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“I requested an instant home offer on my house and was offered up to $150,000 below its market value,” says Charles Bezak, an agent with Realty One Group in Las Vegas. Pros Fast process
The term ‘instant’ refers to the fact that this type of business aims to provide a faster cash offer on a property than traditional real estate brokers. Valuation of the property takes place online and is an instantaneous or near-instantaneous process which makes use of machine learning and AI technologies.
According to a study from real estate data company ATTOM, all cash-purchases accounted for 36.6 percent of all U.S. home sales in the third quarter of 2023 alone.
A cash offer can be a really important tool in helping real estate investors get more deals because if you are able to pay cash you can close more quickly. Other lenders assist mortgage buyers compete against cash offers. For example, a mortgage company may provide a buyer a commitment prior to identifying a home.
A spate of flipping often creates an economic bubble which then bursts, such as during the Florida land boom of the 1920s. [2]In the 2000s, relaxed federal borrowing standards (including subprime lending that allowed a borrower to purchase a home with little or no money down) may have led directly to a boom in demand for houses. [3]
With an instant cash offer, you're not limited to a certain car brand when using such services, so you can offload a Toyota, Chevrolet, Nissan, or Ferrari all the same.
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