The “i” is for “instant”, and that’s the key to understanding why it can be a good thing for the right situation. An iBuyer is a company that buys and sells real estate quickly through algorithms and tech. It’s really not that complicated a process, the contracts are boilerplate, it’s almost like buying new construction where your contract will be dictated by the policies of the entity with which you’re doing business, and therein lies the rub. But it is a new generation in the real estate business, and I don’t want you to get left behind, so let’s dive in.
Here’s the brass tax: iBuyers tend to be a great option to get fast money for your home. Generally you can get an offer that is more than a short sale to a bank or sale to a traditional cash buyer, like an investor might be. And in the last couple years you could get a cash offer from an iBuyer, but some of that has changed depending on the company since the outbreak of Covid-19. However, the reality is you may be able to get more than you think for your house, over market value even, in just as short a time as it would take to close with an iBuyer. Getting an offer in 24 hours is one thing, but it still takes 14-60 days to close, and the cost of doing business with an iBuyer exclusively, can be higher than that of working with an agent. And speaking of working with an agent, getting offers in the first 24 hours of listing a house is actually not uncommon in the Nashville area market right now.
Most sellers have one problem to solve: You need to sell fast for the most money you can get.
Granted, if you need an offer today, that’s one thing, but if you need an offer this month, or even this week, there’s time for other options. You may not realize that you may qualify for a bridge option with a lender that can buy you some more time and open some more doors. You also may not realize that the same type of predictive learning technology that those iBuyers use to sell houses, is the type of tech that agents like myself use to match buyers with sellers.
Since I am a real estate agent, I assume you came here expecting me to talk about why working with an agent is better than working with an iBuyer. Well, let me ask, if your property can be marketed to the right buyer, the same way an iBuyer would turn around and sell your property after paying you less, and you can sell it as quickly as they can, wouldn’t you rather make that money yourself? A good agent will plan around this being available as part of the home selling process with you.
Again, we’re in a new generation of real estate, so where you do need an agent, you don’t want just any agent. You need one that gets it and is willing to work with you and whatever works best for you. Good luck out there.