Selling a home is a hassle. Smart sellers spend time and money to clean, repaint and stage it, and the final sale price and date are uncertain. But a growing number of companies are offering a high-tech and more sophisticated version of “ugly home” flippers. They could make selling your home easier, faster and more predictable—for a price.
Opendoor, which operates in 19 cities, and Offerpad, in 13 cities, are the leading so-called iBuyers. Redfin Now and Zillow Offers launched in 2018. Coldwell Banker, ERA and Keller Williams are testing programs, too. Convenience comes at a cost: iBuyers charge a service fee of 6% to 13% of the price. That’s higher than the 4% to 6% commission for a traditional real estate agent, but sellers don’t have to pay carrying costs and the expense of fixing up the home for sale. If you’re interested, go to one of the iBuyers and provide your address and other information about your property. If your home meets the iBuyer’s criteria, it will provide a free, no-obligation purchase offer and make a home visit. If you accept the iBuyer’s offer, you can close for cash within as little as a week.
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