iBuyers are the newest thing to hit the real estate market. However, it’s important that you are aware of the disadvantages of selling your house in Raleigh-Durham to an online buyer.
Many of the iBuyers coming on to the scene (Zillow Offers, Opendoor, etc) are getting attention due to their brand familiarity and promise of convenience. However, working with iBuyers almost ensures you won’t get a fair price. At VentureStack, we can buy your house quickly as an iBuyer would, but we are local investors in the Triangle, not a massive corporate machine that is solely after profits. We have the interest of the neighborhoods in mind (we live here too!) For homeowners who need to sell their homes fast and want to utilize the convenience of a direct sale, working with our team might be best solution for you.
You Are Just A Number
When you work with an iBuyer, the process isn’t personalized. The iBuyer doesn’t know the neighborhood or the market the way a local home buyer does. They will just throw out a number based on computer “metrics” and move onto the next property. You likely won’t be able to negotiate or explain what makes your house so great. They rely on what it says about your house on paper and go from there. It’s a numbers game.
An iBuyer isn’t there to help you reach your goals, they are there to buy as inexpensively as possible in order to turn a profit for their corporation. When you work with VentureStack, you will have a small team by your side that is ready to help you. First and foremost, we listen to your goals and what you need from the sale. Our job is to help you achieve those goals while helping you with the transition in any way we can. We only participate in win-win deals.
Your Offer Will Likely Be Pretty Low
Working with an iBuyer doesn’t typically provide the profits you might think. They tend to make generalized, blanket offers, without much thought regarding the details of the property. The initial draw of working with an iBuyer is that the process will be fast and convenient. Most iBuyers are trying to acquire your property for as little as possible, but they usually do it pretty quickly. If you want to sell your house fast, but still want an offer that is reasonable, it’s best to work with a local property buyer as opposed to a big corporation. Working with a company like VentureStack will help you sell quickly, to someone who cares about getting you out of your difficult situation. We are located in downtown Durham so can meet with you the same day if you’d like! Or we have also set up a safe, contactless, COVID-friendly buying process.
It Can Be Expensive
Just like working with a real estate agent, working with an iBuyer can cost you a lot of money. Selling your house to an iBuyer can cost you over 12% of the sale price in fees alone. There are often other hidden fees to contend with as well as cancellation charges. Because you are usually at the mercy of the iBuyer when it comes to scheduling, many homeowners find that they have to rent a place until they are able to close on a new home. This means even more money out the door spent on fees and deposits. What you see isn’t always what you get.
It Can Take Awhile
Just like working with an agent, working with an iBuyer will subjugate you to inspections, appraisals, and possibly the need to make repairs. Sure, you’ll be able to get an offer much more quickly, but you will still have to wait while the iBuyer does their homework on the property. With a direct sale to VentureStack, you won’t have to jump through all of the hoops sellers often have to jump through. Instead, you will be able to get an offer and collect your cash in only a matter of days.
iBuyers Aren’t Buying Everywhere
While iBuyers might seem like the next big thing, their services are still quite limited. They typically only purchase houses in select cities, and even then, properties have to meet specific criteria. They usually will need to be a certain size, without repairs or upgrades required. If your house does meet the location, condition, and size criteria, the iBuyer is still going to try to acquire your property for as little as possible.
While working with an iBuyer may seem like a great solution for those who need to sell a house fast in Raleigh-Durham, there are some things you need to be aware of. Make sure to run the numbers for yourself, so you can make the right decision about how to sell. A conventional listing will likely net you more money in the long run, but will take much longer than a direct sale. An iBuyer has the funds to buy and the big name to attract more people. And local investors such as VentureStack can provide you the personalized attention of a Raleigh-Durham real estate agent while offering the convenience of an iBuyer! It’s up to you on which is the most important in your sale!