An iBuyer is known in the real estate industry as a real estate investment company that uses automated valuation techniques and models that help them identify, assess and purchase homes that meet its criteria.
When a iBuyer finds a home that meets its investment criteria, an iBuyer may provide a homeowner with written offers to purchase their home.
A homeowner is NOT obligated to accept an iBuyer’s offer.
If the homeowner does decide to accept an iBuyer’s offer, then the iBuyer and homeowner enter into a contract(purchase contract) for the sale of the home from homeowner to iBuyer.