Is HomeVestors Legit?

HomeVestors is a legitimate company operating on a franchise model. This means while the company itself is established, the quality of service can vary from location to location. They’ve been in the business for over two decades, buying houses directly from homeowners for cash. While this offers a quick and often hassle-free solution, it’s essential to approach them with a critical eye.

What Types of Properties Do They Buy?

HomeVestors primarily targets properties that might pose challenges in the traditional real estate market. These typically include:

• Inherited properties: Dealing with the complexities of inheriting a house can be overwhelming. HomeVestors offers a swift exit strategy.
• Properties in need of repairs: Extensive renovations can be costly and time-consuming. HomeVestors buys houses “as-is.”
• Vacant properties: Unoccupied homes can attract vandalism, squatters, and accumulate unpaid property taxes. HomeVestors provides a quick solution.
• Pre-foreclosure or foreclosure properties: Facing foreclosure is a stressful situation. HomeVestors can offer a way out before the bank takes possession.

Coverage Area

HomeVestors boasts a wide reach, operating in all 50 states. This extensive coverage ensures that homeowners nationwide have the option to sell their property quickly for cash.

Selling Process

The selling process with HomeVestors is designed for speed and convenience. Here’s a general overview:

1. Initial Contact: You can reach out to HomeVestors through their website or by phone.
2. Property Evaluation: A local HomeVestors representative will visit your property to assess its condition and potential value.
3. Cash Offer: Based on the evaluation, you’ll receive a cash offer.
4. Closing: If you accept the offer, HomeVestors handles the closing process, which can often be completed within weeks.

Payout

HomeVestors pays in cash, eliminating the waiting period often associated with traditional home sales. However, it’s crucial to understand that their offers will typically be below market value. This is because they factor in the costs of potential repairs, holding the property, and reselling it.

Reviews

While HomeVestors holds a BBB accreditation, their rating is a concerning 1.5 stars, with a substantial number of customer complaints. It’s essential to remember that these complaints might represent isolated incidents or issues specific to certain franchises. However, the volume of negative feedback warrants caution.

Pros and Cons

Pros:

• Fast and convenient way to sell a house
• No need for repairs or cleaning
• Cash payment upfront
• No agent commissions or closing costs

Cons:

• Significantly lower offer compared to market value
• Limited negotiation room
• Potential for inconsistent service based on franchise
• Negative BBB rating and numerous complaints

Competitors

HomeVestors faces competition from several other cash-for-houses companies, including:

• We Buy Houses
• Express Homebuyers
• Offerpad
• Opendoor

Competitor Analysis

When considering selling your house for cash, comparing offers from multiple companies is crucial. Key factors to consider include:

• Offer amount: Compare cash offers from different companies to find the best deal.
• Closing speed: Determine how quickly each company can close the sale.
• Reputation: Research online reviews and BBB ratings.
• Fees: Some companies might charge additional fees beyond closing costs.

Other Options You Should Consider

Before committing to a cash-for-houses deal, exploring alternative options is advisable:

• Traditional sale: While it might take longer, selling through a real estate agent could potentially yield a higher sale price.
• FSBO (For Sale By Owner): If you’re confident in your negotiation skills and marketing abilities, selling your house yourself can save on agent commissions.
• Home improvement loans: Investing in repairs to increase your home’s value might lead to a better sale price in the traditional market.

Reviews: Should You Sell To Them?

Deciding whether to sell your house to HomeVestors requires careful consideration. While they offer a quick and hassle-free solution, the significantly lower offer compared to market value is a substantial drawback. The company’s BBB rating and numerous complaints further raise concerns about the potential customer experience.

It’s recommended to explore all available options, get multiple cash offers, and carefully weigh the pros and cons before making a decision.

FAQs

FAQ 1: How quickly can HomeVestors close on a house? HomeVestors aims to close on a house within a few weeks, but the exact timeline can vary based on factors like property condition and local market conditions.

FAQ 2: Does HomeVestors cover closing costs? Yes, HomeVestors typically covers closing costs as part of their offer.

FAQ 3: Can I negotiate the offer price with HomeVestors? While negotiation is possible, it’s generally limited with cash-for-houses companies like HomeVestors. Their offers are often based on quick calculations and the potential costs involved in fixing up the property.

Ultimately, the decision to sell your house to HomeVestors should be based on your specific circumstances and priorities. Carefully evaluating your options and understanding the potential drawbacks is essential to making an informed choice.

Contact

Website: https://www.homevestors.com/

Phone: 866-949-2967 

Address: 6500 Greenville Avenue #400, Dallas, TX 75206