Huntington Beach Realtor, Jeb Smith of Coldwell Banker Residential Brokerage discusses the topic of iBuyer. In this video, I answer the question of “What is an iBuyer?”
Hey there, this is Jeb Smith, Coldwell Banker Residential Brokerage in Huntington Beach, and today we’re going to do a topic video on iBuyers.
One of the most commonly used terms right now in the real estate industry is iBuyer, and it’s becoming more and more prevalent as companies like Opendoor and OfferUp, and Zillow also has a platform as well, start to buy properties directly from sellers or consumers, if you will, and then end up reselling them, so basically that’s what an iBuyer is.
So an iBuyer is somebody that is buying properties directly from sellers, sometimes these homes are listed, sometimes they are not listed, but they’re making cash offers to people selling homes, and then generally what they’re doing is taking those properties, fixing them up, and then listing them for a higher price and reselling them on the open market. And then the company that is buying them, say OfferUp or Opendoor, they’re then becoming the listing agent on the other side of the property. So they’re kind of cutting the real estate agent out of the transaction by having their own company.
If you’ve watched any of my videos in the past, I talk about companies like this and the downside to using them, and primarily it’s because those companies aren’t actually paying top dollar for those properties. So whereas a seller could normally list their property on the market with an agent, sell it for more money, and even with paying that agent, they’re still making more money than they would by selling it directly to one of these iBuyer type companies.
I hope that answers your questions. If you’re considering selling directly to one of these companies or you have questions about your home, feel free to reach out to me directly, would love the opportunity to help. And if you have any other questions on real estate or videos that you’d like to see me do, please reach out to me directly. Thanks again. Talk to you soon.
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Other videos you might find helpful:
How Does Opendoor work? https://youtu.be/iV-eCyJ0dCI
Real Estate Market Update? – https://youtu.be/ByG3D3_ZRAA
What’s the first step of the home buying process? https://youtu.be/8Z1VSzxYWBM
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If you would like more specific information about your home, please contact me directly at 714.376.2711 or email@example.com.