✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
The Local Home Buyers is a 'We Buy Houses for Cash' company that caters to homesellers on a time crunch. They buy distressed homes as is, saving you the repair costs.
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Pros
- The Local Home Buyers extends cash offers within 24 to 48 hours
- They can close on homes in just 2 weeks
Cons
- This cash buyer may buy your home for just 50% to 70% of its true value
- There is very little scope for negotiation with The Local Home Buyers
The Local Home Buyers is a traditional “We Buy Houses for Cash” company that helps sellers who are on a quick timeline. They make all cash offers and close on dates convenient to home sellers.
However, this convenience isn’t free. You may have to settle for an that takes away almost 30% to 50% of your property’s value.
Instead, we recommend listing and selling your home on a cash buyer marketplace like Houzeo.com. Via the MLS, Houzeo gets you exposure to hundreds of local and national investors. You could attract multiple cash offers, and probably even sell for more than 100% of your property’s fair market value.
Let’s look at The Local Home Buyers reviews and alternatives to see if you can get a better deal for your home.
Key Takeaways
- Pros: The Local Home Buyers purchases distressed homes as is. This saves you hundreds of dollars otherwise spent on repairs and renovations.
- Cons: This cash buyer may extend a lowball offer that is just 50% to 70% of your home’s Fair Market Value. Further, you may not have scope to negotiate the offer.
- Our Take: We don’t recommend The Local Home Buyers. Instead, list your home on a cash buyer marketplace like Houzeo to get 100% of your property’s Fair Market Value. Compare Houzeo vs. The Local Home Buyers.
What is The Local Home Buyers?
The Local Home Buyers is like a traditional home flipper. They buy distressed houses at a discount, fix them up, and then sell them for a profit.
This real estate company claims to extend no-obligation cash offers in just 7 minutes. Further, they can close on your property within a week.
What Types of Properties Does The Local Home Buyers Purchase?
The Local Home Buyers purchases all kinds of homes at a steep discount from distressed sellers. Some of these houses include:
- Inherited properties
- Homes with structural damages
- Rental properties with tiresome tenants
- Houses facing foreclosure
When compared to other cash home buyers, you may be robbed of a huge chunk of money with The Local Home Buyers.
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.
» What’s My Home’s Value: You can know your home’s market value with Houzeo’s free Home Worth Estimator. It helps you estimate the amount you will get upon sale.
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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 The Local Home Buyers.
The Local Home Buyers vs. Houzeo
Selling to The Local Home Buyers seems hassle-free. But you pay for this convenience by selling your home at a reduced price.
On the other hand, an MLS listing with Houzeo’s Gold plan equips you with advanced technology to call for the highest and best offers. You can also counter offers to help you get a deal closer to your expectations.
| The Local Home Buyers | Houzeo | |
|---|---|---|
| Sale Price | 50% to 70% of FMV | Up to 100% of FMV |
| Customer Rating | 4.9 stars (47 reviews) | 4.9 stars (4,523 reviews) |
| Closing Timeline | 7 to 30 days | 2 to 60 days |
| Fees | ❌ | $379 |
| Closing Costs | ❌ | 1% to 3% Closing Costs |
| Scope for Negotiation | ❌ | ✅ |
| Repair Costs | ❌ | ✅ |
» Houzeo Reviews: Still not convinced? Read what customers have to say about Houzeo.
The Local Home Buyers: Pros and Cons
The Local Home Buyers is a convenient option for sellers who need cash fast. However, their pros and cons paint a clearer picture:
✅ The Local Home Buyers Pros
Cash home buyers have certain advantages over traditional home-selling processes. Let’s see how The Local Home Buyers matches up to these expectations.
- Buy As Is Houses: This “We Buy Homes Fast” company purchases homes as is. So, even if your property is facing foreclosure or needs heavy repairs, you will get a cash offer.
- Quick Closing: The Local Home Buyers have a flexible closing timeline. So, you can move out based on your convenience.
⛔ The Local Home Buyers Cons
The Local Home Buyers complaints reflect the following disadvantages of the company:
- Lowball Cash Offers: The Local Home Buyers 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 The Local Home Buyers, you may not have room to negotiate your cash offer. If you still want to try your luck, ensure that you back your arguments with proof.
Best Alternatives to The Local Home Buyers
Even if you want to sell your house fast for cash, look for some alternatives better than The Local Home Buyers. 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.
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Frequently Asked Questions About The Local Home Buyers
1. Is The Local Home Buyers legit?
Yes, The Local Home Buyers is a legitimate company that purchases distressed properties as is for cash.
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