At Brilliant Day Homes we buy houses in the Third Ward in Houston, and many people have asked us “what is an iBuyer?” Today we are going to discuss what an iBuyer is, and should you work with an iBuyer in Houston Third Ward.
iBuyers are somewhat of a new option in today’s real estate world. Their services allow you to quickly sell your house with an online offer. But beware, you may end up receiving far less than they you were initally promised if you do so. We provide some insight to to some of the most frequently asked questions we hear from homeowners who want to sell a house fast in Houston Third Ward. Which is the best option: sell to an iBuyer, sell directly to a home buyer, or put their property on the MLS with a Houston real estate agent! We will try to determine which selling option will work best for you and your unwanted house in the Third Ward area of Houston.
What Is An iBuyer?
An iBuyer is a company that purchases properties sight unseen, often for much less than retail. 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 Houston Third Ward. 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 an agent or a professional home buyer such as Brilliant Day Homes will help you to save time and money on the home selling process. Our offers are fast, easy, and always fair!
How Are iBuyer Offers Determined?
iBuyer offers are pretty general and will always be higher than what you will recieve…always! The offer is based on geography and the size of your house. Agents and 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 an algorithm to determine the property value as opposed to a real live person running the numbers. Unfortunately, a lot cannot be fit into the current model using this process, and home sellers aren’t typically able to negotiate with iBuyers. In many cases, the iBuyers offer is simply take it or leave it.
Do iBuyers Give You A Fair Offer?
The way they generate the offer is simple, but keep in mind that you get what you pay for. To start, you submit the details of your property. Next, a computer will run some numbers, and quickly generate an offer for you. The problem is that it can be difficult for a computer to understand all of the attributes of your home, leaving you with a standard price that will be used for many properties in your area. After providing you the offer, they tell you that this offer is contingent on them actually seeing the house. They will then send someone to evaluate the property. At this point your offer will likely be reduced even further, and in some circumstances they will actually pull the offer due to the amount of work needed. The process can work for some home sellers in Houston Third Ward, however, working with an agent or a professional buyer will likely get you more cash, for less work.
What Do iBuyers Charge?
The costs of working with an iBuyer can be steep. 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 would be able to get on the MLS. If you need to sell your house fast, for a great price, without any cost whatsoever, Brilliant Day Homes will buy your house outright.
How Is Brilliant Day Homes Different?
At Brilliant Day Homes, we work with local Houston Third Ward home sellers, helping them meet 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 Brilliant Day Homes, 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 Houston Third Ward area.