FREQUENTLY ASKED QUESTIONS
What is iBuying?
iBuying is a way to transact real estate using technology to determine the value to make fast, legitimate offers. iBuying is a shift in the way people are buying and selling homes, offering in many cases, a simpler and more convenient alternative to traditional home selling with an added benefit of cost savings to the seller, agent, and buyer!
Who is an iBuyer (Boxia buyer)?
iBuyers are all different in little ways, but at the core the Boxia iBuyer is a professional real estate investor and/or company. The investors and/or companies purchase homes to either renovate them or re-build to create the best use for the property with the intention of either selling to an end user or keeping the property as a rental.
What is the value of a iBuyer offer?
Boxia iBuyers are investors and selling to an investor is different to selling to an end-user. While their offers may be slightly less than a traditional buyer, iBuyers have many value propositions that traditional buyers do not, including the following: ● Close on a property quickly: iBuyer’s access to large amounts of capital allows them to close on a deal quickly. A short escrow period reduces the risk of issues arising while under contract that would result in the deal cancelling and reduces the seller’s carrying costs during the escrow period. Additionally, the seller can take advantage of other investment opportunities by closing quickly with a Boxia iBuyer. ● Limited request for repairs: in a traditional sale, normal buyers often request credits to the sale price from the seller for material defects found in or around the home. iBuyers know they are buying a home that needs a little TLC and thus do not often request a credit. ● No loan contingency: Boxia iBuyers are well-capatalized, meaning they have the funds to close the transaction without being subject to the time constraints and bureaucracy of banks. ● No outside constraints: unlike traditional buyers, who have reasons they have to wait to purchase (i.e. waiting to sell their current home before buying a new home), iBuyers are interested in purchasing no matter the situation. ● Flexible timelines: if your seller needs a little extra time after the close of escrow to move out or secure their next home, iBuyers are negotiable on when keys will be exchanged.
What happens if a Boxia buyer does not make an offer on my property?
Not a problem. iBuying is just one of several home selling methods to offer to your sellers. A traditional listing is always a great option.
Why would a deal not work between my seller and a Boxia iBuyer?
If your seller is not aware or doesn’t find value in the many benefits of the Boxia iBuyer (please see ibuyer value FAQ) then it is possible that the Boxia ibuyer may not be able to make an offer that fulfills the seller’s desired deal terms.
Can my listing be on the open market and on Boxia?
No. In order to submit your property on Boxia, the property must be off-market. Most investors have access to MLS or work with agents who make them aware of properties that are traditionally listed.
Can I advertise on Boxia?
As a new company, we are focused on our core business - providing a strong network of buyers to agents, and a strong inventory to Boxia buyers. In the future, we may roll out an advertising option. Please send an inquiry on our Contact Us sheet, so we know to contact you about advertising, when available
I am a real estate investor and would like to become a Boxia iBuyer. Can you help?
Yes! Please go to our home page and click on the “Buyer” tab for more information on how to become a Boxia iBuyer.
How accurate is the Boxia net sheet?
The Boxia net sheet is customizable whereby agents can plug in additional fees and costs in order to provide you with the most accurate figures we can. We strive to create the most accurate net sheet, however, the loan payoff information provided by the seller is the largest variable to getting an accurate net.
Can homeowners sell their homes with Boxia without using an agent?
No. The Boxia iBuyer is a professional investor and to ensure that the seller fully understands the process and speed of the closing we really think working with an agent is in the best interest of the seller.
Is Boxia an iBuyer?
No! We focus solely on connecting and managing relationships and transactions between agents and Boxia iBuyers’ to ensure their experience and the process is smooth and successful.
Is there a difference between an iBuyer and a real estate investor?
Good question! Yes and no - it’s really dependent on the strategies and processes the buyer/investor employs to underwrite and purchase properties. Our Boxia iBuyers are all real estate investors and/or companies that engage in real estate investment.
Why does Boxia require a Right to Solicit Offers agreement?
Boxia always has the best interest of the sellers in mind and to protect the sellers, we have the agent get approval from the seller to post the property on Boxia with a Right to Solicit Offers agreement. By mandating this document, we are hoping that the seller understands the Boxia platform and has an intent to sell so we don’t want to waste the valuable time of our iBuyers.
Can iBuyers work with agents?
Yes! Many iBuyers work with agents, however any fees paid to the agent for the iBuyer must be negotiated with the iBuyer. Boxia does not pay agents on either side of the transaction.
Do you have Boxia iBuyers in my state?
We have buyers in 75% of the US at this time. More buyers to come!
What type of properties are Boxia iBuyers looking for?
At this time, Boxia is built for SFRs (1-4 units). That being said, iBuyers are not limited to the SFR space and are buying all types of properties at all times. If you do have properties that are not SFRs, but you feel are a good fit for the Boxia iBuyers, please let us know what you have by connecting with us in the “contact us” button. We will try to find a buyer to connect you with if you have a property to sell outside of the above.
Why use Boxia when I can submit directly to large iBuyers?
All of these are great options and we recommend you submit to them as well. Boxia focuses on mid-tier and local investors (Boxia iBuyers) and as a result, we are able to present your lead to many different iBuyers all at once. While we recommend you submit your lead to the big players in the space, we also recommend you submit to Boxia to benefit your seller by providing more offer options.
I am a brokerage and would like to have my whole office on Boxia. How do I do this?
Please contact us at email@example.com to set up a brokerage
Once I submit my lead, how quickly will I receive offers?
The Boxia iBuyers have 48 hours to do their due diligence and present an offer through the platform. At the end of the 48 hour period, the offers will be consolidated into a customizable net sheet and delivered to the agent via an alert that you have an offer waiting on Boxia.