If you’re thinking of selling your house in Orlando FL, it’s important to know both the advantages and disadvantages. While iBuyers are a new thing on the market, they have some significant downsides that should be considered before signing any contracts!
What Is An iBuyer?
An iBuyer is a company with considerable capital that uses an algorithm to evaluate the value of homes and make offers. It will decide whether your home is worth purchasing, then give you cash for it. Next, they sell the house at what they believe to be market value in order to turn a profit. Some iBuyers you may be familiar with would be Zillow, OfferPad, and Opendoor – being the first iBuyer company to hit the market in 2013.
Is Selling my Orlando House to an iBuyer Worth It?
Selling your home to an iBuyer is a fast and convenient way of getting rid of the property you no longer want. However, at SellThatFloridaHouse we believe that local buyers will give more money for their house than corporate machines who are only after profits. This means if selling as quickly as possible with convenience on your mind sounds like what you’re looking for then working with our team might be just right for you!
There’s No Personalization
When you work with an iBuyer, the process isn’t personalized. After all, these aren’t people who are invested in your market or community the way a local home buyer is. They might just throw out a ballpark figure to get rid of you faster. You won’t be able to explain why your house is so great or have room for negotiation. They base their decision on what they see in writing about the value of your home, and go from there.
An iBuyer isn’t there to help you reach your goals. In fact, they are only interested in making a profit for themselves by buying as inexpensively as possible. When you work with SellThatFloridaHouse, your team prepares to achieve the best possible sale for Florida. Our dedicated agents listen carefully and care about achieving goals that lead toward a smooth transition into new living arrangements if applicable.
Their Offers Are Generally Lower Than Local Cash Buyers
Working with an iBuyer doesn’t typically provide the profits you might think. They tend to make generalized, blanket offers, without much thought regarding the details of property. People are interested in selling their homes to iBuyers because of the convenience and speed.
While there is generally a minimum amount that an iBuyer will offer, they usually pay it quickly as well. Do you want to sell your house fast? If so, a local property buyer will help. SellThatFloridaHouse offers reasonable prices and cares about getting you out of the situation.
There Are Hidden Costs
Working with an iBuyer can cost you a lot of money, just like working with a real estate agent. You could end up paying over 12% in fees alone for the service when selling your home to one. It gets worse if anything happens to go wrong, because they’ll actually charge you for a cancellation.
You are at the mercy of iBuyer when it comes to scheduling. Many homeowners find that they have to rent a place until they can close on a new home, which means more money out the door spent in fees and deposits.
It’s Not Always As Fast As Promised
Just like working with an agent, if you choose to work with an iBuyer then make sure they are going to be upfront about their inspections and appraisals. They may also ask that you make any repairs needed before the sale is final. Sure, you’ll be able to get an offer much more quickly however you have to wait for the iBuyer to do their due diligence. SellThatFloridaHouse provides you with the convenience of getting an offer within days, so that your relocation anxiety won’t have to last any longer.
iBuyers Only Work In Some Areas
While iBuyers might seem like the next big thing, their services are still quite limited. For example, they typically only purchase houses in select cities and properties have to meet specific criteria. They usually need to be a certain size, without repairs or upgrades required. If your house does meet the location, condition, and size criteria of iBuyers they will try to acquire it for as little money possible. Or, they may cancel the deal entirely.
SellThatFloridaHouse provides you with the personalized attention of an Orlando FL real estate agent while offering the convenience of an iBuyer. You need us at SellThatFloridaHouse if you want to sell your house in Florida. We’re a local home buying company, located in Orlando FL who offers fast and fair cash purchases for homeowners looking to get out of their homes quickly!