Part of eXp Realty, Express Offers is a new iBuyer that will get sellers fast and convenient cash offers. However, Express Offers has a new angle that puts an eXp Realty agent at the heart of the process. Through the agent, sellers get connected with multiple iBuyer companies that could purchase your home.
But while Express Offers provides sellers with a fast way to sell and the guidance of an agent, the speed and convenience does come at a cost. You'll likely receive below market offers and pay a 3% listing agent's commission on top of steep service fees.
For sellers who need to sell quickly or don't want to deal with the hassle of open houses or making repairs, iBuyers like Express Offers may be the right choice. However, your home is too valuable to not explore all your options.
Before you make your decision, it's worth consulting with a licensed expert to ensure you walk away with the best outcome.
Get in touch with a real estate expert for a free, no-obligation consultation on how you can sell quickly without losing significant equity in your home.
But first, to ensure you're informed on all your selling options, here's everything you need to know about eXp Realty Express Offers.
What is Express Offers?
Recently launched, Express Offers is a new iBuyer option from eXp Realty that, unlike other iBuyers, centers around using a real estate agent. Each sellers dedicated agent matches them up with other iBuyer companies who may be interested in purchasing your home.
Express Offers doesn't purchase your home itself — instead its agents act more as middlemen.
Express Offers allows sellers to skip the time-consuming hassles of the traditional selling process such as fixing repairs, staging and prepping for open houses and showings, or having to negotiate with buyers, plus it provides sellers with an agent's guidance and the opportunity for multiple offers.
For instance, if your home matches the criteria of several different iBuyer companies, you could receive multiple offers. Then you can choose which offer and company best fits your needs.
Or, if your Express Offers eXp Realty agent believes your home might receive a better offer on the open market, you can opt to list with the agent instead of accepting an offer from an iBuyer.
How does Express Offers work?
To sell your home with Express Offers, you start by filling out its submission form. If your home is eligible and meets the criteria of one or more iBuyers, an eXp Realty agent will reach out with any offers within two business days.
You'll review the offers with the assistance of your agent and if you decide to accept, you'll move ahead with the sale and choose your closing date, which will vary depending on the iBuyer (typically, iBuyers can close in as few as 14 days).
If you don't like any of the offers, you can then choose to either walk away or move ahead and sell your home on the open market by listing with the eXp Realty agent.
Keep in mind, your costs will vary depending on the iBuyer you accept the offer from. Most iBuyers charge a service fee ranging from 6% to 14% and while iBuyers generally make offers close to market value, you're still guaranteed to lose equity in your home.
Additionally, you'll be responsible for the typical home selling expenses like closing costs, HOA fees, taxes, etc. as well as a 3% listing agent fee for your Express Offers agent's services.
Express Offers: Key Considerations
While Express Offers provides speed, convenience, and a new spin on the standard iBuyer business model by including an agent and the potential multiple offers, you'll first want to take into account a few factors before you decide to pull the trigger.
Currently, Express Offers only offers its services in California. Granted, Express Offers is new and does plan on expanding to 10 other markets, right now if you live outside the Golden State you're out of luck.
With a typical iBuyer, your home needs to meet exacting standards for the company to consider purchasing your home. For instance, Offerpad dictates homes must be built after 1960, can be valued at no more than $500,000, be in decent condition, and must be on a lot no greater than one acre. If your house does fit that description, you're out of luck.
However, because Express Offers works with multiple iBuyers, if you're home doesn't fit one's criteria, Express Offers can match with another buyer that does. This increases the chances of finding a fast convenient option that works for you.
One of the distinguishing features of Express Offers is that it provides sellers with an agent. Your agent can help and advise you on which iBuyer offer is best for your particular situation. You'll be able to take advantage of their expertise and experience when deciding on whether to accept an offer, walk away, or list your home on the open market.
Pros: What are the advantages of using Express Offers?
- Fast cash offers within two business days
- Skip the hassle and cost of prepping and staging your home
- Flexible closing dates
- Don't have to worry about fixing repairs
- Certainty of closing – the sale won't fall through because the buyer is approved for financing
- Possibility of multiple offers
- Partnered with an agent who can provide advice and guidance
Cons: What Are the Downsides of Express Offers?
- You don't get to choose the agent you work with
- You'll be required to pay a 3% listing fee or negotiate the fee yourself
- Receive below market offers
- High service fees ranging from 6% to 14%
- Repair costs will be deducted from your net sales price
- Limited to only California currently
- No room for negotiations — you'll only receive take-it-or-leave-it iBuyer offers
Top Alternatives to Express Offers
If you don't live in California or want to learn more about the iBuyers Express Offers might match you with, check out these options:
See how much you might be able to get for your home with an iBuyer, with a free, no-obligation offer: Get your free offer now!
A Top, Local Agent
While iBuyers like Express Offers offer speed and convenience, it always comes at a price. You'll receive below market offers and be charged steep service fees all on top of a 3% listing agent commission. If you're desperate to sell quickly and don't mind losing significant equity in your home, an iBuyer may be the best option for you.
However, your home is your most valuable asset. It's worth looking at all your options before you make your final decision.Top agents know how to utilize their professional network as well as aggressively market and price your home to draw in multiple buyer offers and sell your home quickly. And an experienced, top-rated agent can typically get you 125% of your home's fair market value.
To properly weigh your options, talk with a licensed real estate expert about your specific situation. They can help you decide on the best way to meet all of your selling goals.
Get in touch with Clever for a free, no-obligation consultation today!