What is an iBuyer?

Depending on where your property is located, it may make sense to consider an iBuyer. iBuyers use technology to instantly value your home and makes you an offer on the home. They then flip the home and sell the property after making the minor, necessary repairs.

The benefits of an iBuyer is that it's flexible and fast. Since the offer is usually a cash offer, there is very little risk of financing falling through. The two largest iBuyers are Opendoor and Offerpad.

What are some of the things an iBuyer considers?

An iBuyer typically only operates in fast-growing markets. Some of the inputs they consider as a part of the "Automated Valuation Model" include:

  • Population growth
  • Job growth in the market
  • School quality
  • Home built date
  • Construction materials
  • Recent remodels
  • Necessary fixes

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