HomeVestors is a national cash buyer brand with franchises in 46 states. Most people are more familiar with HomeVestors’ famous trademark, “We Buy Ugly Houses.”
Like other cash buyer companies, HomeVestors purchases homes in as-is condition for a steep discount. You won’t have to worry about making repairs or paying closing costs. The tradeoff is that you will miss out on the chance to earn more money selling on the open market.
Before you accept an offer from a cash buyer like HomeVestors, you should compare all of your available options, including listing with an agent on the open market. An agent can help you sell your home as is while ensuring that you get the best possible deal.
- HomeVestors can help you sell your home quickly while also helping you to avoid any out-of-pocket repair costs. However, they will pay significantly less than the fair market value of your home — sometimes as little as 50%.
- HomeVestors operates on a franchise model, so service quality may vary between locations.
- Selling to HomeVestors can take as few as three weeks.
Pros & Cons of Selling to HomeVestors
- Availability: HomeVestors is a national brand, so it’s an option for most home sellers.
- No Repairs. You don’t need to worry about prepping your home for listing photos or paying for repairs because HomeVestors purchases houses as is.
- Fast Closing. When you sell to HomeVestors, you can close in as little as three weeks. However, if you need extra time, they will still work with you.
- Quality Of Service Varies. Since franchisees are independently owned and operated, the quality of service may vary. Complaints made by previous sellers are usually about specific franchises, not the entire company.
- Lower Offer Prices. HomeVestors won’t pay nearly as much as a buyer on the open market would. You could be missing out on tens of thousands of dollars by selling to a cash buyer.
- No Representation. If you sell directly to HomeVestors, there’s no one to represent your best interests, so you’ll have to negotiate and evaluate HomeVestors’ offer on your own. Whereas when you list with a real estate agent, they work for you and typically do everything they can to help you get the best deal possible.
How Does Selling to HomeVestors Work?
Homeowners who want to sell to HomeVestors can request an offer by calling their 1-800 number or completing a form online.
Your local HomeVestors franchisee will then follow up to get more information on your home and schedule an in-person or virtual inspection. A HomeVestors representative will then visit your home to examine its overall condition and see what repairs are needed.
After the home inspection, you will receive an all-cash offer from the HomeVestors franchisee. This typically happens within 24-48 hours or even sooner.
If you accept their offer, you can close in as little as three weeks. The franchisee will take care of the necessary paperwork; all you need to do is sign on the dotted line.
Selling to HomeVestors vs. Selling On The Open Market
HomeVestors can make the home selling process both fast and predictable. However, the convenience comes at a cost.
Like other cash buyers, HomeVestors purchases houses at a bargain price — sometimes as little as 50% of the home’s fair market value. Sellers will always get better value for their home by listing on the open market.
Selling your house on the open market creates competition and interest from various buyers. You may be able to get multiple offers for your home at or above the asking price, especially if your area is experiencing a seller’s market.
If you do list on the open market with an agent, you’ll have to pay realtor commissions, which are typically 5-6%. However, in all likelihood, this cost will easily be offset by a higher sales price.
Of course, if your home is in poor condition, a typical buyer may not be able to get financing for it — which means a cash buyer may be your only option.
Who Is Robin Milligan?
Robin Milligan is a HomeVestors executive who works in their corporate office in Dallas.
Her name is sometimes added to the company’s marketing materials to help build credibility. If you receive mail with Robin’s name on the return address, it’s your local HomeVestors franchise that’s reaching out, not Milligan herself.
Customers who gave positive reviews of HomeVestors noted things like:
- The speed and ease of the transaction
- Professional customer service
- A hassle-free closing
On the other hand, complaints and negative reviews focused on problems like:
- Lowball offers
- Failed promises surrounding closing time
- Losing an offer that was supposed to be firm
This home seller in Georgia says he knew he would receive a lower offer from HomeVestors, but that the process was worth it to sell his house:
This reviewer in Dallas says HomeVestors provided professional service from start to finish:
This home seller in Connecticut said HomeVestors closed quickly on her company:
This reviewer says they made his mother a lowball offer that was far below what the home was worth:
This Washington state home seller claims the HomeVestors franchise he worked with made lots of false promises about closing dates:
This home seller described her experience with the HomeVestors franchise in St. Louis as a complete scam:
Should you sell your home to HomeVestors?
HomeVestors makes fast cash offers on distressed homes — but at best, you’ll receive a fraction of what your home might net on the open market.
Clever can connect you with experienced real estate agents in your area. You’ll learn how much your home is worth and how long it might take to find a buyer. Best of all, you’ll pay just $3,000 or 1% in listing fees, saving thousands while potentially getting a better price for your home.