The Truth About Houston Home iBuyers
The new home buyers in town are the iBuyers. Financed by large Hedge Fund Kingpins, Wall Street Magnates, and foreign investors, these home iBuyers have very sophisticated software and they don’t mind telling you that the “i” in iBuyer stands for “instant”.
Yes, they are our well-funded multi-millionaire competitors. And we are going to expose some of the gimmicks they use to razzle and dazzle the home seller. Ready?
iBuyer Home Seller Gimmick #1
98% of Market Value – iBuyers promote offers up to 98% of the market value of the home. Hah! If that has ever happened it is because someone made a big mistake. The transaction costs in buying a house and then selling it will be far greater than the 2% discount the ibuyer is claiming. Don’t get suckered-in with this baloney.
iBuyer Home Seller Gimmick #2
Instant Offer – Well, not so instant. Kinda, sorta instant. Their offers are almost always contingent upon one or more inspections by their representatives. If they find any physical damage to the house they will revise their “instant” offer downwards. Professional home inspectors usually find between 20 and 50 “deficiencies” in a home inspection.
iBuyer Home Seller Gimmick #3
REPAIRS !!! – The home seller MUST make repairs, as per the iBuyer contract – or reduce the sellling price. Repair costs that have been exaggerated or “over-estimated” can cost the home seller tens of thousands of dollars. The solution for the homeowner is to sell the house in “as-is” condition, that is, the iBuyer is responsible for all repairs.
iBuyer Home Seller Gimmick #4
No Fees or Small Fees – Your friendly realtor asks for 6% of the home’s selling price as a commission. The stated fees home sellers pay to home ibuyers range up to 11% and sometimes more. If they offer a lower fee then they will compensate with a lower offer. Regardless, all of the fees the ibuyers charge are deducted from the home seller’s proceeds.
iBuyer Home Seller Gimmick #5
Stay in the House – The home sellers can stay in their house for days or months after selling to the ibuyer. This is NOT free. These Wall Street investors are not Santa Claus. The home seller becomes a tenant and the house ibuyer becomes a landlord and MUST be paid some form of rent. It will either be a rent check in the traditional form or it will be in the form of a much more deeply discounted selling price. Remember, as long as the former owner is living in the house, the new ibuyer home owner is paying taxes, insurance, maintenance, and HOA fees.
iBuyer Home Seller Gimmick #6
Pay Moving Costs – The ibuyer will pay to move home sellers into their new homes. Do you really think this is FREE? It is not – you pay for it because the ibuyer subtracted moving fees from his offer to purchase your home.
iBuyer Home Seller Gimmick #7
Lower Offers Pay For Massive National Advertising – You, the home seller, pay for their MILLIONS of dollars in national advertising every year. To pay for all of the television, radio, internet, and other advertising they must make lower offers to home owners.
Are you are getting a better deal with an iBuyer? Are you really?
Call Houston Home Buyers today at
No fees, No Repairs, No Gimmicks
Comparison of Houston Home Buyers to Realtors and iBuyers page