iBuyers or “instant buyers” are real estate companies that use technology to rapidly buy and sell houses. You can get cash offers in just 24 hours without bothering with staging or constantly showing buyers around. But selling to an iBuyer isn’t suitable for everyone. Naturally, it comes with advantages and disadvantages you should thoroughly consider before going ahead.
While it’s convenient, predictable, and helps you get a super-fast sale, reliable data on iBuyers’ purchasing prices is hard to come by, and you may have to pay high costs for repairs after the sale.
Let’s go over the pros and cons so you can decide whether selling to an iBuyer is right for you.
The Pros of Selling Your Home to an iBuyer
From all-cash offers to convenience, you benefit from the following when selling your house to an iBuyer. You can sell your house without a realtor when going in this direction. That means you save thousands of dollars in commissions.
- Convenience — Getting your home buyer-ready is stressful, so most sellers relish the opportunity to avoid this step. You don’t have to make any special repairs or constantly tidy up after your kids to show your home to streams of potential buyers who may never make an offer. You can’t get any more convenient than iBuyers.
- Rapid sales — Want an uber-fast sale? iBuyers could be your best option. Sometimes, you’ll receive an offer within 24 hours and have a week to accept or reject it.
- Timeline predictability — Unlike traditional selling methods, you know precisely when things will happen with iBuyers. How? Because you choose the closing date!
- All-cash offer — We’ve saved the best benefit until last! You get an all-cash offer for your home, so you never need to worry about mortgage financing failures. Not to mention it’s a massive bonus if you need the money as a deposit for your next place.
The Cons of Selling Your Home to an iBuyer
All seeming rosy? Unfortunately, there are a few disadvantages to using an instant buyer real estate company, such as:
- Lower purchase price — You won’t necessarily get as much money from your home with an iBuyer. After all, the company takes a massive risk in paying cash quickly. Consider the reduced offer the cost of convenience and closing date flexibility.
- Qualification — Even if iBuyers operate in your location, your house still has to qualify. Typically, homes needing extensive repairs, luxury homes, and older houses are generally out of the running.
- Repairs assessment — Once you agree to an offer, the iBuyer assesses your home to decide whether they’ll need to make repairs or replacements to sell your house. They’ll deduct costs from their offer, sometimes biting off a sizeable portion.
Is Selling to an iBuyer Right for You?
To decide whether selling to an instant buyer is right for you, understand where your priorities lie.
Want to maximize your profits? A traditional sale is probably better. Don’t want the stress of prepping your house and showing people around? An iBuyer is worth a shot.
Get More Home Selling Tips and Tricks Here
Whichever selling method you choose, find out more about how to prepare yourself (and your home) through research. You can view this resource if you need to sell a house fast to an iBuyer. SD House Guys buy houses online for cash. We will make you a cash offer regardless of the condition of your property. Even if you’re selling a house with code violations, our team will buy it from you. Contact SD House Guys today to receive a cash offer and work with a real estate iBuyer. We buy houses throughout San Diego County. Click here to sell your house in Oceanside CA.