There are many circumstances that might make a seller say, “Yes, I want to sell my house fast for cash.” Here are just a few of the most common reasons you might consider using an iBuyer to sell your home.
You’ve made a contingent offer
If you’re already in contract on a new home, but the purchase is contingent on you selling your current house (likely because you need to access the equity in your home), you might be looking to sell your home as quickly as possible.
You’re relocating for work
Moving to a new city for a job is one of the most common reasons people say, “I need to sell my home quickly.” Accepting a cash offer with a quick closing is a great way to make the relocating process a little simpler.
You’re getting divorced
Couples often have assets to divide upon breaking up, and selling a home for cash can be a simple way to access the equity, split the proceeds, and move on.
You’ve inherited property
If you’ve recently inherited a home but you have no intention of moving in and no interest in being a landlord, selling to an iBuyer can be a quick way to sell before having to pay too much in capital gains taxes.
You’re getting rid of a rental property
Selling a house with tenants can be tricky, especially if there are repairs or updates that need to be done. Many landlords-turned-sellers look to iBuyers to avoid the hassles of juggling tenant schedules and needs. Instead, they’re able to bypass the traditional listing process completely.
You just don’t want the hassle of listing
From cleaning and staging to open houses and negotiations, the listing process can be stressful. Some sellers want to bypass the traditional selling process and just get to the finish line sooner. Companies that buy homes for cash, like Zillow, reduce the stress of selling your home.
What is an iBuyer?
An iBuyer is a real estate investor that uses an automated valuation model (known as an AVM) and other technology to make cash offers on homes quickly. Since they rely on a mountain of data points on comparable home sales, an iBuyer will often purchase homes sight unseen.
If you’re nervous about calling the number on one of those “cash for houses” posters you see all over town, but intrigued about the simplicity of an instant home offer, it might be worth exploring the iBuyer option — with a reputable company, of course.
The iBuyer process: The new way to sell your house
There are many companies in the iBuyer business, and while the outcome is the same — you end up selling your home for cash, quickly — the process can vary by company.
- Submit a request for an offer: You’ll be asked a few questions about your home. It takes less than ten minutes to complete.
- Receive your offer: You’ll typically receive an offer within 24-48 hours.
- Review and accept the offer: Take some time to review the terms of the offer and decide if it’s something you’d like to accept.
- Prepare for the home evaluation: Redhead Home Properties will schedule a home evaluation, at no cost to you. You won’t need to fix anything beforehand — your house will be sold as-is — but we will need easy access to all areas of the home.
- Agree to a final price: After the evaluation, we’ll provide detailed information about any findings that impact our offer.
- Choose a closing date: One benefit about selling through any iBuyer, is that you can close on a date that is convenient for you, usually between 7 and 90 days from when the contract is signed.
- A word on closing costs: Estimated closing costs are included in the initial offer and cover your portion of title fees, taxes, and insurance — all the standard items you’d pay for in a traditional sale.
Original article: https://www.zillow.com/sellers-guide/what-is-an-ibuyer/