iBuyers provide a quick option if you need to sell your Florida house as soon as possible. However, they are not the only available choice that homeowners in Florida have. There are still traditional local home buyers in Miami, Florida that are financed and able to purchase homes in Florida.
How Does the iBuyer Compare To a Local Home Buyer in Miami?
iBuyers are companies that buy and sell real estate through an AI-based online platform. These companies look for properties in very good condition or with minimal to no repairs necessary. When repairs are necessary, an iBuyer may request the seller to sort these issues out before a deal can be agreed upon.
iBuyers are focused on higher volume and less profit per unit. As of right now, iBuyers are not operating everywhere. They tend to focus on active areas with property values around $250,000.
Selling Your Property Through An iBuyer
Through an iBuyers platform, property owners can request an offer from the company. Here’s how the process works:
- The owner completes an application regarding the property and will disclose any known issues or recent upgrades.
- If the property meets the company’s initial criteria, the platform then runs an evaluation on the subject property. The iBuyer will typically provide a cash offer within 24 – 48 hours.
- If the owner accepts the offer, the iBuyer may decide to send out an inspector to view the property.
- If repairs are needed, they will either request the seller to fix them or deduct the repair cost from the offer.
- When the repairs are sorted, the owner then chooses a closing date.
Selling Your Property To A Local Home Buyer
Local homebuyers who work with real estate agents are more commonly known as “retail buyers.” Retail buyers typically look for properties on the MLS. Their agent will be responsible for setting up a viewing and handling negotiations.
If the seller accepts the offer, the buyer will hire an inspector to ensure there are no hidden surprises. If you’re lucky, the buyer will purchase in all-cash; however, most retail buyers will need financing, which can take 30-90 days, depending on the lender.
It’s at this point that problems tend to appear during the process. If the house doesn’t appraise high enough, the lender may refuse to finance the buyer, causing them to withdraw their offer.
Investors, however, are still classified as local home buyer, but they do not work with real estate agents. Like iBuyers, investors can offer a quick, hassle free sale of your home but with the added support of working with a real person not an AI-based platform. Investors tend to make ALL-CASH offers and have the money on hand to close right away.
Some investors will request that you fix and clean up the property, however, others will negotiate a lower offer to incorporate the cost of repairs.