Which iBuyer Is Best for a Fair Cash Offer in Hard Times?
During the time of a pandemic, we are living with a level of uncertainty no one expected, and the economy and the real estate market are taking a beating because of it. Even after this crisis winds down, there will still be elements of uncertainty and challenge in our personal lives. Sometimes, we are faced with the enormous pressure to sell a house—and fast. Maybe you are getting married—or divorced—and you need the best way to sell your house. Maybe you can’t keep the house up any more, or you inherited it and simply don’t want it.
Whatever your circumstances are, you can sell your house quickly and safely, without waiting around and trying your luck on the traditional real estate market. You can sell to an ibuyer. You might have heard of ibuyers and wondered about them. Can they really do what they say? Will they take advantage of you? Which ibuyer is best? Let’s take a closer look.
How to Tell Which iBuyer Is Best for You
Before you can choose an ibuyer, you should have a clear understanding of what an ibuyer is. An ibuyer is an investor that purchases houses online. Typically, they buy houses as-is and for cash. Two things distinguish traditional ibuyers from usual cash buyers: the first is how much they work online, and the second is their use of a system called an automated valuation model (AVM) to determine the value of your home. An AVM compares the recent sales of comparable homes in the area to create a quote for you.
The process for selling your house to an ibuyer is quite simple and only takes a few steps:
- Contact the ibuyer to receive an offer. Usually, the seller contacts the ibuyer by filling out an online form.
- Take the ibuyer on a virtual tour of your house using online technology like Zoom for a tour and Google Docs for pictures of your property. It’s important to be thorough in your tour to help the ibuyer make an informed offer up front.
- Sign the contract.
You definitely have quite a few ibuyers to choose from, but they don’t all operate with the same level of honesty and reliability. There are a few things to look for when you consider your options:
Reputation. Look at their Better Business Bureau scores and online reviews.
Responsiveness. Some ibuyers can make you an offer in 24 hours and be prepared to close the deal within a week.
Knowledge. An AVM is a powerful tool for valuating real estate, but it is a “one size fits all” approach. A local company may have a better understanding of the subtleties of local real estate, thanks to their more extensive experience on the market, and that can help them provide a better offer.
Dependability. In our hard times, what companies are open for business and helping those in need in our communities?
What Does the Seller Have to Pay?
Traditionally, a home has to be gotten ready to sell—fixed up, staged, shown to prospective buyers, and kept in that condition while you wait for a buyer. Then your real estate agent takes a commission from the sale that is often as high as 6%. So you may have to spend a considerable amount of money before you even put your house on the market the traditional way and then give up a cut of the sale price.
An ibuyer will often buy your house as-is, so you don’t have to make expensive repairs before the sale. And since the ibuyer buys directly from you, there is no middleperson demanding a commission. Your ibuyer should provide you with a home sale net sheet to help you understand how they came up with the figure they are offering. That way, there are no surprise fees or charges.
There are administrative fees that crop up with the sale of a house as well: title search, transfer fees, and other charges that go to the government or service companies. It is helpful if your ibuyer pays them; they are familiar with the procedures for carrying out a sale correctly and can save you time and money by doing it.
What Happens After You Accept the Offer?
When you’ve found an ibuyer that has earned your trust and you’ve accepted their offer, what comes next? Your ibuyer should be able to close the deal and pay you in cash for your home within a week of your accepting their offer. In that time, they will send a representative to see your home for themselves, and they’ll complete the administrative details.
You may need, and should expect, some accommodation. You might have a timeline to adhere to that forces you to leave by a certain date or that prevents you from leaving until then. Since your ibuyer is a company, and not a new resident, that should be simpler to arrange. You may even want to leave some things behind to make your move easier.
SYHD Can Help You Find the Best Buyer
For years now, SYHD has been transitioning from strictly being a homebuyer into the role of a home sales facilitator. SYHD may still make an offer directly on your home, or we may suggest other ibuyers. You are the one who decides which ibuyer is best. Or we may even suggest traditional buyers as we strive to find the best match for you and your home. This is part of our commitment to our community. We want to be a resource for you and provide certainty as we face these uncertain times together.