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Penny Lane Home Buyers

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Penny Lane Home Buyers is a group of real estate investors that seeks to make selling your home a simple and worry-free process by buying your home or property directly from you in as little as 48 hours.

The company buys homes in San Luis Obispo, California and its surrounding cities. Since it is not a licensed real estate agency, Penny Lane doesn’t charge you any fees for closing, commissions, or anything else.

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The Good

  • Simple Process
  • Foreclosure Prevention
  • Range of Help Available 
  • No Fees
  • Values

Simple Process

Penny Lane Home Buyers advertises a simple and straightforward process when it comes to selling the company your home. You do not have to complete any repairs, cleaning, or showing in order to sell your home to Penny Lane Home Buyers. The company’s worry-free process is as follows:

  • You either fill out some information about your property online, or call the company directly to tell its representatives about your property.
  • Penny Lane Home Buyers looks into the property and calls to let you know what it’s willing to pay.
  • If you want to move forward, a Penny Lane representative comes out to your property (just once) and presents you a cash offer either that same day, or calls back within 24 hours with an offer.
  • If you like the offer, you proceed with the closing process and choose a closing date that works for you.

The process really is that simple. You don’t pay any fees or have to worry about working through a real estate agent. You also don’t have to worry about doing large amounts of paperwork. You receive a cash offer on your property within a couple of days, but then you get to choose when you actually close on the home.

Foreclosure Prevention

As long as your house has not already been foreclosed on, Penny Lane Home Buyers can work with you and discuss your options since the company has experience with these kinds of situations. One possible solution is that the company is able to buy your house, which stops foreclosure immediately. 

If buying your house is not an option, Penny Lane can refer you to a foreclosure prevention specialist who can help you before it is too late.

If your house does get foreclosed on, Penny Lane can’t be of help to you, and the foreclosure will remain on your credit for a period of seven years.

Range of Help Available

Penny Lane Home Buyers’ website offers a whole list of life situations in which you may find yourself where it can help you by buying your home. These include all of the following:

  • Facing bankruptcy
  • Facing foreclosure
  • Going through a divorce
  • Late on your mortgage
  • Need to downsize
  • Need to sell an inherited house
  • Relocating
  • Rental property causing you problems

Based on the testimonials from satisfied customers on Penny Lane’s website, the company does a good job of listening to and addressing individual needs in these and other areas.

No Fees

If you are struggling financially and don’t have money to pay a real estate agent or other fees associated with selling a home, Penny Lane Home Buyers is a great option for you. The company can work out an agreement where you pay no out-of-pocket expenses.

Plus, the company does not charge fees for other things such as when representatives come to see your home, closing fees, etc. Its website explicitly states that it charges no fees and no commissions when making you an offer and buying your home.

Values

Penny Lane Home Buyers’ core values include integrity, professionalism, communication, performance, and flexibility. The company will not back away from its offers and promises to be prompt and up front with its communications and business practices.

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The Bad

  • Limited Coverage
  • Not Licensed Agents

Limited Coverage

A lot of real estate agencies that we review cover all 50 states, but Penny Lane Home Buyers buys homes only in the San Luis Obispo area. If you are trying to sell your home in any other areas around the country, Penny Lane Home Buyers cannot be of service to you due to the limited geographical area that it covers.

Not Licensed Agents

Penny Lane Home Buyers is a real estate investment company, not a real estate agency. The company is not licensed to list your home or help you sell it to another owner. Rather, Penny Lane gives you a cash offer and buys your home or property directly from you. This might not be a bad thing if you are interested in selling your home fast, but if you want to work through a licensed real estate agency, Penny Lane Home Buyers is not one.

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The Bottom Line

Penny Lane Home Buyers is a great option if you are in the San Luis Obispo area and want to sell your home fast. If your property is not located in this area or if you want to work through a licensed real estate agent, then Penny Lane is not for you.
 
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