One question we are hearing more often asks, “what is an iBuyer?” There are many things to be aware This blog post gives you all of the information you need to determine if you should work with a Twin Cities iBuyer.
iBuyers are the latest trend in the real estate world. Their services allow you to quickly sell your house. But, you may end up receiving far less than if you sold by other means. After the anticipated lower selling price and all of iBuyer fees, the amount you receive will be even less.
Here are our answers to some of the most frequently asked questions we hear from Twin Cities area homeowners who ask us questions about iBuyers.
What Is An iBuyer?
An iBuyer is a company that purchases properties sight unseen. iBuyers often buy homes for much less. Many major companies are becoming involved with iBuying, and the trend is quickly changing how houses are bought and sold.
iBuyers depend on technology and basic information to make almost instant home offers. The simplified home selling process is appealing to people who need to sell a house fast; however, working with an iBuyer can include some serious drawbacks. Automatically, you will likely receive much less for your house, reduced further by all of the costs and fees. Home sellers selling to iBuyers will usually miss out on thousands of dollars which most would admit isn’t worth it.
Working with an agent or a professional home buyer such as Fast Cash Homes MN will help you to save time and money on the home selling process. Our offers are fast, easy, and always fair!
How Are Their Offers Determined?
Typically, when working with an iBuyer offers made are pretty general. Only basic property attributes will be calculated into the offer. All the offer is often based on is the geography and the size of your house. Agents and property buyers use what is called a comparative market analysis which incorporates the data of recently sold homes in your area to determine what your house is currently worth. iBuyers use what is called an automated valuation model, or AVM, which is similar to a CMA, but it uses technology to evaluate the property as opposed to a real live person running the numbers. A lot can be missed using this process and home sellers aren’t typically able to negotiate with iBuyers. In many cases, the iBuyers offer is simply take it or leave it.
Does Their Process Work?
The process is pretty simple. First, you submit the details of your property. The computer will run a few numbers, quickly spitting out an offer for you. The iBuyer simplified process often leaves a less than desired response with a standard price used for many properties in your area. The process can work for some home sellers in Minneapolis, however, working with an agent or a professional buyer will likely get you more cash for your house.
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 just about double what an average agent will charge you in commissions, plus your offer will typically be much lower than what you would be able to get on the MLS. If you need to sell your house fast, for a great price, without any cost whatsoever, Fast Cash Homes MN will buy your house outright.
How Is Fast Cash Homes MN So Different?
At Fast Cash Homes MN, we work with local Twin Cities home sellers, helping them to reach all of their selling goals. We buy houses directly, always for fair and honest prices. We handle all of the details and close on the property at your convenience, (we are typically ready to go in only about 7 days). When you work with our team at Fast Cash Homes MN, 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 Minneapolis area. Don’t agree to sell to an iBuyer in Minneapolis until you learn more about the services we can offer you!