Are you thinking about selling to an iBuyer in Baltimore? Learn why the process can be risky and what alternatives you have instead in our latest post!
The rise of iBuyers is having a dramatic effect on the real estate market. While the convenience can be very appealing, there are other ways to sell that are just as easy, without costing you a fortune in costs or fees. Keep reading to learn more about iBuyers and the risks they pose to home sellers in Baltimore!
1. Less Personal
When you work with an iBuyer to sell your house in Baltimore, the process won’t be nearly as personal as working with a local real estate agent or a local home buyer such as Maryland Home Buyers. An iBuyer is not going to take the time to get to know you and your personal situation. iBuyers will typically throw out an offer and move onto the next house. In many cases, you are just a number to them!
2. “Low-ball” Offers
An iBuyer is not going to take the time to learn about all of the property’s features. Instead, they use automated software to determine the value of your home. While computers can do this pretty well, they will often miss out on things that affect your home value. iBuyers will often make blanket offers to homeowners in a specific region. While the price might work for some people, it may not work for you. It can be much more beneficial to work with someone local with their feet on the ground as opposed to relying on what a computer has to say about your property. Don’t commit to an iBuyer for your house in Baltimore until you explore all of your selling options. Run the numbers by getting a no-obligation offer from our team today! We will make you an offer, plus we can help you understand what to expect if you should go with an agent. Our goal is to provide you with the information you need in order to make the best decision about how to sell your house in Baltimore!
3. They are NOT Local
From knowing the neighborhood to understanding what is possible with the property, iBuyers just aren’t going to get it. iBuyers typically buy houses nationwide, making it nearly impossible for them to understand every nuance of your local real estate market. As local home buyers, we understand the local market better than anyone. We will always pay you a fair price and close on the day that is best for you. When you work with an iBuyer, you will be on their schedule, possibly even asked to clean up before you go. At Maryland Home Buyers, we make things as simple as possible for you, even handling all of the clean-up.
4. Less “Wiggle” Room
When you work with a professional buyer or a Baltimore real estate agent, you will have some wiggle room when it comes to the negotiations. You will usually be able to strike a deal when working with someone more local. With iBuyers, they make you an offer and that’s it. Take it or leave it. There is no going back to the drawing board. If you want to negotiate, the iBuyer is likely just going to move onto the next property seller. At Maryland Home Buyers, we want to work with you to find the price that makes the most sense. We aren’t trying to buy your house at the lowest price possible, rather we want to work with Baltimore homeowners one-on-one to find the offer price that works for both of us! We want to help you reach all of your home selling goals!
5. High Fees
Working with an agent will typically cost you around 6% in real estate commissions. Working with an iBuyer can cost you anywhere from 7.5-11.5% of the sale price! So let’s say you sell to an iBuyer for $200k. You could lose out on $23,000 in fees and costs! That is a fortune! Plus your offer will likely be much lower than what you would receive on the open market. If you want to avoid ALL agent fees and commissions, selling to a private, professional buyer is the way to go! Working with Maryland Home Buyers will ensure you receive a fair price without any of the red-tape, fees, or hassles.
What To Do Instead
Selling to an iBuyer can be risky. Many people see it as a fast solution for an old or run-down property, which it can be, but it comes with a steep cost. While the process may be fast, you will likely receive much less when all is said and done. Working with a professional and local homebuyer will likely put more cash in your pocket while saving you time. We understand the local real estate market and what is possible with houses in this area. We will always pay you a fair price, customized to your personal property!