iBuyers are the latest trend in the real estate world. While their services allow you to quickly sell your house, you may end up receiving far less than had you sold in a different manner.
5 Frequently Asked Questions About iBuyers.
Below, we offer answers to some of the most frequently asked questions we hear from homeowners who want to sell a house fast in Miami.
1. What Is An iBuyer?
iBuyers are companies that purchase properties sight unseen, usually at an amount far below retail value. They utilize technology to make you an offer for your house almost instantly, which appeals to many homeowners who need to sell fast in Miami.
However, working with an iBuyer can come with some serious drawbacks. As mentioned above, you’ll likely receive much less for your house, and there are other costs and fees involved as well. In many cases, home sellers will lose thousands of dollars by working with an iBuyer.
2. How Are Their Offers Determined?
Since iBuyers purchase properties sight unseen, the offer will be mostly based on geography and the size of your house. Agents and property buyers use a comparative market analysis, which incorporates data from recently sold homes nearby to determine your house’s current worth.
Similarly to CMA, iBuyers use what is called an automated valuation model, or AVM. However, it uses technology to evaluate the property instead of a real live person running the numbers. Therefore it’s no surprise that a lot can be missed during this process. Plus, iBuyers rarely negotiate. It’s more of a take it or leave it kinda deal.
3. Does Their Process Work?
At its core, YES. The process works, and it’s very simple. However, just keep in mind that you get what you pay for.
- You submit the details of your property.
- The computer will run a few numbers, quickly spitting out an offer for you.
And as we’ve already mentioned, a computer isn’t going to be able to evaluate every aspect of your home. More often than not, you’ll be offered a standard amount that’s nothing to get excited about. It’s an effective solution for some families, but many homeowners find that working with an agent or a professional buyer results in more cash for their house.
4. What Do They Charge?
The costs of working with an iBuyer can be pretty hefty! According to Marketwatch, an iBuyer will charge up to 11.5% in commissions and fees. That is around double what an average agent would charge (6%). To make matters worse, an agent would most likely be able to get a better price for your home on MLS.
5. How Is Sunshine State Buyers Different from an iBuyer?
Unlike an iBuyer, you’ll actually speak to a member of our team at Sunshine State Buyers, and we’ll come to view your property in person. Our goal is to create win-win solutions for homeowners and families throughout Miami one property at a time.
We purchase houses directly, always for fair and honest prices. We handle all of the details and close on the property at your convenience (typically in 7 days if you need to close that fast).
When you work with our team at Sunshine State Buyers, you won’t have to worry about expensive fees or hidden charges. Our process is fast, simple, and will help you with any unwanted property in the Miami area.