The Pros and Cons of Using HomeVestors 2022

What is HomeVestors?

How Does HomeVestors Work?

Is HomeVestors legit?

What are the alternatives to HomeVestors?

How much does HomeVestors pay for houses?

Should I sell my house to HomeVestors?

Is HomeVestors a good deal?

Who is HomeVestors?

How much does a HomeVestors franchise cost?

Is HomeVestors a good franchise?

Is HomeVestors a reputable company?

Is HomeVestors a scam?

Is HomeVestors the same company as we buy ugly houses?

What is HomeVestors?

HomeVestors of America is a real estate company that runs in 45 states in the USA. They are known to buy homes that are in need of renovations or repairs. Owners tend to choose to sell to HomeVestors if they wish to complete the process of selling their home faster than they would if they decided to sell through the traditional way of selling. As the property is bought directly through HomeVestors, the process to sell a house is shortened as the need for a real estate agent who will be listing the house and then work towards finding potential buyers is eliminated. Many homeowners or owners of properties that would require a lot of repairs to become viable property options again choose to sell to HomeVestors. 

How does HomeVestors work?  

HomeVestors operates through franchises. This means that property owners who want to sell to HomeVestors will need to call the company through their number and ask for an offer on their house. Alternatively, there is a form to request an offer on the HomeVestors website that is also available for those looking to get a quote. Once the HomeVestors franchisee in your area has received your information they will call you to request to arrange a viewing of the property. During this inspection and viewing, they will determine what they are willing to offer you for the house. Typically, the offer that you receive for your house will be within 24-48 hours, and it will then be up to you to decide whether you want to sell the house to them. Closing on the home sale through HomeVestors can normally take as little as three weeks, which means that you will be selling the house within less than a month. This quick and easy timeframe and process make HomeVestors a real estate company that many choose to sell their houses to. 

Is HomeVestors legit?

HomeVestors is as legit as they get. The company operates in over 800 markets through franchises and is present in 45 states. Normally the company will follow a quick process, outlined below, to appraise your property and to make a cash offer on your home ‘as is.’ Normally, the properties that they purchase require many renovations, and as such, the fact that one can sell their properties in less than three weeks makes the company a safe and sure choice for many sellers. 

The HomeVestors Process: 

1. Call or fill out the online form with the details of the house that you want to sell 

2. HomeVestors will call you to arrange an inspection

3. Receive cash offer for the house in as little as a day

4. If you accept the offer you can close on the house within three weeks

What are the alternatives to HomeVestors?

Depending on the area that you are in there may be a number of different companies that are willing to take on fixer-uppers or homes that require a lot of repairs to be marketable and sold. Normally, there are six types of companies that are willing to buy your home in a similar way to HomeVestors. As HomeVestors tends to offer quite low cash offers for the houses they sell, going with one of the following six types of house-buying services, may end up being a better deal for you. 

• Franchise Cash Buyers: this is the category that HomeVestors falls under
• iBuyers: these are companies that make offers on houses fairly instantaneously through the use of technology
• House Flippers: Local house flippers, or contractors may be able to offer you better money for your property than what one of these companies might offer
• Buy-and-hold investors: Normally, buy-and-hold investors will want to rent the property so as they almost always renovate the houses before renting, they may be willing to buy a home that needs a lot of repairs
• Trade-in companies: These companies will provide quick cash for the homeowner and then sell the house on the market with a percentage of the sale being taken as commission

Lenders or brokers: if they are looking to encourage purchases, they may be purchasing properties as investments

How much does HomeVestors pay for houses?

In general, HomeVestors makes very low offers on houses as they are trying to maximize their potential profit from any future sales. This means that they never offer more than 70% of the property’s value if it was in pristine condition and put on the market. This cap often makes the offers that they make on houses and properties not worth it for homeowners. What’s more, as the offer they make is non-negotiable you may be seeing a cash offer from them that does not reflect what your house would get if it was sold in its current condition. 

Should I sell my house to HomeVestors?

Choosing to sell to HomeVestors is a big choice and normally it is determined by two factors. The first one is the speed that you want to sell your property in. As HomeVestors tends to be able to make an offer on your house straight away, you can usually close on the sale within less than three weeks. If this is something important to you, then selling to HomeVestors is a good idea. The second important factor to consider is whether you are willing to settle for a price for your house that is much less than what its market value would be. If you are in need of quick cash and losing part of the home value is not something that is a deal-breaker for you then selling your house to HomeVestors may be a good option.

Is HomeVestors a good deal?

HomeVestors is a quick deal, but not necessarily a good one. As they offer less than 70% of the property market value, the price that they may be offering you for your house may be far lower than the one that you were hoping or expecting to get. Still, if you are in need of quick cash then choosing to sell to HomeVestors could mean that the sale of your home is completed much faster than it would if you tried to sell it through a real estate broker. 

Who is HomeVestors?

HomeVestors is a privately owned franchisor company. This means that many other companies will pay a price to use the HomeVestors name and branding and operate under it for the purchase of homes under the HomeVestors terms. HomeVestors franchisees, operate in over 800 markets and 45 states, making the operations of HomeVestors nationwide. 

How much does a HomeVestors franchise cost?

The initial fee to acquire a HomeVestors franchise ranges from $34K to $75K, this means that to start operating under the HomeVestors name potential franchising companies will need to be willing to spend a few thousand dollars to acquire the right to use the name. They will also need to then prepare their offices, and get advertising material using the HomeVestors franchise name. 

Is HomeVestors a good franchise?

HomeVestors is considered to be a good franchise to own by most. The franchise was named as one of the top 50 franchises to own in 2019, and in general, is a fairly affordable franchise that has a good name and many people choose to sell their homes through HomeVestors. If you are looking to invest and acquire a franchise in the real estate investing business, then HomeVestors may be one of the best options available for you. 

• Since 1996 more than 95,000 houses have been sold to HomeVestors
• It was named one of the Top 50 Franchises by Franchise Business Review
• It is a fairly affordable franchise, with the initial fee for it ranging from $34,000 to $75,000 
• HomeVestors can maximize profits by buying at low prices and selling at market value or higher

Is HomeVestors a reputable company?

HomeVestors is a reputable company that operates in over 800 markets. Their business model is fairly simple as they use franchises to expand their business and offer their property buying services in even more locations. HomeVestors always makes a cash offer on the property that they are looking to purchase. That cash offer, will not change prior to closing, and there are no negotiations regarding that offer. While the company is reputable, it usually offers lower amounts for houses than what their market value would be and as such, even though you can sell your home through them fairly fast, deciding to sell to HomeVestors requires awareness of the fact that you will be selling your property at a very low price. Still, the certainty of cash and the high speed at which transactions are completed through HomeVestors make this company a sure choice for many property owners. 

Is HomeVestors a scam?

HomeVestors is not a scam, in the sense that their company does exactly what it claims to do. That is, after they receive a message from you informing them that you would like to sell your home to them, they will come and inspect your house. Once the house inspection is completed, they will determine what a good price for your house is, according to them, and then make a cash offer for it. This cash offer is always less than 70% of the house market’s value not in its current condition, but rather if it was sold in a great condition and was renovated. This is why many people may find this company a scam as it offers cash on a house, at such a lower rate than the market value for the property. Still, this is something that is under the HomeVestors business model and not something that they have tried to hide before. HomeVestors is never the best amount for a property that you are looking to sell, instead, it is simply an incredibly fast way of making sure cash from the sale of your home in as little as 3 weeks. This makes it a very appealing choice to many people looking to sell their homes quickly. 

Quick facts: 

• HomeVestors is not a scam
• HomeVestors always makes a cash offer on a house that is 70% less than its market value
• A sale to HomeVestors can be completed in 3 months or less
• HomeVestors is a quick and sure way of making cash, but it will greatly undervalue the property that you are selling to them

Is HomeVestors the same company as we buy ugly houses?

Yes, HomeVestors is indeed the same company as the “We Buy Ugly Houses®” company. “We Buy Ugly Houses” is still the company tagline and it has become one of the most common ways of distinguishing and recognizing the company. If you have previously sold a home through them, you will know that the company mainly focuses on buying houses that are in need of repairs, and hence the tagline is often thought to refer to the condition that the houses that HomeVestors purchases are in. 

Summary: 

HomeVestors is a great company for those looking to sell their properties and home quickly for cash. While the offer that they may provide you is not always the best, using their service normally guarantees that you will be able to receive at least 70% of your property’s market value in less than 3 weeks. This makes the company a sure deal and has helped make it popular for homeowners looking to sell over the past few decades. HomeVestors is also known as “We Buy Ugly Houses” and under that tagline, they have purchased close to 100,000 houses.