HomeLight is an online network of local real estate agents that’s filtered by a proprietary algorithm based on agents’ performance. In addition to connecting buyers and sellers to agents, the company also provides loans to buyers. Its trade-in program pays sellers for their home as soon as they’re ready to move rather than waiting until it sells.
What is HomeLight?
HomeLight has taken a different approach to selling and buying homes — it aims to make the transaction process easier by connecting sellers, buyers and real estate agents.
The company has introduced technology that lets sellers input simple information to get an accurate estimate of their property’s value. The technology also helps sellers discover which clients will pay the most for their homes.
Through HomeLight’s network of preapproved cash buyers, it provides loans and completes the financial underwriting process upfront. It also doesn’t charge lender fees. It offers a trade-in program, which provides a guaranteed offer on your home so you can move into your new one.
If HomeLight sells the house for more than they paid, you get the additional cash (after selling and program costs). The company offers buyer and seller referrals for agents, as well as an agent program that provides financial products, support and status.
How does HomeLight work?
HomeLight connects sellers with professional agents in their area who can help them sell their homes. Sellers can determine the value of their homes by inputting simple information into its algorithm. They can also access HomeLight’s network of preapproved cash buyers or join its trade-in program, which is a guaranteed offer from HomeLight. The company will sell your home and give you any additional cash after deducting its fee.
HomeLight also connects buyers with agents and offers loans with full underwriting services and no lender fees. Buyers input minimal information to get preapproval, and the company guarantees an earnest money deposit of up to $100,000.
Agents can sign up with HomeLight to get seller and buyer referrals. They can also enter the Elite program, which entitles them to all kinds of tools, including various financial products and materials like yard signs.
For its trade-in program, HomeLight charges a fee to purchase, own and sell your home. In California, it charges 1% for the first 30 days that it owns your home. Thereafter, it charges you 0.5% for every 30 days.
Customers who don’t use HomeLight’s loan for their new home purchase have to pay 3% for the first 30 days and 0.5% after.
Agents pay a referral fee, which is standard (25% of the total gross commission). Sellers should be prepared to spend 9% to 10% of the selling price on costs.
- Does HomeLight buy houses?
- Yes. Purchasing homes is part of its trade-in program, but the company immediately looks for a seller and gives any additional cash from the sale to the initial owner after deducting the costs of selling the house.
- Do agents pay to be on HomeLight?
- No. Agents don’t need pay to be listed on HomeLight — the listings are ordered based on the company’s algorithm to choose only high-performing agents. Agents do have to pay if they opt in to HomeLight Elite, which provides access to additional tools and financial products.
- Is HomeLight available everywhere?
- HomeLight is available across the United States. To check for availability in your area, search using your address on the company’s website.
- Does HomeLight work with reliable agents?
- Yes. All of the agents go through a vetting process to ensure they’re professionals who have proven themselves and will aspire to provide top-tier service through HomeLight.
Is HomeLight legit?
Yes. HomeLight connects homebuyers and sellers to top-performing local agents purely based on agents’ track records. Sellers can get fast estimates, connect with agents and search HomeLight’s network of preapproved cash buyers. They can also enter a trade-in program that guarantees an offer on their home.
Buyers can get loans without any lender fees and upfront underwriting. Agents get leads and support in the form of financial products and physical goods like yard signs. Though HomeLight’s agent search options are free, the company does charge fees for buying and selling, which can add up.
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