What is an instant home offer?
In an economy of constantly evolving technology and instant results, the traditional process of selling a house through a real estate agent can feel archaically slow.
iBuyers offer antsy home sellers an extremely easy and expedited option – the instant home offer. Companies like Zillow Offers and Opendoor will make an instant cash offer on your house, sight unseen.
If you accept the offer, they send a team of specialized inspectors to give it the once over and if everything checks out, it’s a done deal. If the inspectors do find some needed repairs, they’ll provide a fair estimate of the work and that amount will be subtracted from the original offer provided by the iBuyer. That work will be done for you and you won’t have to wait to sell until the work is completed.
With instant offers, a process that used to take months can be completed in a matter of weeks or even days.
How do they do it?
Algorithms. iBuyers use sophisticated property valuation programs to estimate the value of your home. All you have to do is answer a few questions and hit submit.
Once your home passes inspection, you can sign and be on your way. The company makes minor improvements to your old place and sells it for a small profit.
Where can I get an instant offer on my house?
For the best instant offers, check out Zillow Offers, Opendoor, OfferPad or Knock. They’re the titans of the iBuyers industry and all four offer expedited valuations, free, no-obligation offers and flexible closing date.
Zillow Offers has the deepest pockets, a highly trafficked website and is quickly building towards having the largest market area. If you want to sell and you live in one of the cities below, there’s a good chance Zillow’s interested.
Zillow Offers cities:
• Atlanta
• Charlotte
• Dallas/Fort Worth
• Denver
• Houston
• Las Vegas
• Miami
• Minneapolis/St. Paul
• Nashville
• Orlando
• Phoenix
• Portland
• Raleigh-Durham
• Riverside
Opendoor currently holds the reigns to the largest market area. They actively buy in 19 cities across the country. Plus, they guarantee an offer within 24 hours and have a three-day late move out period to give you extra time.
Check out their trade-in and trade-up programs for coordinated closing dates and $1,000 back at closing.
Opendoor cities:
• Atlanta
• Austin
• Charlotte
• Dallas/Fort Worth
• Denver
• Houston
• Jacksonville
• Las Vegas
• Minneapolis/St. Paul
• Nashville
• Orlando
• Phoenix
• Portland
• Raleigh-Durham
• Riverside
• Sacramento
• San Antonio
• Tampa
• Tucson
OfferPad is a top contender for the most enjoyable process. They are focused on making home purchases and sales as fun as possible. Clients get closing coordination and flexibility, a three-day late move out period, offers within 24 hours, and one percent back at closing. But what truly sets OfferPad apart is the free local move and high-quality customer service.
OfferPad cities:
• Atlanta
• Dallas/Fort Worth
• Houston
• Las Vegas
• Orlando
• Phoenix
• Raleigh-Durham
• San Antonio
• Tampa
• Tucson
Knock provides customers with the same expedited and easy experience but has a unique take on the process. With Knock, the process begins the same — by filling out a form — but after that, it’s a whole different experience, starting with a phone consultation, then working with their local real estate experts to find your dream home.
Once you make an offer and it’s accepted, you move into the new place, but Knock covers the mortgage there, while you continue paying your old one.
They make repairs and prep your old house for sale. Afterward, you settle up with them for any cost they covered in your old home and get your new title. It’s all the excitement of an upgrade with a fraction of the risk and work normally involved.
Knock cities:
• Atlanta
• Charlotte
• Dallas/Fort Worth
• Raleigh-Durham
Everything you need to know about instant home offers:
iBuyers offer an easy, fast and stress-free solution to buying and selling homes. Plus, a cash offer is a sure deal, so there’s none of the uncertainty and waiting that usually accompanies selling a home.
For many people, instant offers are a dream come true, but it’s worth noting that iBuyers aren’t charities. They make money by offering just slightly less than fair market value, charging slightly higher fees – called service fees – than typical realtors and their goal is to resell your home at a profit.
With an instant offer, you’re responsible for the iBuyer’s service fee, some potential repair costs and fees related to notarization, title, and escrow, but incentives and other deals are often available at closing.
Selling to an iBuyer may result in slightly fewer dollars in your pocket, but could save you weeks, or even months. All of the hassles of a typical home sale can be avoided. You don’t have to do any cleaning of the house. You can avoid the massive undertaking of decluttering your house or reorganizing of your furniture to present the perfectly staged house. No more dashing out of the house to get out of the way for the countless showings and open houses. Any repairs you do have to pay for are ones that most likely would have cost you an equal amount in seller concessions in the traditional sales process. You get the certainty of selling your home vs. the months of angst and inconvenience that come with a traditional sale. You simply answer a few questions, unlock the door for the inspectors, and sign some papers. That’s it!
Also, homeowners stuck paying two mortgages or selling on behalf of an ailing parent, who can’t do the cleaning and prep work required for listings and open houses, couldn’t ask for an easier process.
If you need to sell in a hurry and just want to skip the hassle of the traditional inefficient home sales process, consider an instant offer today.