Do you ever look at your home’s state and wonder if there’s a company that buys ugly houses near me? Fortunately for you, We Buy Ugly Houses does just that. As a homeowner, it is obvious to question how the company works, or if selling your house to a realtor directly would make more sense. Today, you’ll see billboards for We Buy Ugly Houses everywhere, but not many know about it.

Read on to learn how this company functions and how well they pay for your property.

How do they define an ugly house?

When we talk about ugly houses, it’s not the outer appearance alone that counts. For many people, it could mean many things. So, what makes a home an ugly one to qualify? And moreover, how do We Buy Ugly Houses define ugly? 

Homes with structural issues 

Homes in undesirable neighborhoods

Homes you wish to unload because of a bad memory, like a divorce or even something worse 

Houses with bad mortgage financing due to the inability to refinance, high-interest costs, or an adjustable-rate mortgage that becomes too costly  

Homes that are no longer convenient (may be far from your workplace) 

Homes experiencing foreclosure 

Inherited homes with problematic renters that new owners do not want to deal with 

Homes with termites, water damage, roof damage, or ones that have aged terribly 

How do We Buy Ugly Houses work?  

Here are the steps that can help you sell your home with We Buy Ugly Houses: 

Submit details of your home

You can get in touch with We Buy Ugly Houses over the call or online via their website. Then, provide them with basic details about the property, such as square footage, condition, age, and location. 

Schedule a date for inspection

After your intimation, the company will want to visit your property for inspection. It depends on your convenience, but it is mostly scheduled within 24 hours following your request.

You get the offer

After finishing the inspection, the company’s agent will provide you with a cash offer. It is a non-negotiable offer. So, if you like it, you take it or leave it.

Accept the offer

If you decide to proceed and take the offer, you will select a closing date and sign a purchase agreement. Compared to traditional buyers, We Buy Ugly Houses offers greater flexibility in closing date because of the absence of financing.

Receive the cash

Once you close the deal, you will have cash in hand; this process takes anywhere between two to five weeks.  

What will they pay you?

The company buys ugly houses,   but what do they pay? There are anecdotal reports that the company provides you with as little as fifty percent of your home’s market value. But there is no definite rule on how much they pay. The market feedback is, “Prices offered to buy ugly houses near me vary from those near my friend’s place.”

Since it is an independent franchise, they have no set price. However, typically, they adhere to the famous house flipping circle rule—the seventy percent rule. As part of the seventy percent rule, for a buyer to earn a profit on the property, they must not pay over seventy percent of the home’s after repair value (ARV) net of renovation and repair cost. However, please remember that seventy percent is only a speculatory maximum that We Buy Ugly Houses pays you to earn a profit. Sometimes, they may even persuade you to take fifty percent or sixty percent of the ARV and make more profit on the deal.

Should you sell or not sell

If you intend to sell your house for cash, there is a likelihood that you may be in a vulnerable position financially. It often makes you prone to some schemes and scams. Although people buy ugly houses , selling them may be a daunting decision. We Buy Ugly Houses can be an excellent choice for people scouring search engines with their query, “companies that buy ugly houses near me,”   provided they conduct some independent research. Overall, it is an excellent brand for someone whose property has been deemed hard to sell or ugly. They have several positive reviews and awards for their name, making them a reputable company. 

However, like all things, We Buy Ugly Houses also has its pros and cons. You can weigh them against each other and make your decision. 

Pros

They are quick 

Many websites and magazines recognize them as successful 

They will bear the closing costs 

They can potentially buy or sell any ugly home 

Cons

They pay below the market price 

To sum it up, if you decide on selling your ugly homes, trusting them to sell and repair your houses, remember that scams do exist. So, review the paperwork carefully before signing. Working with We Buy Ugly Houses can be for you if you want someone to buy your ugly house and know how to spot scammy investors .