Cash for homes: Online sales take off

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Home buying and selling season is underway, and a relatively new industry is taking off that can help you do both. 

You may have seen a TV ad, or billboard or gotten a flyer in the mail from what are called ibuyers, online real estate companies like Knock, Opendoor, Ribbon and Offerpad offering to quickly buy or sell your home.

Opendoor offers to buy your existing home with cash.

“You get a no obligation offer that is done by our pricing teams,” explains Opendoor’s Jon Enberg. “If you like the offer, you can accept it, set your closing date…sell directly to Opendoor.”

That allows you to sell your home within days instead of months for a commission that is a little higher than a local real estate firm. 

Ribbon has a slightly different approach, helping you quickly buy and move into the home you want without waiting to sell the home you’re in.

“You pay rent, and you rent until you sell your previous home, and once you do that Ribbon will transfer the ownership of the home back to you,” co-founder Wei Gan explains.

Ribbon charges the seller just under two percent of the purchase price of the new home.

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