iBuyers provide an almost instant cash offer for properties. These are predicated on algorithms and are all technology based, meaning you don’t have an agent working with you.
THE PROS
As a seller, you’ll be promised speed, convenience, and ease.
An iBuyer will provide you with a guaranteed cash offer.
No showings other than an inspection.
You aren’t required to clean, declutter, or prep your home for market.
THE CONS
iBuyers are in it for themselves. It’s a business, and they plan on buying your home and then reselling it to make a profit.
Netting the seller as much money as possible is NOT the goal.
Almost every intricacy of selling a home is overlooked.
Fees can be anywhere from 6% – 11% of the sales price.
No human interaction (some may consider this a pro!).
Lower offer.
iBuyers have been talked about more frequently in the past 4-5 years, but I don’t think it’s because of the success, or due to homeowners spreading news of how happy they are with the service.
It’s more discussion on the controversy surrounding the process and the ‘evolution’ of real estate services.
Jeremy’s 2 cents: it’s simply another type of service; another business and its attempt to disrupt a traditional model. These come and go, just like Purplebricks, just like the hundreds of discount brokers over the years.
iBuyers are concerned about one thing: their profit. They offer the speed and convenience but it comes at a price…literally the low-ball price they buy your home for.
There is no service. There is no negotiation. There is nobody you can turn to for advice or assistance. Nobody you can bounce ideas off of. Nobody fighting for your best interests. Just a computer program calculating an instant offer.