Real estate platform Redfin's instant offer program, RedfinNow, makes a cash offer and closes within days without listings or showings. Such programs are called "i-buyers," or institutional buyers.
Former Marine and home seller Clarence Tinney used the i-buyer RedfinNow program while relocating his family for a new assignment. Tinney and his wife, Barbara, sold their home in 10 days using the program. Says Tinney, “Do a cost comparison and lay out your financial impact looking at the traditional 6 percent commission, plus cosmetic upgrades for the possibility of getting a few more dollars back. Is it worth several thousand dollars’ worth of risk? Compare that to the 7 percent RedfinNow charges, as well as the peace of mind knowing you won’t have any liability once RedfinNow buys your home for cash.”
“We knew our house needed cosmetic work. Both the yard and interiors needed to be updated–new flooring, paint, and to remove the popcorn ceiling. We figured we’d have to put in anywhere from $20,000 to $35,000 to get top dollar. That was money we wouldn’t be able to roll into the new house. RedfinNow gave us the closure of selling our home prior to leaving, and not having to worry about how to finance the costs of cosmetic repairs.”
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