Differentiating iBuyer Companies in the Triangle – iBuyer – you may not be familiar with the term, but you’ve undoubtedly heard of them or seen their signs in front of houses around the Triangle.
I went in-depth about what iBuyers do in my last blog (read part 1 here), but today I’m going to be diving into the differences between types of iBuyers and important factors to keep in mind if you’re considering selling your home to an iBuyer.
Work with a Trusted Real Estate Professional
First and foremost, it is very important to work with a trusted real estate professional such as myself to help you navigate the different iBuyer companies and to determine if selling your property to one of these companies makes the most sense for your situation. iBuyers use contracts and documents that were created on their behalf, rather than those that are approved by the NC Bar Association. Having a real estate agent working on your side of the transaction will provide peace of mind and further reduce the stress of selling your home.
Every homeowner’s situation is different, but whether an iBuyer is right for you will depend on 3 factors:
- Your timeline
- Your financial situations
- The condition of your home
Selling to an iBuyer is a trade-off:
You have the ability to sell your home as-is and with a more flexible closing schedule, but in most cases, you will receive less money for your home at closing than you would with a conventional sale. A recent MarketWatch investigation found that all cost and fees considered, iBuyer offers net homeowners an average of 11% less than selling a home on the open market. The findings also revealed more uncertainty around the scope of inspections than iBuyer companies lead consumers to believe. Most companies make you an offer, then visit the property to tell you how much of a repair credit they will deduct from that initial price.
iBuyer companies have varying business models.
Some will buy your home only if you are purchasing another home through them. Others provide a type of financial bridge to help you buy first and then sell your current home. Even within the most standard iBuyer model, which involves purchasing your home without any stipulations about your future purchase, each company can offer widely differing amounts and charge varying fees.
If you’re considering selling your home to an iBuyer, give me a call first.
I can help you chose the iBuyer company that best suits your situation and assist you with all the steps between receiving an offer and closing the sale. Call Amy for your Shair of the market! 919-818-5001.
Read Part 3 of this series, iBuyer Series, #3: Myths about Selling to an iBuyer here!