What are the risks of selling your home through iBuyer
PHOTOS FROM 123RF
By Briana Frazier
A
n ibuyer is an instant buyer. It is a new strategy used when one wants to sell a home fast, and the selling process is usually more streamlined. The method of selling a home is generally associated with a lot of risks which include; LOWER PROFITS An individual selling a home through an ibuyer will likely make less profit. The reason is that ibuyer charges 6% to 8% depending on how long they think the house will take in the market. ibuyer generally buy a home at a discount because they also need to make profits. When one wants to sell a home quickly, it fetches lower profits. Home sellers who sell to ibuyers make 10% less profits than those who sell homes using traditional means.
THERE IS LIMITED AVAILABILITY The method got into the market in 2013, and thus it is still new. ibuying is only practiced in selected cities of Atlanta and Phoenix, among others. ibuying firms buy homes that meet certain qualities and are decent, thus creating a limit for those who use the method. Additionally, ibuying is challenging because the buyers only buy ordinary homes with no special features such as fountains and pools. Also, sellers cannot sell a well-maintained historic home through an ibuyer. In addition, the method does not include a price tag for variables such as beautiful mountain views and beaches, depending on the home’s location. ibuying affects not only home sellers but also the firms involved in the process because, at times, they cannot estimate the accurate cost of selling the home after remodeling. ibuyer market is, however, relatively new in the market.
AUGUST 2022 | 83
