Mark Spain Real Estate: Is the Cash Offer It Worth It?

Jon Stubbs

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Jon Stubbs

September 29th, 2022
Updated September 29th, 2022

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Four-star review of Mark Spain Real Estate.

Customer reviews | Who should use Mark Spain Guaranteed Offer? | How it works | Alternatives | FAQs

In addition to providing real estate agents for buyers and sellers, Mark Spain Real Estate provides a cash offer service for sellers who want to sell quickly without house showings or negotiations.

But unlike a lot of "We Buy Houses" companies that buy homes in any condition, Mark Spain won't buy your home if it needs a lot of repairs or is in financial distress, like foreclosure. The company claims its Guaranteed Offer is "the most competitive all-cash offer in the industry." However, customer reviews mention bait-and-switch tactics in which the company starts with a high initial offer, only to reduce it to a lowball offer later.

To make sure you're getting a fair offer, it's always best to compare local cash offers to a variety of buyers, such as iBuyers and We Buy Houses companies.

Clever Offers makes it easy to compare prices from cash offer companies, and will set you up with an agent to help you negotiate. Your Clever agent will even run a comparative market analysis so you can see what your home is really worth on the open market. Get started and see cash offers today.

Who is Mark Spain?

In 2016, Mark Spain founded his independent brokerage after working as an agent for 20 years, including five years with Keller Williams.

The Wall Street Journal named the company the number one real estate team for closed transactions for five consecutive years. In 2020, the company sold $1.4 billion in residential real estate. In 2021, the firm more than doubled that number, closing on $3.3 billion in residential real estate sales.[1]

Who should use Mark Spain Guaranteed Offer?

People with homes in good condition

Mark Spain Guaranteed offer is not the same as a We Buy Houses company that offers cash for homes in any condition. It's more like an iBuyer, which pays cash for homes that meet certain criteria.

Mark Spain Guaranteed Offer purchase criteria:

🏠 Single-family homes built after 1960
💰 Worth $50,000–$650,000
✅ Owner-occupied or vacant
🏚 Not distressed, bank-owned, or near a flood zone
❌ No unpermitted additions
❌ No significant foundation issues

People who need to sell quickly

With Mark Spain guaranteed offer, you can get an offer in about 48 hours and, if you accept, close on the home in three weeks.

If you don't have time to sell your home on the open market with an agent, a fast cash offer like one from Mark Spain could help. This could be useful if you want to sell quickly because of a new job or a life change, such as divorce.

People who want to avoid selling on the open market

While listing your home on the open market is the best way to maximize your selling price, it comes with a lot of inconveniences. You can avoid home showings, open houses, and negotiating with buyers if you sell to a cash buyer like Mark Spain.

Clever Offers can help you explore all of your selling options. Your Clever agent will gather offers from iBuyers and cash buyers on your behalf and even give you an estimate of your home's actual value on the open market.

Who shouldn't use Mark Spain Guaranteed Offer?

People with homes in disrepair

The company will only accept homes that are in good condition. If your home needs major fixes like a new roof or foundation repair, it likely won't qualify. Instead, you could consider selling to a cash buyer.

People with homes with impending foreclosure

Mark Spain Real Estate won't buy homes that are in financial distress. However, most cash buyers will purchase a home that is about to be foreclosed on.

Alternatives to Mark Spain Guaranteed Offer

Selling to an iBuyer

iBuyers are companies that pay cash for homes that are in good condition. Similar to Mark Spain Guaranteed Offer, these companies pay close to what you can expect to earn on the open market.

iBuyers like Offerpad, Opendoor, and RedfinNow also have more flexible closing dates ranging from a week to months, which could help you ease the transition into a new home. These companies operate in many of the same areas as Mark Spain Real Estate.

Selling with a real estate agent

Listing your home with an agent on the open market gives you the best opportunity to earn the most money. Even if you don't want to go this route, a local agent is in the best position to tell you what your home can earn on the open market, so it makes sense to speak to one before entertaining any cash offers.

Selling to a We Buy Houses company

If your home doesn't meet the strict criteria of iBuyers or Mark Spain Guaranteed Offer, and you don't want to spend money on repairs before selling, a We Buy Houses company could be a good solution.

We Buy Houses companies—also known as cash buyers—will buy homes in pretty much any condition, including those in financial distress. These companies will make an offer in a few days and can close in a matter of weeks.

Keep in mind that a cash buyer will pay much less that what you'd get in the open market: only about 50–70% of the home's market value.

» MORE: 12 Best Companies That Buy Houses for Cash

Mark Spain Guaranteed Offer vs. the competition

Guaranteed Offer from Mark Spain compares most closely to iBuyers like Opendoor, Offerpad, and RedfinNow, all of which operate in some of the same areas as Mark Spain.

Like Mark Spain Guaranteed Offer, these iBuyers have strict purchase criteria and only buy homes in good condition. They also pay close to—but not quite as much as—what you'd expect to earn on the open market.

However, some of these companies have more flexible closing windows than Mark Spain. For example, Offerpad can close anywhere from 8–90 days.

Opendoor

Opendoor

Opendoor

Full Review

Service Fee

5%

Closing Date Window

14–60 days

Average Rating

4.3 | 3,322 reviews

✍ Editor's Take
Pros & Cons
Locations
Reviews
Contact

Opendoor is a good option for home sellers who need a fast, predictable sale with minimal hassle. While the price that Opendoor pays might be slightly below the value of comparable homes on the open market, the difference might be worth it for people who value convenience and speed.

Pros

  • 5% service fee is lower than competitors
  • Additional in-house services, including Opendoor Home Loans & OD Title
  • Highly rated in customers' online reviews

Cons

  • Offer prices may vary by market
  • Limited ability to negotiate
  • Buyers may find Opendoor's repairs insufficient

Opendoor is currently purchasing homes in 47 locations, including:

  • AZ: Phoenix, Tucson
  • CA: Los Angeles, Riverside, Sacramento, San Diego
  • CO: Denver
  • FL: Jacksonville, Orlando, Tampa
  • GA: Atlanta
  • MN: Minneapolis-St. Paul
  • NV: Las Vegas
  • NC: Asheville, Charlotte, Raleigh-Durham
  • OR: Portland
  • TN: Nashville
  • TX: Austin, Dallas-Fort Worth, Houston, San Antonio
  • UT: Salt Lake City

As of 8/17/2022, Opendoor's weighted average is 4.3 based on 3,322 reviews.

SHOW MORE

Offerpad

Offerpad

Offerpad

Full Review

Service Fee

5%

Closing Date Window

8–90 days

Average Rating

3.9 | 524 reviews

✍ Editor's Take
Pros & Cons
Locations
Reviews
Contact

Offerpad promises the certainty of a cash offer and a fast closing on a date you choose. Of all the iBuyers, Offerpad has the most flexibility when it comes to closing (8–90 days) and is liked by customers for its personalized customer service and perks like a free local move.

Pros

  • Generous closing window compared to competitors
  • Late checkout option gives sellers up to 3 days to move out after closing
  • Access additional services, such as free local moves within 50 miles


Cons

  • You might face a 1% cancellation fee if you back out of the sale
  • Not as widely available as competitors like Opendoor

Offerpad is currently purchasing homes in 25 locations, including:

  • AL: Birmingham
  • AZ: Phoenix, Tucson
  • CA: Riverside, Sacramento, San Bernardino
  • CO: Denver
  • FL: Jacksonville, Orlando, Tampa
  • GA: Atlanta
  • IN: Indianapolis
  • KS: Kansas City
  • MO: Kansas City, St. Louis
  • NV: Las Vegas
  • NC: Charlotte (+ neighboring parts of SC), Raleigh
  • OH: Columbus
  • SC: Columbia
  • TN: Nashville
  • TX: Austin, Dallas-Fort Worth, Houston, San Antonio

As of 8/17/2022, Offerpad's average customer rating is 3.9 based on 524 reviews.

  • Website: www.offerpad.com
  • Phone: (844) 388-4539
  • Email (Sellers): info@offerpad.com
  • Email (Buyers): buyers@offerpad.com
SHOW MORE

RedfinNow

RedfinNow (No longer available)

RedfinNow (No longer available)

Full Review

Service Fee

5–13%

Closing Date Window

10–30 days

Average Rating

Not available

❗Note
Pros & Cons
Locations
Reviews
Contact

In November, 2022, Redfin announced that its home-buying service, RedfinNow, would be shut down. If you're still looking for an iBuyer, check out our list of top iBuyers.

Pros

  • Expanded presence in cities across California, including several not served by other iBuyers
  • Large and trusted corporate brand
  • Older homes (built after 1930) are eligible in select cities


Cons

  • Relatively expensive services fees (up to 13% of the offer price)
  • Relatively limited flexibility on closing window, compared to competitors

RedfinNow is currently purchasing homes in 31 locations, including

  • AZ: Phoenix
  • CA: Inland Empire, Los Angeles, Orange County, Palm Springs, Sacramento, San Diego, San Francisco
  • CO: Denver
  • TX: Austin, Dallas, Houston, San Antonio
  • WA: Seattle

As of 10/21/2022, RedfinNow's weighted average is 2.5 based on 7 reviews.

  • Trustpilot: 2.5 | {ibuyers.redfinnow.trustpilot_count} reviews
SHOW MORE

How Mark Spain Guaranteed Offer works

Submit your home's details

Visit https://markspain.com/get-a-guaranteed-offer/ and submit details about your home. The company will verify if your home meets the program parameters.

Get your offer

If your home meets the requirements, a preliminary offer will be extended within 48 hours. After a home inspection, the company will give you an updated offer. Depending on your home, you may qualify for multiple Guaranteed Offers to choose from.

Close on your home

Finally, you have the opportunity to close in as little as 21 days upon accepting the offer.

Where is Mark Spain Guaranteed Offer available?

Mark Spain Real Estate operates in major metro areas in these states:

  • Alabama
  • Florida
  • Georgia
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas

Mark Spain Real Estate reviews from customers

Online reviews for Mark Spain real estate are generally positive when discussing its traditional listing and buying agents. However, reviews about the guaranteed offer program feature more complaints and negative reviews.

4.8 out of 5 across 380 reviews
3.62 out of 5 across 85 reviews
3.0 out of 5 across 81 reviews
Weighted avg.
4.34 out of 5 across 546 reviews

The company has a C+ rating with the Better Business Bureau, which is relatively low for a company of this size and reputation.

Lowered offer two days before closing

One review claimed that the company lowered its initial offer by $50,000 just two days before closing, leaving the homeowner in a tough spot just before they were about to move. The reviewer claims they did not receive an adequate explanation for the reduction.

Lapses in communication

Unresponsiveness is a common theme among reviews for both Mark Spain's traditional agent services and its guaranteed offer. In fact, most negative reviews mention difficulty in contacting agents and reps. Several reviews say that the representative would disappear after the initial contact, leaving the homeowner to use a different company.

Doesn't serve client's best interests

Several reviewers mention that company reps tried to steer them towards using the guaranteed offer even though they wanted to sell on the open market. One reviewer mentioned that they sold their home on the open market for over $100,000 more than the initial cash offer from Mark Spain.

Conflict of interest

One reviewer wrote about how once the company rep learned the homeowner had a competing offer from Opendoor, they dropped all communication. When the homeowner reached out to the company, the rep told them they should take the Opendoor offer and that Mark Spain would not be making an additional offer.

Frequently asked questions about Mark Spain Guaranteed Offer

Mark Spain Real Estate is a brokerage that offers a guaranteed all-cash offer on your home. Homes must be in good condition and meet all criteria to qualify for an offer. Learn more about how Guaranteed Offer works.

To qualify, your home must have been built after 1960 and be worth between $50,000–650,000. The home must be owner-occupied or vacant and not distressed or bank-owned. Learn more about additional Guaranteed Offer requirements.

Why you should trust us

Before writing this review, our research team spent weeks studying dozens of cash offer services. Our research process included:

  • Mystery shopping each company
  • Interviewing real estate experts
  • Conducting a spreadsheet analysis of each service provider's terms
ARTICLE SOURCES
[1]

Mark Spain Real Estate. "About Us." Accessed 09/28/2022. Updated 09/28/2022.

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