Here’s what you can expect when you work with us.
What iBuyer means
If you have an Atlanta-area house you are planning to sell “as is,” you might have come across an iBuyer or two. An iBuyer is an online house-buying company where customers visit a website, provide some information, and get an algorithm-generated offer on their property. Two of the bigger names in the iBuyer space that use this business model are Opendoor and Offerpad. A few other companies that buy houses offer—and in some cases have discontinued—different versions of iBuyer-style services.
iBuyers promise speed, convenience, and some of the other benefits associated with off-market home buyers, but how exactly do iBuyers work?
How iBuyers work
The standard iBuyer process works like this:
The seller enters basic information about their house on a website. An AI computer model uses property data such as street address, tax records, and total square footage to calculate an offer. The AI sends this offer to the seller, typically within 24–48 hours.
Shortly thereafter, the iBuyer will conduct an in-person home inspection. If the inspection goes well, the buying process usually proceeds. If the inspector decides that the house needs updates or repairs, then the iBuyer might charge additional fees, reduce the offer, or cancel the offer altogether.
Some iBuyers incorporate commissions and fees. The standard amount is around 8% of the purchase price. By comparison, real estate agent commissions average around 6%.
While an AI-generated, sight-unseen offer can make iBuyers attractive to some sellers, it is important to remember that receiving the offer is not the same thing as closing the sale.
What to know when you sell to iBuyers
If you do decide to try out an iBuyer, make sure you understand the cost structure up front. In addition to the 8% average commission, some iBuyers charge additional fees once they inspect your property.
If you face complex selling circumstances or feel more comfortable going through the sale process with a human being, an iBuyer might not be the best option. iBuyers are primarily tech companies and may not be as focused on customer service as other off-market buyers in Atlanta.
