Source: Photo by David McBee from Pexels

Guaranteed buy-outs, cash, and iBuyer programs have been around for a long time.  However, one iBuyer program is buying up lots of property in Greater Cincinnati.  Meet your new neighbors “The Zillow’s”.

Zillow just recently announced they’re suspending their popular iBuyer program.  I-buyer and similar programs offer particular sellers an opportunity to sell quickly with minimal hassle -for a price that can be below market value.

The programs are great for a lot of sellers and whether you think the costs are too high.  However, the real estate market seems to be ready for an alternative way to sell properties.

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The impact on the greater Cincinnati market is surprising.  While there are numerous companies offering iBuyer programs ( including Coldwell Banker in some areas of the country) the easiest to track is Zillow.

In Butler County they currently own 97 properties
Clermont County– 49
Hamilton County-107
Warren County– 65

The media recently reported Zillow has suspended the program.  But there are a number of local and national companies still offering cash for homes.

Sellers and buyers (of future iBuyer homes) need to review sales/purchase contract wording carefully and seek legal advice if they have any questions.  Many of the programs use their own purchase and sale contracts and not the standard real estate board-approved documents.