4 Top We Buy Houses for Cash Companies in Covington
- Published on
- 15 min read
-
Joseph Gordon EditorClose
Joseph Gordon EditorJoseph Gordon is an Editor with HomeLight. He has several years of experience reporting on the commercial real estate and insurance industries.
Considering selling your home in Covington? ‘We Buy Houses’ companies might be your gateway to a quick, all-cash offer. These companies specialize in purchasing homes that may require some refurbishing, providing an easy solution for owners lacking time or resources for repairs.
A cash sale can be particularly appealing when dealing with the sudden need to relocate for work or an unexpected inheritance. It offers the convenience of skipping the conventional market, letting you move on without the usual delays or financial burdens associated with home selling.
This post will explore the advantages and drawbacks of using house-buying companies in Covington, empowering you with the information needed to make an informed decision about selling your home for cash. We will also provide you with some alternatives and show you how the process works.
Sell Your House Fast in Covington With a Cash Offer
Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 10 days. No showings, no repairs, no open houses. Available to sellers throughout Covington.
Disclaimer: This post is meant to be used for educational purposes only and does not constitute legal or financial advice. Links and mentions of Covington area “We Buy Houses” companies should not be considered an endorsement.
Working with house-buying companies in Covington
Thinking about selling your home quickly in Covington? Working with a house-buying company can speed up the process, allowing you to skip the usual hassles of the traditional real estate market.
1. Research local companies: Start by looking up reputable cash-for-homes companies in Covington. Check their reviews and past transaction histories to ensure they’re trustworthy.
2. Contact the company: Reach out to the company you’ve chosen either through their website or by phone to express your interest in selling your home.
3. Schedule a visit: Allow the company to inspect your home. This visit is crucial as it helps them assess the property and determine an offer.
4. Receive an offer: Typically within a day or two after the visit, the company will make a cash offer on your home. This offer usually stands firm with no obligation for you to accept.
5. Review and accept: Take your time to review the cash offer. If it aligns with your expectations, you can accept the offer to move forward.
6. Close the deal: Once the offer is accepted, the company will handle most of the closing procedures. You can expect to close the sale and receive your cash often within a week.
Popular We Buy Houses for Cash companies in Covington
If the process of selling to a house-buying company in Covington 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 or your parents’ Cape Cod or Bungalow. By selling to one of these companies, you should be able to sell your Covington home in as little as a week or two.
We Buy 502
We Buy 502 is a family-owned property investment company that buys houses, vacant land, rental properties, and mobile homes throughout Kentucky. They’ll give you a no-obligation cash offer on your property within 24 hours, regardless of its condition or location.
Locations: Statewide, including Covington
Closing costs: Sellers pay no closing costs; We Buy 502 covers them.
We Buy 502 has been BBB-accredited since 2022 and holds an A+ rating. They also have a 4.7-star rating on Google. Customers praise their professionalism, fair cash offers, and creative problem-solving.
Website: webuy502.com/cash-home-buyers-covington-ky/
Phone number: 502-849-5950
Simple Sale (a HomeLight platform)
Simple Sale, a solution from HomeLight, is an online platform where sellers in Covington (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 Covington.
With Simple Sale, you can get a no-obligation, all-cash offer in 24 hours and sell your home in as few as 10 days, skipping the months it can take to sell the traditional way.
Locations: Nationwide, including Covington
Closing costs: No prep costs, agent commissions, or 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 hundreds of 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
Phone: 844-488-8455
Cash Offer KY
Cash Offer KY maintains an office in Louisville proper while serving markets in the surrounding area. The company prides itself on understanding the complications that can accompany cash sales in real estate and connects sellers in need of a local network with attorneys and other professionals if needed.
Locations: Statewide, including Covington
Closing costs: Sellers pay no closing costs; Cash Offer KY covers them.
Cash Offer KY has been BBB accredited since early 2021. Yelp reviews and Google reviews alike speak to courteous and polite staff, and positive interactions with owner Matt Rostosky. They have a Google review rating of 5.0.
Website: cashofferky.com
Phone number: 502-706-6876
We Buy Houses, Covington
WeBuyHouses.com was founded in 1997 and buys houses in 200 markets and 30 states in any condition. According to their website, they have been trusted by 1 million homeowners and can present a cash offer even if the homeowner is behind on their mortgage or facing foreclosure.
Locations: Nationwide, including Covington
Closing costs: Sellers pay no closing costs; WeBuyHouses.com covers them.
WeBuyHouses.com has been BBB accredited since August 2020 and has an A+ rating. Customer reviews for WeBuyHouses.com speak to their professionalism and understandable procedure.
Website: webuyhouses.com/KY/Covington/
Phone number: 877-932-8946
Why sell your Covington house for cash?
There are plenty of notable reasons why a Covington home seller may choose to work with a Cash-For-Homes company. The benefits of speed, certainty, and remarkable convenience are leading the list.
In Covington, it typically takes around 81 days to sell a home on the market using an agent. That includes an average of 37 days on the market plus the typical 44 days a buyer needs to close on a purchase loan.
Selling your Covington house for cash might seem like a drastic step, but for many, it’s a practical solution. Cash buyers provide an alternative to the traditional, often lengthy home-selling process, catering specifically to those needing a quick and straightforward sale.
- Job relocation: If you’re moving for work, selling for cash means you can relocate without the stress of a lingering home sale.
- Divorce: In the upheaval of a divorce, quickly liquidating shared property can simplify the process.
- Inherited property: Selling an inherited home for cash can resolve estate settlements swiftly without the need for renovations or marketing.
- Downsizing: For those looking to downsize, a cash sale is quick and avoids the complexities of the market.
- Major repairs needed: If your home needs significant repairs, a cash sale can avoid the cost and hassle of fixing it up.
- Avoiding open houses: Selling directly for cash means no open houses and less intrusion into your life.
- Foundation issues: Homes with foundation problems can be particularly hard to sell traditionally; cash buyers often take them as-is.
- Foreclosure: If you’re facing foreclosure, a quick cash sale might mitigate the financial damage.
- Problem tenants: For landlords, selling a tenant-occupied property for cash can resolve rental headaches swiftly.
- Selling from out of state: Managing a sale from afar can be cumbersome; cash transactions simplify out-of-state sales.
Pros and cons of house-buying companies in Covington
Exploring selling your home to a house-buying company in Covington? This approach offers distinct advantages and drawbacks worth considering before making your decision.
Pros of using house-buying companies in Covington:
House-buying companies in Covington provide the utmost convenience, particularly when speed is essential and your home needs repairs. Here’s a quick look at the significant benefits:
- Quick sale: House-buying companies typically close deals much faster than traditional sales, often within weeks.
- Buy as-is: These companies buy homes in any condition, saving you the trouble and expense of making repairs. Learn more about selling as-is.
- No real estate fees: Selling to a cash buyer means you avoid realtor commissions and closing fees.
- Less stress: The sale process is straightforward, without the typical contingencies of traditional home sales.
Cons of using house-buying companies in Covington:
While convenient, there are significant downsides to consider, primarily financial. Here’s what you should watch out for:
- Lower offers: Expect offers below market value, as these companies aim to profit on the resale of your home.
- Potential for scams: Not all house-buying companies are reputable. Homeowners must be cautious of scams.
- Limited negotiation: The price offered is typically non-negotiable, leaving little room for you to up the offer.
- Lack of local market benefits: You might miss out on higher offers from private buyers, especially in competitive markets.
Curious What Your Home Is Worth?
Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.
Vet cash buyers and know your home’s worth
The level of integrity and service you experience from a We Buy Houses for Cash company can vary, even within an established house-buying group that strives to maintain high standards. This is because many Cash-For-Homes companies are franchises and often use independent investors or wholesaling outfits. Your experience depends on the character of the person or group making the offer.
Before committing to a cash offer, vet the company thoroughly. Check reviews, read testimonials, and research its presence and performance in the market. And, of course, read the buying agreement carefully before signing.
HomeLight suggests you consult with an experienced local 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 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 Covington home quickly
Explore other speedy selling options beyond cash-for-homes companies:
iBuyers: Instant buyers use automated valuation models to offer nearly instant, data-driven home value estimates, streamlining the sale mostly online. Typically, iBuyers provide all-cash offers close to market value for well-maintained homes and can close in as little as a few days to two weeks. Note that companies like Opendoor and Offerpad might charge service fees around 5%-6%. Learn more about the iBuyer process.
Listing with an agent: While not as quick as selling to an iBuyer or house-buying company, partnering with a top real estate agent can facilitate a fast sale if your home is competitively priced and well-marketed in a seller-friendly market. Top agents often sell homes for significantly more than average agents.
A comparative market analysis (CMA), which is often free, helps set the right price by comparing your home to similar recently sold properties. An experienced agent may also find cash buyers willing to pay close to market value. If interested, HomeLight can connect you with a top-performing agent in your area.
FAQs on Covington house-buying companies
By and large, most We Buy Houses for Cash companies in Covington 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 Covington 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 Covington Bungalow could sell for $216,000 after repairs, but it will need $30,000 of work to get there.
($216,000 x .70) – $30,000 = $121,200
In this example, a Covington We Buy Houses company might offer you around $121,200 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 Covington We Buy Houses for Cash company, you will likely be coming to grips with a double-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 it is accepted. Conversely, 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 will be the price you walk away with at the end of the deal. Of course, asking the company if any hidden program fees might impact your bottom line is always a good idea.
1. Research and vet the house-buying companies that serve your Covington area. Our list above is a good place to start.
2. Submit offer requests to a few of the companies you like best.
3. Schedule any required on-site property visits.
4. Compare offers. Weigh the pros and cons and choose the best option for you.
5. 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 Covington vs. top Covington 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 Covington | Sell with a top Realtor in Covington |
| Selling timeline | 7 to 30 days | 81 days average; 37 to attract an offer, 44 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 the 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 compiled 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 Covington is worth about $216,000 and needs about $25,000 in repairs. Once the repairs are completed, the home might be worth around $241,000.
| Sell to a We Buy Houses for Cash company in Covington | Sell with a top Realtor in Covington | |
| Estimated sale price | ($241,000 x .70) – $25,000 = $143,700 | $216,000 |
| Market preparations | 0 | $2,160 (1% of sale price) |
| Agent commissions | 0 | $12,528 (5.8% of sale price) |
| Closing costs | 0 | $3,240 (1.5%) |
| Estimated take-home for seller | $143,700 | $198,072 |
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.
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 Covington agent.
Header Image Source: (ErikaWittlieb: Pixabay)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
