Buying a home in the traditional real estate marketplace isn’t always a straightforward process. Especially if you’re trying to sell your current home on a timeline that lines up with your next purchase. Homeward offers an innovative homebuying service that makes buying a new home easier with a “buy before you sell” solution. Below you’ll find our full, complete Homeward review—covering everything from whether or not they’re legitimate, to what kinds of homes they buy, to where they operate, to what the selling process is like, to how you get paid, to what customers are saying, to how they stack up to competitors and alternatives, to whether or not they’re worth selling to.

Is Homeward legit?

Homeward is marketed as a “modern home buyer” and operates as a real estate service company that lets owners win a new home before selling their existing one. Through its simple process and cash offers based on home value from a full market analysis, Homeward aims to eliminate the risk and stress of buying and selling real estate the traditional way.

Although there are no Google or Yelp reviews at this time, based on our review, Homeward seems to have established a good reputation in its niche. Its business operation is straightforward, and the company has received some feature coverage and commentary as an innovator in the real estate space. Homeward appears to be performing very well when it comes to its Better Business Bureau (BBB) customer review average star rating. (5 out of 5 stars based on 51 customer reviews an average.) It has had one BBB complaint (last 3 years) – and that received a BBB complaint resolution in the last 12 months.) So while Homeward does not appear to have an extensive online presence across ubiquitous review and reputation platforms like Google or Yelp, based on the quality of the BBB customer reviews, they passed our legitimacy smell test.

What kinds of properties do they purchase?

Homeward mainly focuses on the residential market. Their services are geared towards homeowners who are looking to transition between properties without having the stress of listing on the open market. Types of properties Homeward typically considers include;  

• Single-Family Homes: The main staple of Homeward’s portfolio are well maintained single-family residences.
• Condominiums and Townhouses: Homeward also buy both condominiums and townhouses, which are popular options for modern buyers in urban and suburban areas.
• Move-in ready homes: We are open to all types of homes, but we typically purchase homes in good condition that aren’t in need of significant repairs or renovations.

By focusing on typical, well-kept houses, Homeward hopes to give homeowners an easy answer that cuts the headaches often found in the traditional sales process.

Coverage area

Homeward’s services aren’t available nationwide. Instead, the company has strategically concentrated its operations in select markets where the need for fast, reliable real estate transactions is greatest. These typically include urban and suburban areas with active housing markets. Homeward is able to maintain solid infrastructure and operational efficiency as a result.

Selling Process

Homeward boasts a simple and transparent selling process designed to make selling your home as painless as possible compared to a traditional real estate sale. The typical process of selling your home with Homeward is as follows: 

• Initial inquiry: Homeward’s selling process begins with an online application where you fill out the details of your home. This initial step in the process is fairly straightforward and easy for almost anyone, including people who aren’t super tech-savvy.
• Assessment of the Property: Once Homeward has received this information, it makes an assessment of your home. This involves taking a detailed look at the condition of the property, comps (comparable sales), and market conditions.
• Cash Offer: Based on that assessment, Homeward will extend a competitive cash offer. Their cash offer provides you with the certainty and financial flexibility to win your next home fast.
• Inspection and Due Diligence: After you accept the offer, the buyer will perform an inspection to ensure that the property is in the expected condition. This step ensures no unforeseen issues can impact your final payout.
• Closing: If inspection results satisfy, the deal proceeds to closing. The process is typically quicker than a regular home sale, offering greater convenience, particularly for movers with tight deadlines.

The review highlights how Homeward expedites the process to limit the time, effort and stress associated with selling one’s home.

Homeward Payouts

One big benefit of selling to Homeward is the payout process. After assessing your home, Homeward gives you a cash payout that is competitive with the current market. This cash offer gives sellers the cash value of their home without the uncertainty and risk of selling on the open market, giving them the flexibility and assurance they need to close on their next home. The payout amount is based on several factors: 

• Market-Based Offer: Homeward uses real-time market data to ensure it is offering a cash offer that matches the current market.
• Property condition: Homes that appear to be move-in ready and have been well maintained typically sell for more than those that need significant repairs.
• Comparable Sales: Recent sales information from your neighborhood helps determine the final offer.

Understanding the payout structure and any associated fees is crucial. Homeowners are encouraged to review the terms carefully and ask detailed questions to ensure that the net amount received aligns with their financial goals.

Homeward Reviews

Though our research didn’t find any reviews via Google or Yelp, the Better Business Bureau (BBB) is one of the best resources we can point to regarding customer satisfaction with Homeward:  BBB Ratings: Homeward has an average customer rating of 5/5 stars out of 51 customer reviews. Complaints: 1 total complaint in the last 3 years. 1 complaint closed in the last 12 months.

This clean history with the BBB indicates a strong level of satisfaction with Homeward’s services. The lack of reviews on Google and Yelp also suggests a minimal level of public customer complaints.

Pros & cons

Pros

• Speed and efficiency: The simplified process allows you to receive a cash offer and close quickly compared to traditional real estate transactions.
• Financial Certainty: Homeward provides a cash payout based on robust market analyses so you can know exactly how much you can expect to make, which is especially useful in volatile or uncertain markets.
• Simplified Process: The “buy before you sell” model reduces the stress of having to deal with back-to-back transactions.
• Positive BBB Record: An exceptional rating on BBB, as evidenced by 51 customer reviews, indicating that they have resolved all issues promptly.

Cons

• Limited Online Reviews: The absence of reviews on sites like Google and Yelp might make some prospective buyers unsure of what the overall user experience has been like.
• Coverage Limitations: Homeward’s services are currently limited to selected markets, which means not all homeowners have access to their offer.
• Concerns on Fee Structure: Some customers have noted that the associated fees can mitigate the financial benefits of using Homeward’s service. Understanding all terms and conditions beforehand is crucial.
• High market dependency: The cash offer is heavily dependent on the current market climate, and this can vary greatly from market to market.

Competitors 

Homeward is in competition with a number of other companies with similar offerings. Some of the more prominent companies competing in the iBuyer and “buy before you sell” space include: 

• Opendoor: Opendoor is usually the first alternative many homeowners consider due to its strong digital experience and large market share.
• Knock: With a trade-in solution that combines the buy and sell process, Knock has cornered the market for homeowners looking for an easy transition.
• Offerpad: Like Homeward, Offerpad can provide cash offers and fast closings but operates under its own fee structures and customer service expectations.

Each of these competitors has its own strengths in the market, and potential sellers should thoroughly evaluate the offerings.

Competitors Analysis: 

When comparing Homeward to its competitors, here are some considerations:

• Market Presence: Companies like Opendoor have a wider national presence, which may lead to more competitive offers in specific markets. Homeward’s targeted regions may allow it to provide a more personalized service within those areas.
• Tech and Process: All four companies use technology to make things more efficient, but some companies integrate the use of tech more than others, namely Knock, compressing the time it takes from buying to selling. Homeward employs a simpler process with an emphasis on speed but might not provide as many digital tools as some of its competitors.
• Fee structure and payouts: Each competitor has a different all-in cost and net payout. Homeward’s model appeals to people who value certainty and quick closings, while the others typically give sellers slightly higher net returns after their fees.
• Customer service: Homeward’s good BBB reviews indicate a dedication to sorting out any issues that customers bring up. However, with few other reviews online, some customers may prefer working with a company like Opendoor that has a larger online presence.

Alternatives Worth Considering

If Homeward’s service isn’t a good fit for you, one of the following alternatives can be:

• Traditional real estate agents: Hiring a traditional real estate agent can be a good idea for homeowners who are prepared to work with a local real estate agent, wait for the best offer on the market, and still want a personalized service.
• Alternative iBuyer Services: Other national companies such as Opendoor, Knock, and Offerpad have various advantages. You can consider fee structures, locations served, and user reviews of these companies to make a decision.
• Real Estate Auctions: Faster sale than by other means but seller may wind up accepting lower price.
• Rent Out the Property: If the need to sell your home isn’t pressing, a good option might be to rent it out so you can continue to make an income.

Homeward Reviews: Should You Sell To Them?

Homeward is a great option for sellers who are comfortable with technology and want to make the most profit possible by cutting out traditional commission fees. It is one of the most competitive discount brokers overall due to its strong digital platform, flexible service packages, and solid customer ratings across Google and the BBB.

Write a Review

 

Submit Review