What 'We Buy Houses' Really Means – And How It Works in Chicago?
If you've seen signs around Chicago that say “We Buy Houses” or received postcards with similar messages, you might have wondered what it's all about. Is it a scam? Does it work? Can someone really buy your house fast and for cash?
In this post, we’ll explain what it means, how the process works in Chicago, and what to expect if you decide to go this route. No fluff—just clear, simple information for homeowners who want to sell quickly or without the stress of traditional real estate.
What Does “We Buy Houses” Mean?
The phrase “We Buy Houses” usually refers to real estate investors or companies that specialize in buying homes directly from sellers, often in as-is condition. These buyers are not real estate agents—they are investors who either:
Renovate and resell the property (also known as house flipping),
Keep the property as a rental, or
Sell it to another investor.
This approach can be helpful for homeowners who want to sell without making repairs, dealing with open houses, or waiting months for the right buyer.
Why Would Someone Choose This Option?
Selling a home traditionally can take time, money, and effort. That’s not always possible—desirable, especially if:
You're facing foreclosure
You inherited a property you don’t want
Your home needs major repairs
You’re relocating quickly for a job or personal reasons
You’re behind on taxes or dealing with liens
You simply want a fast, stress-free sale
Buyers aim to make the process easy, and in many cases, they can close within days or weeks.
How It Works – Step by Step (Chicago Style)
Let’s break down the process of selling to a company or investor in Chicago:
1. Initial Contact
You reach out to a company by phone, through a website, or in response to a letter or postcard. You’ll be asked basic questions like:
What’s the address of the property?
What’s the condition of the home?
Why are you looking to sell?
This first step is low-pressure. You’re not committing to anything yet.
2. Home Evaluation
If it sounds fit, the buyer will schedule a time to see the home in person. They’re not looking for perfection. Most investors expect the home to need work and won’t ask you to fix anything.
In some cases, especially for out-of-town sellers, buyers may even make offers based on photos or a virtual walk-through.
3. Receive a Cash Offer
After viewing the property, the buyer will give you a cash offer. This means no banks or mortgages are involved. The offer is usually based on:
The home’s current condition
Comparable sales in the area
Estimated repair costs
Their profit margin
In Chicago, this can vary widely depending on location (for example, homes in Hyde Park will differ from those in Englewood or Austin).
You can accept, decline, or negotiate. There’s no obligation.
4. Sign the Agreement
If you accept the offer, you’ll sign a simple purchase agreement. This is a legally binding contract, but it’s usually much shorter than what you'd see in a traditional real estate deal.
The closing date can be flexible—you can choose to sell in a few days or a few weeks. Some sellers need time to move out, and most investors can work with your timeline.
5. Close and Get Paid
At closing, which typically takes place at a title company or attorney’s office, you’ll sign the final paperwork. You’ll receive your payment, often in the form of a cashier’s check or wire transfer.
Because it's a cash deal, there’s no waiting on loan approvals or bank appraisals, which means fewer delays.
Is It Legit?
Yes, many “We Buy Houses” companies in Chicago are legitimate. But, as with any industry, there are bad apples.
Here’s how to protect yourself:
Check reviews. Look up the company online to see what past sellers have said.
Ask for references. A serious buyer should be fine with this.
Review the contract. Make sure you understand everything. Consider having an attorney review it, especially in Chicago, where real estate attorneys are commonly involved.
Don’t pay upfront fees. Legitimate buyers don’t charge you to make an offer.
Pros of Selling to a “We Buy Houses” Company
Speed: You can often close in as little as 7–10 days.
Simplicity: No repairs, no showings, no inspections (in most cases).
Certainty: No worries about buyer financing falling through.
Flexibility: You choose your move-out date.
Cons to Consider
Lower offer: You’ll usually get less than retail value since the buyer is taking on risk and costs.
Less negotiation: These buyers are running a business, so they might not be open to big changes in the offer price.
Scams exist: Not all buyers are trustworthy, so you must do your homework.
Local Insight: Chicago-Specific Considerations
Chicago has its real estate quirks. Here are a few things to keep in mind:
City inspections: Some neighborhoods, like Skokie, require point-of-sale inspections to ensure properties meet local codes before a sale can proceed.
Water bills: Before closing, the City of Chicago mandates obtaining a Full Payment Certificate (FPC) to confirm all water and sewer charges are settled. Without an FPC, you cannot obtain the necessary transfer tax stamps to record the property deed.
Title issues: If the home has liens, unpaid taxes, or code violations, the investor may still buy it, but they’ll likely factor that into the offer.
Winter sales: In colder months, selling to an investor can be easier than waiting for a retail buyer.
Final Thoughts
Selling to a “We Buy Houses” company in Chicago isn’t for everyone. But if your goal is to sell fast, avoid costly repairs, or get out from under a stressful situation, it can be a smart solution.
The key is to work with someone honest, transparent, and experienced in the local market. Ask questions, take your time, and don’t be afraid to walk away if something doesn’t feel right.
Remember, you have options. And when life throws you a curveball—whether it’s a job change, financial trouble, or an unwanted property—it’s good to know there are buyers out there ready to help you move on, quickly and easily.
