What is an iBuyer?
If you’ve been shopping around for options to sell your home, you may have noticed a new kid on the block called an “ibuyer.” Now there a bunch of these companies out there (mostly funded by Wall Street) that will offer to buy your home, sight-unseen, based on your property’s specifications. You’ll tell them the address and how many bedrooms and bathrooms you have, or if you have carpet, or any other relevant information that they may request. Once you submit, they’ll review everything and offer to buy your home right there on the spot. You can choose your closing date and move out whenever you want. Sounds pretty great right? If you’re in a pinch, or need to relocate immediately, maybe the convenience of a program like this is worth it to you. But is an iBuyer really the best option for you? I feel that for most sellers, there are some key factors with iBuyer programs that you’d find less that acceptable.
First of all, it’s been my experience that most people want to work with an actual person. They want to work with an expert from their community, someone that really knows the neighborhood. With an iBuyer, this personal touch is lost completely. Second of all, you simply won’t make as much money if you use an iBuyer. These programs all have service fees and they can range anywhere from 7%, to some as high as 20%. Now, add that to the fact that iBuyers just won’t offer you as much money as you can get working with a broker. I’ve seen instances where the seller got 30, 50, even 100 thousand dollars more that what they were offered from an iBuyer. Now, obviously each scenario is different but, you should at least do some research before you accept any offers.
When it comes down to it, if you have some patience and put in a little leg work, I think you’ll be happier with results. Now sure, you’ll have to clean your place up and hold some showings which will be a bit time consuming, but if you can make an extra 10-30% on your home, don’t you think it’s worth it? I certainly do. So if you or anyone you know is looking to sell some real estate, please reach out to us. We’ll make sure you have a seamless sales experience and that you get top dollar for your property.
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