In a world where just about everything happens online, instantaneously, it makes sense that you can now sell your home online with a few simple clicks, too. And what’s not to love about instant home selling? There’s no decluttering or staging, no pesky buyers wandering around your house, no waiting around for offers or mortgage approvals. It’s instant home selling, and it sounds wonderful…right?
But before you get too excited, there are a few things you should probably know about the dark side of selling your home with an iBuyer.
Wait… What’s Exactly is an iBuyer?
In short, an iBuyer is a company that will make you an instant (or almost instant) cash offer on your home. You go online, fill out some basic information about your house, and get an instant valuation based on Automated Valuation Models. Typically, you’ll receive an offer within 24 – 48 hours after that, and from there, have about a week to accept.
Sounds pretty good, right?
The Pros of Using an iBuyer
For some home sellers, using an iBuyer might prove advantageous. Trying to sell a home ASAP, even if it means getting a lower offer? Facing financial difficulties or foreclosure? Know your home needs a little work but don’t have the time or money to fix it up before you sell? If one of these scenarios sounds like you, then iBuying might be an option.
But if you’ve got some wiggle room to work with and you want to maximize your investment, or if your home needs a significant amount of work, then using an iBuyer is likely not the best way to go.
The Cons of Using an iBuyer
Working with an iBuyer is fast and convenient—but the bottom line is that you’ll pay for that convenience. Why is this? Because when you sell to an iBuyer, you’re essentially selling to a middle man. That iBuyer will only buy your home for less than they think they can sell it for—which could amount to thousands of dollars that don’t end up in your pocket.
But what about fees? Won’t you save on agent commissions and other closing costs? Not likely. In fact, these iBuyers often charge quite a bit more in miscellaneous fees and closing costs—as much as 14% for some companies!
iBuyers vs Agent
Does traditional real estate selling take some work? Most definitely. Does it take time and effort? Absolutely. Can it be inconvenient or even at times stressful? Yes, it can. But the thing about traditional real estate is that it also comes with an agent.
Not only are agents knowledgeable and experienced—and motivated to get you the best price possible—we are also human beings. And that means we understand that home selling is complex and stressful, and we’re going to do everything we can to make your needs, your goals, and your best interests our priority. We work hard to make sure you understand every step of the process and feel confident that you’re making a smart financial decision—whether that means turning down or accepting an offer.
Considering an iBuyer? Talk to Us First.
Are you thinking of selling your home with an iBuyer? Do yourself a favor and call us first. We can get you the most money for your home—and no, it doesn’t have to be a major headache. We want you to know you’re getting top dollar for your home—so you’ve got plenty of down payment for your next home!