HomeGo is a traditional cash home buyer that purchases distressed properties as is. Since you skip home repairs, you save on additional expenses that would otherwise burn a hole in your pocket.
However, though you save on repair costs, you lose out on the value of your home. This house buyer extends an all-cash offer covering just 50% to 70% of your home’s Fair Market Value (FMV).
Let’s look at HomeGo reviews and their pros and cons to see if you’re getting the best deal for your property.
Key Takeaways
- Pros: HomeGo’s initial cash offer is what you will receive at closing. Unlike other cash buyers, they do not lower their offers after the home inspection. Moreover, you can sell your home in as little as a week.
- Cons: When you sell your property to HomeGo, you could lose almost 30% to 50% of your home’s value. Further, there is little to no scope for negotiation with this cash home buyer.
- Our Take: We don’t recommend that you sell your house to HomeGo as you may miss out on getting top dollar for your property. Instead, get more offers from cash buyers with an MLS listing on Houzeo. This cash buyer marketplace can help you sell your home quickly for a better price.
What is HomeGo?
HomeGo is a company that buys houses for cash. They purchase homes at a discount, renovate them, and then sell them at a profit.
HomeGo caters to sellers who need to sell their homes quickly. Once you reach out to them, this cash buyer sends a licensed real estate agent to extend a firm cash offer that is 50% to 70% of your home’s value.
They also offer their services to other real estate investors and listing agents who want cash for their homes.
Other cash buyers like Express Homebuyers lower their final cash offers after inspecting the properties. However, HomeGo sticks to the cash offer they extend.
Is HomeGo Legit?
Yes, HomeGo is a legit company founded in 2018. Headquartered in Irving, Texas, they claim to buy a home every 20 mins. According to their website, they extend cash offers for every property they visit.
With HomeGo, you can get same-day final cash offers and avoid paying any service fees, closing costs, and repair costs.
What Types of Properties Does HomeGo Purchase?
HomeGo purchases all kinds of homes at a steep discount from distressed sellers. Some of these houses include:
- Homes with structural damages
- Houses with leaking roofs or fire damage
- Rental properties with tiresome tenants
- Houses facing foreclosure
- Properties with tax liens
- Homes in high-crime neighborhoods
When compared to other cash home buyers, you may be robbed of a huge chunk of money with HomeGo.
To avoid such a possibility, list on the MLS with a flat fee company like Houzeo and compare multiple offers from cash companies and iBuyers alike.
How Does HomeGo Work?
Getting a cash offer from HomeGo is straightforward:
- Schedule a Walkthrough: You must fill out an online form on the HomeGo website. Add your property address and contact information to set up the walkthrough at a time convenient for you.
- Get a Firm Cash Offer: During the walkthrough, a licensed real estate agent affiliated with HomeGo will assess your home’s condition and give you a cash offer on the spot.
- Close the Sale: If you accept the offer, you can pick a closing date of your choice up to 30 days out.
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👉 IMPORTANT: Review local housing sales data and determine the Fair Market Value of your property before requesting a cash offer from HomeGo.
How Much Does HomeGo Pay?
HomeGo applies the 70% rule when extending offers for homes. According to this rule, this cash buyer will pay 70% of your property’s After Repair Value (ARV).
They follow this simple formula when calculating their cash offer:
Maximum offer = ARV x 0.7
A HomeGo representative will give you the cash offer. This is based on:
- The sale price of other homes in your locality.
- Local market data.
- In-depth property research.
HomeGo deducts the repair costs, holding costs, estimated profit, etc., before giving you the offer.
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HomeGo.com Reviews
HomeGo’s positive reviews praise the cash buyer’s easy process and quick timeline. On the other hand, HomeGo.com complaints highlight the number of spam letters they send out to sellers.
✅ Cathy was pleased with HomeGo’s simple process.
After looking at 4 other potential investors/buyers formy house, 2 of which advertise nationally, I chose HomeGo as they offered advantages the others didn’t. Nick Fennema was awesome to work with. He was professional, courteous, communicated clearly, was responsive to questions, and made me feel very comfortable about my decision. It couldn’t have been an easier process.
Source: Google
❌ Mr. Escamilla was frustrated with the number of letters he received from HomeGo.
I’m tired of getting their mailers, it’s not environmentally friendly, it creates so much waste for the landfills, and uses energy to recycle the flyers. I would not recommend them since they are not environmentally conscious, or that they are unable to control “3rd party” advertisers.
Source: Google
HomeGo Pros and Cons
HomeGo is a convenient option for sellers who need cash fast. However, their pros and cons paint a clearer picture:
✅ HomeGo Pros
Cash home buyers have certain advantages over traditional home-selling processes. Let’s see how HomeGo matches up to these expectations.
- Buy As Is Houses: HomeGo.com purchases homes as is. So, even if your property is on the brink of foreclosure or needs heavy repairs, you will get a cash offer.
- Quick Closing: Reviews of HomeGo say that they close in just 1 week. However, their timeline is flexible, and they can close on a date suitable to you, up to 3 weeks out.
⛔ HomeGo Cons
HomeGo complaints reflect the following disadvantages of the company:
- Lowball Cash Offers: This cash buyer views your house as an investment opportunity. So, your offer price may be much lower than the market price of your property.
- Little to No Scope for Negotiation: With cash home buyers like Home Go, you don’t have room to negotiate your cash offer.
- Incessant Spamming: Many home sellers have complained about being pestered with HomeGo letters, even though their houses weren’t for sale.
Best Alternatives to HomeGo
Even if you want to sell your house fast for cash, look for some alternatives better than HomeGo.com. We’ve listed three below:
- Houzeo: Houzeo is one of the best FSBO websites in America that lets you list your home on the MLS in just 24 to 48 hours. Here, multiple national and local cash home buyers make offers on your property, driving up its price. You can even get 100% of your home’s FMV.
- Opendoor: Opendoor is the largest iBuyer in America extending cash offers for homes needing minimal repairs. They generally pay 70% to 80% of your home’s FMV but deduct a 5% service fee, closing costs, and repair costs from the offer.
- HomeVestors: HomeVestors is a cash home buyer franchise offering 50% to 70% of the home’s FMV. However, they may deduct repair costs at closing. Further, since each office is independently owned, you won’t get consistent service across the country.
“We Buy Houses for Cash” Companies Near Me
There are other “We Buy Houses As Is” companies in the market. You can request an offer from multiple cash companies and pick the one that suits you the best.
Should You Sell Your House to HomeGo?
No, we don’t recommend that you sell your house to HomeGo. Unless you don’t mind leaving cash on the table, HomeGo’s 50% to 70% cash offer may deprive you of your home’s equity.
However, if you’re looking for a cash offer that can give you top dollar for your home, opt for an MLS listing with Houzeo. Your listing can be live in just 24 to 48 hours and you can get offers from multiple cash home buyers.
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