Do you remember when you first heard of Zillow.com? Not too long ago, Zillow.com was just a new website that allowed you to track to your home’s value. We know now that the value are typically inaccurate, but it provides a good baseline and it caught our attention. Fast forward to now and Zillow.com is one of the largest and most recognizable search engines for home buyers.
What is catching our attentions now? The introduction of the iBuyer into our market.
An iBuyer provides an online instant offer estimate for your home. You provide basic information and they send you a dollar amount that they are willing to pay. Be aware that amount is likely to change throughout the process.
This is the basic iBuyer process:
- You fill out information about your home and typically provide photos.
- They make an initial offer.
- Companies charge anywhere between 6.5%-10%+ in fees.
- They do an inspection and may adjust the purchase price based on repairs.
- You typically choose your move out date.
- No showings are necessary.
Sounds great right? The answer to that question is maybe. Choosing the iBuyer option may be the best option for you or may be leaving money on the table.
How do you know if you are getting a good deal? Call us first. We will provide you with an initial consultation that will tell you what your home will sell for if you put it on the market. We can also strategize on how to sell your home quickly if having little to no showings appeals to you. AND, we will also provide you with iBuyer offers and local investors offers as well.
We are an OpenDoor partner. That means if you choose the iBuyer option and go through us, you are likely to get a better offer. Additionally, the process differs from a traditional sale and we have the experience to guide you through the transaction and provide you with representation. You can choose the iBuyer offer AND still be represented by your Realtor.
Now that you know what an iBuyer is, let’s talk about when taking an offer from one these companies might be the best option for you:
- They offer at or close to market value.
- The home needs repairs that will be unappealing to a traditional buyer.
- Sales trends predict that the seller would likely be paying buyer closing costs.
- Showing the house is not an option.
- Personal circumstances.
A traditional offer is typically the best option when:
- An iBuyer offer is well below market value.
- The home will be very competitive and generate multiple offers on the market.
- You want to ensure you get top dollar.
We always welcome change to our real estate market when it benefits our clients. The iBuyer option can and has been a good selling option for many of our homeowners. Whenever something new becomes available, the most important thing to keep in mind is that you have options. Talk with an experienced professional that can help you understand all the options and make the best decision for your personal situation.
Watch Tia talk more about iBuyers on our podcast!