20 min read Oct 09, 2022

6 Best Companies That Buy Houses for Cash in Memphis, TN

CCC- Memphis, Tennessee

» Jump To: Reviews | Rankings | 6 Best Cash Buyers in Memphis, TN | How do Memphis, Tennessee Cash Home Buyers Work? | Should I Sell My House to Reputable Companies that Buy Houses for Cash in Memphis? | Alternatives to Companies that Buy Houses | FAQs

An overview of the housing market in Memphis, Tennessee reveals that the home prices increased by 9.4% in 2022 over the previous year. It’s a seller’s market for cash buyers in Memphis, TN. Homeowners get to choose from two kinds of businesses that buy houses for cash:

  • iBuyers: Typically offer 70% to 90% of the property’s market value. iBuyers can have high service fees and do not typically buy distressed or rented properties, or properties with title complications.
  • “We Buy Houses For Cash” Companies: Typically offer about 50% to 70% of the property’s market value. They usually have no service or closing fees. They will also buy properties that are distressed or rented.

💰 Get Top Dollar Cash Offers On Your Terms: Major iBuyers including Opendoor and cash buyers submit offers on Houzeo properties. An MLS listing via Houzeo.com gives you maximum exposure. List NOW!

Reviews: 6 Best Companies that Buy Houses for Cash in Memphis, TN

1. Houzeo.com

🎖️ Max Exposure to Cash Buyers

Houzeo

  • Service Fee: $349 Listing Fee
  • Available in 80+ U.S. Markets
  • 5 Stars 4.9/5 (out of 4097 reviews)

Houzeo is the best option if you’re looking for multiple cash offers. An MLS listing via Houzeo.com provides exposure to the max number of cash buyers. This includes Opendoor and Homevestors, who have recently submitted cash offers on Houzeo.

  • Service Fee – $349: Houzeo does not charge a 5% service fee or any undisclosed closing fee.
  • Maximum Cash Offer: Your property will get max exposure to cash buyers via the MLS. This includes major portals like Zillow, Realtor.com, and Redfin. All local and national cash buyers, including iBuyers, will be aware of your listing and compete for it.
  • Types of Properties: On Houzeo Marketplace, you can market properties in any condition and sell your house as is.
  • Flexible Closing Date & Offer Terms: You can specify and negotiate the cash terms you want for your closing.
  • Nationwide Coverage: Houzeo is available in 47 states across the U.S. so you can market to local cash buyers almost anywhere.

👉 Our Take: For sellers looking to maximize their cash offers, we recommend Houzeo’s Gold plan. It will get you maximum exposure to cash buyers via the MLS. You will also have Houzeo’s advanced features to negotiate the best terms for your cash offer.

» Houzeo Reviews: Learn why Houzeo is America’s Real Estate Super App

  • Near Nationwide Coverage: Houzeo covers 47 states + DC.
  • No Listing Agent Commission: With Houzeo, you only pay a small flat fee to get access to the MLS and all the Houzeo tech
  • 100% online: Easy listing, fast changes, online showings, and online offers
  • Max Exposure: Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other real estate websites
  • Fast Listing: Rush listing option gets you listed within a business day with Houzeo Concierge. This is best to sell your house fast.
  • Real Estate On the Go: Houzeo Mobile App mimics most functionality of the Houzeo web platform, including Offers and Showings
  • 5-Star Customer Service: Superb support that minimizes Houzeo complaints
  • No Hidden Fees: There are no Houzeo hidden fees

» Is Houzeo Legit: Learn more about Houzeo.com’s locations and services

Houzeo has a stellar rating of 4.9 out of 5 stars, with reviews on popular sites like Google & Trustpilot.

» Houzeo Reviews: Check out what customers have to say about Houzeo.com!

Houzeo is available nationwide with coverage in 200+ markets.

The 2 Best iBuyers in Memphis, TN

iBuyers, aka instant buyers or institutional house flippers, are technologically advanced cash home buyers.

iBuyers, also known as iBuyer companies, are changing the way the “we buy houses for cash” industry works by leveraging technology and market data.

» More: How Does Selling to an iBuyer Work?

2. Opendoor

BIGGEST IBUYER

Opendoor

  • Service Fee: 5%
  • 📍 Coverage: 45 markets
  • Opendoor has 4.4 stars out of 5 4.4/5 (out of 2,897 reviews)

Opendoor is the country’s biggest iBuyer. They offer fast cash for homes and flexible closing timelines. Opendoor makes competitive offers, but these are far less than your property can get on the open market.

  • Service Fee: 5% of Home Sale Price
  • Typical Offer: 70% to 100% of Fair Market Value (FMV)
  • Types of Properties Purchased: Opendoor offers cash for houses only in desirable neighborhoods. If your property needs minimal repairs, Opendoor is an option for you. Otherwise, you may not even receive a preliminary cash offer from Opendoor.
  • Closing Date & Offer Terms: Opendoor provides a flexible closings, with dates up to 45 days out. Opendoor’s offers are not flexible, and final terms may change after home inspection.
  • Limited Coverage: Opendoor only covers 51 markets.

🚩 You Should Know: For the ease of a fast cash offer and flexible closing, you may pay up to 13% of your home’s sale price in service fees. Opendoor’s final cash offer is calculated after deducting home repair costs and closing costs.

👉 Our Take: Opendoor could be the best company to sell your house fast if they purchase properties in your zip code. Remember—an MLS listing on Houzeo.com will automatically put you in front of Opendoor and other iBuyers for an instant cash offer.

» Opendoor Reviews: Everything you need to know about America’s biggest iBuyer

  • Excellent for experienced home sellers with desirable properties
  • The repair cost breakdown isn’t disclosed in the offer
  • Not suitable for first-timers or FSBO sellers
  • The sales process may feel rushed, and the home seller has negligible control over the sale
  • The difference between Opendoor’s preliminary offer vs. final offer can be humongous
  • Home sellers receive cash offers within 24-48 hours, only on the properties that are in Opendoor’s coverage.

Opendoor has an average rating of 4.4 out of 5 stars on Reviews.io.

» Opendoor Review: Is Opendoor the best cash home buyer in 2022?

👎 Limited Coverage: Opendoor offers cash for houses only in 51 markets, and some of the top markets are Boston, Albuquerque, Cincinnati, Indianapolis, Birmingham, Modesto & Stockton, Galveston, Miami, San Francisco, San Jose, etc.

👍 Rankings of Local Cash Buyers: In case Opendoor doesn’t cover your zip code, you can consider local companies that buy houses for cash:

3. Offerpad

FASTEST CLOSING

Offerpad

  • Service Fee: 5%
  • Close in 10 days
  • Offerpad has 4.5 stars out of 5 on TrustPilot 4.6/5 (out of 165 reviews)

Known for its fast closing schedule, Offerpad is an iBuyer founded in 2017. Offerpad’s patented evaluation tool generates an initial offer price for the property based on housing market stats and insights from in-house real estate market specialists.

  • Service Fee: 5% of Home Sale Price
  • Typical Offer: 70% to 90% of Fair Market Value (FMV)
  • Types of Properties Purchased: Offerpad offers cash for houses only in desirable neighborhoods and for properties that need zero or minimal repairs. Distressed properties may not get a cash offer from Offerpad.
  • Closing Date & Offer Terms: Offerpad has the fastest closing schedule, with the earliest timeline being 7 days and up to 45 days out. Their offer terms are inflexible, and the initial cash offer terms may change after the home inspection.
  • Limited Coverage: Offerpad only covers 22 markets.

🚩 You Should Know: Offerpad’s final cash offer is calculated after deducting home repair costs and seller closing costs. For the ease of an instant cash offer and fast closing, you may pay up to 13% of your home’s sale price in service fees. Also, if you want to back out of the deal with Offerpad after accepting a cash offer, you will have to pay a 1% cancellation fee.

👉 Our Take: Offerpad can be considered if you need to sell quickly, and this iBuyer offers cash for houses in your zip code. Remember—an MLS listing on Houzeo.com will automatically put you in front of Opendoor and other cash house buyers.

» Offerpad Reviews: Is the Fast Closing Schedule Worth the Tradeoff?

  • In just 10 days, you can close your house sale with Offerpad
  • No need to fix or prepare the house
  • Long-term stay option for house sellers
  • Closing costs and service fees can add up to more than 10% of the purchase price in some situations, resulting in a lower cash offer than expected
  • 1% cancellation fees if you back out of the deal after acceptance

Offerpad has a 4.6 out of 5 stars rating on TrustPilot.

» Offerpad Review: Check out exclusive customer reviews of Offerpad

The 3 Best “We Buy Houses for Cash” Companies in Memphis, TN

“We buy houses for cash” companies are conventional, fast cash home buyers. They make instant cash offers for houses, even extremely distressed properties.

Usually a “franchise” network of real estate investors and local house flippers, “we buy houses for cash” companies offer as low as 30% of the home’s fair market value.

» More : How Do Cash Home Buyers in Memphis, Tennessee Work?

4. Fair Cash Deal

Local Cash Home Buyer

Fair Cash Deal

  • $ Service fee: None
  • 4.75 Stars  4.8/5 (out of 17 reviews)

Located in Memphis, Fair Cash Deal is a real estate investment company that stands among the top “we buy homes for cash” buyers in Tennessee. They serve as a company that buys homes for cash in Memphis, TN. They mostly buy homes in “as-is” condition. Once they receive your request, they fix a time and take a look at the property. Then they present you with their fair offer price.  

  • Service Fee: None
  • Typical Offer: 50% to 70% of Fair Market Value (FMV)
  • Types of Properties Purchased: All types of houses, i.e., distressed properties with structural issues, couples going through a divorce, a death in the family, bad mortgage financing, inherited houses, high-crime neighborhoods, etc.
  • Closing date and offer terms: Fair Cash Deal takes anything between 7 – 10 days to close the deal or else the homeowner can schedule the closing date on his terms.
  • Repair Costs: No. Fair Cash Deal purchases the property in as-is condition. So as a homeowner, you need not worry about the cleaning and repair works of the house on sale for cash.
  • Limited Coverage: Fair Cash Deal office is located in Memphis and serves all of Tennessee.

👉Our Take: Fair Cash Deal is among the best local professional buyer in Memphis and throughout Tennessee.  Remember — an MLS listing on Houzeo.com will automatically put you in front of Opendoor and other iBuyers for an instant cash offer.

  • Fair Cash Deal presents a cash offer within 24 hours.
  • Closing dates can be finalized on the owner’s terms.
  • Fair Cash Deal partners take anything between 7-10 days to close the deal.
  • No service fees, no commissions, and no closing costs.
  • You save repair costs as they offer all cash offers for “as-is” houses.

Fair Cash Deal has a 4.8 out of 5 rating on Google Reviews.

Fair Cash Deal office is located in Memphis and serves all of Tennessee.

5. We Buy Houses

FAST CLOSING

We Buy Houses

  • Service Fee: None
  • Closing in 3 weeks
  • No credible reviews found.

Dealing with a cash buyer company like We Buy Houses (WeBuyHouses.com) is like selling your home to a local real estate investor. We Buy Houses “thoroughly” vets their investors before authorizing them to operate independent offices in their respective jurisdictions. This cash home buyer caters to distressed home sellers and is known to buy properties as-is.

  • Service Fee: None
  • Typical Offer: 50% to 70% of Fair Market Value (FMV)
  • Types of Properties Purchased: All kinds of ugly houses, i.e., distressed properties with structural issues, couples going through a divorce, a death in the family, flawed mortgage financing, inherited homes, high-crime neighborhoods, etc.
  • Closing Date & Offer Terms: We Buy Houses provides a flexible closing date, up to 60 days out. Offer terms are inflexible, but you can try negotiating for a better cash offer and terms.
  • Near-Nationwide Coverage: WeBuyHouses.com pays cash for houses in 2,700 cities nationwide.

🚩 You Should Know: We Buy Houses is a pre-vetted real estate investor network and operates on a franchise model. Some franchisee offices may use controversial tactics to close the cash transaction.

👉 Our Take: We Buy Houses operates franchises with independent, pre-vetted, local real estate investors. The quality of service depends on your location, so it’s best to check the customer reviews of the local We Buy Houses franchise before requesting a cash offer.

» We Buy Houses Reviews: Everything you need to know about WeBuyHouses.com

  • Get an offer within two days & close in just seven days
  • Private network of pre-vetted real estate investors
  • Once an offer has been made, there is little to no space for negotiation.
  • Most homes get paid less cash than the fair market value.
  • Only interested investors will evaluate your home full cash offer will be made for your house.
  • We Buy Houses’ final cash offer is usually in line with the preliminary cash offer unless the appraiser deducts anything during the home inspection.

👎 Zero Customer Reviews: We Buy Houses has no customer reviews on popular review sites like Google or Trustpilot.

👍 Houzeo Reviews: Houzeo has a stellar rating of 5.0 stars on Google and 4.9 stars on Trustpilot.

We Buy Houses makes cash offers on houses in 49 states with 2,700 offices nationwide.

6. ASAP Cash Home Buyers

LOCAL CASH BUYER

ASAP Cash Home Buyers

  • Service Fee: None
  • 3.5 Stars 3.75/5 (out of 3 reviews)

ASAP Cash Home Buyers started their journey in 2013. They help home sellers with their distressed properties and buy all types of residential real estate and empty lots. This reputable cash home buyer purchases houses regardless of their condition, location, or price while offering fair market value. They even refer their clients to credit and legal counseling services to make better decisions.

Note: They are not interested in properties like timeshares, hotels, or rental communities.

  • Service Fee: None
  • Typical Offer: 50% to 70% of the Fair Market Value (FMV)
  • Types of Properties Purchased: ASAP Cash Home Buyers offer cash on houses in any given condition.
  • Closing Date & Offer Terms: After buying your house, the turnaround time is as little as 24 hours. They also provide a flexible closing date.
  • Easy Home Selling Process: You don’t need to schedule a showing to sell your house. Simply complete the form to receive a cash offer on your house the next day.
  • Coverage: They buy houses for cash nationwide.

👉 Our Take: They can be an ideal choice for home sellers who want to sell their homes in any condition for fair market value.

  • They buy your house as per your preferred date.
  • No undisclosed fees or hidden costs.
  • They buy houses in any condition.
  • Fill out their online form and sell your house.

ASAP Cash Home Buyers have a star rating of 3.75 out of 5 stars, with reviews on Google

ASAP Cash Home Buyers provides nationwide coverage. 

Rankings: 6 Best Companies that Buy Houses for Cash in Memphis, TN

CompanyPotential Offer Price*Service FeesClosing Time100% Online5-star Reviews**Mobile App
1. Houzeo.com100% of Market Value$349 Flat Fee7 to 60 days
2. Offerpad90% to 100% of Market Value5% of Sale Price14 to 60 days
3. Opendoor80% to 100% of Market Value5% of Sale Price7 to 60 days
4. Fair Cash Deal50% to 70% of Market ValueNone7 to 10 days
5. We Buy Houses50% to 70% of Market ValueNone7 to 30 days
5. ASAP Cash Home Buyers50% to 70% of Market ValueNone7 to 30 days

*An MLS listing via Houzeo exposes your home to the open market. The open market will almost always be more competitive than offering your house to a single potential cash home buyer.

** For 5-star Customer Reviews, ratings above 4.75 out of 5 stars have been considered. Houzeo has rated 5.0 stars on Google Reviews and 4.9 stars on Trustpilot.

Are Companies that Buy Houses for Cash in Memphis, TN Legit?

Yes, companies that buy houses for cash or cash home buyers are legitimate and operate legally in Sarasota, FL.

However, no industry is free from scammers or companies following the “malign practices” that exist in every industry. So, never pay any money while requesting an all-cash offer on your house.

Never pay any money while requesting an all-cash offer on your house. Browse through customer reviews and inspect how the company operates before signing any documents.

Understanding Cash Home Buyers in Memphis, TN

Companies that buy houses in Memphis, Tennessee include institutional cash home buyer companies, local house flippers, and real estate investors. They make all-cash offers on homes and typically pay 70% to 90% of the home’s fair market value.

Cash buyer companies don’t negotiate the offer, thus leaving little room to get 100% of your home’s market value.

💲Cash for My HouseList on the open market with Houzeo.com and get 100% Fair Market Value of your property.

Types of Cash Home Buyers

Companies that buy homes for cash in Memphis, TN help home sellers skip the hassle of listing on the MLS, marketing, home staging, etc. Two types of cash home buyers make cash offers on homes for sale:

1. “We Buy Houses for Cash” Companies: Lowball Cash Offers But Zero Service Fees

Cash buyer companies buy distressed properties as-is and typically pay 30% to 70% of the home’s fair market value. We recommend “We Buy Houses for Cash” companies for homeowners with inherited homes that need extensive repairs, homes with structural issues or facing foreclosure, or the homes of couples going through a divorce.

Companies like HomeVestors and We Buy Houses are “franchise” networks of pre-vetted real estate investors. So, every office is operated autonomously by investors buying homes for cash. This network includes retail cash home buyers, local house flippers, and nationwide investors.

» More: How Does “We Buy Houses for Cash” Work?

2. iBuyers: Fair Cash Offers But Hefty Service Fees

Companies that buy homes for cash with instant non-negotiable offers are calculated based on the property’s location, house condition, required repair costs, calculating ARV (After Repair Value), etc. You get 70% to 90% of the home’s fair market value.

Unlike cash buyer companies that compare local sales data and rely on in-house experts, iBuyer companies use proprietary algorithms to compare millions of historical pricing trends to determine a competitive cash offer price. Opendoor offers the most cash compared to other iBuyers, while Offerpad is known for its fast closings.

» More: How Does Selling to an iBuyer Work?

How Do I Sell My House Fast for Cash in Memphis, TN?

Listing on the MLS is the fastest way to get instant offers from “cash for houses” companies. Cash buyer companies and local real estate investors are always scouring the MLS for properties. So, if you want to sell your house fast for cash, you can consider the following tips:

  • Listing on the MLS
  • Pricing your home competitively
  • Offering a competitive buyer agent commission
  • Responding fast to inquiries, showings, and offers.

» How Do I Sell My House Fast for Cash: Here’s a guide to help you sell your home fast.

Selling a House to an iBuyer

When selling a house to iBuyers, technology and data go hand-in-hand to calculate your home’s worth. While each iBuyer may have different ways, this is what typically happens when selling properties to an iBuyer company:

  • Step 1 – Submit information about your home: iBuyers collect information through an online form or over the phone. Sellers need to share the property’s location and basic details of the house.
  • Step 2 – Receive a preliminary cash offer: After an initial evaluation to check if your house passes its eligibility criteria, you usually get a preliminary cash offer. Usually, this offer is a take-it-or-leave-it deal.
  • Step 3 – Complete a home inspection: An onsite visit is scheduled if you accept the preliminary cash offer. The representative will assess your property.
  • Step 4 – Review final cash offer: Repair costs and expenses are adjusted in the preliminary cash offer. Then, the iBuyer sends a final cash offer for the house.
  • Step 5 – Close the deal: iBuyers provide more flexibility on the closing schedule. You may be able to close within 7 days!

👉 Know Your Home’s Worth Before Selling to an iBuyer: Even if your property is eligible for iBuyers, it’s always a good idea to get an estimate from a local realtor to find out how much your home could sell for on the open market.

Which Homes Qualify for Most iBuyers?

iBuyers only offer cash for houses that qualify their purchase criteria. Typically, these criteria are similar for major iBuyers like Opendoor and Offerpad:

  • Home types: Single-family homes, Townhouses, Duplexes, Condominiums
  • Year built: After 1930
  • Lot size: Maximum lot size of 1–2 acres, depending upon market
  • Value: Between $100,000 and $600,000 (can be as high as $1.4 million in some markets)
  • Occupancy: Owner-occupied only

iBuyers have made exceptions in some markets, so it’s best to request a cash offer from an iBuyer that buys homes in your locality.

👉 Cash for Distressed Properties: Houses listed on the MLS receive offers as long as one can reside in them after purchase. Even distressed properties may get better cash offers when listed on the open market.

How Much Do iBuyers Pay?

As high as 104.1% and as low as 70% of the property’s fair market value. However, iBuyers are ideal for you only if you have a pretty house that needs minimal or no repairs.

👉 iBuyers Offer Cash for Houzeo.com Homes: iBuyers like Opendoor and Offerpad have made full cash offers on the properties listed on Houzeo. Increase your chances of meeting an iBuyer with a free listing on Houzeo.com. Start NOW!

How Much are iBuyer Fees?

The hassle-free convenience of iBuyers comes at the expense of service fees. Typically, you can expect the final service fees to be around 10% to 18% of the home’s sale price.

iBuyer fees primarily depend on the property’s condition and location. If you have a decent house that needs minimal repairs in a desirable neighborhood, then the service fees will be around 5% to 7%.

✅ Pros of Selling Your House to an iBuyer

  • Instant Cash Offer & Sale: iBuyers make an instant cash offer, usually in 24-48 hours. If you accept it, iBuyers move fast to close on the property. You skip the annoyance that comes with a traditional home sale.
  • Fast Closing: There is no listing or wait for potential buyers. When selling to an iBuyer, you skip the hassle of a traditional home sale and get quick cash for your house.
  • Certainty of Sale: iBuyers are home-buying companies with enough finances. So, the chances of your home sale falling through are less than selling your home with a realtor.
  • No Upfront Costs: A home seller must spend on house repairs, home staging, etc., when listing on the open market. These costs get eliminated when you sell to an iBuyer.

❌ Cons of Selling Your House to an iBuyer

  • Non-negotiable Cash Offers: When dealing with iBuyers, the cash deal is usually take-it-or-leave-it. Although there may be room for negotiations, you can’t expect more than 95% of the market value of your home. Because iBuyers have to sustain their business model with the re-selling profits, they usually provide final offers.
  • Limited Coverage: iBuyers purchase homes in the markets they operate in. So, selling to an iBuyer is not a choice for most Americans. You won’t stand a chance if your property lies outside their coverage.
  • Strict Eligibility Criteria: There are specific prerequisites a home must adhere to for an iBuyer to buy it. Most iBuyers only offer cash for houses built post-1930 or less than 1.5 acres. Because of the stringent purchase criteria, distressed homes don’t qualify for sale.

💲Market to the Biggest Pool of Cash Home Buyers!


Houzeo is the fastest, high-tech way to get on the MLS and sell to cash home buyers.


Start Your FREE Listing NOW!

How Do Cash Home Buyers In Memphis,TN Work?

“We buy houses for cash” companies are cash buyers that buy houses “as-is” and at a much lower rate than the market price. These real estate cash buyer companies mostly work offline, and their target audience is distressed home sellers.

Let’s take a look at how the home sale would be with a “We Buy Houses for Cash” company:

  • Step 1 – Share details about your house: Most cash buyer companies will collect basic information via phone or online. Sellers have to share location and property condition.
  • Step 2 – Review the preliminary cash offer: After an initial assessment of your property, the home-buying company will make a non-negotiable cash offer.
  • Step 3 – Complete a home inspection: An onsite visit is scheduled if you accept the initial offer price. A third-party inspector or a local firm representative will complete the onsite inspection. Your final offer will be modified proportionately if any essential repairs are required.
  • Step 4 – Accept the final cash offer: After adjusting repair costs and expenses, the cash home-buying company sends a final cash offer. You only need to accept, sign a purchase agreement, and schedule closing if it satiates your ideal requirements.
  • Step 5 – Close on your schedule: “We Buy Houses for Cash” companies can pace up the process and provide more flexibility on timing. You don’t have to wait for a bank to subscribe to a mortgage. In some cases, you may be able to close just within ten days.

How Much Do “We Buy Houses for Cash” Companies Pay in Memphis, TN?

Companies that buy homes for cash often use the 70% rule.

So, they’ll pay no more than 70% of your home’s market value. Sometimes, home repairs are required, and some cash buyer companies deduct these overhead expenses from your sale proceeds.

Cash Offer = (Market Value of Your House x 70% Offered) – Repairs Costs

Let’s say your home is worth $300,000 at fair market value but needs $25,000 in repairs. Then, you might expect a cash offer of only $185,000 from the cash home buyer companies.

You can wait and list your home with a professional real estate agent if you have a capital of $25,000 to spend on repairs. There’s also the open market, where you might be able to locate a deal worth as much as or more than your home’s current market value.

Some cash home buyers are willing to pay less than 70% of the home’s value after renovations/repairs. However, we recommend requesting cash offers from multiple cash home buyer companies, with no obligation to close with them.

    👉 IMPORTANT: Even if your property is eligible for iBuyers, it’s always a good idea to get an estimate from a local realtor to find out how much your home could sell for on the open market.

💲Market to the Biggest Pool of Cash Home Buyers!


Houzeo is the fastest, high-tech way to get on the MLS and sell to cash home buyers.


Start Your FREE Listing NOW!

“We Buy Houses for Cash” Companies in Memphis, TN: Pros and Cons

✅ Pros

  • Fast Cash Sale: In the traditional model, you have to list on the MLS and wait for potential buyers. With “We Buy Houses for Cash” companies, you get a cash offer within 24-48 hours of submitting details on their website.
  • Flexible Closing: “We Buy Houses for Cash” companies to move faster than others because there is no longer a need to wait for mortgage approval or listing paperwork. Many companies provide a one-month closing guarantee or up to two weeks.
  • No Service Fees: “We Buy Houses for Cash” companies acquire your home as-is and don’t charge any service fees. Their lowball offers are enough to recover profits by reselling your property after anticipated repairs.
  • No Upfront Costs: Whether they choose a traditional real estate broker or a Flat Fee MLS company, a home seller incurs costs while listing the house and prepping for sale. Since “We Buy Houses for Cash” companies acquire your home as-is, you don’t have to spend a dime. So, required repairs, curb appeal, upgrading furniture, and staging are some elite expenses you avoid when you choose companies that buy homes for cash.

❌ Cons

  • Non-negotiable Cash Offers: When dealing with “we buy houses for cash” companies, the deal is usually take-it-or-leave-it. Although there may be room for negotiation, you can’t expect more than 70% of the market value of your home. However, if you feel the company overlooked something important, some will allow you to make your case and submit additional evidence to support it, but most will be unwilling to budge on price.
  • Lowball Offers: “We buy houses for cash” companies generally pay 50% to 70% of the home’s fair market value, deducting all repair, utility, and re-selling expenses. Because they want to sell this home on the open market, they will offer you marginal prices so that they get a profit when they resell.

We Buy Houses for Cash Scams

Cash home buyers are legitimate, but there are scammers in every industry, and that’s how cash for houses scams work. Some common “cash for houses” scams are:

  • Fake “We Buy Houses for Cash” Ad: Scammers post signs and blast emails with a “we buy houses for cash” ad. Families in need of liquid cash or struggling to make their mortgage payments fall for this and end up signing property-related documents in a hurry to close the cash transaction. “Cash for houses” companies lease the property to a new tenant, and the owner is still responsible for making the mortgage payments while losing control of their house.
  • Re-assignment Clause in Listing Agreement: In some states, cash home buying companies have made home sellers sign a listing agreement with a “reassign” clause. Essentially, this means the seller is permitting somebody else to take control. Home sellers who fall into this trap lose the right to sell their own house!

⚠️ Don’t get lured by such deceptive cash home buyers: Thoroughly investigate the company before signing any legal documents related to your house.

Selling to Local Real Estate Investors

Selling to local real estate investors directly is an option if you don’t want to work with a cash home buyer. Real estate investors are always searching for properties. These real estate cash buyers, also called retail cash house buyers, can be classified as:

  • House Flippers: buy a property, renovate, and resell the property on the open market.
  • Landowners or Landlords: buy a property, renovate and rent the property.

You can find such investors in online forums or through in-person meetups. Real estate investors often purchase the property as-is and drive a hard bargain to acquire homes for less than the fair market value. So, it’s best to do a comparative price analysis and find how much your property is worth before you deal with local real estate investors.

🏘️ How to Flip a House: Is flipping houses still profitable in 2022’s slow market

What about Selling My House with a Real Estate Agent Instead?

It depends!

Listing on the MLS increases the chance of a competitive cash offer. However, opting for a real estate agent to get on the MLS would defeat the purpose of maximizing your cash offer.

Opting for a real estate agent in Memphis will not save your 6% commission and might be the worst option if you want to earn maximum cash. With Flat Fee MLS companies like Houzeo.com, listing your house on the MLS can be done effortlessly at just $349! You save on the 3% listing agent commission by selling your home as an owner.

✍️  Note: Cash home buyers like Opendoor and Offerpad have offered cash deals for properties listed on Houzeo.com.

💸 Maximize Your Cash Offer with Houzeo


Houzeo syndicates your MLS listing to thousands of real estate websites and provides unparalleled exposure to your property.


START YOUR MLS LISTING NOW

Should I Sell my House To Reputable Companies that Buy Houses for Cash in Memphis, TN?

Most home buyers purchase homes with a mortgage. But, selling for cash will almost always net you between 10% to 30% less than a financed offer.

We recommend you sell for cash only in select circumstances.

  • If You are on a Severely Tight Timeline: If you’re going through a rough patch in your life, such as a divorce or an immediate move, cash home buyers or real estate investors can help you sell faster.
  • In Case You Need to Sell an Inherited Property: Selling to a company that buys houses for cash can be a viable option if you have a deceased relative’s property far away or in terrible shape.
  • You are in Urgent Need of Cash: If you’re in a hurry, facing foreclosure, and don’t want to keep your property, selling your house for cash could help you escape a credit impact.
  • You Own a Distressed Property: Most banks will not finance a property in poor condition. If your property is in poor condition, selling your house for cash is a good choice.

Listing on the MLS would be ideal if you can hang in for a while. With high-tech FSBO sites like Houzeo.com, you can start your listing process on any device and finish all the paperwork seamlessly.

💸 Maximize Your Cash Offer with Houzeo


Houzeo syndicates your MLS listing to thousands of real estate websites and provides unparalleled exposure to your property.


START YOUR MLS LISTING NOW

Alternatives to Companies That Buy Houses

1. Listing Your Home with Flat Fee MLS Service

Listing with a Flat Fee MLS in Tennessee service gets your property on the market within just 24-48 hours. Thus, Flat Fee MLS is the best way to sell your house fast, having 4 significant benefits:

  • MLS is the fastest way to hit the market, plus your listing is syndicated to Zillow, Realtor.com, etc.
  • Your property listing gets maximum exposure.
  • You can negotiate all offers.
  • You skip paying commission or service fees.

👉 Sell Flat Fee MLS via Houzeo: We recommend Houzeo if you want to list and sell your house fast!

2. Hiring a Top Real Estate Broker

Top real estate brokers have the expertise to help you sell your property fast within a set timeline. So, most of the work is handled by the broker, which makes home selling hassle-free.

But the downsides are just as huge. Best realtors in US will charge between 5% to 7% commissions. That amounts to thousands of dollars in commission you will be paying. Additionally, with local realtors in Tennessee, you may get no technology tools, and their service quality can be unpredictable.

👉 We recommend selling with a real estate broker only if you are not tech savvy or concerned about FSBO paperwork

» Real Estate Brokers in Tennessee: Check out Tennessee’s top brokers, their services, and commission

3. Sell By Owner

Selling your home purely For Sale By Owner implies that you won’t get access to the MLS. So, you market your property, conduct market research, handle offers, manage showings, etc., all by yourself.

 77% of FSBO home sellers closed on their homes within two weeks because the homes were sold to someone the seller knew. The most significant disadvantage of selling with no MLS or tech support is that you probably may not be able to sell your home quickly.

👉 We recommend selling FSBO if you have a buyer lined up to buy your property.

Eager to Know How Houzeo Works?

We’ve got you covered. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S.

What is Houzeo?

An overview of what the platform is all about

Start Your MLS Listing NOW!

» NEED MORE CLARITY? Read these exclusive Houzeo reviews and learn why it is one of the best FSBO sites in America.

Frequently Asked Questions

1. What is the best company that buys houses for cash in Memphis, TN?

Houzeo is the most popular platform for sellers looking for companies that buy homes for cash. Houzeo lets you access the power of the MLS for a small flat-fee.

MLS listings get syndicated on Zillow, Realtor.com, Trulia, Redfin.com and hundreds of other websites. Listing your home on the MLS will allow you to target all companies that buy homes for cash – local and national. More exposure means more competition and highest cash selling price.

Houzeo also offers superb technology giving you full control of your listing. And if you run into any issues, Houzeo’s 5-star customer service team is available to help.

2. How do you sell a house to cash buyers in Memphis, TN?

In most cases, you must enter your classified info via an online portal or a telephone chat. Following that, you must schedule an inspection and receive a final cash offer. Once you've decided to accept the offer, you can usually select your own closing date.

3. What is the fastest way to sell a house in Memphis, TN?

The Best options to sell your house fast:
1.You can sell your house fast using MLS listing service companies like Houzeo.
2.FSBO (For Sale By Owner)
3.Sell to cash home buying company

4. How long does a cash sale on a house take?

Approximately, 10-30 days. It depends on the buyer and the specific situation.

5. How do I sell my house "as is" in Tennessee?

If you wish to sell your house "as is" in Tennessee, you must specify in your ad that you are not willing to do any repairs. It's as simple as inserting "as is" in the MLS listing description of your home.

6. What is a cash offer on a house?

A cash offer indicates that a homebuyer intends to pay cash for your home and does not require any other financing.

7. How fast can you close on a house with cash in Memphis, TN?

It varies by the house, but a full cash house sale in Memphis, TN is usually completed within 14 business days. iBuyers promises to close in as little as seven business days.

8. How much are closing costs on a cash deal?

closing costs can range from 3% to 6% of the home's purchase price, but this figure can be as low as 1% or as high as 4%, depending on the state.

Resources:

Thumbnail - Selling a house in Tennessee

Selling a House in Tennessee

Selling your house involves various steps like pricing, marketing, negotiating, paperwork, etc. Check out our comprehensive guide for selling your house in Tennessee.

Thumbnail - Selling a house As Is in Tennessee

Tennessee Seller’s Disclosure

A seller disclosure form is a standard checklist form mentioning material defects and features of the property. Read our guide to know your disclosure obligations in Tennessee.

Thumbnail - What Are the Seller Closing Costs in Tennessee?

What Are the Seller Closing Costs in Tennessee?

Home sellers incur costs over and above the property’s purchase price to complete the transaction. Find the seller’s closing costs for your house in Tennessee.

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