How does ExpressOffers vet our iBuyers?
This is the vetting process to bring an iBuyer into our ExpressOffers platform:
- An iBuyer is expected to give us Proof of Funds (POF) in the highest amount of their Buy Box every two months. For example, if their Buy Box shows $100,000 to $500,000, then they have to have a POF in the amount of $500,000+.
- All iBuyers had to purchase 50+ houses per year in cash the year before joining the platform. However, as we've moved on to more rural states and areas, we require around 25 houses per year in cash.
- Each iBuyer is referred by an eXp Certified ExpressOffers agent that can vouch for the integrity of the Buying Entity.
- iBuyers must provide page 1 of their Buying Entity’s Articles of Incorporation.
- All iBuyers talk to the ExpressOffers Team to discuss their investment strategy and financial situation, the team verifies everything and makes sure they are a good fit for the platform. Then, we continue to work with our iBuyers on their goals and strategies.
- Our iBuyers sign Master Service Agreements (MSAs) with our eXp Legal department. This agreement spells out the terms between the signing parties and binds the iBuyer to our platform and agents.
Is there a financial incentive for introducing iBuyers to ExpressOffers?
Yes. iBuyers are required to pay a platform fee per transaction and agents will be compensated ⅓ of that fee while eXp Realty will retain ⅔ of that fee.
What is ExpressOffers?
ExpressOffers What is it? ExpressOffers is our proprietary iBuying software platform that connects eXp Agents to our marketplace of Institutional Investors (iBuyers). You identify properties for the investors using their Buy Box criteria and receive ...
Is it OK if I email wholesale properties to our iBuyers?
No. Our iBuyers will not entertain any wholesaler deals that are already under contract. This platform will only apply to authorized owners/sellers that have signed our Disclosure to Sellers. Our iBuyers will not accept any assigned contracts.
Colorado ExpressOffers Procedures
Jes and I created a video to explain why we have to do the procedure this way. Watch it here. Situation 1: You found an off market property that would be a candidate for the ExpressOffers program: Check to ensure the property completely fits a Buy ...
Can I submit a HUD foreclosure to ExpressOffers?
Yes, however, when looking at HUD deals, pay attention to the offer restrictions of the other listing or on the HUD foreclosure website. Typically, the first 7 to 21 days are reserved for owner occupied offers ONLY. Investor offers will only be ...