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The iBuyer Hidden Cost
Dated: May 28 2021
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The Secret Cost With iBuyers
If you own a home in the San Diego market, you've probably received a solicitation or unofficial offer from a "cash buyer". In the past, these offers would come in the form of a letter but now more and more homeowners are receiving these offers through a website or online company.
These are called iBuyers. Many of the top real estate search sites offer this program as a quick way to get an offer on your home. What homeowners might not know is that there are plenty of hidden costs associated with iBuyers.
Cost of Convienence
The reason a cash offer off-market is appealing is the perceived ease at which you may be able to sell your home. By cutting out the process of hiring agents and time it takes to market your home, you are able to sell your home right away.
However, the quick sale can come at a cost. In fact, you're likely to get less for your home than you would if you actually listed it with a professional agent, commissions included.
iBuyer programs are designed to make sure they can resale the home for a profit sometimes with minimal upgrades. An iBuyer algorithm will always offer below market value price in order to protect their investment.
Loss of Leverage
Whenever selling your home, you always want to put yourself as the homeowner in a position of leverage. The more leverage you have the better you can negotiate your home's value. How do you obtain that leverage? Multiple offers.
It's always best for the potential buyers of your home to be competing with each other instead of with you directly. This is only achieved when you have multiple offers on your home.
With an iBuyer, they are negotiating with you directly and have no other competing offers to push them higher on price. This is why you will often leave a large amount of money on the table.
This is why it is always best to market your home to as many buyers as possible by hiring a professional agent.
If you or someone you know is interested in listing their home, please reach out to us. We would love to be your real estate resource!
Justin Brennan - SanDiegoHomeFinders.com
JUSTIN BRENNAN - TEAM LEAD Brennan Real Estate Group: Real estate agent by day, Multifamily Investor/builder by night. Justin Brennan wears two hats in the real estate industry. With lofty goals and ....
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