This is a follow-up video to one I did last month titled What is an iBuyer?
What is an iBuyer Part 1
So, Who are they? iBuyer’s that is
Well…they’re Internet companies like Opendoor, Offerpad and even Zillow Offers to name a few. There are many more out there offering similar services. They make offers to purchase homes quickly if the home is “Eligible” or “Qualifies” They are typically looking for ready to sell properties (They don’t have the resources to do major repairs or want to take the time to remodel) They offer Instant Cash, Fast closing time, although it still may take 2-3 weeks to complete the process after a seller accepts their offer. Service in Limited market areas with a price point up to about $500k, at the time of this video. Anything above that likely won’t be considered. They still charge a fee and may also deduct any repair cost.
They claim to buy at fair market value, well how is that possible when they will be reselling the property? Who are you actually working with? Will it be the same person each time? What if you have questions or want to go over something in person?
What is the cost of convenience? Is it worth the difference?
It really posses a lot of questions still to be answered.
Here is a link that shows a fee comparison and what a seller can expect to receive.
iBuyer Fee Copmarison
It is very interesting.
I encourage anyone looking to buy or sell a property to do some more research, ask the necessary questions and compare the services that are being provided for the desired results.
Let me know if you have any questions or would like further information.