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How iBuying works?
An iBuyer is a type of real estate company that evaluates a home’s worth and makes an instant offer online. These instant offers allow sellers to close in under two weeks. After completing the process and accepting an offer, iBuyers will make any necessary repairs or renovations and then resell the home for a profit.
What is the iBuying Process?
To initiate the iBuying process, the seller typically goes online and answers some questions about the condition of the home. For example, the iBuyer program asks:
After finishing the initial inquiry, iBuyers will then complete a home inspection to investigate serious issues like structural damage, mold, asbestos, oil leaks, etc. Usually, though they may impact the final valuation of the home, these problems won’t have any bearing on their ability to participate in an iBuyer program. Following the inspection, the seller will receive an offer to reject or accept. If accepted, the property sale can close in as few as seven days.
As mentioned above, iBuyers handle the process of preparing the house for the market. In order to resell it for maximum profit, they pour time and resources into remodeling, repairing, listing, showing, negotiating offers, and waiting for the house to sell. If the seller doesn’t have the ability to take these responsibilities on, iBuyer might be the best option.
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