What is iBuying in real estate?
What is an iBuyer?
iBuying means "instant buying" and is a type of home sale transaction where the iBuyer (see list of well-known iBuyers below) provides a real cash offer and closes in as little as 7 days or with some flexibility on your timeline. The iBuyer then sells your home for a higher price either through the MLS or to institutional rental property investors.
While selling your home to an iBuyer is convenient and easy, you will most certainly leave money on the table compared to a true marketplace transaction. iBuyers provide below market offers and charge a service fee which is used to cover transaction costs and repairs. If you sell your house to an iBuyer, you should expect to receive as much 10% - 15% below the net proceeds you would otherwise receive on a competitive marketplace.
Well-known iBuyers:
OfferMarket is a ZERO commission marketplace and iBuyer alternative for sellers who want to compare multiple offers from verified cash buyers and sell fast and conveniently for higher net proceeds.