If the pandemic has taught us anything about the way we live, it’s that our homes are our sanctuaries. Homeowners are increasingly seeing their home as a place where all needs—work, school,
All About IBuyers
Dated: March 15 2019
Did you receive a flyer in the mail recently with an unsolicited offer to buy your home? Was it from a company who’s name you’ve heard on the radio, or another new company you haven’t heard of? These companies are a new addition to the real estate business referred to as “ibuyers.” What are they, and what is the catch?
According to Inman magazine, iBuyers are Investors that use technology tools like automated-valuation models (also called AVMs) to make quick offers, in most cases sight unseen, and then close quickly on a real estate purchase. Some do so strictly for investment purposes (to flip, for example) while others are out there to sell home owners a quick and convenient way out of their homes. The companies selling a convenience option for home owners looking to sell aren’t doing this out of the goodness of their own hearts, they are businesses that have found a niche in the market.
Is there a catch? If you’re received a reasonable offer from an iBuyer company, you may be wondering if it’s too good to be true. Some are offering just under market value, and that may be a good deal for someone that has to move quickly, is struggling to make mortgage payments, or who simply does not want to deal with preparing a home for the market and the interruption of showings. However, since they are businesses, there will be a cost involved. Some of the larger iBuyer companies that have made a name for themselves in DFW will charge a service fee of anywhere from 6-13% of the offer price, in addition to offering just below market value. The fee will vary by company and may be based on how “sellable” they think your home is. Like a traditional home buyer, iBuyers will inspect the home and negotiate repairs or a repair credit. Once you’ve moved out, they will then sell the home for market value on the real estate market to make a profit.
Would you rather profit from your equity instead? We can oversee the make-ready process on your behalf and then market your home for top dollar, so that YOU keep your hard-earned equity instead of selling yourself short.
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Lauren is a lifetime North Texas resident and graduate from Texas Woman's University. She currently lives in Prosper and has been working in and around her community for the past six years, resulting ....