6 Top We Buy Houses for Cash Companies in Knoxville
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Richard Haddad Managing EditorRichard Haddad is the managing editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
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.
We Buy Houses companies in Knoxville make all-cash offers for homes that often need some work, enabling sellers who lack the time, expertise, and money for repairs to move quickly and receive the cash proceeds from their property sooner if they need it.
You may need a fast home sale to meet a financial deadline or to overcome an unexpected life change that requires you to relocate. Or perhaps you need to cash out an inherited Tennessee property to settle an estate.
If your goal is to sell quickly and avoid speed bumps, a We Buy Houses for Cash company could be the best solution. In this post, we’ll provide an overview of the process and pros and cons of using a Knoxville Cash-For-Homes company, helping you make an informed choice.
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Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Knoxville area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Knoxville
If you’re considering a Knoxville We Buy Houses company, the process is typically far more streamlined than a traditional home sale. Here’s an outline to help you understand what to expect:
- Research companies: Begin by identifying reputable We Buy Houses companies in Knoxville. Check reviews and research their online presence and reputation in the community. If possible, get recommendations from other sellers.
- Schedule a home assessment: Most Knoxville house-buying companies will schedule a visit to assess your home’s condition. This helps them determine the value and make an appropriate offer.
- Receive a cash offer: After the on-site assessment, you’ll receive a cash offer for your home. This is typically a take-it-or-leave-it offer with little or no negotiating.
- Review the offer: Carefully review the offer details. If it meets your needs, move forward. Otherwise, try another company or consider other options.
- Close on the sale and move on: If you accept the cash offer, the company will handle the paperwork and set a closing date, typically within seven days to a few weeks. You’ll receive payment, allowing you to move forward with your life plans.
Popular We Buy Houses for Cash companies in Knoxville
If the process of selling to a house-buying company in Knoxville 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 East Tennessee Vernacular-style house or your parents’ Craftsman home. By selling to one of these companies, you should be able to sell your Knoxville home in as little as a week or two.
East Tennessee Homebuyers
East Tennessee Homebuyers is a local Knoxville home-buying company. They aim to help homeowners who are stuck with homes in sticky situations, such as foreclosure, unaffordable major repairs, vacant, or something else that makes it difficult to sell. Their process is straightforward. East Tennessee Homebuyers will set up an appointment to walk through the property and make a no-obligation offer. If you accept the offer, you can close at a local title company in as little as seven days.
Locations: Knoxville, Seymour, Farragut, Sevierville, Gatlinburg, Lenoir City, Loudon, Oak Ridge, Pigeon Forge
Closing costs: Sellers pay no closing costs; East Tennessee Homebuyers covers them.
East Tennessee Home Buyers has been BBB accredited since 2021 and holds an A+ rating. Customer reviews for East Tennessee Home Buyers speak to the convenience and accommodating nature of working with the company. They express gratitude for the professionalism, honesty, and hard work of the East Tennessee Home Buyers team. The company holds a 5.0 Google review rating.
Website: easttnhomebuyers.com
Phone number: 865-935-8680
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Knoxville (and across the country) can request a cash offer for their home. Simple Sale connects you to the largest network 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 Knoxville.
With Simple Sale, you can get an all-cash offer within 24 hours, and sell your home in as little as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Knoxville
Closing costs: No prep costs, no agent commissions, and no fees charged by HomeLight. Individual investor fees may vary.
Simple Sale is a HomeLight platform. HomeLight was founded in 2012 and is BBB accredited with an A+ rating. The company has 4.8 stars on Google based on hundreds of 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.
Learn more: homelight.com/simple
Phone: 844-488-8455
24hr Homebuyers
As the name suggests, 24hr Homebuyers can give you a cash offer within 24 hours of receiving your information. You can call or fill out the form on their website to get started. The company prides itself on the values of honesty, integrity, and dedication to others. 24hr Homebuyers strives to give you the best offer possible. With the ability to close on the date you want and work with repair companies at a discount, the company does its best to cater to customer needs.
Locations: Charlotte, NC, Atlanta, GA, Knoxville, TN, Columbus, OH, Oklahoma City, OK
Closing costs: Sellers usually pay no closing costs; 24hr Homebuyers most often covers them.
24hr Homebuyers has been BBB accredited since 2022 and holds an A+ rating. Customer reviews for 24hr Homebuyers speak to the constant availability of the company team to answer questions. They express that as the seller, you don’t have to do much because 24hr Homebuyers does all the “heavy lifting.” The company holds a 4.7 Google review rating.
Website: 24hrhomebuyers.com
Phone number: 888-914-7325
Pro Source Home Buyers
Pro Source Home Buyers aims to make your Knoxville home selling process simple. The company offers easy and clear terms throughout the process. They also make sure that all the paperwork is taken care of, so you don’t have to. There are no closing costs or title fees when you work with Pro Source Home Buyers. Plus, they can close in as little as three days on a property.
Locations: Knoxville, TN, Chattanooga, TN, Greenville, SC, and Columbia, SC
Closing costs: Sellers pay no closing costs; Pro Source Home Buyers covers them.
Pro Source Home Buyers has been BBB accredited since 2017 and holds an A+ rating. Customer reviews for Pro Source Home Buyers speak to the fairness of the offers made by the company. They express that the company makes stressful situations much less stressful. The company holds a 4.5 Google review rating.
Website: prosourcehomebuyers.com
Phone number: 865-268-4537
Nexus Homebuyers
Nexus Homebuyers is dedicated to respecting its customers. That means being transparent throughout the buying process and not making false or misleading claims. They created the company after experiencing how difficult it can be to list a property that needs a lot of work. The company works to make the selling process a win-win for everyone. That means they want to give you an offer you can feel good about while also renovating homes to make them attractive to a new homeowner.
Locations: All throughout Knoxville, TN
Closing costs: Sellers are responsible for HOA transfer fees, taxes, and any outstanding liens or judgments.; Nexus Homebuyers can work with the seller to cover other closing costs.
Nexus Homebuyers has been BBB accredited since 2018 and holds an A+ rating. Customer reviews for Nexus Homebuyers speak to how easy and pleasant it is to work with this company. They express that the company is transparent, fair, and honest. The company holds a 4.8 Google review rating.
Website: nexushomebuyers.com
Phone number: 865-999-0025
Sunrise Properties
For homeowners facing a difficult home-selling situation, Sunrise Properties offers a quick process. They can give you an offer within 24 hours of talking to you and close within seven days. It may even be faster than that, in some cases. The company is run by local Knoxville residents who strive to use their business for the good of the community. They want to add value to local neighborhoods by purchasing homes in need of work and giving them quality renovations.
Locations: Knoxville, Farragut, Oakridge, Chattanooga, Clinton, Karns, Loudon, Kingston, Lenoir City, Alcoa, Gatlinburg, Pigeon Forge, Maryville
Closing costs: Sellers pay no closing costs; Sunrise Properties covers them.
Sunrise Properties has been BBB accredited since 2021 and holds an A+ rating. Customer reviews for Sunrise Properties speak to the trustworthiness of the company. They express that the team is easy to work with and very knowledgeable. The company holds a 5.0 Google review rating.
Website: sunrisetn.com
Phone number: 865-686-5494
Why sell your Knoxville house for cash?
There are plenty of valid reasons a Knoxville home seller may choose to work with a Cash-For-Homes company. Leading the list are the benefits of speed, certainty, and remarkable convenience.
In Knoxville, it typically takes around 78 days to sell a home on the market using an agent. That includes an average of 33 days on the market, plus the typical 45 days a buyer needs to close on a purchase loan.
Let’s take a quick look at some of the most common reasons home sellers in Knoxville might choose this route over the conventional home-selling method:
- Urgent financial demands: Whether due to divorce, medical emergencies, unexpected debts, or personal predicaments, sometimes you might need to quickly sell a property for the proceeds.
- Significant repairs: Houses in Knoxville can face a wide range of issues, from historical home complications to severe weather damage, making traditional home-selling a complex challenge.
- Need for fast relocation: You might be facing a sudden job loss or transfer, a new academic opportunity, or a familial obligation and need to move right away.
- Avoiding the hassles: Perhaps the thought of staging your home and hosting showings is overwhelming. You may also want to avoid the back-and-forth negotiating game.
- Dealing with an inherited house: While it may sound like a windfall, inheriting a property can be a lot of work and expense. Sometimes, the most straightforward way to manage this is to sell the house right away.
- Landlord headaches: Managing a rental home isn’t for everyone. Unruly or messy tenants might have you seeking a quick exit from the responsibilities and hassle.
- Desire for privacy: Depending on your situation, selling a home discreetly without the prying eyes of neighbors or the public might be your preference.
- Looming foreclosure deadline: If you’re on the brink of foreclosure, a quick home sale can provide a way out, protecting your credit and bringing fast financial relief.
For Knoxville homeowners facing one of these scenarios, the benefits of using a We Buy Houses company are undeniable. But is this the right solution for your situation? To discern that, let’s review the advantages and drawbacks and explore what other options might be available.
Pros and cons of house-buying companies in Knoxville
When considering a Knoxville We Buy Houses for Cash company, understanding the pros and cons can guide your decision-making process. While these companies offer speed and remarkable convenience, there are some trade-offs to balance.
Upsides
Selling your home in its current condition without investing money into major repairs can be tempting. Couple this with an extremely swift and convenient sale process, and the appeal of cash-offer companies in Knoxville becomes clear. Here are some of the key benefits:
- Fast sale process: These companies typically close deals in a matter of days, making them a popular choice for homeowners facing an urgent selling situation.
- No repairs needed: These businesses will buy your home as-is, eliminating the need for any costly upgrades or repairs.
- No closing costs or selling fees: Unlike traditional real estate sales, there aren’t any agent commissions. In addition, most house-buying companies cover closing costs.
- Home sale certainty: With a solid cash offer, there are fewer uncertainties compared to the traditional housing market. You can make plans with confidence without worrying about contingencies.
Downsides
The pros we’ve listed above come at a cost. When selling to a Knoxville We Buy Houses company, you will likely receive an offer below the market value you’d achieve with an experienced real estate agent.
- Lower offers: These companies need to profit from their investment, so they will present a cash offer below the home’s market value.
- No significant negotiations: Unlike traditional home sales, there is typically no wiggle room to counter the company’s cash offer.
- Risk of pressure tactics: While most We Buy Houses companies in Knoxville seek a win-win solution, there is a chance of getting involved with an outfit that applies pressure tactics to take advantage of your urgent situation.
- Potential for scams: Like any industry dealing with financial assets, there are unscrupulous players. You’ll want to be certain you’re working with a reputable business.
Curious What Your Home Is Worth?
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.
Vet cash buyers and know your home’s worth
Choosing to work with a We Buy Houses for Cash company in Knoxville can be a speedy solution for your home-selling needs. However, the level of integrity and service you’ll experience varies, often hinging on the character of the individual or group behind the cash offer.
Before jumping into a cash offer, it’s crucial to carefully vet your potential buyer. Read reviews, check testimonials, and research their track record in the Knoxville market. You’ll also want to meticulously review the buying agreement. Every clause and term can impact your home sale.
HomeLight suggests you consult with a top Knoxville agent to get a better idea of what your home might be worth if sold on the open market. Then, compare cash offers to what a top agent might be able to get for your home. HomeLight can connect you with a top-performing agent in your market.
You can also use HomeLight’s free Home Value Estimator right now to get an initial ballpark estimate in less than two minutes.
Other options to sell your Knoxville home quickly
iBuyers
Instant buyers, known as iBuyers, combine the ease of traditional Cash-For-Home businesses with algorithmic technology to offer near-immediate home valuations and sales. Originating in the mid-2010s, iBuyers now cover all areas of Tennessee, delivering cash offers close to market value, primarily for homes in good condition.
These companies, such as Opendoor and Offerpad, can close a home sale quickly. However, it’s important to note that they charge service fees of 5%-6%. Knoxville sellers with well-maintained properties in traditional neighborhoods might find iBuyers an ideal option.
Listing with an agent
Even if you need a swift sale, using an agent can still be a fast process. In favorable markets, a seasoned agent can deliver a fast transaction, often earning you higher proceeds. HomeLight data shows that the top 5% of Knoxville agents can achieve sales prices up to 10% higher than average agents.
These agents also offer a comparative market analysis (CMA) to help determine home values. This analysis, which is often free with a consultation, can guide your pricing decision and give you an idea of how fast your home might sell.
A seasoned agent might also connect you with cash buyers offering closer to market value. Should you consider this route, HomeLight can link you with leading agents in your Knoxville city.
FAQs on Knoxville house-buying companies
By and large, most We Buy Houses for Cash companies in Knoxville 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 Better Business Bureau website. Watch for anything that just doesn’t seem right.
As described in our pros and cons list above, most Knoxville area We Buy Houses for Cash companies apply the 70% rule, meaning they’ll offer you about 70% of your home’s after-repair value, 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 Knoxville Craftsman could sell for $350,000 after repairs, but it’s going to need $30,000 of work to get there.
($350,000 x .70) – $30,000 = $215,000
In this example, a Knoxville We Buy Houses company might offer you around $215,000 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 iBuyers 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 Knoxville We Buy Houses for Cash company, you will likely be coming to grips with a two-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 the offer is accepted. On the other side, 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 is going to be the price you walk away with at the end of the deal. Of course, it’s always a good idea to flat-out ask the company if there are any hidden program fees that might impact your bottom line.
- Research and vet the house-buying companies that serve your Knoxville area. Our list above is a good place to start.
- Submit offer requests to a few of the 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 Knoxville vs. top Knoxville 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 Knoxville | Sell with a top Realtor in Knoxville |
| Selling timeline | 7 to 30 days | 78 days average; 33 to attract an offer, 45 to close the loan |
| Home preparations | None | Deep clean, declutter, make necessary repairs, landscape, stage home |
| Showings | None | 10 to 25 showings 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 title before you can sell 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 | 5.8% average |
| Closing costs | None | 1% to 3% of the home sale price on top of agent commission |
Example net proceeds
Below, we’ve put together 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 Knoxville is currently worth about $300,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $325,000.
| Sell to a We Buy Houses for Cash company in Knoxville | Sell with a top Realtor in Knoxville | |
| Estimated sale price | ($325,000 x .70) – $25,000 = $202,500 | $300,000 |
| Market preparations | 0 | $3,000 (1% of sale price) |
| Agent commissions | 0 | $17,400 (5.8% of sale price) |
| Closing costs | 0 | $4,500 (1.5%) |
| Estimated take-home for seller | $202,500 | $275,100 |
As this example illustrates, financially, it’s usually in your best interest to partner with an experienced real estate agent.
However, net proceeds are not the only consideration when selling a home. What’s best in your situation will depend on the condition of your property, what level of repairs are needed, and your selling objectives. It could be that selling on the open market will be a challenge in your area, or the agent timeline might not fit your immediate needs.
Key takeaways
- Rapid sales: Cash-For-Homes companies in Knoxville can accelerate the sale process, often closing within days or weeks.
- No repairs required: These companies typically buy homes in any condition, eliminating the need for costly repairs or updates.
- Fixed offers: Most We Buy Houses companies present a take-it-or-leave-it offer, with little to no room for negotiations.
- Below market value: Offers from house-buying companies are typically lower than market value.
- Vet the business: Vet potential buyers by checking online reviews, reading local testimonials, and researching their reputation in the Knoxville market.
- Know your home’s worth: Research the current value of your home before accepting any offer, and consider alternative selling options.
If you’re contemplating selling to a We Buy Houses company in Knoxville, it’s wise to gather multiple offers and carefully consider your options before committing. It’s recommended to consult with a top Knoxville agent. Their expertise can provide insights into how soon it might sell and how much your home might fetch on the market.
At HomeLight, we’re happy to lend a guiding hand in navigating 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 Knoxville agent.
Header Image Source: (Kevin@collegevibe.com / Deposit Photos)
