Here’s the truth behind what you actually get when selling to an iBuyer.
You may have seen the commercials for various “iBuyers” out there who are advertising a quick home sale with convenience and a cash offer. It might seem too good to be true, and that’s because it is. iBuyers offer speed and convenience, but you’ll pay for it. The price they’re willing to offer you is going to be a great deal less than your home’s market value, or the value of your home if it were to be sold traditionally on the MLS.
Additionally, they’re going to charge you a service fee of anywhere from 6% to 12% of your home’s value. When you consider that the average agent’s commission costs about 6%, and you’re going to have to pay that anyway, on top of the low offer you’re already selling your home for, that’s a lot of money out of your pocket.
The inspection process is the cherry on top. An iBuyer looks at all the repairs they will need to do to prepare to sell later. They’ll charge you a premium for it, and you’ll end up with even less money on the sale of your home.
In the end, the average person nets 13% to 15% less by selling to an iBuyer. Is the convenience really worth 15% of your home’s value? You decide.
If you have any questions for me about selling your home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.