{"id":65664,"date":"2019-05-03T09:07:18","date_gmt":"2019-05-03T16:07:18","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=65664"},"modified":"2021-08-31T20:24:16","modified_gmt":"2021-09-01T03:24:16","slug":"how-to-buy-home-from-ibuyer","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-to-buy-home-from-ibuyer\/","title":{"rendered":"The 9 Most Important Things to Know About Buying a Home from an iBuyer"},"content":{"rendered":"

Our Q&A with RedfinNow to reveal tips on how to close quickly on your dream home when it’s owned by an iBuyer.<\/span><\/em><\/p>\n

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If you\u2019ve sold a home recently, you may have come across the option to <\/span>sell to an iBuyer<\/span><\/a>. <\/span><\/p>\n

But when it\u2019s time to buy, it\u2019s also possible that the property you\u2019re eyeing is listed by one. When you purchase a home from an iBuyer, you can visit the property on demand, make an offer without an agent, and move in immediately. <\/span><\/p>\n

Institutional buyers, known as iBuyers, are companies like <\/span>RedfinNow<\/span><\/a>, which represent a <\/span>growing share of home sales<\/span><\/a>. They make instant cash offers to home sellers and close without listings or showings, and then sell those properties direct to consumers. <\/span><\/p>\n

To learn more about these benefits, we spoke to <\/span>Jason Aleem<\/span><\/a>, head of real estate operations for RedfinNow. <\/span>
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\n<\/span>\u201cTouring a home listed by an iBuyer is an opportunity to experience the latest tech innovations in real estate,\u201d he said. \u201cIt represents a new way for consumers to access homes and the best way to start is to get out there and see as much as you can. When you find your dream home, ask questions to make sure you have the answers you need to buy the house. It\u2019s important to hold iBuyers accountable and make sure you\u2019re getting what you paid for.\u201d<\/span><\/p>\n

Jason answered some common questions on iBuying, and offers advice on what you should consider when purchasing from an iBuyer:<\/span><\/p>\n

1. How is accessing an iBuyer-owned home different than a traditional home?<\/b><\/h3>\n

\u201cViewing a property listed by an iBuyer can be easier than touring a traditional home in terms of access and ease. It\u2019s a whole new way to shop for a home. If you\u2019re looking at one owned by RedfinNow, you have direct access to see a home without an agent. Once you register with Redfin, you can see a home typically from 8am to 8pm. This is incredibly convenient as you have the option to visit as many times as you like, bring back friends or family, and accommodate multiple schedules. This also empowers more informed thinking as you\u2019re not basing a huge decision on just one viewing. You should visit any home you\u2019re thinking of buying at different times of the day and week to get a sense of how the neighborhood feels\u2013does it get loud or busy on weekends? You\u2019re not confined to traditional rules around when the home is available to tour.\u201d<\/span><\/p>\n

2. Do homes sold by iBuyers require renovation?<\/b>
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\u201cWhen RedfinNow purchases a home, we renovate it before putting it back on the market. When an individual sells a home, many times the renovation was done to fit their taste, not the buyer. Or, the seller may have decided to forego any work, leaving that burden on the buyer. Either way, both outcomes will likely delay the buyer from moving in while they spend more money to improve the house to their liking.<\/span>
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\n<\/span>Our in-house professionals are experts in renovating homes. They know how to ensure a sound product that\u2019s livable, devoid of any major issues, and a clean slate so there\u2019s less work after move-in. We usually paint the walls into a neutral tan or white so the buyer may personalize the home, as opposed to moving into one customized by the previous owner.\u201d<\/span>
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3. How is buying from an iBuyer less complicated than purchasing from an individual?<\/b>
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\u201cHome sale negotiations and transactions can become personal, complicated by the fact that the seller may conflate the home\u2019s sentimental value with its market value. An iBuyer sale on the other hand, is a straightforward business transaction. We care, for sure, but look at it like a builder or investor would, rather than someone with a personal history in the home. An emotional bond can also affect negotiation and timing, as the seller might have trouble moving on from the house they\u2019ve lived in for so long. That\u2019s absent in an iBuyer.\u201d<\/span><\/p>\n

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