Whether you’re selling and want to avoid the inconveniences of a real estate agent or have an urgent pressing need, the conveniences that iBuyers may appear to be offering is actually concealing an unfavorable underlying truth. To an iBuyer who’s honest or credible Home Buyer like Pitt Home Buyers with a dedicated clientele, the aforementioned can create a bad stigma surrounding the industry which is why a Credible iBuyer has to work twice as hard to build a good reputation.
So What Is iBuying?
This where a company generates internet-based offers and provide a streamlined and rapid sale…
On the surface…
The key difference between and iBuyer and a Home Buyer is that the iBuyer is not local.
Their office is normally in another state, sometimes clear across the continent.
To an iBuyer the distance form the market doesn’t matter, because all markets are the same to them.
But nothing could be farther from the truth…
On top of that, unbeknownst to the seller, there can be multiple costs that you’re not being informed about, which can sometimes run into the thousands.
iBuyers simply don’t know your market, so they don’t offer as much as Home Buyers will for your house.
This all makes it extremely important to make yourself fully aware of the true costs of selling your Greenville house to an iBuyer.
The Hidden Expenses…
Unscrupulous iBuyers offering a tempting price to sellers may add a contingency to the contract, which they present as the norm in day to day real estate transactions.
This works in their favor because these contingencies make the seller responsible for any repairs they may determine are necessary.
While this is no different from a normal MLS real estate transaction when an inspector walks through the house, this is not what you want from your home buyer.
What these repairs and determinations may be limited to is not provided in any detail, which is disconcerting.
iBuyers are rather picky about the properties they purchase, however they have devised this system to alleviate the costs of repairs they may deem necessary, placing these expenses firmly on your shoulders.
Often iBuyers require sellers to accept the offer prior to revealing the true costs of these demands.
In many cases, it lowers the actual offer significantly.
To an iBuyer who isn’t local, you are just another business transaction and the main focus is profit.
Likewise, many of the fees you’re responsible for are well hidden, such as paying closing costs, when selling your Greenville house to an iBuyer.
Time
While initially dangling the carrot of extremely quick closings, it is quite possible the very contract sellers sign is laced with multiple contingencies that require you to make repairs which the iBuyer is fully aware will lead to delays in closing.
These advantages are slipped in between the lines and, to an iBuyer, are a critical part of the business model…
Most of them don’t care about the damage they cause in your personal and financial life.
To them it’s just business…
If you do decide to sell to an iBuyer, be sure to do your detective work prior to signing on the dotted line.
The loss of valuable time is something you can never regain.
This is yet another of the true costs of selling your Greenville house to an iBuyer
Holding Costs
Depending on the circumstances, you could find the resources that you have a available dwindling quickly…
Especially if you’ve made commitments based on your misconception…
If you’re being forced to move because of a job loss or another circumstance that requires you to relocate prior to closing, you may find yourself holding two properties…
Add to that the fact that you’re then paying repair bills and scrambling to cover expenses until the terms of your contract are satisfied…
Many budgets are unable to carry such a load. Consider this when exploring the true costs of selling your Greenville house to an iBuyer.
High Commissions
In addition to other expenses (referred to as fees), uninformed sellers will be paying a higher commission for the convenience offered by the iBuyer.
iBuyers also include other costs sellers don’t normally pay in traditional real estate.
If you’re not fully aware of the actual expenditures they will be requiring before your highly anticipated closing date arrives, this could spell disaster.
Coming to the realization that you’ve made an enormous financial blunder in working with an iBuyer can be an unpleasant and devastating experience.
Go the extra mile and take time to educate yourself about the games iBuyers could be playing.
By educating yourself and providing yourself with accurate data you’ll be able to add up the real numbers involved when selling your Greenville house to an iBuyer.
Pitt Home Buyers is happy to answer any questions you may have about the true costs of selling your Greenville house to an iBuyer, which are incredibly high.
iBuyer’s hidden fees, high commissions, and stipulated repair costs can all eat away at your bottom line.
They lack any concern over how you’ll come up with these extra funds, not to mention the holding costs while you wait. iBuyers motivation is profit, they’re removed from any sense of responsibility for the problems you may face or how much time passes, they can just move on to the next unwitting seller.
At Pitt Home Buyers, we care about our entire community because we’re a part of it too. There is another option to sell your home quickly, with a definite closing date and firm offer.
Pitt Home Buyers helps sellers meet their specific needs, with both their immediate and future goals as our top priority.
We take the time to listen because our focus is on helping individuals. Just send us a message or call (252) 227-0274 today and let us help you.