While the pandemic has certainly made the real estate industry more reliant on technology, this shift was occurring long before COVID-19 hit. In fact, back in February, we reported that Denver was ranked as the seventh hottest city for this emerging option.
So, what is iBuying and how does it work?
“iBuying” or “instant buying” is a service provided by real estate pros who buy and sell properties through technology. This concept came about to meet the demand of clients (both buyers and sellers) who didn’t want to deal with a long, drawn-out transaction process. The iBuying route offers a more convenient, seamless transactions that improve the experience for home sellers.
How does it work for homeowners?
For homeowners, the iBuying process begins by going online and requesting an offer. This first step just requires the homeowner to fill out some basic information about their home including the property’s features and recent upgrades. If the property meets the company’s criteria, the iBuyer takes the information the homeowner uploaded about the home and estimates the property’s value.
The iBuyer uses the estimate to make an all-cash offer usually within 24 – 48 hours of receiving the request. With the offer, the iBuyer includes a breakdown to ensure the homeowner understands the fees involved and knows what the net proceeds of the sale will be. Once the iBuyer makes the offer, the homeowner has 5 – 7 days to accept it.
After a homeowner accepts an offer, the iBuyer will set up and pay for a home inspection. If the inspector finds that the home needs certain repairs, the iBuyer will assess the cost of the repairs and give the homeowner the option of making the repairs or deducting the cost from the sale price.
If you’re considering selling your Denver metro area home, iBuying may be the most convenient and cost-effective way to do it. If you’d like to know more about this exciting option, give Metrowest a shout! We are here to answer your questions.