6 Top iBuyer Companies That Want to Buy Your Home in 2024
Disclaimer: Information in this blog post is meant to be used for educational purposes only and provide a high-level overview of some of the top iBuyer companies and programs. However, program details can frequently change. Please visit the iBuyer’s website for the most up-to-date information on each individual program’s fees, market coverage, business model, and more.
Selling a house can be quite a hassle. Knowing that a potential buyer is coming to view your home the next day means there’s no time to relax. Instead, you find yourself grabbing the vacuum and rushing to tidy everything up to ensure the house looks its best. Sometimes, you even have to spend a significant amount on repairs for the furnace or roof just to attract a decent offer.
By selling your house to an iBuyer company, you can avoid many of these headaches. The term iBuyer refers to a group of high-tech house-flipping businesses that cropped up in the mid 2010s. Before you work with one, you’ll have to weigh the pros of convenience and speed against the possibility of receiving less than fair market value and paying service fees.
To assist you in selecting an iBuyer, we’ve put together a roundup featuring some of the leading iBuyers in 2024 and comprehensive details about working with each one.
Who are the iBuyer companies?
The term iBuyer encompasses a list of companies, including Opendoor and Offerpad. We also include information about HomeLight’s Simple Sale platform, which provides you with a competitive all-cash offer to buy your home. Although Zillow was once a top-three iBuyer, it shuttered its iBuyer program in 2021. In early November 2022, Redfin announced the shuttering of its iBuyer arm, RedfinNow, after launching in 2017.
Though each business operates a little differently, iBuyers generally provide a near-instant cash offer for houses, allow you to sell your home mostly or entirely online, and can facilitate much faster closings than a more traditional or financed buyer.
“The biggest advantage is ease,” says Lynn Carteris, a top real estate agent with the Oldham Group serving the San Francisco Bay area in California. “You don’t have to prepare the house; you don’t have to repair the house.”
Working with iBuyers
Though the process varies among iBuyer companies, to work with an iBuyer, you would typically:
Go to their website
Request a cash offer
Decide if you want to accept the instant cash offer
Communicate your preferred move-out date
Close in as few as 10-14 days
Some iBuyers will perform an inspection and may reduce their offer price based on what they find out about the home’s condition. But most will allow you to sell as-is. iBuyers don’t plan to live in your home; after they make a purchase, they resell the home — in some cases, after making light repairs.
How do iBuyers make a cash offer for my home?
iBuyers leverage online appraisal technology and other methods to determine a home’s value and what they’re willing to pay. They usually buy and resell homes at a higher volume than other types of real estate investors, so their goal is to flip more homes to make up for a lower profit margin per flip. As such, their offers tend to be closer to market value than what you’d see from a flipper who uses the 70% after-repair-value standard.
