside one of its franchises, it’ll help connect you with the right branch.

After a quick in-home consultation, Finally Sold can help sellers close in as few as 10 days. There’s also an Accelerated Fast Track Program advertised on the website that can help sellers close in just three business days. 

Finally Sold will cover all closing costs, and sellers are free to choose a closing date that works best for their schedule (in case 10 days is too soon). Customer reviews state that Finally Sold helped them: 

• Avoid going into foreclosure
• Plan a cross-country move
• Sell quickly without having to make any repairs

If you’re torn between using an agent or selling to a cash buyer, Finally Sold will show you its transparent pricing method and compare it to what you would earn by selling with an agent.

Finally Sold claims that the company will pay 80% of what your home is currently worth, in contrast to the 70% model that other We Buy Houses companies offer. Because of this, we recommend it for people looking to get the most value from their home sale.

We Buy Ugly Houses: Best for inexperienced sellers

We Buy Ugly Houses is a national company with over 800 franchises across the country, and it operates across the state of Illinois. The company can give sellers an offer within 48 hours and help them close within 30 days.

HomeVestors — the company behind We Buy Ugly Houses — has been in operation for over 25 years and is one of the most recognizable We Buy Houses for Cash companies in the US.

The website states that the company has a 94% customer satisfaction rate, and customer testimonials rave about the quick and easy transaction process.

A reviewer for the Chicago franchise described their experience as “fair, straightforward, clean, and fast.”

Another said that she greatly appreciated how “knowledgeable, personal, and professional” the team was, as the selling process was unfamiliar to her.

However, some customers shared that they received low ball offers and ended up earning up much more by selling to a different buyer. This is why it’s always recommended to get a few quotes from different We Buy Houses companies and real estate agents to get a better idea of what you could realistically earn.

Nonetheless, if you’re looking for a We Buy Houses company with a high success rate and a strong reputation to uphold, We Buy Ugly Houses is a trustworthy option.

» MORE: See our full review for We Buy Ugly Houses

We Buy Houses: Best for finding a trustworthy investor

We Buy Houses is a nationally recognized network of cash buyers, with several investors looking to purchase properties throughout the state of Illinois. Some people report receiving a cash offer within 24 hours and closing within just 7 days through We Buy Houses.

We Buy Houses can help with all kinds of tricky real estate complications like:

• Non-paying or problem tenants living at the property
• Homes that are vacant or in need of extensive repairs
• Sellers who have moved away from the city their property is in
• Sellers who are behind on their mortgage payments

Along with managing difficult home selling situations, most reviewers say that the company helped them close on their homes faster than expected:

• One review stated that “I contacted We Buy Houses, and they came out the same day to take a look. They made a very fair offer, and a deal was closed within 2 weeks.” 
• Another reviewer said that the company helped them close within just 4 days.
• One person even said that We Buy Houses made selling before a cross country move “easy and convenient.”

One way that We Buy Houses differs from similar companies is that they have a thorough vetting process for each of their investors.

Investors need to apply for a license with We Buy Houses and agree to the company’s code of ethics. They’re evaluated based on their experience, number of properties purchased, time in the real estate industry, and their local reputation.

Licensed We Buy Houses investors are also invited to a mastermind sessions twice per year to learn and connect with other professionals.

This means you’ll be dealing with knowledgeable professionals throughout the whole process. 

» MORE: See our full review for We Buy Houses

Not seeing the right company for you? Check out our list of the top cash buyers across the country!

How do We Buy Houses for Cash companies work?

We Buy Houses for Cash companies generally look for homes that are undesirable to typical home buyers (like properties that need lots of repairs or renovations), fix them up, and then sell them for a profit.

The business model helps people sell unwanted properties quickly and then provides modernized homes to standard home buyers on the open real estate market.

Pros and cons for Illinois home sellers

How much do We Buy Houses companies in Illinois pay?

We Buy Houses companies and local real estate investors generally use the 70% rule: never pay more than 70% of a home’s after repair value (ARV), minus repair costs. You can get a ballpark idea of your home’s ARV by looking at listing/sale prices of comparable homes in your neighborhood that have been renovated recently.

The median listing price of homes in Illinois is $299,000. Assuming a We Buy Houses company believes that your home will be worth that after they’ve made the necessary repairs ($50,000 in this example), they would pay you around $159,300.

(After repair value x 0.70) – Repair costs = Purchase price

($299,000 x 0.70) – $50,000 = $159,300

When is selling to a We Buy Houses company worth it?

Selling to a cash buyer company isn’t right for everyone, but it could be worth it if:

• Selling quickly is your top priority
• Your home needs significant repairs
• You’re behind on your loan or underwater on your mortgage
• The home is vacant

If you aren’t facing a tight closing deadline and don’t need cash from the sale ASAP, there are probably better options for you that will help you earn more money.

Better alternatives for Illinois home sellers

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Sell to an iBuyer

An iBuyer or “instant buyer” uses algorithms to submit offers on homes instantly. If a seller accepts an offer from an iBuyer, they can close in as few as seven days in most cases.

iBuyer companies purchase homes as-is, but they often have restrictions on the types of homes they’ll buy. For instance, many won’t buy houses built before a certain year or homes that need a lot of repairs, and some iBuyers only buy properties in specific cities. If you’re located near the St. Louis area in Illinois, Offerpad is one iBuyer that operates in several cities surrounding that region.

List with an experienced real estate agent

Every seller should start their selling journey with a home valuation from an agent, even if they decide to sell to a cash buyer or ibuyer. An agent valuation is typically free, and it will give you reassurance that you’re making the right decision.

Another thing to note is that top-performing agents can still sell quickly (especially in this market), and they can specifically target cash buyers or investors in your area. Depending on your unique situation, a realtor may be able to help you close on your home just as quickly as a We Buy Houses company.

If your home doesn’t require a lot of expensive fixes, selling with an agent could be a great option that will help you earn more money.

FAQs

Related links

7 Companies That Buy Houses for Cash in 2022: Want to learn about all your selling options? Check out our other piece on iBuyers and We Buy Houses companies!

How to Sell a House Without a Realtor in Illinois: If you’re thinking about selling to a We Buy Houses company to avoid working with an agent, learn about other ways to save more of your time and money as a FSBO seller.