The process of selling or buying a home is a massive undertaking that typically requires a significant investment of time. Many people prefer to work with real estate agents since they are familiar with the process and can provide guidance and expertise. These professionals give you access to expanded searches and up-to-date information. They can even ensure you receive fair prices and ethical treatment. How do you partner with the right real estate agent, though? This is where HomeLight comes in.
What Is HomeLight?
HomeLight is a company using an algorithm to match you with a HomeLight agent in your area who meets your needs. Finding the right Realtor can take time, but HomeLight streamlines the process to connect you quickly to a professional.
How HomeLight Works
Sign up by filling out a form on the website that states your goals for using HomeLight. Be prepared with relevant information. For example, if you want to sell your home, know the estimated property value and an idea of the timeframe in which you want to sell. If you want to buy a home, you should have an idea of the type of home you want and a target area.
After entering your data, you can see your first three generated matches on your dashboard and can begin to review the qualifications of the Homelight agents. You will get a message from a HomeLight concierge on your dashboard as well as a phone call or email to further discuss your goals. Your agent matches should also begin to reach out. If none of the initial matches seem like a good fit, you can request additional agents for consideration. It’s your choice if you select an agent or stop the process. You won’t be charged for the matching process.
HomeLight Services
There are several services to choose from, depending on your goal of buying or selling.
HomeLight Simple Sale
This is a great option if you want to sell your home fast. HomeLight Simple Sale connects you with investors and house flippers who are ready to pay cash for your home. The downside is that these cash offers are generally much lower on the HomeLight platform than if you would sell your house on the open market. Sometimes, they are as much as 50% less. For this reason, you might want to consider an alternative unless you need fast cash.
Simple Sale offers are presented to you within 48 hours. Investors get the chance to bid, and you can review the results and accept or decline the offers. If you accept a bid, closing is normally completed in less than two weeks.
HomeLight Cash Offer
Home sellers are generally more likely to accept an all-cash offer than a preapproval that may fall through due to financing issues. HomeLight’s cash offer provides you with a short-term cash loan upon evaluation and approval of your application. Having proof of funds upfront makes your offer more appealing and leads to a faster closing. You refinance the cash loan into a mortgage once the sale is completed.
HomeLight Home Loans
HomeLight offers mortgages to qualified customers in certain states. A traditional preapproved home loan is only fully underwritten once you enter into a contract on a home, meaning there is still a chance that your financing falls through and leaves you unable to complete the purchase. HomeLight is different because it vets you and then offers a fully underwritten preapproval upfront, essentially giving you the power of a cash buyer. This allows you to confidently make a secure offer that appeals to sellers.
HomeLight Trade-in Services
Part of the struggle of buying and selling is that many people need the money from selling their current home to buy a new home. HomeLight’s trade-in services aim to simplify this problem by handling both transactions. HomeLight buys the home and prepares it for sale, giving you access to the money you need.
Benefits of HomeLight
HomeLight is free to use, and you are under no obligation to pay for services once you create an account. The matching process is automated, which yields fast results any time of day. Some of the top benefits of using HomeLight include:
- Large network of more than 110,000 agents
- Good coverage, even in rural areas
- Mostly positive customer reviews
- Customized dashboard
- Instant matches
- A+ rating from the Better Business Bureau
As you can see, HomeLight has much to recommend it. Plus, it’s available in all 50 states and in Washington, D.C.
Drawbacks of HomeLight
While many customers love the instantaneous matching process offered by HomeLight, some feel that the quick results overlook some details that would lead to matches of a better fit. Some competitors collect more data than just the basics to give you a more personalized experience. The top cons of HomeLight are:
- No discounts on Realtor or brokerage commission
- Agent quality is questionable
Don’t expect any savings on commission. If you sell your home through HomeLight, you will still pay the standard realtor commission. Another questionable practice is the possible lack of vetting of the real estate agents. There don’t appear to be any specific requirements regarding experience, so you don’t know if the agent you select has the necessary skills. You should always review the agent data presented in your matches, but there is no guarantee the information you receive means you’ve been matched with the best agents in your area.
Final Thoughts About HomeLight
HomeLight has many positive attributes that make it a good fit for many homeowners, but ultimately, what is best for you depends on what you want and need. The major downsides of HomeLight are the lack of discounts or savings and the low cash offers. However, it is a legitimate company that many happy customers have found success in using. HomeLight does have an A+ rating on its BBB profile. However, they are not accredited, so we always suggest new home buyers or first time home sellers do thorough research and review several options before making a final decision.
It is your responsibility to carefully review the information you receive on the agent matches you get. That said, you are under no obligation to commit to anything. Signing up is fast and free, so giving HomeLight a try could be a worthwhile endeavor.
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