Here are some things to keep in mind before selling to an iBuyer.
Have you received an instant cash offer on your home recently? Institutional buyers, or iBuyers, are flooding our market. Can you trust them to offer a fair deal for your home?
Usually, when you want to sell your house, you call a real estate team like ours, and we help you market your home so that you receive the best possible offer. On the other hand, iBuyers usually offer to purchase your home sight unseen. This can be a good option for some situations, but it doesn’t make sense for everyone. Here are a few things to keep in mind when considering selling to an iBuyer:
1. Talk to the iBuyer and ask them questions. Who’s the owner of their company? Do they have a physical location? Where is it located? If they dodge your questions or can’t answer them, it’s a red flag that you might be getting scammed.
“Not every iBuyer is legitimate. ”
2. Take your time to read the contract. Make sure everything you’re signing is legitimate. If your buyer is rushing you to sign the dotted line, it’s a warning something is up.
3. Ask for proof of funds. They should be able to provide a letter from a bank or lender that proves they have the necessary money. Also, make sure they put down an earnest money deposit.
4. Look out for extra fees outside of closing costs. If they want you to pay a fee you aren’t familiar with, make sure it’s legitimate. You shouldn’t have to pay anything outside of your normal closing costs.
If you want to skip the hassle of selling on the open market and sell to an iBuyer, talk to us first. We can guide you to make sure you don’t get scammed, and if you decide to list on the open market, we can make sure the process is as smooth as possible. We’ll even introduce you to past clients so they can tell you about their experiences.
If you have questions about today’s topic or anything else, please call or email us. We are always willing to help!
