Truehold is a legitimate home sale-leaseback company offering homeowners a way to access equity without moving out. You sell your home directly to Truehold and then rent it back as a tenant. Unlike traditional home sales, Truehold provides a direct cash offer with a flexible leaseback option.
Satisfied customers appreciated how easy and fast the process is, as well as the convenience of staying in their homes. But negative reviews expressed concerns over low appraisals, high rent, and contracts unexpectedly withdrawn.
Truehold may be a solid option if you want to stay in your home but need cash fast or if you can’t keep up with essential home maintenance. Remember, there isn’t a buy-back option, and you will lose out on future home value appreciation and equity if you choose a home sale-leaseback solution.
🔎Truehold at a glance
Customer Rating: 4.0/5 (244 reviews)
Pros
- Fast access to home equity
- No need to move
- Truehold covers essential repairs
- Simple closing process
Cons
- No future home value appreciation
- Higher rental costs in some markets
- Limited availability
- 5.5% transaction fee
- No buy-back option
Company Details:
- Founded in 2021
- Headquartered in New York City
Locations: 20+ cities across 13 states
Fees and Costs: 5.5% transaction fee plus closing fees and taxes (vary per state)
Financial Viability:
- Privately held
- Revenue reported at $5M
Who Truehold works best for
Truehold can be a good option for homeowners who need quick cash but want to remain in their homes. With Truehold, you can typically close in 30 days or less and then rent your home as a tenant. Unlike a reverse mortgage or home equity loan, there is no loan to repay. You are selling your home outright to Truehold.
Some of the benefits of a home sale-leaseback with Truehold include:
- Access to cash fast
- No upfront costs until you close
- Avoid moving by renting your home
- Flexible lease lengths, including long-term leases
- Relief from homeownership expenses, including essential repairs and property taxes
But a home sale-leaseback company may not be the right choice for everyone. You may want to avoid Truehold if you:
- Want to maximize your home’s appreciation
- Would like the option to buy back your home in the future
- Live in a high-cost rental market where lease payments may be excessive
- Want to rent your home for less than six months before moving
Additionally, you’re only eligible for a Truehold home sale-leaseback if you:
- Live in an area where the company operates
- Own a single-family home valued between $150K-450K
Truehold reviews
| Source | Customer rating |
|---|---|
| Better Business Bureau | 4.08/5 (40+ reviews) |
| 4.0/5 (175+ reviews) | |
| Trustpilot | 2.6/5 (<5 reviews) |
| Weighted average | 4.0/5 (225+ reviews) |
Truehold reviews are mostly positive, with a weighted average rating of 4.0 out of more than 225 reviews. In general, ratings are either very positive (5 stars) or very low (1 star), with only a few reviews falling in the middle. The company does reply to reviews consistently on Google, which can give you a sense of how they respond to problems.
Satisfied customers reported having a smooth experience with good customer support, and they appreciated being able to stay in their homes as renters. Dissatisfied customers were frustrated with fees, low appraisals with high repair costs, contracts being withdrawn unexpectedly, and problems as a renter.
Smooth, easy process
Many positive Truehold reviews focused on how easy it was to sell with Truehold. They reported the whole process as straightforward, smooth, and fast.
Good customer support team
Many satisfied customers appreciated the quality of the customer support team. These reviews stated team members were knowledgeable, helpful, and responded quickly to questions.
Appreciate being able to stay in their homes
A few positive reviews focused on how helpful it was to be able to avoid moving after selling their home. This seemed especially true for older individuals who didn’t want to keep up with home maintenance but wanted to continue living in their home, or for people who needed to sell but wanted extra time before moving.
Withdrawing unexpectedly from contracts
Some Truehold complaints focused on deals being withdrawn unexpectedly. In these cases, homeowners were surprised because, in many cases, the deal had been moving forward seamlessly. The homeowners were also frustrated because they lost time dealing with Truehold when they could have been pursuing other options.
Problems with property management companies and vendors
Truehold makes the arrangement with property management companies and repair vendors. Some negative reviews focused on frustrations and problems with the third-party companies used, such as poor communication, repairs not getting fixed, and unexpected fees.
In some cases, Truehold does seem to step in to help navigate when there are problems. If you’re considering selling and renting from Truehold, you may want to ask for information about the property management company.
Misunderstandings on costs and high rental fees
Some negative reviews focused on misunderstandings regarding fees at closing and concerns over high rental rates. For instance, some customers did not realize they would be responsible for closing costs and first rental deposit at closing in addition to the 5.5% service fee.
Concerns about low appraisals and high repair costs
Several negative reviews expressed frustration with receiving low home appraisals and high repair costs. Some reviews stated the amounts varied noticeably from other appraisals or estimates for repair costs by other companies.
Truehold pros and cons
Pros
- Fast access to home equity
- No need to move immediately
- Flexible lease length
- Truehold covers essential repairs
- Simple closing process with no public listing
Cons
- No future home value appreciation
- Higher rental costs in some markets
- Limited availability in certain locations
- 5.5% transaction fee
- No buy-back option
Alternatives to Truehold
| Company | Listing fee | Avg. customer rating |
|---|---|---|
| Clever Offers | None | 5/5 (3,000+ reviews) |
| Truehold | 5.5% | 4.0/5 (225+ reviews) |
| Opendoor | 5% | 4.2/5 (4,000+ reviews) |
| UpEquity | $500 to start | 4.8/5 (175+ reviews) |
Clever Offers is a free, no-obligation, nationwide service that matches you with multiple vetted cash buyers. You’ll receive competing cash offers to help you sell fast while maximizing your home’s sale price.
Opendoor is a nationwide iBuyer that provides a hassle-free, fast-selling solution. But it doesn’t offer leaseback options, and the fees can add up—5% listing fee, plus 1% for closing costs, plus estimated repair costs.
UpEquity is a digital mortgage provider that helps homeowners buy before they sell or make a cash offer. Program fees are low ($500 to start), but it has limited support compared to other buy-before-you-sell companies. It also doesn’t offer leaseback options.
How Truehold works
Step-by-step process
- Check eligibility: Provide Truehold with your basic home details through their website or by phone.
- Receive an offer: Get a no-obligation cash offer within 48 hours, stating the offer price and rental rate (if applicable).
- Sign a Purchase and Sale Agreement (PSA): Sign the PSA if you accept the initial offer and terms.
- Inspection & agreement: Home undergoes a third-party inspection before finalizing the sale. If the offer price is adjusted, you can walk away.
- Closing and leaseback begins: At the closing, you receive funds for the home sale and the lease agreement starts.
Financial considerations
Your initial home value is based on your neighborhood and information about your home. Your final offer may change based on a third-party home inspection.
Your rent is based on local market rates, comparable rentals in your neighborhood, and market conditions. So your rent may or may not be higher than your current mortgage payments.
With Truehold, you’ll have no upfront costs. You will pay a 5.5% transaction fee at closing. You also will have to pay closing costs. All costs are listed in the settlement statement.
Most lease terms are 12 to 24 months, but you have the option to move after 6 months. If you sign a rent renewal, your rent may increase depending on market conditions.
Truehold: The bottom line
Truehold offers a fast, hassle-free home sale process for sellers who need to sell but want to remain living in their homes. Truehold helps sellers avoid selling on the open market and provides flexible leaseback options.
However, there are trade-offs. You can’t buy back your home, and fees can add up, reducing your profits. Depending on your location, rental rates may be high and could increase on lease renewal.
If you need to sell fast but don’t need a leaseback option, you could compare Truehold’s offer to cash buyer companies, so you can maximize your profits.
Need to unlock your home equity quickly? Get matched with multiple cash buyers in your area so you can compare offers and make the most from your home. Try Clever Offers today.