With cash buyers on the rise, you might be wondering how you can compete if you are buying, or if you are selling your home if going with a cash buyer is the right choice. There are many different types of cash buyers as real estate agents across the United States are seeing more cash offers than ever before. In fact, during the first half of 2021, all-cash deals accounted for nearly a third of home purchases, the highest percentage recorded since 2014, according to a recent report from the real estate experts at HomeLight. A small percentage of these cash buyers are in a category called iBuyers, with about percent of the market share according to Zillow. Cash offers can be appealing to sellers who need to act quickly, but it may not be the right choice for everyone. There are some key points to keep in mind when considering an iBuyer.
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What are iBuyers?
An iBuyer or instant buyer is a company that buys properties online without looking at a home in person. They’ll usually buy homes that are in good condition that require minimal repairs, and then turn around and sell them quickly with upgrades for a profit. They can be thought of as wholesalers for residential real estate. Typically the process is you go to an iBuyer’s website, request a cash offer, decide if you want to accept it, decide your moving timeline, and close in about two weeks.
What are the common iBuyer platforms?
With cash sales increasing, there are now numerous iBuying platforms that make it easy for you to sell a home for cash, and these are a couple worth considering:
Simple Sale: All-cash offers for homes in almost any condition are made through a network of cash buyers. Homes can be sold as quickly as in 10 days and getting started includes asking a few basic questions about a home’s condition, how much work it needs, and your selling timeline.
OpenDoor: Among the first iBuying platforms in the US, the company buys directly from sellers from its online platform, and makes it easy to receive an offer — even in minutes. The company works in major metropolitan areas including Atlanta, Dallas-Fort Worth, Denver, Las Vegas, Los Angeles, Nashville, Phoenix, Portland, Raleigh-Durham, and Tampa. Closing could happen in as few as 14 days, or in up to 90 days depending on the seller’s timeline and other factors.
Why pick an iBuyer?
While you are likely to get less for your home if you go with an iBuyer, there are also some clear advantages, depending on your situation. For example, you can eliminate many of the steps that are typical to the home buying process such as you won’t have to deal with staging or showing your home. You may also likely skip repairs, although the price may be reduced accordingly. Speed is another factor as you eliminate a lender, and this can be a huge plus if you need cash, although you will face a service fee that could be around 5 percent.
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In our digital age, you can make nearly anything happen online — even buying or selling a home. Considering an iBuyer can be an option if you need to sell your home quickly, and can lead to benefits.