RedfinNow Competitors
RedfinNow competitors include:
- OfferMarket
- Opendoor
- Zillow Offers
- Offerpad
| Service | Type | Offer Competitiveness |
|---|---|---|
| RedfinNow | iBuyer | Low |
| Opendoor | iBuyer | Low |
| Offerpad | iBuyer | Low |
| Zillow Offers | iBuyer | Low |
| OfferMarket | Marketplace | High |
What is RedfinNow?
RedfinNow is an "iBuyer" (short for "instant buyer") of single family homes. iBuying is a new home sales model where you receive a cash offer to sell your home fast. While there is an incredible convenience factor in play, the iBuying model comes with some drawbacks that we feel are important to know. If you're looking to sell your home fast and looking for RedfinNow competitors, this article aims to detail your options.
Things to know about the iBuyer model
- Service is available in limited markets
- Not all houses receive an offer
- You will receive a lower offer than you would in a competitive sale
- You will pay service fees of 6% - 10% (not including repairs)
- Your offer will be contingent on an inspection and you will either need to pay for repairs or accept a revised, lower offer.
How does RedfinNow work?
While RedfinNow is known for providing immediate all-cash offers to owners, it may take two or three visits to determine the final offer. The process to determine the final price RedfinNow is willing to pay for your property typically includes these steps:
- Owners submit their property info on RedfinNow’s website and get an offer range.
- RedfinNow makes a quick 30-min evaluation in the house and comes back with a preliminary offer.
- If owners agree with the proposal, RedfinNow will carry a deeper inspection to determine if the property needs any repairs.
- Homeowners will receive the inspection report detailing the essential repairs the property needs and its cost, deducted from the final price.
- RedfinNow gives owners the right to carry the repairs themselves or cancel the contract if they don’t agree with the inspection report.
- Offers can be 5-15% lower than what you would get on the open market.
Where is RedfinNow available?
RedfinNow is available in limited cities in the following states:
- California
- Colorado
- Texas
RedfinNow offer ranges and exclusions
This iBuying company handles different value standards according to the city. In Houston, for instance, RedfinNow purchases houses from $170,000 to $375,000, while in Los Angeles, offer values range from $350,000 to $900,000.
RedfinNow only buys single-family houses built after 1960 with no structural issues or unauthorized additions. RedfinNow won’t purchase properties with Masonite Woodruff roofing, polybutylene plumbing, or aluminum wiring.
RedfinNow vs OfferMarket
| Comparison | OfferMarket | RedfinNow |
|---|---|---|
| Service fee | 0% | 7% |
| Repairs | $0 (as is) | paid by seller |
| House type | Any | Selective |
| Closing timeframe | 15 - 45 days | 7 - 60 days |
| Markets | Nationwide | Limited cities in CA, CO, TX |
How much money will you keep?
| Net Proceeds Analysis | OfferMarket | RedfinNow |
|---|---|---|
| Purchase price | $100,000 | $100,000 |
| Service fee | $0 | $7,000 |
| Repairs | $0 | $2,000* |
| Closing costs | $1,500* | $1,500* |
| Net proceeds | $98,500 | $89,500 |
(*) estimated
Sell your house fast and competitively with OfferMarket
Instant Offer
Get an instant offer for your home from OfferMarket
Marketplace
Create a no cost, no obligation listing on OfferMarket