How Do I-Buyers Work?
Let Break It Down
The first thing you want to do understand is what the I-buyer does and how they operate. While each company operates a little differently, the basic premise is the same! A seller or seller’s agent completes a brief online form that asks questions about the size, the features and the conditions of the overall property. Some of them also require digital photos of the property. The I-buyer is going to use this information to determine weather or not the home is within the set criteria that matches their investment!
Once the buyer has used their algorithm to determine the amount they are willing to pay, they will email over an offer usually within a day or two. The offer should also disclose the company service fee, which is between 7% – 12% of what ever the purchase price is. Now if the seller accepts the offer, they will do an in person visit and inspection will be scheduled. The I-Buyer is going to ask for a reduction in price to cover any defects they find during the process. And once the sale is final, they will make update and repairs and then resell the home on the open market!
This is where you end up being in a position where your home has sold, you don’t have to worry about repairs, worry about listing your home again. This is why I-buyers work so well for so many people. Now if you are looking to get a top dollar on your home, this may not be the option for you.