6 Top We Buy Houses for Cash Companies in Memphis
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Richard Haddad Managing EditorClose
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.
If you’re a homeowner in Memphis facing an urgent need for a quick home sale, you may have come across signs or ads for Tennessee-based “We Buy Houses” companies. These companies make all-cash offers for homes, often catering to sellers whose houses may need some repairs or improvements.
A cash sale enables you to quickly receive proceeds from your home sale without having to invest time, expertise, or money into repairs and upgrades. This can be especially helpful if you find yourself in an unexpected situation or facing a financial or life-change deadline.
While selling your home to a Cash-For-Homes company can be a lifeline, it’s essential to understand the pros and cons of this option. In this post, we’ll look at the details of working with house-buying companies in Memphis, compare them with other quick sale options, and provide you with the information you need to make an informed decision.
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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 Memphis area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Memphis
Memphis house-buying companies streamline their buying process to make it as hassle-free as possible for sellers like you who need a fast home sale. Here’s an overview of how the process works:
- Contact the company: Reach out to a reputable house-buying company in Memphis. You can usually do this via phone or an online form. Provide them with some basic information about your property, including its location, size, condition, and any other relevant details.
- Receive an initial offer: After reviewing the information you provided, the company will make a preliminary cash offer for your home. This offer is often based on local market conditions, recent comparable sales, and the condition of your property.
- Schedule an inspection: If you’re interested in the offer, the company will typically schedule a time to visit your property and conduct an inspection. This is to verify the condition of your home and identify any needed repairs or renovations.
- Get a final offer: Based on the inspection results, the company may adjust its initial offer. You’ll receive a final, no-obligation cash offer that you can either accept or decline.
- Accept the offer: If you agree to the offer, you’ll sign a purchase agreement. The house-buying company will handle most of the paperwork and closing details, making the process as straightforward as possible for you.
- Close the sale and move on: Once the paperwork is in order, you’ll schedule a closing date that works for you. At the closing, you’ll sign the final documents, and the company will pay you the agreed-upon cash amount. The speedy process lets you move forward with your life plans.
Popular We Buy Houses for Cash companies in Memphis
If this process of selling to a house-buying company in Memphis 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 parents’ Colonial Revival or Gable House. By selling to one of these companies, you should be able to sell your Memphis home in as little as a week or two.
New Horizon Homebuyers
Owned by a local Tennessee family, New Horizon Homebuyers will buy your house for cash. You can rest easy knowing that owners Erik and Jessie care about the communities they are working in. They are passionate about transforming homes in strategic ways, and they donate 5% of all their profits to local organizations that help with the homelessness crisis. Their process is straightforward and starts with filling out the form on their website, followed by an on-site inspection. If you choose to accept the offer, they will close with you at a local title company and pay you by check right then there.
Locations: Several locations throughout the U.S., including these Tennessee cities: Chattanooga, Memphis, Nashville, Knoxville, Cleveland, Clarksville, Johnson City, Murfreesboro, Jackson, Cookeville, Crossville, Collierville, Mount Juliet, Columbia, Smyrna, Gatlinburg, and Pigeon Forge
Closing costs: Sellers pay no closing costs; New Horizon Homebuyers covers them
New Horizon Homebuyers has been BBB accredited since 2020 and holds an A+ rating. Customer reviews for New Horizon Homebuyers speak to how easy they make the home-selling process. They express that the company makes this difficult process much simpler.
Website: newhorizonhomebuyers.com/sell-my-house-memphis-tn
Phone number: 901-202-0512
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Indiana (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 Indiana.
With Simple Sale, 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 Memphis
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 4.6 stars on Google based on more than 500 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.
Learn more: homelight.com/simple
Phone: 844-488-8455
Volunteer Buyers
Volunteer Buyers purchases homes from homeowners who are facing difficult situations like divorce, foreclosure, or needing to move quickly. They can purchase the home for cash and are able to close in as little as seven days. Volunteer Buyers purchases your home as-is, meaning you don’t have to clean up or do any repairs before you sell the property. You can even sell the property to them if you currently have a tenant.
Locations: Memphis, Kansas City, and Birmingham
Closing costs: Sellers pay no closing costs; Volunteer Buyers covers them.
Volunteer Buyers is not BBB accredited. However, they have 4.9 out of 5 stars on Google Reviews. Customer reviews for Volunteer Buyers speak to the high quality of service provided by the team at Volunteer Buyers. They express that the company is organized, reliable, and professional.
Website: volunteerbuyers.net
Phone number: 901-810-7012
Fair Cash Deal
Fair Cash Deal prides itself on being ethical and legitimate. They even share the official business license on their website. You can start their 3-step process by giving them a call or submitting your information on their website. Then, they will either come look at your property in person or you can send pictures of the property. After gathering information and seeing the property, Fair Cash Deal will provide a cash offer. If you choose to accept the offer, they work with your timeline. They can either close quickly or wait to close if you need more time.
Locations: All over Tennessee, including Memphis, Germantown, and Barlett
Closing costs: Sellers pay no closing costs; Fair Cash Deal covers them.
Fair Cash Deal has been BBB accredited since 2019 and holds an A+ rating. Customer reviews for Fair Cash Deal speak to how much they loved working with the team at Fai Cash Deal. They express that the company was super helpful, and even helped customers move out of their homes for free.
Website: faircashdeal.com/memphis
Phone number: 901-531-9917
Peak Offer
Whether your property has mold damage, difficult tenants, an undesirable location, or you just want a quick sale, Peak Offer wants to give you a cash offer for your Tennessee home. The company was founded in 2017 and is run by a local couple and their team of employees. The Peak Offer team flips the properties they purchase, doing their best to give you a higher cash offer by keeping renovation costs low. The company values honesty and transparency, so they are straightforward about the formulas they use to create an offer.
Locations: All throughout Tennessee, including Memphis
Closing costs: Sellers pay no closing costs; Peak Offer covers them.
Peak Offer doesn’t have a BBB accreditation that we could find, but they do have 4.9 out of 5 stars on Google Reviews. Customer reviews for Peak Offer speak to a service that exceeded customer expectations. They express that Peak Offer was “amazing, helpful, and very understanding.”
Website: peakoffer.co
Phone number: 901-799-3453
Buyerhouse
If you are looking for a local, family-owned company, Buyerhouse may be the right fit for you. The company is run by a husband and wife team who have over 10 years of experience in the real estate industry. The company values family, integrity, and honesty above all. They want to help eliminate the stress of selling your home by giving you a fair cash offer. You can get your cash offer by filling out a form online or giving the company a call. Then, the Buyerhouse team will likely do a walkthrough of your property, and give you a cash offer. If accepted, you can close on whatever timeline works best for you.
Locations: Tennessee areas including Atoka, Arlington, Bartlett, Collierville, Cordova, Germantown, Lakeland, Memphis, and Millington
Closing costs: Sellers pay no closing costs; Buyerhouse covers them.
Buyerhouse has been BBB accredited since 2022 and holds an A rating. Customer reviews for the company and its staff speak to “professionalism throughout the process.” Reviewers express that working with Buyerhouse, “Makes it so easy for the seller!”
Website: buyerhouse.com
Phone number: 901-459-3007
Why sell your Memphis house for cash?
There are many reasons a Memphis 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 Memphis, it typically takes around 82 days to sell a home on the market using an agent. That includes an average of 39 days on the market, plus the typical 43 days a buyer needs to close on a purchase loan.
Compare that to the typical seven to 10 days promised by many house-buying companies in Memphis, and it’s clear why these Cash-For-Homes groups are an attractive option, even though they don’t always offer top dollar for the homes they purchase.
Let’s look at some common scenarios where Memphis homeowners might benefit from working with a house-buying company.
- Significant repair issues: Your Memphis home has serious repair needs, such as foundation problems or outdated systems, that you can’t afford to fix.
- Urgent life changes: You need to move quickly due to a divorce, medical need, financial strain, job relocation, or other pressing life events.
- Lack of funds or desire for repairs: You don’t have the money or interest in making necessary home repairs before selling.
- Avoiding stress and hassle: You prefer to avoid the work and stress of preparing the home, coordinating showings, negotiating, or navigating a complex sales process.
- Privacy concerns: You’d rather sell your property off-market for privacy reasons, without listing it publicly.
- Facing foreclosure: You’re at risk of foreclosure and want to sell the home and settle debts with the lender before your situation worsens.
- Inherited property: You’ve inherited a property that you want to sell quickly without the usual hassles.
- Landlord issues: As a landlord, you no longer want to manage a rental property or deal with problem tenants.
- Elderly seller: You’re an older homeowner moving in with a relative or into a care facility, and your family wants a convenient way to sell the property.
- Out-of-state seller: You live out of state and prefer the ease and speed of a quick cash sale.
If you find yourself in any of these situations, requesting a cash offer from a We Buy Houses company in Memphis might be a good option to consider. However, it’s important to view this as a starting point in your search for solutions. To determine if it’s the right move for you, you’ll want to review the pros and cons, and explore other options available to you.
Pros and cons of house-buying companies in Memphis
Let’s take a closer look at the pros and cons of working with a Memphis We Buy Houses company.
Pros
The biggest advantages of selling to a house-buying company in Memphis are the speed of the transaction and the willingness to buy your home as-is, without requiring any repairs or preparations. Here are some of the key benefits:
- Speedy sale: House-buying companies can close quickly, sometimes within a week, allowing you to move on with your life plans without delay.
- No repairs needed: These companies will purchase your home in its current condition, saving you time and money on repairs and renovations.
- Simplified process: The transaction is streamlined and straightforward, without the need for marketing, showings, or negotiations.
- Cash payment: You’ll receive a cash payment, which can be beneficial if you’re facing financial challenges or need to relocate quickly.
Cons
The most significant drawback of selling to a house-buying company in Memphis is that you’ll likely receive less than market value for your home compared to selling with an experienced real estate agent. Here are some of the key disadvantages:
- Lower offers: You’ll likely receive an offer below market value, as these companies need to account for repair costs and profit margins.
- Lack of competition: Without multiple offers, you might miss out on potential bidding wars that could drive up the price.
- Risk of pressure or scams: While most We Buy Houses companies in Memphis are trustworthy, there is a risk of getting involved with an unscrupulous player. Other groups may apply pressure tactics to take advantage of your urgent situation. Be sure to thoroughly vet each house-buying company you are considering.
- Loss of control: Some sellers may feel a lack of control in the process, as the company typically handles most of the details. This can be a very different experience compared to using a seasoned real estate agent.
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
When you decide to work with a We Buy Houses for Cash company in Memphis, the level of integrity and service you experience can vary greatly. Your home-sale journey will largely depend on the character of the person or group making the offer. Before committing to a cash offer, it’s crucial to vet the company thoroughly.
Check reviews, read testimonials, and research the company’s presence and performance in the market. Consider speaking with past clients or seeking referrals to gauge the company’s reputation. Furthermore, make sure to read the buying agreement carefully before signing.
Before committing to a cash-offer company, HomeLight suggests you consult with a top 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 to get an initial ballpark estimate in less than two minutes.
Other options to sell your home quickly
iBuyers
iBuyers, or instant buyers, are larger national companies that offer sellers the convenience of house-buying operations, combined with the use of automated valuation models (AVMs). These AVMs use algorithms and market data to quickly generate offers for homes.
iBuyers have been around since the mid-2010s. They offer all-cash purchases, can close sales quickly, and typically target homes in better condition. Their offers are often closer to market value, usually around 90%. However, major iBuyers like Opendoor and Offerpad charge service fees of around 5%-6%. They are a good option for sellers who want a quick, mostly online sale for a home in a more typical neighborhood and a property in good condition.
Listing with an Agent
Even if you’re interested in a fast sale, consider listing your home with a top real estate agent, especially in a seller-friendly market. Strategic pricing and effective marketing can lead to a quick sale. Selling on the market usually yields the highest price, especially with a top agent. HomeLight data shows that the top 5% of agents sell homes for up to 10% more than average agents.
Consulting a trusted agent can provide insight through a comparative market analysis (CMA), which helps calculate your home’s value and estimate a listing price. A knowledgeable agent might even connect you with buyers offering cash near market value. Many agents provide a free CMA, helping you make an informed decision.
If you’re interested in exploring this option, HomeLight can connect you with a top-performing agent in your Memphis market.
FAQs on Memphis house-buying companies
By and large, most We Buy Houses for Cash companies in Memphis 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 Memphis 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 Memphis Colonial Revival could sell for $250,000 after repairs, but it’s going to need $20,000 of work to get there.
($250,000 x .70) – $20,000 = $155,000
In this example, a Memphis We Buy Houses company might offer you around $155,000 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 Memphis 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 Memphis 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 Memphis vs. top Memphis 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 Memphis | Sell with a top Realtor in Memphis |
| Selling timeline | 7 to 30 days | 82 days average; 39 to attract an offer, 43 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 Memphis 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 Memphis | Sell with a top Realtor in Memphis | |
| 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 Memphis 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
- Speed and convenience: Selling your home to a Cash-For-Homes company in Memphis is a fast and hassle-free process, ideal for homeowners in a hurry or those looking to avoid the effort and expense of preparing a home for sale.
- No need for repairs: Cash buyers purchase properties in any condition, which can be a significant relief for sellers who can’t or don’t want to invest in repairs and upgrades.
- Offers below market value: Generally, cash offers from house-buying companies will be below market value. While you benefit from a quick, easy sale, you might be sacrificing a higher potential profit.
- Vet cash buyers: The experience with a We Buy Houses company can vary significantly depending on the particular buyer. Check reviews, testimonials, and their market presence before committing.
- Consider other options: Besides cash buyers, consider alternatives like iBuyers or listing with a top real estate agent, especially if your home is in good condition or you’re in a seller-friendly market. These options may offer higher sales prices.
- Know your home’s worth: Consult a trusted agent for a comparative market analysis (CMA) to understand your home’s value and potentially receive offers closer to market value. You can get a preliminary estimate using HomeLight’s Home Value Estimator.
In conclusion, if you’re considering a Memphis Cash-For-Homes company, it’s wise to gather multiple offers and take the time to weigh your options before committing. Consulting with a top Memphis agent can offer valuable insights into how soon, and for how much, your property might sell on the market.
Whether you decide to sell quickly for cash through a trusted online platform like Simple Sale, list with an agent, or explore other options, HomeLight is here to assist you with your real estate needs!
Header Image Source: (Gabriel Tovar / Unsplash)
