Here’s what you need to know about selling your home to iBuyers.
An iBuyer is a person or entity like Opendoor, Offerpad, or Zillow, which gives you an instant offer for your home. Here are three things you need to know if you’re planning to sell your home to an iBuyer:
1. How iBuyers decide on the price of your home. Usually, they pull comparables out of the market via tax records, and they always go in the lower spectrum of those comps. For example, if a property in your neighborhood sells for between $220,000 and $250,000, they’ll always value your property at the lower end. iBuyers tend to price homes very conservatively.
2. They usually buy sight unseen. Most iBuyers make offers over the internet based on information about the property you provide. That can be dangerous because when they come to inspect the property, they’ll almost always find problems with it and will then try to lower the price to cover repairs. Be careful: The initial offer from iBuyers may not be the final offer.
3. They charge additional fees. iBuyers like to say that there is no commission involved in the sale, but there will be additional fees. Sometimes they’ll call the fees experience fees or convenience fees. When you get the offer from them, be sure to read the fine print to see how much they’ll truly be charging you.
We’ve created a special program called the Express Offer Program just for home sellers who want to sell to an iBuyer. We partnered with over 20 different iBuying entities, and we can submit offers to them directly on behalf of our clients, keeping your name and information confidential. We’ll also do a listing analysis for your property to see how much you would get if you decided to list the property on the market, allowing you to compare results side-by-side and choose which one better suits your situation.
So if you’ve decided to accept an offer from an iBuyer or have been considering it, reach out to us first. We’d love to help.