Should you work with an iBuyer in Floresville? Many people are considering this option when trying to sell their house fast. Learn more about what they do and what to expect from the process in our latest post!
What is an iBuyer? iBuyer is a term for the instant offers that are on major real estate websites such as Zillow, Redfin, Keller Williams, Offerpad and some others. MoneyInc has an article about iBuyers and from an agent perspective some of their points are too simplistic such as “You want a simple, stress-free alternative to listing the home.” What is stress free about navigating legal contracts by yourself rather than have an agent help you navigate them?
The iBuyer process starts with sellers filling out a form; iBuyer sends out someone to evaluate the home. The MoneyInc article says you need professional advice from an agent before accepting an iBuyers’ offer. That is funny; if you were a businessman, would you want someone to ask you for your quotes or opinions when you know they don’t plan on using your service? It takes time to properly evaluate the market value of a home both in current condition and possibly in updated condition.
Agents bring a stabilizing force into your transaction. They walk through the minefields for you. They advise you as to your options. iBuyers are the buyer so they do NOT have your best interests in the forefront of the transaction. IF you have a good agent, you the seller always have someone who has your best interests in mind.
iBuyers are becoming an increasingly popular alternative to listing with a Floresville real estate agent. The convenience factor is very appealing to homeowners, especially those who want a fast way to sell a house. While a fast sale can be beneficial, there are a number of things you should be aware of before selling your house to an iBuyer. Below, we offer 5 things you should know about working with an iBuyer in Floresville or any city!
When you work with an iBuyer, they aren’t trying to get to know you or your situation. You are just a number and if you decline their offer, they will simply move on to the next person. The process is very impersonal and based solely on how much they will be able to profit upon reselling the home. The process is very impersonal and won’t likely help you achieve the price you are after. When you work with Faye Y Taylor with StepStone Realty, we want to learn about you and your selling goals, helping you to achieve them however we can. We will learn about your situation and your property, providing you with the information you need to make the best decision about how to sell your house fast in Floresville. There is never any cost or obligation to talk with us. As an agent /investor our knowledge of the market and how investors such as the iBuyers think and calculate the numbers to make their offers. We can analyze your individual situation to let you know whether selling to an investor which is what iBuyers are or selling on the open (retail) market works best for you.
Does the average person have the knowledge to navigate a legal contract? Do they have the knowledge to negotiate when they are dealing with another party who does have the knowledge and therefore the upper hand? That is the average seller when dealing with anyone such as the iBuyer or an investor. The seller who is getting an offer from iBuyer is in essence working as their own lawyer, accountant and agent. That is a lot of hats to wear.
Less Room To Negotiate
As mentioned above, if you decline an offer, the iBuyer will simply move on to the next potential seller. Most iBuyers aren’t going to negotiate with you, even if you have data to back up your claims. When you are working with a Floresville real estate agent or investor, you will typically be working with someone open to a discussion about what your house is really worth. You will be able to go back and forth, negotiating a deal that works for all parties involved.
The convenience of working with an iBuyer comes at a cost. You will be selling your house quickly, but at a great discount in order to ensure the iBuyer is profitable on the deal. For some people, the convenience may make seem to make sense. According to some studies, homeowners will receive about 11% less on average when selling their house to an iBuyer. And this doesn’t factor the commissions and fees many of the iBuyers charge. When you work with Faye Y Taylor with StepStone Realty, you will still be able to sell your house fast, while getting a great offer and possibly avoid some or all of the usual costs of selling a house.
While working with a Floresville real estate agent will cost about 6% when trying to sell your house fast, working with an iBuyer could cost you another 11.5% in fees! While not all iBuyers charge this much, many of the larger ones do. Do the math for your property. Is the convenience really worth selling at such a low price? In many cases, if a homeowner needs to sell a house fast in Floresville, working with a local and professional investor/agent will be a better option.
In addition to the service fee agreed to upfront, many iBuyers will tack even more fees, thus taking more and more from your sale proceeds. Be careful when working with an iBuyer as there are often hidden fees and costs to consider. Some will charge administrative costs or make you pay half of the closing costs in addition to the other fees.
When it comes down to it, working with an iBuyer can be convenient, but it does come with a lot of risks. You will likely lose out on thousands of dollars you would have otherwise made by working with a Floresville real estate agent or professional home buyer. We would love to help you determine which selling method is right for your property. Get in touch with us today via (210) 216-7722 or through our contact form. We will help you run the numbers so you can make the best decision about selling your house fast in Floresville. When you work with our team, there is never any hassle or pressure to sell your Floresville house with us. Learn about all of the selling options available to you before signing on the dotted line!
Find out if you should work with an iBuyer in Floresville! Reach out to us today for more information! (210) 216-7722
PS. Many iBuyers have already left the market as the Coronavirus hit the US. They not only quit making offers, they cancelled the purchases they were in the process of buying.
Faye Y Taylor, Floresville TX Realtor®
Serving all of Wilson County and the South Texas area