In recent years, a new trend in real estate has emerged – that of iBuyers companies. These online businesses allow home sellers to go online and get a cash offer for their house. This may sound convenient – but is this right for you?
In this article, we’ll discuss the pros and cons of using iBuyer companies to sell your home – and show you why using one of these services may not always be the best option for you. Let’s get started now.
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iBuyer companies are a new type of home buying company which buy homes directly from sellers in cash. A few of the most well-known iBuyers include companies like Opendoor, Zillow Offers and Offerpad, but there are many other smaller companies using this business model, too.
The way it works is simple. You log onto one of these websites, fill out an application and some information about your home, and do some paperwork. Then, you get an almost immediate offer for your home’s value – in cash. Then, if you like the offer, you accept it. After a few formalities and some more paperwork, the home will be sold.
The goal of iBuyers is to purchase your home at below market value, and resell it quickly – often within 60-90 days. That’s how they make a profit. In return, they offer great convenience and flexibility.
In a world where you can do almost all of your shopping and business online, it makes sense that there would be companies who do the same thing for the real estate industry, and iBuyers certainly have their benefits. But they have their drawbacks, too – so let’s take a look at both the pros and cons of iBuyer companies now.
iBuyers like Opendoor are extremely successful, and there’s a good reason that they are so popular with some homeowners. Here are a few of the benefits of choosing an iBuyer.
Due to these benefits, there are certainly some people who will benefit from using an iBuyer, particularly if convenience and a fast sale time are a priority.
Source: “Selling your home to an ‘iBuyer’ could cost you thousands” Marketwatch.com
Using an iBuyer has its advantages, but it has its drawbacks too – and for most home sellers, these negatives may outweigh the positives. Let’s take a look at these now.
But remember, you have to research the right real estate agent who is willing to put in the work for you, which takes intentionality, time and effort; and then you often have to be involved and take their direction. This negates the convenience factor, in most cases.
When you use an iBuyer, you’re trading equity in your home for convenience – which may not always be the best idea. We recommend that you think carefully about your situation before deciding if using an iBuyer is right for you.
We won’t say that it never makes sense to use an iBuyer. If you really need to get rid of a property fast – due to moving out of the country, quick job relocation, a sudden change in your personal life, or another such reason like inheriting a property you don’t have much time to deal with – iBuyer companies could be a great option.
But if you can take a little bit longer to sell your home, you can usually get a much better price with a real estate agent. Selling your home to an iBuyer means you’ll probably get less than it’s really worth – and that’s probably not a good thing for you.
So take your time and consider your own personal circumstances – in most cases, if you are not in an urgent situation, you’ll find it makes more sense to turn to a real estate agent.
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