(Staff photo by Ben McCanna/Portland Portland Press Herald via Getty Images)
For years, Zillow bought homes from customers who wanted a smooth, fast sale. Eventually, this practice, known as iBuying, caused the internet real estate company to lose hundreds of millions of dollars and lay off a fourth of its workforce. A few similar organizations are still in the game and hoping to net profits. Opendoor claims to have crafted a process non-reliant on valuation models while ignoring the emotional aspects. Will it also fall flat on its face, or succeed by avoiding profit-eating risks? iBuying - A Primer (Staff photo by Ben McCanna/Portland Portland Press Herald via Getty Images)
An iBuyer is a company that provides an instant cash offer to purchase a home from a seller outright. It buys houses as-is with no contingencies, agent commissions, or closing costs, and avoiding the use of a commissioned real estate agent saves homeowners time and money. It's a win-win ...
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