There are many ways to buy and sell a home. Traditional home sales, however, can be complex and frustrating, so many people are jumping on the “iBuying” bandwagon.
What exactly is iBuying? Should you be iBuying? Here’s what you should know:
iBuying: A quick, new way to buy and sell homes
Typically, homeowners have to go through a lengthy process to sell their homes: making necessary repairs, staging pictures, open house showings, taking offers, negotiation processes and purchase agreements. The homeownership process may be sped up with a little help from a real estate agent. Ultimately, it can take months before someone sells their home.
Alternatively, iBuying is a quick and convenient way for people to buy and sell homes that may overtake traditional home sales. iBuying streamlines the entire home sale process by advertising a home online and waiting for a cash offer based on the information a homeowner provides. This could cause people to sell their homes within 24 hours from the moment they decided to sell.
Selling through iBuying companies could mean you have a choice of when to sell your home. You may even have the option of delaying their closing date if you need to stay in your home for a bit longer. iBuying may even guarantee your house will sell – it’s all just a matter of time.
Contrary to popular beliefs, iBuying can have many disadvantages. After you lit your home on an iBuyer site, you may be asked to schedule for an inspector to view your home. Afterward, the price you were offered on your home may dramatically decrease or your offer may be retracted altogether.
iBuyer companies may be offering home purchase offers well below what a home is worth. Many people are taking these offers without first checking to see what their home is actually worth under the belief they won’t get a better price. Because of this, iBuyer companies are facing scrutiny for their actions to underbuy homes.
Convenience comes with its drawbacks – quick home sales don’t always guarantee quality prices. If you believe you were misled about the price of your home while selling, you may need to reach out for legal assistance.