‘We buy houses’ companies in Tennessee

Are you moving in a hurry for work? Unable to keep up with repairs on a rundown home? Or do you just need cash, fast? Regardless of the reason, if you need to get a home off your hands quickly, you might consider selling to one of the many “we buy houses” companies that operate in Tennessee.

These companies make all-cash offers, typically within 24 hours of viewing the property, and can handle the closing paperwork and finalize the deal within a few weeks — or less. That’s a far cry from the median of 54 days a Tennessee home usually spends on the market before going into contract, per Redfin data. But there’s a downside: Cash-homebuying companies rarely pay market value for your home, so you probably won’t pocket as much as you would if you sold through a Realtor. Read on to learn all about “we buy houses” companies in Tennessee.

Types of companies that buy houses for cash in Tennessee

Companies that buy houses in the Tennessee market come in many shapes and sizes. There are national and locally owned options to choose from, as well as iBuyers.

National options

Two of the most well-known national cash homebuyers have local presences in Tennessee. HomeVestors (you may have heard it referred to as We Buy Ugly Houses) has locations in Chattanooga, Knoxville, Memphis and Nashville, while We Buy Houses operates in dozens of locations across the state. Both companies make cash offers on homes in any condition and promise quick closes.

Local options

There are several locally based cash homebuyers in Tennessee; here are a few:

• My Tennessee Home Solution: Owned and operated by local U.S. Army veterans, this company is based in Nashville. It promises cash offers with no fees, quick closings in as little as 7 to 10 days and even relocation assistance and a cash-advance option.
• TN Homebuyers: Co-founded by a retired Nashville police officer, this family-owned outfit has been operating since 2002. They buy homes in any condition with no fees and make cash offers within 24 hours of seeing the property.
• Time Worthy Property Solutions: This Knoxville company buys homes all over the city in as-is condition, with no fees or closing costs. Their average transaction closes within 14 days.

iBuyers

The two biggest players in the iBuying game both operate in Tennessee as well. Offerpad buys homes all over Nashville, while Opendoor buys homes in Knoxville, Nashville and Chattanooga.

These online-only companies also pay cash for homes and can close quickly — however, they sometimes charge hefty fees and usually don’t purchase homes that are in poor condition.

How do ‘we buy houses’ companies work?

No matter who you choose to work with, the process of selling to a cash homebuyer will probably look very similar. To get started, you’ll reach out to them via phone, email or web submission form. If they operate entirely online, they may ask you to send photos or more detailed information; if not, they will likely schedule a walk-through with a company representative to assess your home in person. The company will provide a cash offer after the assessment is complete, sometimes on the spot but more typically 24 to 48 hours later.

“We buy houses” companies usually buy homes in any condition, no matter how poor — their business model is to fix up the home and flip it for a profit. For this reason, you’re not likely to get a top-dollar offer, and the more work a property needs, the lower the offer is likely to be.

You’re not obligated to accept an offer from a “we buy houses” company, and in fact you may want to shop around and see who gives you the best deal. Don’t take too long though — these offers usually expire fairly quickly. Once you accept an offer, you’ll schedule a closing, typically on the date of your choosing. Before you sign on the dotted line, be sure to read the contract carefully and make sure you understand everything, including the timeline and any additional fees that may be charged.

Alternatives

Before you decide whether to sell to a “we buy houses” company in Tennessee, weigh your other options. These include:

• Selling with a real estate agent: This process will be more time-consuming, but you’ll probably bring in a much higher profit in the end. An experienced local agent will know how to price and market your home to land the best possible deal.
• Selling it on your own: It’s also possible to sell your house without a Realtor. While this will save you from paying a listing agent’s commission, be prepared for a big time commitment — you’ll have to do all the work an agent would yourself, with no help.
• Renting it out instead: If you don’t need the cash from your home sale right away, consider becoming a landlord. Renting out your home can be lucrative, although you’ll have to be prepared for the associated responsibilities, like maintaining the property and screening prospective tenants.

Next steps

If you need to sell your Tennessee home on a time crunch, or you need the cash quick, selling to a homebuying company may be a good option for you. But if you have more flexibility, you might be better off with a traditional sale. “We buy houses” companies typically pay below market value, whereas a skilled local real estate agent can help you land the most lucrative deal possible.

FAQs

• Are “we buy houses” companies legitimate businesses?

  Yes, most of these companies are legitimate real-estate-investment firms that buy homes, fix them up and flip them for a profit. However, some companies may employ unscrupulous tactics to take advantage of homeowners in financial distress, so be sure to do your homework. Before you sign a contract with a homebuying company, research it online, check your local Better Business Bureau and read all the paperwork very, very carefully.
  

• How much money will companies that buy houses for cash in Tennessee pay?

  These companies typically pay below market rate for homes, in Tennessee and everywhere. So you won’t make top dollar on your sale — but in exchange the sale will happen much more quickly and with minimal hassle. If maximizing your profit is more important to you than speed and convenience, you’re better off hiring a local real estate agent.