IBuying is a new model for home selling. In the past people could sell their homes to a home flipper for a 30% discount. Or they could pay 6% in agent fees to list their home on the market. And would wait an undetermined amount of time while random people looked through their home.
By selling to an ibuyer you generally get a market price offer within 48 hours and depending on your preference can close in as quick as a week or as long as 2 months.
It’s a service offered to home sellers so they don’t have to deal with the difficulty, the complexity, the uncertainty, and the timing of selling their home. There is a 3% convenience fee. But this is less than what one would pay in realtor fees.
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| Selling to forwardbid.com ✔ | Selling to a House Flipper | Selling with an Agent |
|---|---|---|
| Sell for a competitive price. | Sell for typically 30% below market so they can make a profit. | Sell for a competitive price. |
| No make ready cost. | No make ready cost. | Make ready costs of painting, repairs, cleaning, etc. |
| No need to declutter and make the house ready. | No need to declutter and make the house ready. | Declutter, move furniture around or out. |
| No option periods. No inspections. Just one initial walk through. No stress. | Wait for repair estimates and risk them terminating. | Wait for buyer inspections to see what repair amounts they will ask for. And risk them terminating cause they change their mind. |
| No showings. No staging. No stress. | No showings. No staging. No stress. | Stress out about keeping your house in perfect showing condition cause at any moment a potential buyer may call. |
| Cash offers. No lenders. So its easy peasy. | Sometimes lenders are involved and sometimes they are not. | Typically deal with lenders who can cause delays and have additional requirements like appraisals. Not to mention the buyer may end up not qualifying. |
| Close in as few as 7 days. Or pick your own closing date if you need more time. | Closing can take from 7-60 days depending on the house flipper. | Wait 2-200 days for an offer After that wait another 21-45 day to close. |
| Option for anyone! Newer homes, remodeled homes, as well as fixer uppers. | Usually the only option for properties in poor condition. | Option for anyone! Newer homes, remodeled homes, as well as fixer uppers. |
| A quick close means less holding costs for you. | Pay property taxes, mortgage, and utility bills while waiting for property to sell. | Pay property taxes, mortgage, and utility bills while waiting for property to sell. |
So ibuyeraustin.com offers way more convenience than other options. But how does this effect the amount of money the seller will walk away with.
| Selling to forwardbid.com ✔ | Selling to a House Flipper | Selling with an Agent | |
|---|---|---|---|
| Offer Price | $800,000 | $560,000 (30 percent under market) | $800,000 |
| service fee (3%) | $24,000 | $0 | $0 |
| agent commissions (6%) | $0 | $0 | $48,000 |
| Seller Concessions | $0 | $0 | $8,000 |
| Overlap ownership costs | $0 | $7,000 | $7,000 |
| Make Ready Costs | $0 | $0 | $2,000 |
| Cash To Seller | $776,000 | $553,000 | $735,000 |
To better explain how ibuyers here is a hilarious commercial from open-door.
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