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By selling your house to one of the iBuyer companies, you can avoid many of these headaches. The term iBuyer refers to a group of high-tech houseflipping businesses have grown rapidly in recent years since their introduction in the mid 2010s. HomeLight Trade-In allows you to buy a new home before selling your old one.
House flippers look for specific improvements to boost equity, such as cosmetic updates, mechanical repairs, an addition, or a change to the layout. Doug Van Soest , who owns a houseflipping business in Southern California, purchases an average of 40 to 50 homes per year and says he typically aims for at least a 10% return on his investment.
Generally trade-in companies will offer to buy your current home, freeing up your funds to buy a new home and removing the need for a homesalecontingency. Some companies that offer home trade-in programs include HomeLight , Knock , Opendoor and Orchard. iBuying vs. houseflipping.
House flippers typically buy homes for cash as-is at a sharply discounted rate, with the intent to make improvements and repairs and then resell the property at a profit. One of the most well-known house-flipping companies is the “ We Buy Ugly Houses ”® franchise.
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