4 Top We Buy Houses for Cash Companies in Covington
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Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
Are you thinking about selling your home in Kentucky but are concerned about the hassle and costs involved? “We Buy Houses” Covington companies might be your gateway to a quick, all-cash offer. These companies specialize in purchasing homes that may require some refurbishing, providing an easy solution for owners lacking time or resources for repairs.
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout Covington.
Sell Your House Fast in Covington With a Cash Offer
A cash sale can be particularly appealing when dealing with the sudden need to relocate for work or an unexpected inheritance. It offers the convenience of skipping the conventional market, letting you move on without the usual delays or financial burdens associated with home selling.
This post will explore the advantages and drawbacks of using house-buying companies in Covington, empowering you with the information needed to make an informed decision about selling your home for cash. We will also provide you with some alternatives and show you how the process works.
Working with house-buying companies in Covington
Working with a house-buying company can speed up the sale process, allowing you to skip the usual hassles of the traditional real estate market. Here are the steps involved in selling your house for cash:
- Research local companies: Start by looking up reputable cash-for-homes companies in Covington. Check their reviews and past transaction histories to ensure they’re trustworthy.
- Contact the company: Reach out to the company you’ve chosen either through their website or by phone to express your interest in selling your home.
- Schedule a visit: Allow the company to inspect your home. This visit is crucial as it helps them assess the property and determine an offer.
- Receive an offer: Typically, within a day or two after the visit, the company will make a cash offer on your home. This offer usually stands firm, and you are not obligated to accept it.
- Review and accept: Take your time to review the cash offer. If it aligns with your expectations, you can accept it to move forward.
- Close the deal: Once the offer is accepted, the company will handle most of the closing procedures. You can expect to close the sale and receive your cash often within a week.
Popular We Buy Houses for Cash companies in Covington
If the process of selling to a house-buying company in Covington sounds good to you, it’s time to find a legitimate operation you can trust.
We’ve compiled some of the top companies that will pay cash for your or your parents’ Cape Cod or Bungalow. By selling to one of these companies, you should be able to sell your Covington home in as little as a week or two.
We Buy 502
We Buy 502 is a family-operated real estate investment firm serving homeowners across Kentucky. The company acquires a wide range of property types, including single-family homes, vacant land, rental units, and mobile homes. Known for their prompt service, they deliver fair-market purchase proposals within 24 hours of inquiry.
Their process is designed to eliminate common seller burdens such as repairs, listings, and delays. The offers are extended without pressure or commitment, giving property owners the flexibility to consider their options.
Locations: Statewide, including Covington
Closing costs: Sellers pay no closing costs; We Buy 502 covers them.
Although We Buy 502 isn’t accredited by the Better Business Bureau (BBB), it earned a high A+ rating from the bureau. It scores high on Google Reviews with a 4.8-star rating.
Clients say that selling their home was a seamless and efficient experience. From the initial consultation to closing, they were impressed with the professionalism and personalized care offered. Communication throughout the process was excellent, which made for a smooth, stress-free transaction, especially for those needing to sell quickly.
Website: webuy502.com
Phone number: 502-849-5950
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Covington (and across the country) can request a cash offer for their home. It connects you to one of the largest networks of cash buyers in the U.S.
Partner investors have a wide range of investment strategies, including fix-and-flip and buy-and-hold. This enables Simple Sale to provide cash offers for a wide array of properties, even those that need some or a lot of work, in different locations throughout Covington.
With this platform, you can get a no-obligation, all-cash offer in 24 hours and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Covington
Closing costs: No prep costs, agent commissions, or fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a platform by HomeLight, a real estate solutions company founded in 2012. Given its strong focus on excellent customer service, it earned its BBB accreditation in 2019 and now holds an A+ rating. The company has 4.8 stars on Google based on hundreds of user reviews.
Below, you can hear about how Baohan Wu, a seller who used Simple Sale to sell his high-rise apartment, closed within three and a half weeks, and what he thought of the process overall.
Website: homelight.com/simple
Phone: 844-488-8455
Cash Offer Kentucky
Cash Offer Kentucky is headquartered in Louisville and operates throughout neighboring communities, offering property solutions tailored to the local market. The firm is recognized for its thoughtful approach to transactions involving direct purchases, especially in complex or time-sensitive situations.
The team’s commitment lies in offering respectful guidance while ensuring no individual is taken advantage of during a vulnerable time. Each client is treated with personalized attention and thoughtful service.
Locations: Statewide, including Covington
Closing costs: Sellers pay no closing costs; Cash Offer Kentucky covers them.
Cash Offer Kentucky has been BBB-accredited since early 2021. Its Google Business Profile boasts a perfect 5-star rating. Clients commend the company’s professionalism, responsiveness, and attention to detail throughout the process.
Many consider it one of the top house-buying companies in the area, highlighting its efficient service and customer-focused approach. Overall, clients appreciate the seamless transactions and expert guidance provided by the team.
Website: cashofferky.com
Phone number: 502-706-6876
We Buy Houses Covington
Founded in 1997, WeBuyHouses.com is a prominent real estate investment company operating in over 200 markets across 30 states, specializing in the acquisition of properties in any condition. With a reputation for reliability, they have earned the trust of more than one million homeowners.
The company is equipped to provide competitive cash offers, even in challenging circumstances such as mortgage arrears or impending foreclosure, ensuring a seamless and efficient process for those in need of a swift property sale.
Locations: Nationwide, including Covington
Closing costs: Sellers pay no closing costs; WeBuyHouses.com covers them.
WeBuyHouses.com has been BBB accredited since 2020 and has an A+ rating. Google ratings can vary by service area, depending on the location.
But in general, most sellers often describe their experience as quick, smooth, and straightforward. Many emphasize how easy it was to work with We Buy Houses and how the process required minimal effort on their part. The company is recognized for making fair offers and maintaining professionalism throughout.
Website: webuyhouses.com
Phone number: 877-932-8946
Why sell your Covington house for cash?
There are plenty of notable reasons why a Covington home seller may choose to work with a Cash-For-Homes company. The benefits of speed, certainty, and remarkable convenience are leading the list.
In Covington, selling a home on the open market using an agent typically takes around 75 days. That includes an average of 35 days on the market, from listing to signed contract, plus the typical 40 days a buyer needs to close on a purchase loan.
Selling your Covington house for cash might seem like a drastic step, but for many, it’s a practical solution. Cash buyers provide an alternative to the traditional, often lengthy home-selling process, catering specifically to those needing a quick and straightforward sale.
- Job relocation: If you’re moving for work, selling for cash means you can relocate without the stress of a lingering home sale.
- Divorce settlement: In divorce, quickly liquidating shared property through a cash home sale can simplify the process.
- Unwanted inheritance: Selling an inherited home for cash can resolve estate settlements swiftly without the need for renovations or marketing.
- Downsizing: For those looking to downsize, a cash sale is quick and avoids the complexities of the market.
- Major repairs needed: If your home is in poor condition, a cash sale can avoid the cost and hassle of fixing it up.
- Open house stress: Selling directly for cash means no open houses and less intrusion into your life.
- Foundation issues: Homes with foundation problems can be particularly hard to sell traditionally; cash buyers often take them as-is.
- Foreclosure solution: If you’re facing foreclosure, a quick cash sale might mitigate the financial damage.
- Problem tenants: For landlords, selling a tenant-occupied property for cash can resolve rental headaches swiftly.
- Remote home sale: Managing a sale from afar can be cumbersome. But cash transactions simplify out-of-state sales.
Pros and cons of house-buying companies in Covington
Exploring selling your home to a house-buying company in Covington? This approach offers distinct benefits and drawbacks worth considering before making your decision.
Pros:
- Quick sale: House-buying companies typically close deals much faster than traditional sales, often within weeks.
- As-is deal: These companies buy homes through an as-is home sale, so you won’t have to worry about making expensive repairs or updates.
- No real estate fees: Selling to a cash buyer means you avoid Realtor commissions and closing fees.
- Less stress: The sale process is straightforward, without the typical contingencies of traditional home sales.
While convenient, there are significant downsides to consider, primarily financial. Here’s what you should watch out for:
Cons:
- Lower offers: Expect offers below market value, as these companies aim to profit on the resale of your home.
- Scam risks: Not all house-buying companies are reputable. Homeowners must be cautious of house-buying scams.
- Limited negotiation: The price offered is typically non-negotiable, leaving little room for you to up the offer.
- Lack of local market benefits: You might miss out on higher offers from private buyers, especially in competitive markets.
Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.
Curious What Your Home Is Worth?
Vet cash buyers and know your home’s worth
The level of integrity and service you experience from a We Buy Houses for Cash company can vary, even within an established house-buying group that strives to maintain high standards. This is because many Cash-For-Homes companies are franchises and often use independent investors or wholesaling outfits. Your experience depends on the character of the person or group making the offer.
Before committing to a cash offer, vet the company thoroughly. Check reviews, read testimonials, and research its presence and performance in the market. And, of course, read the buying agreement carefully before signing.
Consult with an experienced local agent to get a better idea of what your home might be worth if sold on the open market. Then, compare your cash offer.
HomeLight can connect you with a top-performing agent in your market. You can also try our Home Value Estimator to get an initial ballpark estimate in less than two minutes.
Other options to sell your Covington home quickly
Explore other speedy selling options beyond cash-for-homes companies:
Working with iBuyers: Instant buyers or iBuyers use automated valuation models to offer nearly instant, data-driven home value estimates, streamlining the sale mostly online.
They typically provide all-cash offers close to market value for well-maintained homes and can close in as little as a few days to two weeks. Note that major iBuyer companies like Opendoor and Offerpad might charge service fees around 5% to 6%.
Listing with an agent: While not as quick as selling to an iBuyer or house-buying company, partnering with a top real estate agent can facilitate a fast sale if your home is competitively priced and well-marketed in a seller-friendly market. Top agents often sell homes for significantly more than average agents.
Moreover, they can prepare a comparative market analysis (CMA), a report that involves comparing your home to similar recently sold properties. They usually offer this for free, helping homeowners set the right price on their properties.
An experienced agent may also find cash buyers willing to pay close to market value. If interested, HomeLight can connect you with a top-performing agent in your area.
FAQs on Covington house-buying companies
By and large, most We Buy Houses for Cash companies in Covington are legitimate businesses. Their services and transaction fees may differ, but the business model has been around for decades. If you use an established group with a track record, you can be fairly confident that it’s legit.
That said, as with any financial transaction, it’s a good idea to be on the alert for scams. Always research companies before you sign a contract. Check customer reviews, look at their online presence, verify professional licenses, get a referral if possible, and vet the company on the BBB website. Watch for anything that just doesn’t seem right.
Most Covington We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value (ARV) minus their estimated repair costs.
Here’s an example of what a simplified formula might look like:
(Your home’s ARV x .70) – repair costs
To see how this might work in a real-world scenario, let’s take a look at an example offer equation. Let’s say your Covington Bungalow could sell for $235,000 after repairs, but it will need $30,000 of work to get there.
($235,000 x .70) – $30,000 = $134,500
In this example, a Covington We Buy Houses company might offer you around $134,500 for your home.
However, different types of house-buying companies will offer varying amounts for homes. As mentioned previously, iBuyers tend to pay more than We Buy Houses companies because they look for homes in better condition. An iBuyer might pay you 90% or more of market value while charging a fee for their services.
When you accept an offer from a Covington We Buy Houses for Cash company, you will likely be coming to grips with a double-edged sword. On the one side, it shouldn’t cost you any additional money because these companies make an offer and handle almost everything once it is accepted. Conversely, you’ll likely get less money overall for your home.
Because We Buy Houses for Cash companies tend to focus on distressed homes, they typically have zero fees. Many will even cover your closing costs. In most cases, this means that the cash offer you receive will be the price you walk away with at the end of the deal. Of course, asking the company if any hidden program fees might impact your bottom line is always a good idea.
- Research and vet the house-buying companies that serve your Covington area. Our list above is a good place to start.
- Submit offer requests to a few companies you like best.
- Schedule any required on-site property visits.
- Compare offers. Weigh the pros and cons and choose the best option for you.
- Close the sale in a week to 30 days and get paid. (Some companies will let you choose a closing date up to 90 days after accepting the offer, which can be helpful when planning a move.)
We Buy Houses for Cash in Covington vs. top Covington agent
Another helpful exercise is to compare how a We Buy Houses for Cash company might stack up against working with a real estate agent. Let’s take a glance at how different aspects of the sale might look and compare possible proceeds.
| Aspect of the sale | Sell to a We Buy Houses for Cash company in Covington | Sell with a top Realtor in Covington |
| Selling timeline | 7 to 30 days | 75 days average; 35 to attract an offer, 40 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, and stage the home |
| Showings | None | 10 to 25 showings on average |
| Inspections / repairs | None | May need to make additional repairs for the buyer or renegotiate the price |
| Appraisal | None | May need to lower your asking price if the appraisal comes in low |
| Title search | Cash-For-Homes companies often handle title issues | Must clear the title before you can sell the home |
| Financing contingency | None | Mortgaged buyers use a financing contingency that could hold up the deal if the buyer’s loan doesn’t clear |
| Agent commission | None | 3% to 6% of the home’s sale price |
| Closing costs | None | 1% to 3% of the home’s sale price on top of the agent’s commission |
Example net proceeds
Below, we’ve compiled one example of how net proceeds may differ between selling a home to a We Buy Houses for Cash company and an agent-assisted sale.
Let’s say your home in Covington is worth about $205,000 and needs about $30,000 in repairs. Once the repairs are completed, the home might be worth around $235,000.
| Sell to a We Buy Houses for Cash company in Covington | Sell with a top Realtor in Covington | |
| Estimated sale price | ($235,000 x .70) – $30,000 = $134,500 | $205,000 |
| Market preparations | 0 | $2,050 (1% of the sale price) |
| Agent commissions | 0 | $6,150 (3% of the sale price) |
| Closing costs | 0 | $3,075 (1.5% of the sale price) |
| Estimated take-home for seller | $134,500 | $193,725 |
As this example illustrates, it’s usually in your best financial interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best for your situation will depend on the condition of your property, the level of repairs needed, and your selling objectives. It could be that selling on the open market will be a challenge in your area, or the agent’s timeline might not fit your immediate needs.
Key takeaways
- Sell fast: House-buying companies in Covington can close on your home quickly, often within a few days to a couple of weeks.
- Don’t worry about repairs: You can sell your home as-is, avoiding the time and expense of home repairs.
- Enjoy a simple transaction: The selling process is straightforward, with no need for showings, staging, or open houses.
- Consider lower offers: Be prepared to receive offers below market value, as these companies aim to profit from resale.
- Know your home’s worth: Know your property’s estimated market value before you proceed with a cash-offer company.
At HomeLight, we’re happy to help you navigate your real estate journey. Let us help you make an informed and confident decision, whether you’re looking for a no-obligation cash offer through a trusted platform like Simple Sale or seeking to consult with a top-performing agent.
Editor’s note: This post is for educational purposes only. Links to and mentions of Covington area ‘We Buy Houses’ companies are not endorsements. Moreover, the program details mentioned above may change. Visit the home-buying company’s website for the most up-to-date information.
Header Image Source: (ErikaWittlieb: Pixabay)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.