UpEquity is a digital mortgage provider that can help homeowners buy a new home before selling their current one. The company allows you to unlock equity from the home you own to buy a new one and gives you 180 days to find a buyer for your old place.
If you decide to work with UpEquity, you’ll still need to hire a realtor to assist you with selling and buying. Keep in mind that your overall cost will include UpEquity’s program fee (~2%) and your agent’s fees.
Some previous clients have praised the convenient model the company offers and its professional team. Other less-happy customers cited UpEquity’s practices, unclear fee structure, and issues faced by homeowners in instances when they were not able to sell the first property in time.
🔎UpEquity at a glance
- 4.2 rating based on 300+ reviews from Trustpilot and Google.
- Allows making a cash offer for a new home before selling an old one.
- Pros: Uncommon business model, fast closing process, ability to work with your own agent.
- Cons: Potential additional fees, lack of clear terms for homesellers, limited availability.
- Founded in 2019 with headquarters in Austin, Texas.[1]
- Available in 14 states: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Louisiana, North Carolina, Oregon, South Carolina, Tennessee, Texas, and Washington.
Who UpEquity works best for
UpEquity’s ideal customer is a homeowner who wants to avoid the hassle of perfectly timing the sale of a current property and the purchase of a new one. If you’re a buyer who wants to skip a sales contingency and make your offer stand out, you could take a closer look at this company.
UpEquity is also good for sellers who are comfortable finding their own agent, as it doesn't offer agent support for listing your old home and buying your new one.
However, UpEquity will not suit every seller on the market. For example, some time ago, it had the Buy with Cash program, which would purchase properties for a cash offer. Now, the company has reduced its offering to a bridge loan and the ability to unlock equity in an old place to make an offer on a new one.
If you want to sell your home for cash, take a look at Clever Offers — it can connect you with multiple vetted cash buyers so you can choose the offer that suits you the most. Take a short quiz to get started!
UpEquity reviews: What customers are saying
| Source | Customer rating |
|---|---|
| 4.7/5 (235 reviews) | |
| TrustPilot | 3.9/5 (69 reviews) |
| Weighted average | 4.2/5 (304 reviews) |
The company has mixed reviews from customers. Some praise its Buy Before You Sell program and the convenience it brings. Multiple customers were extremely satisfied with the team members who led them through the process.
However, some UpEquity customers were not as satisfied as others. A few clients mentioned a last-minute change of terms or equity amount available, a lack of clear terms, and fees if their home did not sell in 180 days.
Straightforward process
Some reviewers commend the team’s work and report that the process was fast and simple. Customers acknowledged the great communication and professionalism of the particular UpEquity employees they worked with.
My experience with up Equity was incredible. I excepted this process to be much more difficult ,I worked with Sandra,she made the process so straightforward and simple, and she were so nice and helpful all along the way.
— Yousef N., Google
Service helps to stay competitive when buying
A few customers mentioned how UpEquity’s offering made it easier to stand out when buying a new house and praised the company’s business model that allowed them to submit a contingency-free offer.
We got the new home in a multiple offer situation and our current house sold easily after we went under contract on the new home. Elena was helpful and walked us through each step in the process. It’s a great program for being able to be competitive when trying to buy a home.
— Elizabeth C., Google
Issues with the equity amount
Multiple reviews mentioned a last-minute decrease in the amount of equity the company would offer. This resulted in an unpleasant experience for a few clients and jeopardized the closing of a new property.
There were a couple issues I had with using upequity. First is you have 30 days to move out of your current place but that when you sign papers with upequity not when you actually close on your new house so you really only have less than 3 weeks to move, which my situation I only have a week. Secondly during my closing of my new house the amount on equity I was supposed to get was decreased and no one was informed of that…
— Krystal S., Trustpilot
Wasted time and money
Multiple customers shared stories of UpEquity rescinding their offers or hiccups with financing during closing on a new home, which, in some instances, resulted in losing escrow.
These guys don't seem to know what they're doing. I'm on leased land which is a simply process to navigate, but they got lost after nearly a month costing us thousands of dollars and possibly losing the home of our dreams.
If they didn't string us along for a month with affirmation everything was fine and pre-approved, we would have moved elsewhere. It ate up 30 days of our escrow for nothing.
— Benny, Trustpilot
UpEquity pros and cons
Pros
- Convenient business model
- Fast closing process
- Use your own agent
Cons
- Fast timeline
- Potential additional fees
- Lack of clear terms
- Limited availability
One of the biggest advantages of working with UpEquity is the ability to buy and move into a new place without selling the old home first. Also, UpEquity allows you to use your own agent, so you can choose someone you trust, and even use a low-commission agent to save on fees.
If you decide to use UpEquity, you should also be aware of potential drawbacks. First, make sure you understand all terms and conditions before signing the contract. The costs can also add up quickly, as you’ll have to pay a program fee, a convenience fee, and realtor commission.
Best home trade-in alternatives to UpEquity
| Company | Fees | Avg. customer rating |
|---|---|---|
| Clever Offers | Free for sellers* | 5/5 |
| UpEquity | 2% program fee | 4.2/5 (304 reviews) |
| Knock | 2.25% program fee | 4.8/5 (924 reviews) |
| Orchard | 2.4% program fee | 4.8/5 (1184 reviews) |
| * Clever Offers is free to use. However, there may be a program fee paid directly to the partner. | ||
If you’re looking for UpEquity alternatives, Clever Offers might be your best bet. The company lets you find and compare offers from multiple cash buyers, with or without working with a realtor.
Clever Offers also has an Instant Cash Offer program, which is created for homeowners who are looking to buy a new place before selling an old one. Thanks to the Instant Cash Offer, you can get cash up front, then list the old house for maximum value. Get started today with a quick quiz.
Other companies that offer sellers a chance to unlock equity in their home and buy a new place before selling an old one include Orchard and Knock. Both companies have an average customer rating of 4.8, which makes them a solid alternative to look into. However, keep in mind that the seller would have to cover realtor's fees on top of program fees, so the costs can add up quickly.
How UpEquity works
UpEquity offers solutions for current homeowners who want to buy a new home before selling an old one. This allows them to eliminate the stress of timing both transactions perfectly and avoid selling with a contingency, which makes their offer for a new property more attractive.
Buy Before You Sell program
This offering is the main selling point of the company. Here’s what to expect from the process:
- Submit your current home for acceptance into the program and, if qualified, receive an offer from UpEquity with an equity advance amount in minutes.
- Make an all-cash offer on the home you want.
- After your offer is accepted, move into your new home.
- List your old home for sale.
- If your property is not sold in 180 days, UpEquity will buy the home for a predetermined price and pay the homeowner a first installment.
- After your home is sold, receive the remaining amount for your old home from UpEquity.
Note that UpEquity does not offer real estate agent support — you will have to work with your own agent to buy a new place and sell your old one.
Home eligibility
Not all homeowners can take advantage of this UpEquity offering. Here are the main requirements for qualifying properties:
- A single-family home with one to four units, a condo, or a planned unit development (PUD)
- Needs to be adequately maintained and requiring only minor renovations and improvements (receive an appraisal condition rating of C4)
- Located within 30 miles of a metro area
- Homeowner has 15% equity or more in the property
Trade Up and Equity Advance options
The Buy Before You Sell solution consists of two products, Trade Up and Equity Advance. They are both designed to help buy a new property before selling an old one, but they serve different purposes:
- Trade Up — Provides homeowners with a guaranteed offer on their current home, allowing them to search for a new one without a sales contingency.
- Equity Advance — Serves as a bridge loan that lets you unlock equity from a current home before it sells. You can use an equity advance to cover a down payment on a new place, moving costs, or costs associated with putting your old place on the market.
Homeowners who work with UpEquity can use the Trade Up program by itself or combine both offerings, depending on their needs.
Additional costs
It is worth noting that the company does not openly disclose its fees and additional costs on its website. Here is the most recent information that we could find in UpEquity’s resources:
- 2% loan origination fee for Equity Advance[2]
- Convenience fee for using the program (earlier was $500, now the fee amount is not stated on UpEquity’s website)
The company also mentioned that the fees may vary depending on the homeowner’s situation and needs. Also, keep in mind that you might have to cover potential repair costs before UpEquity will purchase your old home.
The bottom line: Is UpEquity worth it?
For some homeowners, especially those in competitive markets, UpEquity offers flexibility and the chance to avoid a sales contingency on a new place. However, it has a limited range of products and recently faced some controversies from dissatisfied customers.
It’s important to consider your unique needs and compare UpEquity’s offering with the alternatives. Make sure to do your research and understand all the terms and fees if you decide to work with a company that offers to help you with buying a home before selling an old one.
Are you considering selling for cash so you can buy a new home quickly? Clever Offers allows you to compare cash offers from multiple potential buyers so you can find and choose the best deal. It can also connect you with an experienced agent to help you close the deal quickly and seamlessly. Answer a few quick questions to get started now!