Are you in a hurry to sell your home? The real estate market can be slow, and homeowners may easily lose patience.
Did you know iBuyers provide a way to sell your property quickly without having to work with a real estate agency? The following guide can help you understand what’s involved and whether this strategy could be right for you.
Are you ready to learn? The truth about iBuyer companies explains that they’re an online, modern way to sell your home.
Selling a house typically involves several steps, all of which require the homeowner’s time and energy:
- Finding a real estate agent
- Getting a home inspection
- Making repairs
- Holding an open house (or several)
- Receiving and evaluating offers
- Negotiating with potential buyers
- Signing paperwork
When you sell to an iBuyer, you can streamline this process. You’ll need to do the following:
- Visit an iBuyer’s website and fill out the information about your home
- Receive an instant cash offer within approximately 24 hours
- Decide whether you wish to proceed with the deal
- Close the transaction immediately or wait for another offer
iBuyers are companies that purchase homes as-is and resell them at a higher price. They typically acquire houses in good condition that need minimal maintenance before putting them on the market again.
Advantages to iBuying
There are many advantages to working with an iBuyer company. As mentioned above, one of the most obvious is the speed of the transaction.
The average home is on the market for 58 days before selling, but iBuyers can reduce this duration drastically. Statistics show the process typically takes less than a week.
While some people may not have a pressing need to sell their house, many do. It can be frustrating when real estate deals fall through, such as when a buyer can’t get a mortgage for the property.
iBuyer deals rarely fall through. The company can guarantee they’ll purchase the property. However, a home inspection is often necessary to verify that the description you submitted correctly reflects reality.
When working with an iBuyer, you won’t need to keep your home free of clutter or leave it frequently for showings. The deal can close online in just a few days.
If you need to move out fast, you can likely find a buyer quickly. However, guaranteeing the sale doesn’t mean you must vacate immediately. You can stay in the house longer if necessary.
Sellers can choose a closing date, change it if needed, or request to stay in the home for a few days after signing. In this way, they have the flexibility to move when it makes the most sense.
Working with an iBuyer company has many advantages. However, there are also a few drawbacks.
The tradeoff with iBuyers is that you’ll receive less for your home. These companies need to purchase at a lower price to make a profit on the resale.
iBuying isn’t yet widespread. Many companies only operate in a few cities. As a result, this option may not be available where you live.
Some iBuyer companies also have strict guidelines regarding the homes they’ll purchase. For example, they may require that houses be in excellent condition or fall within a specific price range.
Should I Sell to an iBuyer?
This decision can be a tough one, but it boils down to your priorities. Are you more interested in speed and convenience or in getting the highest price for your property? The answer to this question will help you choose well.
In a Nutshell
Selling your home to an iBuyer is a modern alternative that many people aren’t familiar with. However, it’s a viable option if you need to sell your house quickly. Advantages include speed, certainty, convenience, and flexibility.
The main disadvantages are that you make less and that this option isn’t yet available everywhere. By analyzing your priorities, you can decide whether working with an iBuyer is the best option for you.