Redfin this week announced the launch of its RedfinNow platform as the first major iBuyer option in the Chicago market.
The service emphasizes convenience to homeowners, giving them a way to request a cash offer on their homes and sell directly without showings, open houses or fixing up their properties.
Redfin has offered agent service since 2008. The new platform includes the company’s local agents by giving sellers the option of comparing a cash sale on RedfinNow to what their home would bring on the open market.
RedfinNow gives homeowners the ability to control when they sell and enables them to avoid the stress of getting their home ready for a sale and scheduling tours and open houses, according to RedfinNow Vice President Jason Aleem.
“RedfinNow is like having an ‘easy button’ to sell your home, and that’s appealing to lots of homeowners, whether they need to relocate quickly for a new job, have an investment property to sell from afar, want to limit in person interactions in the selling process, or simply desire more control and flexibility,” Aleem said. “It’s also valuable for move-up buyers in this hyper-competitive market because they can use the cash offer for their current home to make a strong offer for their next home and line up the closings so they only need to move once.”
In the city, RedfinNow is making offers on single-family homes, townhomes and condos bought after 1880 in several neighborhoods in the North and Northwest Side neighborhoods of Avondale, Edgebrook, Edison Park, Jefferson Park, Lincoln Square, North Center, North Mayfair, Norwood Park, Old Irving, Park Ridge, Portage Park, Rogers Park, Sauganash and West Ridge. The suburbs of Arlington Heights and Mt. Prospect are also within the initial buying parameters. RedfinNow expects to eventually expand to other neighborhoods.
Homeowners can use the platform by visiting www.redfin.com/now, typing in their address and entering some basic details about their home. RedfinNow utilizes machine-learning algorithms and local insight to make a competitive offer based on the home’s condition and location. Sellers can set a closing date between 10 and 90 days from accepting RedfinNow’s offer. RedfinNow’s service fees average 4% to 10%, plus closing costs of 1%. After acquiring the home, RedfinNow will make updates and list it on the open market.
The no-obligation cash offer gives homeowners the chance to see what their home would bring as-is, without investing time and money in upgrades. Potential sellers can compare their options and make a decision based on what works best for them.
RedfinNow is currently available in 25 markets in 11 states and the District of Columbia.
“Expanding RedfinNow is part of our strategy to give homeowners multiple ways to sell, providing excellent service, technology and value regardless of whether they list with an agent or take the cash offer,” Aleem said. “With our recent expansions into major population centers, we estimate that nearly four out of five sellers who are interested in selling with Redfin in the U.S. will now have the option of getting a RedfinNow cash offer too.”