From Richmond to Norfolk, Virginia’s housing market is experiencing a major shift. Home buyer demand has fallen sharply, and interest rates have reached record highs.
But even in this market, 41% of homes in Richmond were bought in all cash. With expensive mortgages, home buyers with cash have a leg up on buyers looking to get a mortgage.
For home sellers, companies that buy houses for cash in Norfolk are much more attractive than buyers with financing. Cash buyers offer certainty of sale, often eliminating home inspections and the hassle of lender approvals.
Cash buyers in Norfolk also make instant offers, allowing you to close at your convenience with flexible closings.
🚀 The Rise of All Cash Offers
- Cash is King: 31.2% of Americans sold their homes for cash in December 2022, compared to 25.3% in all of 2020. This number is expected to rise in 2023 as financing becomes more expensive.
- iBuyers are Not a Viable Option: iBuyers have either shut down or have suffered massive losses. Our analysis suggests that iBuyers will offer much less than Fair Market Value (FMV) for your home in 2023 and 2024.
- Who Will Buy My House for Cash in Norfolk: A cash marketplace like Houzeo.com is a great option to get multiple cash offers for your property. We Buy Houses and We Buy Ugly Houses are also good options.
Not all companies that buy houses for cash are the same. Some companies can get you 100% of your property’s fair market value, while others may offer as low as 50%.
We’ve ranked the best cash home buyers in Norfolk so you can sell your house fast for cash.
Reviews: 5 Best Companies That Buy Houses for Cash Norfolk, VA
Max Exposure to Cash Buyers
Houzeo is the best option if you’re looking for multiple cash offers. Your MLS listing will be exposed to local and national cash buyers. In an attempt to win your property, investors could make multiple cash offers for your home.
- Service Fee – $349: Houzeo does not charge a 5% service fee or any undisclosed closing fee.
- Typical Offer: Up to 100% of your property’s fair market value (FMV)
- Eligible Properties: On Houzeo Marketplace, you can market properties in any condition and sell your house as is.
- Closing Offer Terms: You can specify your preferred closing date and the closing offer terms.
👉 Our Take: For sellers looking to maximize their cash offers, we recommend Houzeo’s Gold plan. You will have access to Houzeo’s advanced features to negotiate the best terms for your cash offer.
» Houzeo Reviews: Learn why Houzeo is America’s Real Estate Super App
Houzeo is a real estate marketplace and America’s #1 Flat Fee MLS service because of 4 reasons:
- Max Exposure: Houzeo MLS packages give you access to the MLS and 100s of websites like Zillow, Trulia, Realtor.com, Redfin, etc.
- 5-Star Customer Service: Houzeo has a fully staffed customer service desk available 6 days a week. Chats and emails are open 7 days a week.
- 100% Online: Houzeo is high-tech. For you, this means easy listing, fast changes, online showings, and online offers. Houzeo Mobile App is also very powerful.
- No Listing Commission: In most states, you’ll be paying just a small flat fee to list on MLS. Houzeo covers 47 states + DC! And remember, all fees are disclosed upfront, so there are no Houzeo hidden fees. You get to bypass the listing agent commission!
There are no dealbreakers with Houzeo. Check out the blog on Houzeo pros and cons.
» Houzeo Reviews: Houzeo is rated “Excellent” with a 4.9 out of 5-star rating by 4,523 home sellers on Google and Trustpilot!
Houzeo is rated 4.9 out of 5 stars by thousands of home sellers on Google & Trustpilot.
With a typical cash buyer, you only get an offer from that specific cash house buyer. Because there is no competition, that typical cash buyer will only offer 30% to 70% of your property’s value.
Houzeo is America’s most advanced real estate marketplace. If you list on the Houzeo marketplace, your listing gets exposed to Norfolk home buyers and national cash buyers via the MLS.
This increased competition for cash offers for your house will ensure you get up to 100% of your property’s value.
» Virginia Flat Fee MLS: List your home for a flat fee and attract VA house cash buyers!
2. Advantage Homebuyers of America
Local Cash home Buyer
Advantage Homebuyers of America
Advantage Homebuyers of America helps sellers get cash for their houses quickly in Virginia Beach, VA. For the last 25 years, this property investor has been providing all-cash offers on distressed properties that pass their criteria.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Eligible Properties: Distressed properties with structural issues, couples going through a divorce, a death in the family, bad mortgage financing, inherited houses, high-crime neighborhoods, etc.
- Closing Offer Terms: This local cash buyer provides a flexible closing date, up to 30 days out. Offer terms are inflexible, and some franchisee offices may use controversial tactics to close the cash home deal.
👉 Our Take: Advantage Homebuyers of America is among the best VA cash buyer options that close on properties quickly. However, an MLS listing will get you multiple offers with cash buyers.
- Fast Cash Offer: Advantage Homebuyers of America extends free, no-obligation offers for damaged properties within 24 hours.
- Flexible Closing: They provide flexible closing timelines of up to 30 days.
- No Additional Costs: They charge no service fees, no commissions, and no closing costs.
- Sell As-Is: You will save on repair costs and staging costs when you sell your house as-is to them.
- Good Customer Reviews: They only have stellar reviews from previous customers.
In our research, we found some major drawbacks of Advantage Homebuyers of America:
- Limited Coverage: Advantage Homebuyers of America covers only select areas of Virginia, including Virginia Beach, Suffolk, Norfolk, and Hampton.
- Inconsistent Quality of Service: When you sell to Advantage Homebuyers of America, you sell your house to a local investor. The service quality will differ based on that investor’s franchisee.
Advantage Homebuyers of America has 5 out of 5 stars from 93 reviews on Google Reviews.
Advantage Homebuyers of America is a local Virginia-based cash home buyer with 25+ years of experience.
They have stellar reviews from satisfied customers. However, they are a franchisee so you should research on the investor in your area before choosing them.
3. We Buy Ugly Houses
We Buy Ugly Houses
We Buy Ugly Houses is a 20-year-old cash home buyer franchise. Independent real estate investors own and run each franchisee office. The parent company trains the franchisee but doesn’t micromanage their cash home-buying preferences. The brand, We Buy Ugly Houses is owned by HomeVestors.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Eligible Properties: Ugly homes with structural issues, couples going through a divorce, a death in the family, bad mortgage financing, inherited houses, high-crime neighborhoods, etc.
- Closing Offer Terms: WeBuyUglyHouses provides a flexible closing date, up to 30 days out. Offer terms are subject to change based on the local franchisee office.
👉 Our Take: We Buy Ugly Houses is best for sellers who want to unload their distressed houses quickly. You shouldn’t expect more than 70% of your property’s market value.
» We Buy Ugly Houses Reviews: Everything you need to know about these home cash buyers.
- Fast Cash Offers for Homes: WeBuyUglyHouses.com will share a preliminary cash offer for your property in 24 to 48 business hours.
- Zero Service Fees: WeBuy Ugly Houses doesn’t charge any service fee in exchange for the convenience of selling your home for cash.
- Fast Closing: We Buy Ugly Houses.com will close in just seven days after you accept their cash offer.
- Firm Cash Offer: We Buy Ugly House’s cash offer is usually in line with the preliminary cash offer unless the inspector identifies major flaws during the home inspection.
- Wide Coverage: We Buy Ugly Houses offers cash for homes in 1,100 locations across 45 states.
- No Upfront Costs: When selling to WeBuyUglyHouses Com, you don’t have to fix your leaking roof or the mold residing in your walls.
» We Buy Ugly Houses Review: How does WeBuyUglyHouses.com calculate your cash offer?
In our research, we found some issues associated with We Buy Ugly Houses.
- Lowball Cash Offer: We Buy Ugly Houses pays less than what sellers could get on the open market. The cash offer is around 50% to 70% of the property’s fair market value.
- WeBuyUgly Houses.com is Not 100% Online: We Buy Ugly has a limited tech stack. This means a lot of processes, like requesting a counteroffer or managing inspections, will be offline and manual. They don’t even have a mobile app.
- Non-Negotiable Cash Offers: We Buy Ugly Houses will not offer more than 70% of your property’s fair market value. They rarely increase the price quoted in the initial cash offer.
- Inconsistent Quality of Service: When you work with house buyers like WeBuy UglyHouses, you sell your house to a local real estate investor. The service quality will differ based on the independent investor you are dealing with.
» Reviews of We Buy Ugly Houses: Check WeBuyUglyHouses reviews before requesting a cash offer for your condo.
We Buy Ugly Houses has 2 out of 5 stars with 6 reviews on Yelp.
» We Buy Ugly Houses Complaints: Check what customers say about WeBuyUglyHouses.com.
We Buy Ugly Houses, a trademark of “HomeVestors”, operates on a franchisee model. Local investors or those flipping houses in the U.S. are the owners of these franchises. They buy Virginia houses for cash as-is.
Each WeBuyUglyHouses franchisee has its own rules, so the cash offer terms and service quality may not be consistent.
» Selling a Home As Is in Virginia: Check out our guide for selling your Virginia house as-is.
4. We Buy Houses
We Buy Houses
WeBuyHouses.com is a pre-vetted real estate investor network. We Buy Houses “thoroughly” vet their investors before authorizing them to operate independent offices in their respective jurisdictions.
- Service Fee: None
- Typical Offer: 50% to 70% of Fair Market Value (FMV)
- Eligible Properties: Distressed properties with structural issues, relocation of the homeowner, couples going through a divorce, a death in the family, flawed mortgage financing, inherited homes, high-crime neighborhoods, etc.
- Closing Offer Terms: We Buy Houses provides a flexible closing date, up to 60 days out. Offer terms are inflexible.
👉 Our Take: We Buy Houses operates on a franchise model, so the quality of service may differ. You should check the reviews of the local franchise before requesting cash for your home.
» We Buy Houses Reviews: Everything you need to know about WeBuyHouses.com.
- Fast Cash Offers for Houses: You will typically receive WeBuyHouses.com’s initial cash offer within two days.
- Zero Service Fees: WeBuyHouses doesn’t charge any service fee in exchange for the convenience of selling your home for cash
- Fast Closing: We Buy Houses.com will close in just seven days after you accept their cash offer.
- Firm Cash Offer: We Buy Houses Com’s cash offer is usually in line with the preliminary cash offer unless the inspector identifies major flaws during the home inspection.
- Broad Coverage: We Buy Houses makes cash offers on properties in 200 markets in over 30 states. WeBuyHouses com has 2,700 offices nationwide.
- Zero Upfront Expenses: When selling to WeBuyHouses Com, you don’t need to prep the home or worry about repairs.
» What is we buy houses? To know more about them check this out.
In our research, we came across some dealbreakers with We Buy Houses.
- Lowball Cash Offer: We Buy Houses investors may put in lowball cash offers around 50% to 70% of the fair market value. This is lower than what you can get on the open market.
- WeBuyHouses.com is Not 100% Online: WeBuyHouses has a limited tech stack. This means a lot of processes, like requesting a counteroffer or managing inspections, will be offline and manual. We Buy Houses does not offer a mobile app.
- Non-Negotiable Cash Offers: A ‘We Buy Houses’ investor may not offer more than 70% of your property’s fair market value. Even if your property isn’t distressed, they will rarely budge on the offer price.
- Inconsistent Quality of Service: When you sell to a cash buyer franchise like WBH, you sell your house to a local real estate investor. The service quality will differ based on the independent investor you are dealing with.
» WeBuyHouses.com Reviews: Learn how WeBuyHouses.com works.
We Buy Houses has zero customer reviews on popular review sites like Google or Trustpilot.
» webuyhouses.com reviews: Check this out to know more about them.
WeBuyHouses.com is a private, pre-vetted network of real estate investors. We Buy Houses’ investors will buy properties as-is for cash.
If your property is inhabitable and only needs some cosmetic repairs, you should consider making repairs. Nationwide investors scour the MLS for fix-and-flip homes, so you might get a competitive cash offer.
» Flat Fee MLS Virginia Listing Services: Find the best local VA flat fee service to list your home on the MLS.
5. Marketpro Homebuyers
AS IS CASH WHOLESALER
MarketPro Homebuyers is one of the biggest cash home buyers on the East Coast, buying 25 houses monthly. Apart from being a home cash buyer, MarketPro Homebuyers is also a wholesaler.
- Service Fee: None
- Typical Offer: 30% to 70% of Fair Market Value (FMV)
- Eligible Properties: Houses that need extensive repairs, homes with probate or power of attorney issues, homes of couples going through a divorce, inherited properties, vacant homes, etc.
- Closing Offer Terms: MarketPro Homebuyers provide a flexible closing date, up to 60 days out.
👉 Our Take: With MarketPro, there is a certainty of getting a cash offer because of Marketpro’s investor network. The cash offer may not be more than 70% of the home’s fair market value though.
» MarketPro Homebuyers Reviews: Is there truly no service fee with this cash house buyer?
- Packing & Moving Assistance: Marketpro makes moving to a new house hassle-free with an in-house moving service.
- No Renovation or Repair Costs: Marketpro.com purchases houses as-is. There is no need to renovate or repair before requesting a cash offer or after an offer has been made.
- Fast Closing: The preliminary cash offer is sent within 24 to 48 hours. MarketProHomebuyers.com closes in as little as seven days.
- No Transfer and Recordation Costs: When you sell to Marketpro, you don’t pay any closing costs.
» Is Marketpro homebuyers legit? Check this out to know more about them.
In our research, we came across some dealbreakers with Marketpro Homebuyers.
- Marketpro Pays Below Market Value: Market Pro HomeBuyers prides itself on giving below-market-value cash offers. The cash offer will likely not be more than 70% of the fair market value.
- Marketpro’s Invasive Sales Tactics: 73 out of 337 Google reviews are from consumers complaining about being on Marketpro’s Lead list. Even if you don’t request cash from Marketpro, once you are on this list, you will be spammed with mailers, emails, postcards, etc.
- Limited Coverage: MarketPro Homebuyers buy real estate for cash in 21 markets across 5 states. You should consider other reputable cash home buyers if your property lies outside Marketpro’s coverage.
» MarketPro Homebuyers Coverage: Find the real estate markets where MarketPro offers cash.
MarketPro HomeBuyers has a rating of 4.1 out of 5 stars on Google with 337 reviews.
MarketPro Homebuyers is a cash buyer of houses that owners want to get rid of. Whether it’s a property with bad tenants or you want to sell an inherited home, you should consider these AS-IS property buyers.
Marketpro’s uncanny marketing gimmicks are difficult to understand. In nearly 70 out of the 337 Google reviews, homeowners have complained about unsolicited emails, messages, and postcards.
iBuyers That No Longer Offer Cash for Norfolk Homes
- Zillow Offers: Zillow, the biggest real estate marketplace, started its iBuying arm in 2018. After losing $881M while over-paying cash for properties, in November 2021, Zillow stopped buying houses. Check out the story of the fall of Zillow Offers.
- RedfinNow: Redfin, the biggest discount real estate broker in the U.S., entered the home-flipping business with RedfinNow in 2017. In November 2022, RedfinNow shut down due to increasing operating costs.
Are Companies That Buy Houses for Cash in Norfolk Legit?
Yes, companies that buy houses for cash in Norfolk or cash house buyers are legitimate and operate legally nationwide.
🚨 Cash for Houses Scams: Remember to inspect how the cash company operates before you sign any real estate contract. A legitimate home buyer will never ask you to pay cash!
Types of Cash Home Buyers
Companies that buy homes for cash in Norfolk help home sellers skip the hassle of listing on the MLS, marketing, home staging, etc. The four types of cash home buyers are:
- “We Buy Houses for Cash” Companies: The “fix-and-flip” house cash buyers that buy distressed properties, make repairs, and sell on the open market. Norfolk home buyers pay 30% to 70% of the home’s fair market value and don’t have any service fees or closing costs.
- iBuyers: Home-buying companies that use proprietary algorithms and determine a cash offer for your house. In 2023, iBuyers in Norfolk will offer ~70% to 80% of the fair market value.
- Buy-and-Hold Cash Buyers: A buy-and-hold cash buyer in Norfolk will convert a distressed house into a rental property. They do not sell the upgraded property for a one-time profit and will enjoy a steady source of income.
- Home Trade-In Services: A home trade-in company will offer cash on your house to help you buy another property. They fund your next house while you sell the one you’re living in.
- 🏚️ Selling a Home in Poor Condition in Norfolk: We recommend “We Buy Houses for Cash” companies if your property is in bad shape. If the property only needs cosmetic repairs, you should list your home on Virginia MLS. You can get up to 100% of the fair market value on the open market!
Top “We Buy Houses in Norfolk” Companies Near You
|2. Virginia Beach, VA||We Buy Houses for Cash in Virginia Beach, VA|
|3. Manassas, VA||We Buy Houses for Cash in Manassas, VA|
How Do Companies That Buy Houses for Cash Work?
“We buy houses for cash” companies buy Norfolk houses “as-is” at much lower than the market value. They mostly work offline. Let’s look at the steps involved when you sell your house to a “We Buy Houses for Cash” company:
- Share Your Property Details: Cash buyer companies in VA will collect basic information like the location and condition of your property. You can share this via phone or their website.
- Review the Preliminary Cash Offer: The “cash for homes” Norfolk company will make an offer after comparing similar properties in the area. Typically it is 30% to 70% of the home’s fair market value.
- Complete a Home Inspection: Virginia home inspectors will perform an inspection if you accept the initial offer. After adjusting repair expenses and holding costs, the cash house-buying company will send a final offer.
- Accept the Final Cash Offer & Close: If the Norfolk home cash buyer’s final cash offer matches your expectations, then you can finalize the closing timeline.
» Sell My Virginia House Fast: Check out 5 ways to sell your Virginia house fast in 2023.
How Much Do Norfolk “We Buy Houses Cash” Companies Pay?
Companies that pay cash for houses in Norfolk use the 70% ARV rule.
Suppose your home is worth $300,000, and you have a defective roof that will cost $25,000 in repairs. So, you can expect a cash offer of about $185,000.
The 70% ARV Rule: Norfolk house buyers will never pay more than 70% of the property’s fair market value. They have to repair and renovate the acquired homes. The overhead expenses are deducted from your home sale proceeds.
» How Much are Closing Costs for Seller in Virginia: Find home sale proceeds from selling your house in Virginia.
“We Buy Houses for Cash” Norfolk: Pros and Cons
The biggest benefit of Norfolk cash buyers is their speed and convenience. Selling a house for cash will almost always net you 10% to 30% less than a financed offer though. Let’s look at the pros and cons of selling a home to a cash home buyer:
- Fast Cash Sale: In the traditional model, you have to list on the MLS and wait for potential buyers. However, with “We Buy Houses for Cash” companies, you get a cash offer within 24-48 hours of submitting details on their website.
- Flexible Closing: “We Buy Houses Cash Norfolk” companies move faster than traditional buyers. Home sellers can close on their timeline and need not wait for listing paperwork or mortgage pre-approvals!
- No Service Fees: “Cash for homes” companies don’t charge any service fees. The net profit after fixing and selling your home is enough for them to sustain their fix-and-flip model.
- No Upfront Costs: To earn maximum cash, home sellers invest in real estate photography and staging before listing on the MLS. VA cash home buyers purchase homes as-is, so you can skip marketing or repair costs.
- Lowball Cash Offers: Companies that buy homes in Norfolk generally pay 50% to 70% of the home’s fair market value, deducting all repair, utility, and re-selling expenses. Although there may be room for negotiations, you can’t expect more than 70% of the market value of your home.
- Non-Negotiable Deals: When dealing with “cash for houses” companies, the deal is usually take-it-or-leave-it. You can try to negotiate if the company overlooked something important, but most cash companies will not budge on price.
- Some Cash Buyers Will Make You Pay Closing Costs: Homeowners are forced to pay the seller’s closing costs, and it’s not disclosed on the cash buyer’s site. You should always read the terms and conditions document carefully.
» Estimate Seller Closing Costs Virginia: Breakdown of closing costs you incur as a VA home seller.
Alternatives to Companies That Buy Houses for Cash in Norfolk
- List Your Home With a Flat Fee MLS Service: With a Flat Fee MLS service, you can get up to 100% of the fair market value on the open market. High-tech For Sale By Owner websites like Houzeo will list your home on the local MLS within 24-48 hours and help you sell fast! 22% of homes listed on MLS sold above their final list price in February 2023.
- Hire a Top Realtor: Virginia Realtors have the expertise to help you sell your property fast within a set timeline. However, the best realtors will charge a 6% commission. That amounts to thousands of dollars in realtor commission! It’s the worst option if you want to earn maximum cash.
- Sell “For Sale By Owner”: Selling your home purely For Sale By Owner implies no access to the MLS. You market your property, conduct market research, manage offers and showings, etc., all by yourself.
» For Sale By Owner Websites in Virginia: Check out the best FSBO sites in the Old Dominion State.
Frequently Asked Questions
1. What is the best company that buys houses for cash in Norfolk, VA?
Houzeo is the most popular platform for sellers looking for companies offering cash for homes. Not a cash buyer themselves, Houzeo.com lets you access the power of the MLS for a small flat fee, giving you exposure to cash home buyers. iBuyers, including Opendoor, have also made offers on properties listed on Houzeo.com.
» How Much Does it Cost to List on MLS: Read to Know Why MLS Listings are Worth the Cost.
2. How do you sell a house to a cash buyer in Norfolk, Virginia?
List your home on Houzeo.com for multiple cash offers. You can also offer it to Opendoor or another cash buyer. You’ll then receive preliminary cash offers. You must ensure the offer meets your minimum requirements after adjustments for inspection and any service fee. Once you’ve accepted the offer, you can select your closing date.
3. Are "we buy houses for cash" companies in Norfolk, VA legit?
Yes! Many companies like We Buy Ugly Houses offer cash for houses. And these companies are legit with franchises across the nation. However, cash buyer scams are common in America, so you should always research the company before signing any official documents. You can also check customer reviews on sites like Google and TrustPilot. We also recommend you get a lawyer to review the contract before signing.
4. How long does a cash sale on a house take in Norfolk, VA?
Approximately, anywhere between 7 to 30 days, depending on the buyer and the specific situation of the sale. iBuyers like Opendoor and Offerpad can close as quickly as 10 business days.
5. Do We Buy Houses companies make fair offers?
Yes! iBuyers will offer up to 100% of the fair market value of your property. Local “we buy houses for cash” companies will typically offer less - 50% to 70% of the fair market value. Listing your home on a marketplace, like Houzeo.com, will get you exposure to iBuyers and local investors. This significantly increases your chances of maximizing your cash offer.