North Texas

New Option for Homeowners Looking to Sell

When it came to selling his house, pastor Alton McKinley didn't want to do it.

He wanted to move to be closer to his church, just didn't want to deal with everything that goes with listing a house.

"I didn't want that whole hassle," said McKinley.

He'd been in his home 13 years and knew moving would mean painting rooms, updating fixtures, landscaping and dealing with showings.

He put off his dreams of downsizing until he came across what's known as an iBuyer website.

OpenDoor and OfferPad along with sites backed by real estate companies Zillow, Redfin, Keller Williams and more offer fast cash to buy your home.

He filled out an online form, allowed a realtor to tour his home and within 48 hours had a cash offer.

McKinley said he had done his research on what homes were selling for in his neighborhood and when an offer came back within that price range, he didn't think twice. He agreed to sell his home that day.

Realtor Russell Rhodes partners with Zillow's iBuyer program and said more homeowners are turning to this option in the North Texas housing market.

"It's a wonderful way for people who need to sell their home in order to buy a new one," said Rhodes.

Rhodes said the benefits include selecting your own closing date, not having to deal with costly repairs or showings and you get guaranteed money fast.

But what is the trade-off for a quick sale?

Forbes reports you could lose on average 11 percent compared to waiting for a buyer.

Rhodes said if you need to get the absolute maximum for your home, hiring a realtor may be best.

"Whether you go to a convenient store or a grocery store or you trade in your car or you sell it privately, it's just one of the options people need to explore," said Rhodes.

Once Zillow bought the McKinley's home, they took over all repairs and paint jobs to get the house ready to sell and for McKinley that was the biggest selling point of all.

"This was 100% stress free," said McKinley.

Realtors stress you need to do your research with the iBuyer websites, just like you would before hiring a realtor. Research the company and research what homes are selling for in your neighborhood to see if it's worth it.

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