One question we hear from many of our clients is “what is an iBuyer?” In this post, we shed some light on the subject to help you determine if you should work with one or not! There are many things to be aware of and we want to make sure you have all of the information you need!
iBuyers are the latest trend in the real estate world. While their services allow you to quickly sell your house, you may end up receiving far less than had you sold in a different manner. Once you factor in all of their fees and their post inspection repairs/updates, the amount you receive will be even less. Below, we offer answers to some of the most frequently asked questions we hear from homeowners who want to sell a house fast in Kennesaw and are curious if they should use an iBuyer, sell directly to a professional home buyer like pkbuyshouses.com, or put their house on the MLS with a Kennesaw real estate agent like Lee Hadaway? Keep reading to determine which selling option will work best for you and your unwanted house in Kennesaw and the surrounding areas!
What Is An iBuyer?
An iBuyer is a company that will make a sight unseen offer over the internet, often for much less than retail yet much higher than their final offer after their inspection of your home. There are many major companies getting involved with iBuying, which is quickly changing how houses are bought and sold. iBuyers utilize technology to make you an offer for your house almost instantly. After all, the “i” in iBuyer stands for instant. They can simplify the home selling process which is very appealing for people who need to sell a house fast in Kennesaw. However, working with an iBuyer can come with some serious drawbacks. You will likely receive much less for your house, not to mention all of the costs and fees. In many cases, home sellers will miss out on thousands of dollars which usually isn’t worth it. Working with a local professional home buyer such as pkbuyshouses.com will help you to save time and money on the home selling process. Our offers are fast, easy, and always fair!
How Are Their Offers Determined?
Typically, when working with an iBuyer their initial offers are pretty general. Of course some property attributes will be calculated into the offer, but otherwise, the offer is often based on geography and the size of your house. Agents and local property buyers use what is called a comparative market analysis which incorporates the data of recently sold homes in your area to determine what your house is currently worth. iBuyers use what is called an automated valuation model, or AVM, which is similar to a CMA, but it uses technology to evaluate the property as opposed to a real live person running the numbers. The criteria used in this calculation are very general. Typically it will use recent sales of similar sized homes within a specific radius of your home. A lot can be missed using this process and unlike our process at pkbuyshouses.com they do not factor in details such as school district, lot size, finish level etc. Additionally home sellers aren’t typically able to negotiate with iBuyers. In many cases, the iBuyers offer is simply take it or leave it.
Does Their Process Work?
The process is pretty simple, but keep in mind that you get what you pay for. First, you submit the details of your property. The computer will run a few numbers, quickly spitting out an offer for you. It can be difficult for a computer to accurately calculate all of the attributes of your home, leaving you with a standard price that will be used for many properties in your area. The process can work for some home sellers in Kennesaw, however, working with an agent or a professional buyer will likely get you more cash for your house.
What Do They Charge?
The costs of working with an iBuyer can be pretty hefty! According to Marketwatch, an iBuyer will charge up to 11.5% in commissions and fees. That is just about double what an average agent will charge you in commissions, plus your offer will typically be much lower than what you initially received on their website. If you need to sell your house fast, for a great price, without any cost whatsoever, pkbuyshouses.com will buy your house outright. No Commissions, No Fees, No Repairs, No Hassles.
What Types of Houses Do They Buy? iBuyers use a specific formula for the houses they buy and typically they will only buy houses that need cosmetic repairs/updates. They will typically only buy houses that fall within a specific age range as well. For Example some iBuyers won’t buy your house if it was built prior to 1960, if your house is distressed, facing foreclosure or if you have polybutylene plumbing they will not purchase your home. We will!
How Is pkbuyshouses.com So Different?
At pkbuyshouses.com, we work with local Kennesaw home sellers, helping them to reach all of their selling goals. We purchase houses directly, always for fair and honest prices. We handle all of the details and will close on the property at your convenience, we are typically ready to go in only about 7 days. When you work with our team at pkbuyshouses.com, you won’t have to worry about expensive fees or hidden charges. Our process is fast, simple, and will help you with any unwanted property in the Kennesaw area. Don’t agree to sell to an iBuyer in Kennesaw until you learn more about the services we can offer you!