You’re ready to sell your home but don’t want to wait months to complete the sale. Maybe you’re frustrated because your home has been on the market but hasn’t received any qualifying offers.
It could save you time and effort to apply for an instant home offer to sell your house fast.
Instant offer companies, or iBuyers, are tech-based home investors that buy and sell houses digitally, primarily to streamline the process, both for themselves and homeowners.
Before you apply, learn if an instant home offer could work for you. Then we’ll break down the five steps it takes to complete the selling process with an instant offer company.
How to Sell Your House Quickly
If your house meets certain criteria, applying for an instant offer could be the first step on a shortlist to sell your home quickly. Instant offer companies can provide a fast cash offer that allows you to trade in your house for another house and possibly complete the sale without having to make any home updates or repairs.
After applying, you receive an instant cash offer within hours. This can shrink the selling process down from months to meredays. It also means you won’t have to put your home on the market, manage to stage the home, do showings or negotiate offers from buyers.
When an Instant Offer is Possible
Before applying, here’s a quick overview of the types of homes and markets that work best for instant home offers.
This quick questionnaire will help connect you to a Bolt & Beam expert who can get you introduced to the instant cash offer process:
Types of Homes to Sell to Instant Offer Companies
Typically, houses valued between $100k – $500k, in middle-class neighborhoods, needing only minor updates, are the most likely candidates for successful instant home offers.
Unlinke home flippers, instant offer companies tend to buy houses that need minor or no repairs before being quickly resold, instead of buying cheaper houses that need major renovations.
Specific Markets Where Instant Offers Work Best
Based on their services and the types of homes they apply best to, instant offer companies target specific cities for their business, using data to understand what markets would be best for this model.
This includes cities with people who prefer working with an instant offer company over more traditional real estate sales methods, such as with millennials, veterans, empty nesters and those needing to relocate. Cities including Denver, Phoenix, Dallas-Fort Worth, Houston, Austin, Las Vegas, Atlanta, Charlotte, Orlando and Raleigh-Durham are currently serviced by three out of the top five iBuying companies. These companies continue rapid growth, expanding into even more markets in 2020.
It allows for the homeowner to save time and effort that wasn’t possible in real estate transactions before.
How to Apply for an Instant Home Offer
If your home fits the basic criteria for an instant home offer, and you feel like you could benefit from this method of selling your house, below are the 5 general steps you’ll take to apply for and receive an offer:
On the company’s app or website, start the application by filling in simple details such as your home’s address, basic features and any details about recent updates.
You’ll also need to provide some personal information but will not be tied to any kind of agreement at this point.
2. Receive Instant Offer
With the information you provide in the application, the instant offer company will compare your home to millions of data points they’ve collected, including their professional knowledge of your local market. This amount of data allows them to quickly provide a fair market value for your home, without having to see it first in person.
Your offer will include a breakdown of any costs and fees, as well as the amount you could make from selling your home.
Most instant offer companies are able to provide an offer within 48 hours of your application. The offers are then valid for a limited amount of time but a new offer can be requested if you pass that date.
3. Review Options
The options for your offer will vary based on the instant offer company but can include a flexible closing date of your choosing. Many companies also offer extra days to give you time to complete your move, following the closing date.
Before you agree to anything, you can review the offer and negotiate when possible, such as by arguing for unique features of your house that you might know better than anyone else. Then you will electronically sign an agreement that enters you into a contract with the company.
4. Schedule Inspection
The instant home offer company will want to coordinate an in-person inspection of your home to assess its condition.
Based on the inspection, they will adjust the offer if more work needs to be done to the home but you won’t need to do this work yourself. The company will take responsibility for any updates that are needed after closing.
The inspector will primarily focus on your home’s overall safety and functionality, over minor issues such as paint and flooring, which they can more easily correct.
5. Close the Sale
When both you and the instant offer company are satisfied and can settle the agreement, you can choose a closing date that works for you to review and sign all paperwork. The company will often require a final walk-through of your home at this time as well.
Payment will then be available within the next one to three days. It will be made to your bank account or, if you have a mortgage to pay, to a third party escrow company that will handle the mortgage payoff.
Decide If an Instant Home Offer Can Help You Sell Your Home Quickly
For the right homeowner, an instant home offer can provide a more convenient and timesaving option than was previously available in real estate.
If you know the price you want for your home and an ideal timeline for moving out, you can get an instant offer to quickly see if this method is right for you, before having to commit to any contract.