Fast food, next-day delivery, self-checkouts and express lanes—people love getting things done quickly. And now, that trend has entered the real estate world. Many companies are trying to appeal to sellers with the promise of quick money and a seamless sale through a process called iBuying... and many sellers are taking them up on the offer.
The process is simple. The company will crunch some numbers to determine an estimate of your home, then send you an offer based on what they come up with. Oftentimes, the offer is also contingent on a home inspection. Once the deal is done (usually with a cash payment), the company will then market and resell your home for a profit.
As iBuying has gotten more popular, several large companies have signed on to the trend, including Zillow, Redfin Now, and, perhaps the most popular option, Opendoor.