Understanding iBuyers: What You Need to Know About Instant Home Buyers
An iBuyer (instant buyer) is a real estate company that uses technology to make quick cash offers on homes. These companies streamline the traditional home buying and selling process through digital platforms and automated valuation systems.
Key Features of iBuyers:
- Provide cash offers within 24 hours
- Allow flexible closing dates
- Manage repairs and renovations
- Operate through websites and mobile apps
- Enable direct property tours and purchases
Major iBuyer Companies:
- ExpressOffers (available in all 50 states)
- Opendoor
- Offerpad
- Keller Offers
Hand showing phone with house app
Selling to an iBuyer:
- Submit property information online
- Receive initial cash offer
- Schedule home evaluation
- Get final offer with repair costs
- Choose closing date
- Complete sale and move out
Buying from an iBuyer:
- Get mortgage pre-approval
- Browse available properties online
- Schedule property viewings
- Make an offer directly or through an agent
- Complete inspection
- Close on your timeline
Cost Considerations:
- Service fees: 5-6% of sale price
- Closing costs: 1-2% of sale price
- Additional repair costs if needed
- Potential below-market offers
- Agent commissions (if using one)
Best For:
- Sellers who need quick cash
- Those wanting to avoid traditional showings
- Buyers seeking move-in ready homes
- People with flexible moving timelines
- Those prioritizing convenience over maximum profit
Consider an iBuyer if speed and convenience are more important than maximizing sale price. Traditional market sales typically yield higher prices but require more time and effort.