Should You Sell Your Home to an iBuyer? Examining the Potential Pros and Cons

 Posted on December 00, 0000 in Naperville Real Estate Lawyer

As technology advances, the way we handle everyday tasks changes. One prime example is the way that home buying has changed over the last few years. Long gone are the days when you must spend days (perhaps even weeks) viewing houses in person. Instead, you can take a virtual tour using drones and cameras. You can even complete your entire real estate transaction using technology.

One emerging technology trend in real estate is the iBuyer. This option allows homeowners to quickly and almost seamlessly sell their homes without the fanfare that is typically seen in a more “traditional” real estate transactions. Yet, like most things in life, there are some drawbacks to selling your home to an iBuyer. Learn more about them in the following sections, and discover how a seasoned real estate lawyer can help protect your interests, regardless of how you decide to sell your home.

iBuying in the Real Estate Industry - How Does it Work?

When you sell your home to an iBuyer, you are able to skip all of the regular hassle of selling a home. You do not need a real estate agent or sales rep; you do not even have to show your home or complete the negotiation process. Instead, you express your interest in selling your home to an investor (generally through a website), and they make an offer on your home, based on various factors. If you say yes to their offer, they handle all of the details from there. All you have to do is sit and wait for the money to hit your bank. Of course, there is a major drawback to selling your home this way - and it can significantly impact your financial future.

Understanding the Risks of Selling Your Home to an iBuyer 

Although selling your home to an iBuyer can expedite the process, it is important that you first understand the potential risks. First and foremost, you are likely to take a major financial hit on the sale of your home. Most iBuyers rely on sellers who wish to complete their deal quickly and have little to no knowledge of the true value in their home. They then turn around and resell the home at a significant markup, meaning they are turning a hefty profit on your house.

Traditional home buying processes, though more lengthy and complicated, protect your financial interests - especially when you employ the assistance of a skilled real estate lawyer. Able to handle the legal aspects of the process so that you can focus on your own life, an attorney can decrease the chances of a financial loss on your home sale transaction.

Contact Our Naperville Residential Real Estate Lawyers

At Lindell & Tessitore, P.C., we safeguard the financial well-being of our clients, and we aim to make the home sale process as seamless as possible. Turn to some of the most trusted Naperville real estate lawyers in the state. Call 630-778-3818 for a consultation.

Source:

https://www.ocregister.com/2019/03/30/how-soon-will-commercial-real-estate-see-ibuyers/

https://www.forbes.com/sites/forbesnycouncil/2018/06/05/ibuyers-is-the-convenience-worth-the-cost/