We Buy Homes in Portsmouth, Virginia: Top 4 Companies

Pros and cons of building a company in Portsmouth

If you are considering selling a Portsmouth home for sale in cash, it is important to consider the pros and cons. These companies offer speed and ease, but this simplicity can come at a price. Here’s what you should know:

A person who sells to a home buying company in Portsmouth

• Quickly close: Most homebuyers can complete sales within one to two weeks. This is much faster than the traditional process. For example, it may take 95 days to sell through Portsmouth Agents (average days to end the loan + average days (51) in Portsmouth).
• Unprepared: With cash for sale, you can skip repairs, upgrades, installments and cleaning. These buyers buy the home as is.
• No financing issues: Since these transactions are cash-based, contingency issues or loan approval issues are unlikely to lead to transaction failure.
• Minimum effort: You don’t have to worry about shows, open houses or negotiations back and forth.

Disadvantages of selling to a homebuyer in Portsmouth

• Lower quotes: In cash sales, you may receive quotes below market value, which means you can get less money than using an agent. Our homebuyers usually follow a 70% rule – meaning they will provide the expected 70% of the home’s expected post-repair value (ARV), minus their estimated repair costs.
  • For example: If your Portsmouth home is worth $265,000 and needs to use 70% of the rule, you will need to repair about $30,000: ($265,000×0.70) – $30,000 = $155,500
  • In this case, a Portsmouth cash buyer might offer you a home of about $155,500.
• No negotiations: These companies’ quotes are usually firm and there is little room to negotiate higher prices.
• Possibility of a scam: Some cash buyers may try to defraud the troubled seller, offer unfair transactions or pay extra fees.
• Less Seller Protection: Cash transactions will often like buyers and provide sellers with less legal or contractual protection.

Remember that working with top Portsmouth real estate agents can lead to higher returns.

For example, a skilled agent may still help you get $250,425 or more after considering the usual sales expenses (closing costs, agency committees, and market preparation). This is a major difference from cash quotes.

Your situation is important

The best approach depends on the current condition of your home, any repairs required, and your overall sales target. If speed is your top priority, a cash quote may be the right choice. But if it’s more important to maximize your selling price, working with a trusted Portsmouth real estate agent can help you get a higher price.

Regardless of which route you choose, it is wise to do your research wisely before making any major decisions – especially a decision as important as selling a home.

At Homelight, we recommend that you start by talking to an experienced local real estate agent. They can provide you with an accurate estimate of the value of your home’s market and help you compare it to any cash offer you receive. Homelight can connect you with the highest rated agents in the Portsmouth area if you prefer.

Need a quick estimate? Try Homelight’s Home Value Estimator to get approximate value for your property in just two minutes.