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Navigating the complexities of selling your home in Lexington can be daunting, especially when time is of the essence. We Buy Houses companies in Lexington present an enticing option, making all-cash offers for homes that may need work.
If you’re faced with an unexpected situation or simply lack the time, expertise, or funds for necessary repairs, these companies offer a lifeline, letting you quickly close the chapter and embark on your next life journey.
However, is a cash sale the right choice for you? This post delves into the process, benefits, and drawbacks of house-buying companies, helping you evaluate their offerings against other fast-selling methods in Lexington.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Lexington area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Lexington
If speed and convenience are your primary concerns, house-buying companies can simplify the process for you. Let’s break down the steps you can expect when selling to a We Buy Houses company in Lexington.
- Research reputable companies: Even if you’re in a hurry to sell, take the time to research and identify credible house-buying companies in Lexington. Look for reviews and check references to ensure you’re making a wise choice.
- Initiate contact: Reach out to the company, either through their online form or by phone. Provide basic information about your home, including its condition and location.
- Home assessment: The company will typically schedule a visit to evaluate your home’s condition. This is to determine the potential offer they’ll make. Some companies provide an initial offer before the on-site assessment.
- Receive the offer: Shortly after the assessment, you’ll receive a no-obligation, all-cash offer. These offers are typically fixed and don’t leave room for negotiations.
- Review the terms: It’s crucial to read and understand all terms of the offer. If you have questions, there’s value in having an experienced professional review the purchase contract. It’s also wise to compare offers from several companies.
- Close the deal: If you accept the offer, the company will handle most of the closing process. You can then walk away with the proceeds and move forward with your life plans.
Popular We Buy Houses for Cash companies in Lexington
If the process of selling to a house-buying company in Lexington 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 Contemporary-style home or your parents’ Colonial house. By selling to one of these companies, you should be able to sell your Lexington home in as little as a week or two.
Lex House Buyers
Founded by former mechanical engineer Amir and his wife Elly, Lex House Buyers is a family-owned real estate solutions company based in Lexington, Kentucky. The company takes pride in providing personalized, problem-solving services for homeowners facing a range of challenges, from foreclosure to inheritance of unwanted properties. They’ve successfully helped numerous families receive cash for houses that have become burdensome or are no longer needed. They strive to offer win-win solutions that allow homeowners to move ahead and focus on what they love.
Locations: Lexington and surrounding areas.
Closing costs: Lex House Buyers will often pay for closing costs.
Lex House Buyers has received glowing reviews from clients who appreciate the ease, speed, and professionalism of their home-selling process. Clients frequently highlight the company’s rapid response time, with one client receiving an offer within an hour of their call, and a 10-day close on a deal. The owner, Amir, is commended for his expertise, his dedication to explaining things in detail, and prioritizing clients’ needs, even when it’s not personally beneficial. His genuine care for clients and their decision-making is a recurring theme in reviews. Google rating is 5.0.
Phone number: 859-429-2158
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Lexington (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 Lexington.
With Simple Sale, you can get a no-obligation, all-cash offer in as little as a week, and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Lexington
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 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
Sidewalk Property Solutions
Sidewalk Property Solutions, a family-owned company based out of Lexington, is committed to providing local homeowners with win-win solutions to a range of property-related challenges, from foreclosure to burdensome ownership, and more. The company, driven by Christine Palm’s passion for helping people with their properties, strives to relieve homeowners of stress and allows them to refocus on the things that matter most. Their core values of respect and integrity permeate through all their operations, enabling them to meet the needs of homeowners with utmost dedication and professionalism.
Locations: Lexington and surrounding areas
Closing costs: Sidewalk Property Solutions will often pay for closing costs
Reviews for Sidewalk Property Solutions consistently highlight the company’s professional, informative, and fair approach to real estate solutions. Customers frequently express satisfaction with their stress-free, smooth transactions, which often exceed initial expectations. Clients were particularly impressed with the company’s readiness to handle complex situations and sell properties without requiring improvements. Christine, the company representative, receives high praise for her empathetic, accommodating attitude and her readiness to help even in challenging situations. Her personable and professional manner is highly regarded, with customers continuing to maintain contact post-sale. They have a Google rating of 5.0.
Phone number: 859-800-6686
Sisters Who Buy Houses
Sisters Who Buy Houses, based in Louisville, stemmed from a personal home-selling challenge, granting the sisters a deep insight into the dilemmas distressed homeowners face. Their hallmark lies in proposing equitable deals and fostering beneficial outcomes for both parties. They specialize in swiftly acquiring, refurbishing, and reselling homes, even those in challenging circumstances. Their devoted team, with ample resources and proficiency, simplifies the selling ordeal. Their core mission is assisting homeowners directly, bypassing conventional real estate intermediaries.
Locations: Louisville and surrounding areas
Closing costs: Sisters Who Buy Houses often pay for closing costs
Sisters Who Buy Houses has been BBB accredited since 2015 and holds an A+ rating. The company consistently receives acclaim for its timely and tailored approach. Customers underline the firm’s open communication and clear dealings from start to finish. A standout feature for many customers is the company’s rapid and uncomplicated transaction process, paired with its commitment to presenting honest, fair offers without undercutting. Above all, customers express gratitude for the team’s capacity to turn what could be a nerve-wracking home sale into a smooth and satisfying experience. They have a Google rating of 3.4.
Phone number: 502-273-0000
Cash Offer Kentucky
Cash Offer Kentucky carved a niche in the real estate investment realm as a model of integrity and adaptability. This solo, locally-managed venture stands out with its unwavering commitment to honesty, clarity, and empathetic support, particularly for homeowners navigating hurdles like foreclosure or probate issues. Its versatility, showcased by assisting with relocation costs or managing tricky tenant situations, enhances its distinctive allure. Furthermore, the company tailors each deal to the homeowner’s individual requirements, emphasizing fairness and mutual contentment, exemplifying a business that values relationships over mere financial gains.
Locations: Louisville and surrounding areas
Closing costs: Seller pays no closing costs; Cash Offer Kentucky will cover them.
Cash Offer Kentucky has been BBB accredited since 2021 and holds an A- rating.
Feedback from clients reveals a high degree of satisfaction, frequently pinpointing their professionalism, compassion, and efficiency as standout qualities. Company owner Matt is consistently praised for his genuine concern for homeowners and their unique challenges, often going the extra mile to address real estate hurdles. Clients value the comprehensive guidance provided during the sale process. Especially notable is Cash Offer Kentucky’s adeptness in managing intricate scenarios, like inherited estates, which often results in win-win situations. They have a Google rating of 5.0.
Phone number: 502-706-6876
Why sell your Lexington house for cash?
There are plenty of valid reasons a Lexington 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 Lexington, it typically takes around 69 days to sell a home on the market using an agent. That includes an average of 26 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 Lexington, 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 take a quick look at some reasons why selling your Lexington home for cash might be the right call for you.
- Immediate financial needs: Your financial situation has changed suddenly, be it due to unexpected expenses, job loss, or other challenges, and you need quick access to funds.
- Avoiding foreclosure: Selling for cash can be a lifeline if you’re on the brink of foreclosure, allowing you to settle your mortgage and safeguard your credit.
- Home disrepair: If your home requires major repairs, like addressing flood damage, mold, or foundation issues common in Lexington, selling for cash can bypass these costs.
- Avoiding home sale hassles: You’re not inclined to manage showings, negotiations, or the extended sales cycle often seen in conventional real estate transactions.
- Seeking discretion: You’d rather sell off-market for reasons of privacy, sidestepping the public gaze that comes with listing your home.
- Inherited properties: Perhaps you’ve inherited a property in Lexington, and you’re keen on a hassle-free sale rather than becoming a long-term landlord or homeowner.
- Tenant troubles: You’re a landlord tired of managing a problematic tenant or are just done with the rental business.
- Moving to elder care: Aging homeowners or their families might choose a fast cash sale to simplify transitioning into assisted living or other care facilities.
- Selling from out of state: Being an out-of-state homeowner can be logistically challenging. A quick cash sale eliminates the complications of long-distance property management.
A cash sale is an appealing solution for many of the scenarios we’ve listed above. But to feel fully confident about using a We Buy Houses company in Lexington, you’ll want to weigh the pros and cons and review all your selling options.
Pros and cons of house-buying companies in Lexington
Choosing to work with house-buying companies in Lexington presents both advantages and potential downsides. Understanding these will enable you to make an informed decision tailored to your unique circumstances.
The allure of house-buying companies often revolves around their promise of speed and the convenience of selling a property as-is. Here are the standout benefits:
- Swift transactions: With these companies, there’s no waiting for buyer mortgage approvals or potential deal fall-throughs; transactions can often conclude in mere days or weeks.
- No repairs needed: Your house is purchased in its current condition. You don’t have to spend money or time on repairs or upgrades.
- More certainty: A house-buying company can provide a firm cash offer that comes with no contingencies, allowing sellers to plan with more confidence.
- Simple, transparent processes: Generally, these companies have streamlined, straightforward processes without hidden fees or commissions.
- Eliminate marketing efforts: No need for open houses, staging, or marketing materials. You can bypass the traditional listing process and move ahead with your life plans.
While the benefits are clear, there are potential drawbacks, with perhaps the most evident being the compromise on price and proceeds. Here’s what to consider:
- Below market offers: House-buying companies aim for profit. As a result, offers tend to be below market value compared to traditional listings.
- Less negotiation room: Most offers are fixed. Unlike selling on the market, you won’t have the opportunity to negotiate a better price or benefit from a bidding war among buyers.
- Lack of personal touch: Transactions with these companies can feel more transactional and less personal than working with a dedicated real estate agent.
- You may face pressure tactics: While most house-buying companies in Lexington have earned trustworthy reputations, there are unscrupulous players who may apply pressure tactics to take advantage of your urgent situation.
- Potential for scams: There’s a risk of falling victim to schemes or dishonest operators. Due diligence is vital.
Vet cash buyers and know your home’s worth
Working with house-buying companies in Kentucky can be a mixed experience. The level of integrity and service you’ll receive doesn’t just hinge on the company’s reputation, but also on the character of the individual or group behind the cash offer.
Before committing, it’s crucial to vet your prospective buyer thoroughly. Dive into reviews, read testimonials, and get a pulse on their market presence and performance. You’ll also want to scrutinize the buying agreement and consider having a trusted advisor review the contract before accepting an offer.
HomeLight suggests you consult with an experienced Lexington 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 Kentucky market. You can also use HomeLight’s Home Value Estimator to get an initial ballpark estimate in less than two minutes.
Other options to sell your Lexington home quickly
iBuyers use automated valuation models (AVMs) to swiftly provide home value estimates, streamlining the online home sale process. Originating in the mid-2010s, iBuyers like Opendoor and Offerpad make close-to-market-value all-cash offers for well-maintained homes. Typically, these sales close in days to two weeks.
However, be mindful of their 5%-6% service fees. iBuyers work best for homes in standardized housing markets in good condition.
Listing with an agent
While considering fast-selling methods, don’t dismiss traditional real estate agents. In favorable housing markets, a top agent can facilitate quick sales, especially with the right pricing and marketing strategies. Selling traditionally often garners higher prices, especially with elite agents. In fact, data from HomeLight indicates that top-tier agents in Lexington can fetch up to 10% more for homes than average agents.
An added benefit is the comparative market analysis (CMA) agents offer, which helps in evaluating your home’s worth in comparison to recent local sales. This report, which many agents offer for free, provides an invaluable perspective on listing prices and potential sale speed. Moreover, seasoned agents might introduce you to buyers ready to make near-market-value cash offers.
Considering listing your property? HomeLight can connect you with top agents in Lexington, ensuring you make informed choices.
FAQs on Lexington house-buying companies
By and large, most We Buy Houses for Cash companies in Lexington 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 Lexington 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 Lexington Colonial could sell for $340,000 after repairs, but it’s going to need $30,000 of work to get there.
($340,000 x .70) – $30,000 = $208,000
In this example, a Lexington We Buy Houses company might offer you around $208,000 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 Lexington 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 Lexington 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 Lexington vs. top Lexington 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 Lexington||Sell with a top Realtor in Lexington|
|Selling timeline||7 to 30 days||69 days average; 26 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 Lexington is currently worth about $323,710 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $348,710.
|Sell to a We Buy Houses for Cash company in Lexington||Sell with a top Realtor in Lexington|
|Estimated sale price||($348,710 x .70) – $25,000 = $219,097||$323,710|
|Market preparations||0||$3,237 (1% of sale price)|
|Agent commissions||0||$18,775 (5.8% of sale price)|
|Closing costs||0||$4,855 (1.5%)|
|Estimated take-home for seller||$219,097||$296,843|
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.
- Fast and as-is: Cash-for-homes companies in Lexington offer speedy sales and purchase properties in their existing condition, eliminating the need for repairs.
- Below market value: Typically, these companies offer less than market value for homes, which is their trade-off for speed and convenience.
- Varying integrity: It’s crucial to research and vet each house-buying company in Lexington for trustworthiness and reliability.
- Other options: iBuyers and real estate agents provide alternatives to traditional house-buying companies, each with its own set of advantages.
- Knowledge is power: Before committing, assess your home’s worth, either through a comparative market analysis or consultation with a top Lexington agent.
If you’re contemplating partnering with a We Buy Houses company in Lexington, be proactive in seeking multiple offers. Weigh all your options, know your home’s value, and consider the long-term implications. For an in-depth understanding of your property’s potential on the market, both in terms of price and time-to-sale, consulting with a top Lexington agent is invaluable.
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 Lexington agent.
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