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What is an iBuyer and is it a good option for you?

In the last two decades, many essential services have gone digital. Many homeowners pay their bills online, order pizza online, buy groceries through an app, communicate with family through e-mail or video calls, and even see their doctor or colleagues via video platforms.

Digital tools make everyday tasks more accessible and more convenient. As more basic services become increasingly accessible via smartphone or computer, more complicated things, like selling or buying a home, can take place online.

According to the National Association of Realtors, 51% of buyers who purchased a home in 2020 found the house they bought online, while just 30% of buyers found their new home through a realtor. Only 4% found their dream home from a sign in the yard.

One significant change to the real estate industry over the last two decades is the increased presence of iBuyers.

What is an iBuyer?

The term iBuyer refers to companies like Brick that have the resources available to purchase homes directly from buyers. New technology allows iBuyers to make fast offers and provide a simplified alternative to selling through a real estate agent.

When you sell to an iBuyer, you’ll receive an offer based on the estimated value of your home. If you accept the offer, the iBuyer pays you, takes possession of the house, and then markets and resells your home. Some companies, like Brick, work closely with owners of distressed properties and investors to simplify the buying and selling process for both parties.

Why should I consider selling to an iBuyer?

There are many reasons you might consider selling your house to an iBuyer. Some of the most common reasons include:

Convenience: Selling an iBuyer lets you sell on your own timeline. If you need to sell quickly, you can. If you need extra time to line up another place to live, you can do that too. You won’t need to worry about listing your house, hosting open houses, or leaving for home tours. Using an iBuyer gives you more control over the sales process.

Smoother sales process: When you sell on the traditional market, there may be more hoops to jump through. In addition to an appraisal, inspections, and open houses, your sale could depend on a borrower qualifying for financing. Financing is often the most time-consuming part of selling a home, and buyers may not always come through. An iBuyer already has the funds to purchase your home, so you can skip the waiting and get right to the selling.

You can save money: Real estate agents take up to 5 or 6% of the sales price of properties they sell. While real estate agents work hard for their earnings, you could lose several thousand dollars when the deal is through. You don’t have to pay a realtor fee when selling to an iBuyer.

Quick sale: If you’re hoping to avoid foreclosure or need to be out of your current house quickly, waiting to sell on the MLS might not work for your needs. Whether you’re selling an inherited property, liquidating investment properties, or trying to save yourself from a financial disaster, selling to an iBuyer can offer a quicker resolution.

How do I sell my home to an iBuyer?

The first step to selling your home to an iBuyer is to reach out for a quote. You can fill out a quick form on our website with information about your home and neighborhood. Once you submit your information, an iBuyer. Once we receive your information, we can work on an offer. If you’re happy with the offer, we can schedule an in-person evaluation to finalize the proposal. It’s that easy. You don’t have to worry about marketing your house, scrubbing out the cupboards, or even making repairs.

Choosing the right iBuyer

If you’ve decided that selling to an iBuyer is the right fit for your needs, you’ll want to ensure the company you choose is the right fit. Before you sign on, make sure you ask questions. Some things you’ll want to know include:

  • Any service fees
  • Who you’ll work with and who will check out your house
  • Is the initial offer final? If not, what could lower the final offer?
  • How will payment arrive, and when will payment be ready
  • The process for finalizing the sale
  • Moving deadlines

Asking questions and researching will ensure you find the best fit for your needs.

Ready to get a quote on your property? Reach out today.

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Further Reading

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If you’ve ever considered selling your home without a listing agent, here are a few pros and cons of a for-sale-by-owner you should think about before making your final decision. While an agent can certainly be helpful, it’s not impossible to sell your home independently. Some homeowners find that selling without a realtor better suits their needs.

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