HomeLight Cash Offer Review 2024
With the help of our in-house editorial team, our platform’s members and external subject matter experts, this comprehensive review of HomeLight Cash Offer became possible and available for free to those considering this solution!
In this review we evaluated HomeLight Cash Offer features, plans, pricing and other important aspects to help our readers make a more educated purchase decision.
All the customer reviews and ratings on this page have been submitted by our platform’s members who either currently use or used to use the reviewed product/service in the past. We never receive any compensation for the inclusion of products and/or services in our product/service reviews. However, by visiting retailer/manufacturer of the reviewed product/service by clicking links within our content may earn us commissions from your purchases. Read our editorial guidelines to learn more about our review and rating process.
What Is HomeLight Cash Offer?
HomeLight Cash Offer is a lending service developed and offered by HomeLight.
The service was created to help homebuyers (assisted by real estate agents) make cash offers on properties and close deals easier as a result.
At the moment, HomeLight Cash Offer is available in eight select states, which include Arizona, Texas, California, Colorado, Florida, Pennsylvania, Oregon, and Tennessee.
Besides this program, HomeLight also offers other services that work in conjunction with HomeLight Cash Offer, which include HomeLight Home Loans and Buy Before You Sell.
What Is HomeLight Cash Offer Used For?
The cash offer program can be used by agents and homebuyers. Here’s how HomeLight Cash Offer works for both users:
- Making cash offers — Once HomeLight has evaluated and approved your cash offer request, the company underwrites and lets you create a cash offer under your name with the company’s proof of funds. The cash offer is four times more likely to get accepted, according to research done by Redfin.
- Home loans — The cash offer program provides homebuyers with loans of up to $2 million. The service also provides VA loans to its clients. The short-term cash loan is at the same interest rate as your mortgage and can be combined with your initial down payment to purchase a home.
- Closing — The HomeLight Cash Offer program supports buyers and agents through the closing process, including title transfer, loan disclosure, and provision of all closing documents required.
HomeLight Cash Offer Users Breakdown by Specialty
Is HomeLight Cash Offer Legit?
Yes. HomeLight Cash Offer is a legitimate service that was launched in 2019 to help buyers make cash offers on properties and close deals faster.
The program is licensed and available across eight states, including Arizona, where the service headquarters are located.
The cash offer program is one of the most used lending services due to HomeLight’s popularity.
Although we couldn’t find information on the number of users of the cash offer program, we found that HomeLight serves over 28,000 agents and over a million real estate investors.
HomeLight Cash Offer is also safe. The service is regulated by the Federal Trade Commission and is registered and licensed in all states where the program is available.
Overall, we have enough evidence that HomeLight Cash Offer is not a scam.
HomeLight Cash Offer Customer Reviews
HomeLight Cash Offer Pricing
The HomeLight Cash Offer program makes money through general flat fees and interest on mortgage loans.
As a homebuyer, you will be charged 2% of the home’s purchase price when you buy the home through the cash offer program.
HomeLight homebuyers are also required to make a deposit of 5% of the purchase price to qualify for the cash offer loan.
Other costs buyers incur are the mortgage rates. Although HomeLight doesn’t provide its rates, the company claims that it offers traditional rates that are in line with those of local real estate lenders.
Besides the cash offer program, HomeLight also has a unique loan program for buyers who are looking to buy a house before selling their current home.
The program is called Buy Before You Sell. In this case, you will be charged 2.4% of the departing resident’s selling price.
HomeLight Cash Offer Coupon & Promo Codes
HomeLight Cash Offer Features
HomeLight Cash Offer doesn’t have many features due to its highly specific lending functionalities.
The following steps show how HomeLight Cash Offer works, right from the application process to closing.
- Apply for HomeLight Home Loans through your HomeLight certified agent.
- Meet with a HomeLight representative and get approved.
- Submit information for the property you want to buy.
- Sign the HomeLight Cash Offer agreement once the submitted property is approved.
- Submit the offer to the home seller.
- Make a deposit of 5% of the home’s purchase price once the seller accepts the offer. The deposit is held by an escrow company and acts as your earnest money deposit for the transaction
- HomeLight closes on your behalf and has a title company transfer the title from the seller to HomeLight.
- Work with your HomeLight Home Loans loan officer to find out what additional funds are needed for your down payment and closing costs. HomeLight provides you with necessary funds, which are kept in escrow.
- The loan closes, and the title is transferred from HomeLight to you.
Note that the entire cash offer process is done through your agent.
HomeLight Home Loans
The Home Loans service works hand in hand with HomeLight’s Cash Offer program.
Once HomeLight purchases a home on your behalf through the Cash Offer program, the company offers you a loan to refinance the property.
HomeLight provides agents and buyers with dedicated loan officers who support you through the intricacies of the loan.
Client Referral
Agents on HomeLight can enroll their own clients (outside of HomeLight) in the Cash Offer program. HomeLight does not refer the clients to other agents or collect referral fees from them.
Buy Before You Sell
The Buy Before You Sell service is a HomeLight Cash Offer product for homebuyers who are looking to get a new home before selling their current one. The service works in the following way:
- HomeLight evaluates your current home to determine how much equity you can unlock for the purchase of your new home.
- Once the company has determined your equity, you can make a (cash) offer without having to sell your home first.
- After you’ve purchased your new home and moved in, your agent lists your vacant home on the market.
HomeLight Cash Offer Pros and Cons
Pros
- HomeLight provides a dedicated loan officer to support you through the entire process.
- Agents can negotiate commissions in HomeLight Cash Offer, unlike with other HomeLight services where there are flat fees.
- HomeLight Cash Offer certified agents can add their own clients to the program and increase revenue.
- The program is regulated by state and national financial authorities.
- Fees are affordable for homebuyers across all financial levels.
Cons
- If you are an investor looking for an alternative to hard money lenders, this program will unlikely work for you as it requires you to use an agent (who charges a commission).
HomeLight Cash Offer Integrations
HomeLight Cash Offer Alternatives
- Opendoor
- RibbonCash Offers
- Flyhomes Cash Offer
- Orchard.com
- Homeward
- Homie Cash
- Opendoor Cash Offer
HomeLight Cash Offer Achievements
Awards & Recognition
Best Real Estate Technology Company (Awarded by Real Estate Bees)
Press & Media
One of the Fastest-Growing Companies in Arizona (Inc. 5000 Magazine, 2022 and 2023)
HomeLight Cash Offer FAQs
How many clients does the HomeLight Cash Offer program serve?
There are over 28,000 certified agents on the HomeLight platform. However, we couldn’t verify whether the agents are certified for the HomeLight Cash Offer program.
We also couldn’t find information on the number of homebuyers who’ve used HomeLight Cash Offer to finance a home purchase.
Who founded HomeLight Cash Offer?
HomeLight Cash Offer is a loan program offered by the HomeLight agent-matching service.
The service was started in 2012 by Drew Uher in San Francisco after the founder experienced difficulty finding a suitable agent when buying his first house.
Drew is a seasoned entrepreneur and systems engineer with extensive experience in building and running tech startups. He is also HomeLight CEO.
What is HomeLight Cash Offer’s customer service number?
Customers and those looking to inquire about HomeLight Cash Offer can do so by calling the company’s support line: (844) 882-3283.
You can also contact the company via email by sending your inquiries to [email protected].
What is the HomeLight Cash Offer cancellation and refund policy?
HomeLight Cash Offer users cannot opt out of the service after taking a loan as they still have to repay the loan.
There are also no refunds for the flat fee you pay as part of the loan service charge.
What awards and recognition has the HomeLight Cash Offer Program received?
We couldn’t find any awards or recognitions associated with HomeLight Cash Offer specifically.
However, the parent company, HomeLight, was recognized by Inc. 5000 Magazine in 2022 and 2023 as one of the fastest-growing companies in Arizona.
HomeLight Cash Offer Tutorials & Training
Is HomeLight Cash Offer Worth It?
Yes. The HomeLight Cash Offer program is worth it for both agents and homebuyers for several reasons.
First, cash offers are accepted up to four times more than mortgage offers, and as a result, you can close more deals and increase your commission earnings.
For homebuyers, cash offers eliminate the arduous process of purchasing property and closing.
Additionally, the HomeLight Cash Offer program is affordable and has no hidden charges.
The program also provides excellent support through a dedicated loan officer who guides you every step of the way, including closing.
HomeLight Cash Offer Contacts
- Website: Official website
- Phone: (844) 882-3283
- Email: [email protected]
- Address: 100 California, Suite 800, San Francisco, California 94015, United States
- Socials: Facebook, Instagram, YouTube, Twitter, Pinterest
__
About the Author:
Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.