Doug Hopkins Real Estate: Is This Cash Home Buyer Legit?

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  Written by Steve Nicastro

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  Edited by Galina Velgach

What to know about Doug Hopkins Real Estate | Who it works best for | Who should avoid it | Doug Hopkins reviews | How it works | Alternatives | FAQs

Doug Hopkins Real Estate is a legitimate brokerage and cash home buyer based in Arizona. Its founder, Doug Hopkins, is a real estate investor best known for appearing on the Discovery Channel’s house-flipping series Property Wars.

Like other ‘We Buy Houses for Cash’ companies, Doug Hopkins usually makes cash offers well below a home’s fair market value. So it’s best to compare offers from multiple cash buyers to get the best deal.

Weighing your options is much easier with a real estate expert in your corner. Our friends at Clever Real Estate can match you with an Arizona realtor who will field offers from cash buyers in your market. You’ll also get a free home valuation to compare your cash offers to what your home is worth on the open market. Get cash offers from top local buyers now!

Doug Hopkins Real Estate: What you need to know

Doug Hopkins is one of the top buyers of fixer-uppers and foreclosure properties in Arizona. The company is based in Mesa, AZ, but operates in most of Arizona’s major markets, including Gilbert, Phoenix, Scottsdale, Tempe, and Tucson.

Doug Hopkins offers to pay cash for houses as-is — in any condition or situation. That includes homes with significant repair issues (such as a bad roof, foundation, or fire damage) or homes in financial distress (such as foreclosure).

Like other cash home buyers, speed and convenience are the biggest benefits of using Doug Hopkins. The company says it will make a cash offer on your house in as fast as 24 hours, with no home inspections, appraisals, or financing contingencies attached.

How much does Doug Hopkins pay for houses?

While you’ll avoid paying any realtor commissions and closing costs, Doug Hopkins will likely offer you a price that’s well below what you’d get on the open market. Companies that buy houses for cash like Doug Hopkins typically pay 70% or less of a home’s after-repair value (ARV).

After-repair value	Offer price (70% ARV)
$500,000	$350,000
$450,000	$315,000
$400,000	$280,000

Investors use ARV — what your home is worth after making repairs and improvements to get it ready to sell — to figure out an offer price that’ll net them a profit on the open market. That means you might only get an offer of up to $350,000 for a home with an ARV of $500,000. 

However, it’s hard to know if Doug Hopkins’ ARV estimates and offer price are fair and if you’re getting a good deal or not. A home valuation from a local realtor can help you be confident you’re getting a fair price for your house.

Who Doug Hopkins Real Estate works best for

Homeowners or investors that need to sell ASAP

While Doug Hopkins may pay less than fair market value for your home, it’s a good option if you need to sell fast (the entire process can be completed in less than a month), don’t have the time to put your home on the market or value convenience over making the most amount of money on the sale.

For example, it might be an option if you’re facing foreclosure and have significant equity in your home. It’s better to sell fast and cash out your equity to a home buyer like Doug Hopkins, versus losing all of it in foreclosure.

People with homes in poor condition

Doug Hopkins is an option to consider if your home has significant repair issues that you can’t afford to make before selling. Serious issues like a bad foundation or fire damage can prevent a home from selling in the open market.

However, Doug Hopkins is probably not your best choice if your home has less serious and costly issues, like cosmetics defects (worn-out carpet, holes in drywall, etc.) Some home buyers prefer fixer-uppers and may offer you more money on the open market.

It’s impossible to know which route to take without first speaking to a local real estate professional. Our friends at Clever can match you with top Arizona real estate agents to discuss your market and whether or not home buyers are willing to purchase a home in poor condition. 

Who should avoid using Doug Hopkins

Homeowners or investors who want to sell at the highest price

Since cash home buyers like Doug Hopkins usually offer only 70% (or less) of a home’s fair value, you’ll likely sell for more money on the open market.

When you list a home for sale, it’s advertised to all different types of home buyers (first-time buyers, homeowners looking to downsize or upsize, retirees, etc). There’s a chance you can find someone who loves your home and offers you above fair market value — which a cash buyer will never do.

People with homes in decent condition

If your home doesn’t have any significant issues that would hold it back from selling on the open market, you should probably skip selling to a cash buyer like Doug Hopkins.

For example, homes with older roofs and HVAC systems or outdated finishes are easier to sell compared to homes with serious foundation issues or flood damage.

If your home is in decent shape but you need to sell fast, an iBuyer can close within a couple weeks and pay much closer to fair market value than cash buyers.

Doug Hopkins Real Estate reviews

Doug Hopkins has received mostly positive reviews from customers, with an average rating of 3.9 out of 5 stars based on reviews from its Google and Yelp pages. Here’s a summary of the major themes expressed in its reviews. 

✅ Honest, professional teams

Many Google reviewers say that Doug Hopkins made the home sale process relatively painless. Review comments include:

The Doug Hopkins team made selling my house really easy. When they say no hassle and no fees to the seller, they mean it.”

The whole team at Doug Hopkins were so friendly and actually cared about my needs when it came to selling my home.”

❌ Low offers

Some customers complain about receiving lower-than-expected offers.

One Yelp reviewer claimed the company offered him $110,000 for a home with a fair value of approximately $176,000. That’s about 62% of the home’s ARV.  

Another reviewer claims they sold the house to Doug Hopkins for $550,000, and the company then re-sold it soon after for $635,000.

How Doug Hopkins’s cash offer works

1. Contact a company for a home valuation

After providing the company with your home’s information, you’ll receive an initial ballpark home valuation. However, the value is just a starting point and does not reflect the price you may receive from Doug Hopkins or another cash buyer. The company will need to view your home in person to make an official offer.

2. Set up a property walk-through

If you decide to move forward, you’ll need to set up an appointment with a representative from Doug Hopkins’ team. An agent will come to visit your home and check out your home’s interior and exterior condition.

The company bases its offer price on its repair and improvement estimates, so they’ll be inspecting your home’s major components, including its roof, HVAC, electrical, and plumbing. 

3. Get your cash offer

Homeowners can expect a same-day offer from Doug Hopkins. The company doesn’t provide a typical closing time frame, but most cash buyers can close in a week or two. 

Doug Hopkins alternatives

We Buy Houses companies

Doug Hopkins is just one of several companies that buy houses for cash in Arizona. Other cash buyers in the area include Express Homebuyers, We Buy Houses, and We Buy Houses AZ.

Offer prices, closing time frames, and contract terms vary by company, so it’s best to shop around to get the best deal.

iBuyers

iBuyers like Offerpad and Opendoor also buy houses for cash and can close fast, but they typically pay much closer to fair market value than cash buyers like Doug Hopkins.

If you want a fast sale and higher selling price, but want to avoid the hassle of listing on the open market, iBuyers are a good option to consider. Just know that iBuyers are usually more selective about the homes they purchase and will only buy homes in good condition.

Low-commission realtors

Some real estate companies offer discounted rates on real estate agents, such as a 1% or 2% listing fee versus the typical 3% rate. That could potentially save you thousands of dollars on your home sale. 

The best low-commission realtors also provide the same services and support you’d receive from a traditional realtor, so you don’t have to worry about sacrificing service in favor of price. 

One option is Clever Real Estate, which matches up sellers with top local agents and pre-negotiates a 1.5% listing fee.

Doug Hopkins FAQs

Related reading

7 Companies That Buy Houses for Cash in 2022. These companies buy houses for cash, helping you sell your home quickly and conveniently — but at a cost!

We Buy Houses in Arizona | Top Companies for 2022. If you need to sell your house fast for cash in Arizona, Express Homebuyers and We Buy Houses might be good options, but they won’t offer your home’s full value.

Are “We Buy Houses” Companies a Ripoff? Depending on your situation, cash buyer companies could provide a hassle-free way to sell a distressed property. But if you want to get the maximum value for your home, an offer from a “We Buy Houses” company might leave you feeling ripped off. Learn more!

What Is An iBuyer? How iBuying Works, & More! iBuyers are companies that use technology and data to give home sellers fast cash offers. Learn how iBuying works and which companies are the best.