The Denver Business Journal recently reported that Denver ranks as the seventh-hottest market in the country for instant online home sales (iBuying), according to a new study by home-value data provider Ownerly.
Using data from Zillow and Redfin, Ownerly ranked the top 10 cities with the best iBuyer markets:
- Dallas-Fort Worth
- Las Vegas
- San Antonio
- Riverside, California
Short for “instant buyers,” iBuyers provide rapid cash offers to purchase homes outright, typically bypassing real estate agents, open houses and the traditional home sales process.
The iBuying Process for Buyers:
For home buyers, the process begins by visiting the iBuyer’s website to browse the homes for sale. The listings include property details, descriptions and photographs. After finding a home, the homebuyer can self-tour the property without making an appointment.
The home buyer must be prequalified for a loan in order to make an offer, but once prequalified they can submit an offer online. As soon as an offer has been received, the iBuyer assigns an agent to guide the home buyer through the process (unless the home buyer chooses to find another agent).
The iBuyer then reviews the offer and any other offers on the property. If the iBuyer rejects the offer, the home buyer receives feedback about how to improve future offers. If the iBuyer accepts it, the home buyer’s assigned or personal agent drafts a purchasing agreement.
Though it’s a somewhat new process that utilizes technology more than traditional home sales, iBuying can be a great option for potential homeowners. Metrowest has several iBuying choices that could be the perfect fit for you – contact us today to discuss your options!