You’ve seen the signs around town encouraging you to, “Sell Your House for Cash!” You may have also seen for sale signs in your neighborhood for companies like Opendoor and Redfin—so-called “iBuyers” who use computer algorithms to assess your home’s value and make you a fast cash offer.
Selling your house fast for cash has several benefits and several drawbacks.
In the cash buyer real estate model, real estate companies and individual investors purchase houses— usually below market value—and resell them at a profit. iBuyers purchase homes directly from sellers just like cash offer buyers and can make instant offers through their websites.
Cash buyers and iBuyers want to close on your house quickly. They will make an offer on your home, usually within minutes of meeting you or after you submit your home and mortgage details online for processing.
No real estate brokers are involved in the sale, so no broker fees are paid by the seller. The risk to the deal is low since cash offer buyers are not awaiting approval for financing. Cash offer buyers will also offer to buy your home as-is, so no seller-financed repairs are required to meet the buyer or lender requirements.