iBuying Buzz Word

The new buzz word in real estate…I Buyer. What does that even mean? Several companies have entered the real estate arena to offer a different selling experience.

Once contacted, the company comes in, evaluates your home and makes an offer to buy it for cash and close whenever the seller chooses. This is a great stress relieving, time saving choice for some home sellers, however it comes with a cost. The old adage “if it sounds too good to be true, it probably is” might come into to play here.
Looking at this article from Inman News the cost can be from 15% and higher off the price of your home for this convenience. I completely understand why some sellers would welcome this opportunity at any cost. Maybe you inherited a home from a family member out of state and just want to get rid of it and all it’s problems. Maybe you just got offered the job of your dreams in another city and need to get there fast or you have so much equity coming to you that you do not care if you loose 15-20% of your home’s value.
Just understand that the iBuyer company has to purchase your home with room to make any repairs needed, update and still make money on the sale once they put it on the market. thus the 15-20% cost to the seller in the first place.
In any event, knowledge is power and as a home seller you should have all tools in your tool box. Have a Realtor give you a current analysis on the market in your area before making any decisions. After all, if a traditional sale does not work after a period of time you can always resort to the iBuying process.

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