What You Need To Know About Selling To The Top 10 “Buy My House” Companies
What You Will Read In This Article
Are you looking to sell your house fast for cash? There are many companies that will buy homes fast for cash.
In this article we will explore 10 ‘buy my house’ companies.
Opendoor purchases homes in multiple states. They are a VC-backed real estate investor that focuses on homogenous homes.
They purchase the following residences in certain locations:
- Single family homes
What is Opendoor?
Opendoor is categorized as an iBuyer. They will make an offer on a home within days or, in some cases, hours. All offers are confidential. Please be aware that any offer that Opendoor makes is just an estimate. It is dependent on a home inspection. In some cases, a home inspection might reveal something that makes Opendoor lower their original offer or show that they have made an error in the house’s original valuation.
Please be aware, if Opendoor cannot make an offer then they will redirect you to a random real estate agent to collect an undisclosed referral fee.
How Does Opendoor Buy Houses?
Opendoor does not purchase extremely old residences. Instead all houses must be newer than 1960 with a value that holds between $125,000 to $500,000.
To determine the offer, they will discount from the estimated value of the residence only after a full renovation. Basically, a seller can expect to receive from 80 to 85 percent of their home’s value after all repairs, fees, and resale costs have been calculated.
Typically, Opendoor will purchase a home that is priced below market value. The low price is due to needed repairs, renovations, or other important factors. Once Opendoor buys the house, they then renovate and resell it to make a profit. They will sell the house to companies that rent homes or to other buyers.
The low offer that Opendoor makes on the home is an all-cash offer that provides a rapid closing. Opendoor takes pride in offering convenience, speed, and the peace of mind that comes with the certainty of a fast sale
Yes, Opendoor will provide fast home sales if the inspection goes okay but there are high fees that start at 6 percent and increases to 12 percent for properties considered more at risk.
Any home seller should pay special attention to the transaction costs that occur during purchase such as the real estate agent fees (Opendoor does pay real estate agent commissions) which are then added into the company’s fee structure. Clearly, the ability of Opendoor to offer fair value for the homes they buy falls into question when you consider all the costs that they are paying out and having to factor in.
The factors that Opendoor uses to determine an offer include:
- Needed repairs
- Time required to finish repairs
- Value of home compared to others in the area
- Real estate commission resale
- Cost to maintain the home during necessary repairs such as insurance, taxes, utilities, homeowners’ dues, and payments
Who Represents Opendoor?
Opendoor’s parent company is Opendoor Brokerage, but they are completely different legal propositions. Opendoor is an iBuyer (real estate investor). Opendoor Brokerage acts as a licensed real estate broker.
Eric Wu is the current CEO of Opendoor and the co-founder. Prior to founding Opendoor, Wu founded Movity.com which was later acquired by Trulia in 2011.
Opendoor Company History
Founded in 2014, Opendoor is headquartered in San Francisco, California. They have served 75,000 customers. Currently, they operate in the following twenty-one cities:
- Dallas-Fort Worth
- Las Vegas
- Los Angeles
- Minneapolis-St. Paul
- San Antonio
- Salt Lake City
Reviews About Opendoor
You should do your due diligence before working with any company. Below are some sources of information of real experiences and reviews from people who have used Opendoor’s services.
- Just sold my home through Opendoor.com (Review)
- Is Opendoor incompetent, fraudulent, or something else?
- Beware buying from Opendoor
- My Experience with Zillow Offers vs Opendoor
Renee Real Estate revealed that Yelp has posted many less-than-favorable reviews of Opendoor.
In addition, there are also a number of reviews on Yelp.
With anything, take your time and educate yourself and make a decision on all factors that makes the most sense for you and your situation.Click here to request a cash offer before selling to Opendoor.
HomeVestors is the organization of a franchise network that is also known as the “We Buy Ugly Houses” company. Each individual franchise is tasked with evaluating the condition of a home and makes their own cash offer. They also all have their own franchise formulas for offers that are rendered based on the estimated retail value of the house only after it has been fully renovated.
They purchase the following:
- Single family homes
- Occasionally commercial properties
What is HomeVestors?
HomeVestors labels themselves as the ‘number one’ homebuyer in America. They make all-cash offers on homes. Since 1996, they are reputed to have purchased over 100,000 homes nationwide.
How Does HomeVestors Buy Homes?
HomeVestors purchases a home for cash at a price below market value and then renovates the residence to resell it. In most cases they will close on a house in less than 30 days after making the cash offer. All the franchises function a little different but typically they follow the following factors when making a cash offer on a house:
- Existing condition of the house and all needed repairs
- Value of home compared to other homes in the region
- Real estate commission required for the sale
- Costs needed to maintain the home
A representative with a franchise in your location will visit your home and evaluate it to make a cash offer. The home is purchased ‘as is’ which means you won’t need to make any required repairs. You never have to pay a fee for HomeVestors to purchase your home. Typically, after the franchise buys the home, they hold it for an average of six months before selling while they renovate and find a new buyer.
Who Represents HomeVestors?
HomeVestors is a private Dallas company that now has 250 franchises in 30 states and continues to steadily grow. They operate using what is termed a ‘seed’ process where they offer multiple franchise opportunities throughout the U.S. They focus on the concept of ‘ugly’ as a marketing slogan which is why they were initially known as the ‘Web Buy Ugly Houses’ people.
Today, David Hicks acts as CEO of HomeVestors of America.
HomeVestors Company History
In 1989, Ken D’Angelo created HomeVestors of America. By 1996, he started to franchise the company.
Reviews about HomeVestors
Reviews of HomeVestors range from negative to positive. However, as a franchise it’s hard to focus on reviews because every franchise in each location is run slightly different and headed by others. One franchise might function well, and another provide less than ideal service.
- Should I Go With We Buy Ugly Houses
- Has anyone sold their house with the “We Buy Ugly Houses” people or other groups like that?
- Anyone have any experience with We buy ugly houses/HomeVestors?
We did an in-depth review on how We Buy Ugly Houses works, you can read that review here.Click here to request a cash offer before selling to We Buy Ugly Houses.
HomeLight acts as a resource that helps a home seller locate a real estate agent. However, they have another branch known as HomeLight Simple Sale which acts somewhat as an iBuyer site such as Opendoor.
What is HomeLight Simple Sale?
If you are looking to sell your house quickly for cash, then you’ll want to check out HomeLight Simple Sale. They make the process ‘simple’ which is their claim to fame. HomeLight Simple Sale acts as simple ‘middleman’ between the home seller and a bevy of iBuyers/investors who are looking to purchase a home quickly for cash. The process being simple most likely varies between each transaction but is probably much less complicated than a traditional home sale.
How Does HomeLight Buy Homes?
To use HomeLight, you visit their site and you fill out a basic questionnaire that explains your situation. You can even estimate your home’s value. You will choose your home’s type such as the following:
- Single Family
- Mobile Home
- Vacant Lot
You’ll be asked how soon you plan on selling your home. HomeLight’s system will then run all the numbers to find active buyer for your home. HomeLight Simple Sale has a network of hundreds of buyers that they will instantly put you in contact with, so you start to receive cash offers on your home immediately. At least, that is what they claim.
HomeLight is entirely free and you are under no obligation They will handle all the buyer’s side of the entire home sale transaction.
Who Represents HomeLight?
HomeLight is a software development company that focuses on helping people buy and sell homes. They were founded by BC Broussard, Drew Uher, and Jason Zhang.
HomeLight Company History
Drew Uher and his wife were the first to launch HomeLight in 2012 in San Francisco, CA. The software focuses on over 70,000 agents across the nation to match home sellers with the leaders in their area.
Reviews About HomeLight
If you take a look at Homelight’s reviews on Yelp, you will find some contradicting reviews but you should take these with a grain of salt as most of the negative reviews seem to be from people frustrated with wanting to get something for nothing.Click here to request a cash offer before selling to Homelight.
Offerpad is what is referred to as an iBuyer. They purchase homes for cash. The company depends on algorithms and local data points to make a cash offer.
What is Offerpad?
As an iBuyer, Offerpad provides a cash offer on a home and then progresses to a speedy close. Usually, they buy homes in poor condition or that require some fixing up. However, in some cases they do buy move-in ready residences.
How Does Offerpad Buy Homes?
You will visit Offerpad’s site and fill out a questionnaire that asks about the condition of your home. Offerpad then uses an algorithm to figure out a cash price. Once complete, local buyers will look over the findings and reach out to you within 24 hours with an offer. If you decide that the offer is good, then a close date is set up.
You can pick either Offerpad’s Free Local Move (within 50 miles) or Extended Stay (up to three days after closing) option when setting up a closing option. An onsite inspection of the home is scheduled 15 days after you accept the offer. If repairs are required, then Offerpad will have all repairs completed prior to closing. The costs are then credited to Offerpad. However, in some situations, you can hire a licensed contractor to carry out the needed repairs prior to the close. At close, Offerpad takes a six to 10 percent service fee.
Who Represents Offerpad?
Offerpad Company History
Since its founding, Offerpad continues to grow. They are currently selling in mostly metropolitan areas such as
- Phoenix, AZ
- Tucson, AZ
- Birmingham, AL
- Jacksonville, FL
- Orlando, FL
- Tampa, FL
- Atlanta, GA
- Las Vegas, NV
- Charlotte, NC
- Raleigh, NC
- Austin, TX
- Dallas-Fort Worth, TX
- Houston, TX
- San Antonio, TX
Reviews About Offerpad
Offerpad’s reviews on Yelp seem to be on the low side but they need to be taken in context of what the reviewer was trying to accomplish.
We really didn’t find much else out there other than other real estate companies trying to piggyback on the search term “Offerpad Reviews”.Click here to request a cash offer before selling to Offerpad.
Express Homebuyers purchases homes in many locations nationwide. They pride themselves on offering a fair price and they do not have expensive broker fees or excessive closing costs.
What is Express Homebuyers?
Express Homebuyers is a homebuying service that buys home rapidly at below market value.
How Does Express Homebuyers Work?
You can either call Express Homebuyers or you can use their online serve by filling out a questionnaire. Once they receive all of the information on your home then you will receive a fair ‘as is’ price offer on your home within minutes. A buying specialist will then schedule an in person meeting with you to look over your home and make all the necessary arrangements. You can then schedule a closing date, often within seven days of accepting the cash offer.
Who Represents Express Homebuyers?
Express Homebuyers History
Express Homebuyers was founded in 2003. Since their founding, they have been growing significantly nationwide.
Reviews About Express Homebuyers
Yelp Reviews vary from good to bad and the bad reviews seem to be focused on people feeling that they are overly aggressive with contacting them or that their offer was too low. Both of which can be expected with this type of service, good or bad – that is how they operate.
They did have a number of positive reviews on the Better Business Bureau that you should also read up on before making a decision.Click here to request a cash offer before selling to Express Homebuyers.
Highest Cash Offer refers to themselves as a real estate solutions company. They buy houses that are often difficult to sell.
What is Highest Cash Offer?
Highest Cash Offer is like other sell fast for cash buyer services. They make a cash offer on your home that is below fair market value and then provide you with a quick close.
How Does Highest Cash Offer Work?
You can call Highest Cash Offer or fill out a few questions on their site. An acquisitions specialist will come to your home to inspect it and make a cash offer. You have the option of closing based on your timeline so you can set the close date for as soon or as far out as you need.
Who Represents Highest Cash Offer?
Jared Vidales as acted as the Chief Executive Officer for Highest Cash Offer for the last four years.
Highest Cash Offer History
Highest Cash Offer was founded in 2010 in Arizona.
Reviews about Highest Cash OfferClick here to request a cash offer before selling to Highest Cash Offer.
WeBuyHouses.com is very reputable “Buy My House” company that offers home buying services nationwide. They often refer to themselves as the ‘original cash buyer.’
What is WeBuyHouses?
WeBuyHouses is an online website that represents a large network of real estate investors of homes. They have the ability to buy your house in all states and large cities.
How Does WeBuyHouses Work?
You visit the WeBuyHouses site where you enter your home’s information. They will then schedule a time to view your house if needed. Once they have seen the property or feel comfortable, they will make a cash offer. You do not have to worry about making any repairs. A closing date is then scheduled for your home on your timelines. Typically, it takes only seven to 14 days to close on a home. The best part of “We Buy Houses” is there are no hidden fees.
Who Represents WeBuyHouses?
WeBuyHouses.com is made up of independent business owners who individually license the brand and systems from the head company. They then operate under the brand’s name.
CEO, Jeremy Brandt, heads up WeBuyHouses.com. They are based out of the Dallas/Fort Worth area. The company was founded in 1989.
Reviews about WeBuyHouses.com
Amazingly, they have been in business since 1997 but do not have any BBB reviews on their main profile. Because each territory is licensed to individual entrepreneurs the reviews are spread out all over multiple online profiles. If you are considering using them to buy your house, we would recommend looking into the licensee’s track record in your area.Click here to request a cash offer before selling to WeBuyHouses.com.
House Heroes is a buy my house company that buys homes located in Florida, but their logo’s tagline is “America’s Super Home Buyers” so it is probably safe to assume they will be expanding in the near future.
What is House Heroes?
House Heroes works like other cash buyers. As a smaller company, you get more personalized service than some of the iBuyer giants. When you call to talk about a cash offer, you get to speak with the co-founder’s brother Nick Machado who has worked closely with property sellers for the last three years.
How Does House Heroes Work?
You can fill out the online form to receive a cash offer or you can call House Heroes directly. When figuring out a cash offer to make for your home, they will factor in any home renovations that might need to be undertaken and have deep local knowledge of Florida’s real estate markets. An offer can then be made, and a close date scheduled.
Who Represents House Heroes?
House Heroes is represented by Lucas Machado who is the founder. He works with a partner named Earl White.
House Heroes History
House Heroes was founded in 2013. They are headquartered in Florida.
Reviews About House HeroesClick here to request a cash offer before selling to House Heros.
Zillow has gained a great deal of respect as an online house seller/buyer site. Recently they rolled out a new service called Zillow Instant Offers.
What is Zillow Instant Offers?
Zillow Instant Offers acts in a remarkably similar way to other iBuyers.
How Does Zillow Instant Offers Work?
You simply enter your home’s information on their site and receive a cash offer if the service is available in your area. There is no fee to receive an offer. If you decide to take the offer, then Zillow will deduct their fee from your net. They buy all homes as is and you do not have to worry about making any repairs. If you currently have an agent, then you can ask your agent to get you an offer from Zillow Instant Offers.
Who Represents Zillow Instant Offers?
Zillow Instant Offers is a part of Zillow.
Zillow Instant Offers History
Initially Zillow launched their Zillow Instant Offers in two cities Las Vegas and Orlando, Florida. 15 large private investors put forth the money. The service was rolled out in 2017 and has grown. Currently they will buy your house in the following markets.
- Atlana, GA
- Austin, TX
- Charlotte, NC
- Cincinnati, OH
- Colorado Springs, CO
- Dallas, TX
- Denver, CO
- Fort Collins, CO
- Houston, TX
- Jacksonville, FL
- Las Vegas, NV
- Los Angeles, CA
- Miami, FL
- Minneapolis-St. Paul, MN
- Nashville, TN
- Orlando, FL
- Phoenix, AZ
- Portland, OR
- Raleigh, NC
- Riverside, CA/Inland Empire
- Sacramento, CA
- San Antonio, TX
- San Diego, CA
- Tampa, FL
- Tucson, AZ
Reviews About Zillow Instant Offers
Not surprisingly, on their website Zillow Instant Offers have very positive reviews. However, around the web, the reviews get less than stellar, such as on Consumer Affairs. If you want a detailed review of how Zillow Instant Offers works, we put together this in-depth guide.Click here to request a cash offer before selling to Zillow Offers.
Orchard is an iBuyer with a twist. They allow you to purchase your new house with an offer based on what they will buy your house for if it doesn’t sell. However, they will try to sell your house with a real estate agent prior to buying your house for cash.
What is Orchard?
As mentioned, Orchard is a home buyer, seller, and lender. You can easily sell your home to Orchard using their online site.
How Does Orchard Work?
You answer a few questions on Orchard’s site. They will then provide you with a cash offer. If you accept the offer, then you can schedule a close date. Many opt to use Orchard’s services because they can sell their current home quickly so they can then buy another home and never have to worry about losing the house of their dreams because their current residence won’t sell. An Orchard home advisor will work closely with you to ensure a quick sale and purchase on another house if that is your wish. Individuals who are looking to not only sell their current home but buy a home are often referred to as dual trackers. You can also simply sell your home for cash to Orchard.
They don’t operate in all markets though, currently they buy houses in the following areas.
Who Represents Orchard?
Court Cunningham is current CEO and co-founder of Orchard.
Orchard was founded in 2017. They are a New York based company.
Reviews About Orchard
Unlike many iBuyers, Orchard has wonderfully positive reviews.Click here to request a cash offer before selling to Orchard.
About the Author: Kris Lippi is the owner of ISoldMyHouse.com, the broker of Get LISTED Realty and an official member of the Forbes Real Estate Council. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, Fox News, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.