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selling a home

What Is an iBuyer? iBuying Explained

iBuying, an instant method of buying or selling a home, is revolutionizing the real estate market.


[Updated: Aug 16, 2021 ] Dec 16, 2019 by Liz Brumer

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iBuyer

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Business model Designed for home sellers who... How it works
Cash offer • need to sell quickly • do not want to make any repairs on the home • need cash fast The iBuyer company buys the home in cash at a slight discount from fair market value. Most cash offer iBuying programs will not give the seller top dollar for their home.
Trade in • want to sell their home and buy a new one simultaneously The seller identifies a new home they want to purchase. The iBuyer makes a cash offer that allows the seller to buy the new home. The seller moves into the new home while the old home is listed for sale. Depending on the program, the seller will:

• continue making payments on the old mortgage until the old home is sold where they settle any outstanding costs including financing for the new home from the sale proceeds

• lease the new home until the old home sells, or if it doesn't sell for top dollar, sell the home to the iBuyer at a predetermined set price

• get a new mortgage through the iBuying company using the proceeds from the old home sale.

Cortney Read explains what an iBuyer is and the benefits of using one on the Millionacres Podcast
 
iBuying Map

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Image source: Remine iBuyer Map

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