Flyhomes Reviews & Comparison to Other Home Buy-Sell Platforms
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- 10 min read
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Lindsey Bergeron, Contributing AuthorClose
Lindsey Bergeron Contributing AuthorLindsey Bergeron is a Hartford-based freelance writer and editor who writes about small business, lifestyle and real estate.
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Richard Haddad, Executive EditorClose
Richard Haddad Executive EditorRichard Haddad is the executive 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.
Editor’s note: Processes, rates, and services from real estate companies can change based on market conditions, housing trends, changes in technology, and customer needs.
Buying and selling a house at the same time has always been a challenge. In many instances, a homeowner needs to use equity from their existing home to buy their next residence.
That can mean adding a home sale contingency to their offer, which makes it weaker and less attractive to sellers, or finding temporary housing between transactions. Neither of these options are ideal.
Seattle-based Flyhomes — alongside companies including HomeLight, Orchard, Knock, and Ribbon — is one company in real estate aiming to help people navigate this balancing act more smoothly.
As you explore different real estate solutions out there, you may be curious to read up on Flyhomes reviews and how the solution compares to others available to you.
Let’s take a closer look at Flyhomes’ main offerings, as well as how the company has been reviewed by past customers.
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Flyhomes’ Buy & Sell solution
The Flyhomes Buy Before You Sell program is a home trade-in service that helps homeowners buy and sell property at the same time.
Key to this process is the short-term loan they provide to clients, which allows them to make a cash offer on a new home before their current property is sold.
Here is how the process works:
- Flyhomes starts by evaluating your old home and providing a price estimate, before you begin working with a partner lender to get budget pre-approved for your next home in advance.
- Then, buy your new home. A Flyhomes agent will help you develop strategies with financial tools including their affiliate company, Flyhomes Mortgage, for a more competitive offer.
- Finally, move into your new home while getting your old home ready to sell. Flyhomes guarantees that if your home doesn’t sell within 120 days, they will provide an offer to buy it from you.
Flyhomes’ customers who use this program will typically incur a cost of $100-$200 per day between the time they move into their new home and finalize the sale of their old home. This covers the interest on the short-term loan, which it is worth noting that Flyhomes does not make money on, and is akin to the costs you’d incur for any short-term housing solution, but without the inconvenience of moving multiple times.
The company also offers a cash offer product for people who don’t have an existing home to sell.
Does Flyhomes serve your area?
Flyhomes does not yet serve all markets in the U.S. It is available to customers in Washington state, California, Oregon, Massachusetts, Texas, and Colorado.
If you live outside one of these areas but are interested in using Flyhomes, you can fill out a form on their website to request that Flyhomes move into your market area in the future.
Is there a cost to using Flyhomes?
Flyhomes advertises that they don’t charge any fees for their service beyond the standard commissions and closing costs that buyers and sellers are typically responsible for covering.
Sellers who use Flyhomes’ all-inclusive service will benefit from the convenience of having them manage the entire selling process. Acting as the listing agent, Flyhomes charges the market’s typical commission rate of 2.5%-3% of the home’s final purchase price — however, Flyhomes goes beyond the role of a typical agent by staging your home, hosting open houses, taking professional photos, creating virtual tours, and marketing your home to buyers. Sellers are also responsible for covering the 2.5%-3% commission that goes to the buyer’s agent, as well as any other local taxes and closing costs associated with their state.
As we mentioned earlier, customers in the Buy Before You Sell program will pay $100-$200 each day as they live in their new home and await the sale of their current property. Customers who are in their new home for 45 days prior to the sale being finalized, for example, will pay $4,500-$9,000. This cost is essentially the interest you are paying on the short-term mortgage but provides the added convenience and savings of not having to move twice.
How does Flyhomes make money?
Flyhomes generates most of its revenue through the real estate commissions it earns by helping its customers buy and sell real estate. Because their real estate agents earn a salary rather than working on commission, Flyhomes takes half of the real estate commission that would typically go to the buyer’s agent. This is usually 2.5%-3% of the property’s purchase price.
Flyhomes also features a lending arm, which provides both home loans and home refinancing services. In addition, Flyhomes’ affiliate businesses, including Sailbridge and Muir Residential Investments, LLC, provide resources including loan origination and brokerage services.
What do customers think of Flyhomes?
Flyhomes is generally reviewed favorably by the customers who have used its service, with a 4.5-5 star rating across all platforms:
- Yelp 4.8 stars, 313 reviews
- Facebook 4.5 stars, 104 reviews
- Zillow 5.0 stars, 655 reviews
- BBB accredited with A+ rating. 2 reviews with 1 complaint
- Google 4.7 stars, 314 reviews
Many of their happy customers called out the real estate agents they worked with through the buying and selling process, as well as the knowledge and support they provided. Many of these reviews mentioned a Flyhomes rep by name.
One recent Google review of Flyhomes commended their Buy Before You Sell program, saying that their realtor provided thorough guidance, structured offers effectively, and assisted in selling their property.
Some customers, who provided either neutral or negative feedback, cautioned against using Flyhomes for first-time buyers. They note occasional challenges with communication and support, suggesting a more traditional approach may be preferable for some.
When navigating the home buying process, for instance, one reviewer said Flyhomes may not be the best fit for people who want a “one-on-one, personalized experience.”
Regardless of whether the reviews are positive or negative, Flyhomes does take the time to respond to many of them — either with a note of appreciation or follow-up steps to rectify a negative experience. In one case, the company founder replied to thank a customer for sitting down and having lunch with him to discuss a less-than-favorable experience.
Pros and cons of using Flyhomes
Before deciding to work with Flyhomes, or another real estate trade-in company, you’ll want to weigh the pros and cons of the service with what your priorities are.
Pros
- Allows buyers to make a cash offer on a home, giving them a competitive bidding edge.
- Offers buyer and seller guarantees to provide peace of mind throughout the sales process. If your house doesn’t sell, Flyhomes will purchase it from you after 120 days. Or, if you need to back out after the seller has already accepted your offer, Flyhomes will purchase the home and return as much of your earnest money as possible.
- Creates a faster closing process with greater flexibility in choosing a closing date.
- The online portal is handy for buyers and sellers looking for a digital process with little one-on-one agent support.
Cons
- It’s important to understand the fees that come with a Flyhomes transaction and include them in your moving budget. Sellers will pay a commission for the convenience of having Flyhomes manage the home-selling process. Customers in the Buy Before You Sell program pay a $100-$200 daily fee while their home sells. (This represents the interest on the short-term mortgage.)
- Buyers may feel compelled to go with Flyhome’s mortgage program rather than shopping around for what might be a better deal. However, Flyhomes does offer a price break that comes with financing through the company. In addition, they are one of the few buy-before-you-sell providers that do not require customers to use their attached mortgage service. As with any real estate transaction, you’ll want to compare interest rates and weigh the implications of how long you might need to reside in the home before making a decision.
Other services offered by Flyhomes
Although Flyhomes primarily specializes in helping customers buy and sell real estate, they do have a few ancillary products, as well. For customers in California and Washington state, Flyhomes provides title and escrow services through its affiliate Sailbridge. The company also provides mortgage and home refinance loans.
Other home trade-in companies
Flyhomes is one of several companies that provide home trade-in services to buyers and sellers:
While these companies offer valuable services that can streamline the homebuying and selling process, they may not all be created equally — and the level of service you receive from one company might be very different from another. As with any major purchase, it’s valuable to shop around and know your options.
Take HomeLight’s Buy Before You Sell program, for example. While the end goal may be the same, the process is different.
How does HomeLight’s Buy Before You Sell program work?
When you work with HomeLight, we’ll agree to purchase your current home before you begin the homebuying process. This allows you to make a stronger, all-cash offer without having to worry about any lending or home sale contingencies. The process works like this:
- We’ll make an offer to purchase your current home, which will be payable (as a cash transaction) as soon as you’re ready to close on your new home.
- This gives you a budget for making a cash offer while house shopping. Because there are no contingencies and the risk is lower, cash offers (even if they are lower than others) are often favored by sellers.
- Once your offer is accepted, we’ll get moving on the details. First, we’ll purchase your home at the agreed-upon price. Then, we’ll give you the cash to close on your new home.
- After you’re all settled into your new home, we’ll work with your agent to kick off the home-selling process. If the old home sells for more than what we paid for it, we’ll put the additional cash in your pocket (minus any selling and program fees).
HomeLight’s Buy Before You Sell program is available in most states throughout the country. Click here to learn more and see real client experiences.
Other services and tools offered by HomeLight
HomeLight also offers additional services to meet more of a home seller’s needs:
- HomeLight Agent Matching: Helps match buyers and sellers with top agents in their area.
- HomeLight Simple Sale: Allows homeowners to sell their properties with an all-cash offer in as little as 10 days.
Try these additional real estate tools from HomeLight:
- Home Value Estimator – Get a real-time market value estimate of your home based on current market conditions.
- Agent Commissions Calculator – Look up average commission rates by city and estimate how much you’ll pay on your home sale.
- Home Affordability Calculator – Calculate how much home you can afford based on current earnings, savings, and expenses.
- Best Time to Sell Calculator – Figure out the best time of the year to sell your house to maximize your sale price and sell quickly.
Need to sell your house fast?
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer quickly and close in as little as 10 days. No showings, no repairs, no open houses.
Weigh your options: The pros and cons of Flyhomes
If you’re looking for a simpler way to buy and sell a home at the same time, Flyhomes is a reputable option to consider.
The ability to navigate the real estate process online, make a cash offer, and unload the sales process are a few key benefits of the program, but it’s important to keep in mind that these features don’t come free. Depending on how long it takes for your home to sell, you could end up with a hefty bill for the daily fees you’ll accumulate after you move into your new home. But for some sellers, a trade-in program may be the solution they need.
The bottom line? Do your research and decide which trade-in or trade-up service is right for you. We invite you to explore HomeLight’s Buy Before You Sell program as well.
Header Image Source: (Nubelson Fernandes / Unsplash)
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