i Buyer Comparison

COMPARING iBUYER COMPANIES
by Alicia Duffy, Realtor


How do you decide which is the better way to sell your home?

 

 Is a comparison like the one below going to give you that "ah ha" moment where you'll say, "ok that's the way I need to go"?

 

Probably not and let me tell you from 20+ years experience working with bank foreclosures, investors and big iBuyer companies why choosing just one route from the start will hurt you. 

Wondering What the heck a iBuyer is? Read this article first for all the details.

Your home is most likely the largest investment you have and unlike selling items with a definite set value, like gold for example, all homes have different features, amenities, repairs, neighborhoods, plus the market timing with standard yearly dips and economy from the macro to micro is constantly changing. All of this comes into play when setting a home's value. The contract for sale of your home is a legally binding enforcable document with loop holes, legal attorney jargon.

 So, what can you do to get the most money with the least amount of stress?

Get a professional on your side...I know I know you're thinking what is she trying to sell me on. I believe in full transparency, I'm here to help out with information and all I ask is if the time comes where you do start looking at Realtors to assist you to give me a call to come talk to you no obligation. But, the fact is a Realtor that prioritizes and safe guards your best interest and  does this day after day plus has the experience (not just with typical real estate transactions but also with large investment companies and banks) to read between the lines, that knows what the pitfalls are for each way of selling and more importantly knows how to avoid them can save you a lot of headache, time and money later.

Feel free to call my Q&A direct to voicemail line 817-4-DUFFY-4 for questions
or 
to schedule a no pressure, no cost chat about your options. You can
also get on 
my schedule or simply give me a call direct 214-682-5009.

 

Here's one thing I do for my clients to assist in this exciting ever-changing real estate market.

I first start with an in-depth market analysis, thorough vetting of your home from updates and repairs needed to how it fares in comparison to the comparables, your markets sales prices, condition, days on market and your personal time line to develop a straight forward plan of action and cost analysis from your net backwards to your ROI not just on your money but on the all to valuable but hard to put a price on…your time!

As my reviews will probably show you, I am brutally honest.

Sugar coating misleading on price, or time commitments

to get a deal is just not in my nature. Read Reviews

 

I use my 20+ years' experience as a listing agent, REO agent, iBuyer partnering agent, Staging & Investor remodels. Plus, my nursing background of holistic care and teaching approach to cultivate and present you with the pros/cons on each of your options so you can make the right decision for your family.

  • iBuyer like Opendoor or Zillow
  • Private investor
  • Updating/Staging to go on the MLS (we do make it a little easier with our contractors discounts and overseeing the projects).
  • Straight to MLS   
  • Leasing                                                                                                                                                     

From pricing to move-in day comparisons you'll feel confident you made the right decision and that you got the best deal! So, read over the below information then give me a call so we can get to work on getting you moving! 



It’s not surprising when iBuyer companies show comparisons charts, they want theirs to fair better.



      Keywords to look out for are “typical, usual, common” or for any company that does not welcome you have your representative look over the legally binding contracts before you sign. Different companies have their own rules on when/if you could have listed on the mls, repairs that are acceptable and a walk away without obligation period. It is best to have your own representation (that knows how these companies work, like Alicia Duffy), before going into any agreements with them.
 
It is best to have your own representation that knows how these companies work before going into any agreements with them.

If an item below is blank it is still be researched due to recent changes within the company check back for updates and video.

          

      *TIP  When asking for an offer from these companies your home still needs to be presented like any other buyer so make sure you know what those items are that stand out and bring you more money before you request an offer from them.   See below to receive offer from all the companies in the DFW area.                                          Why use us?

 

Questions

Opendoor

Zillow Instant

Offerpad

Zhome

Knock

Perch

Door, iBuyer Connect + 

What homes do not qualify?

Not >300k

Only in Atlanta, GA
Charlotte, NC
Dallas, TX
Denver, CO
Houston, TX
Las Vegas, NV
Minneapolis, MN
Phoenix, AZ
Raleigh, NC

Riverside, CA

Priced >500k Built <1960

No significant repair needed

 not in the
DFW area

Priced <150k No age restricted communities, distressed sale, no foundation or prior water damage

Built <1978 and >2014 Priced <125k and >400k

Ask Alicia about Door, & MLS direct listings do not purchase home so details are different.
Investor Connect + our extensive list of investors purchases As is with offers before any of our listings go on MLS.

  • Provide online instant offer?

24 hrs

48 hrs

24-48

3 days

No

24 hrs

 

  • Days to receive all cash offer?

<2

2 days

24-48 hrs

 

 

 

 

  • Close in?

10-60

5-90

10+

7-60

Most take up to 8 weeks

 

 

  • Will they inspect property?

 

 

 

 

 

 

  • Can they ask for you to make repairs or reduce the price due to those repairs?

 

√ The cost of previously unknown/ undisclosed repairs are deducted from offer

They advance up to 10k to prep for resale & you pay at closing

 

  • Are they in the DFW area

 

  • Can they ask for a price reduction during option after viewing the property?

 

 

  • Typical Days till price and buyer is locked in? (Option)

15

 

 

 

 

7 days

 

  • Service Charge?

Seller fees. This is like the Realtor listing fees.

8.5%

(6.7% to 13%)

 

10% (6%-8% service fee.
2% Seller Concession)

6.5%

6%

6.9 to 8.5%

 

  • Any additional fees?

 Multiple New Programs
Buy back guarantee
Cash Offer Assistance
(ask Alicia for more details)

 

no

 

Pay back any cost Knock paid for during process

no

 

  • Pays all of sellers typical closing costs?

X

X

X

X

X

X

 

  • Purchase home outright whether you buy with them or not?

X

 

  • Lease back offered?

 

X

 

 

  • How many days lease and for what amount?

3

 

 

3 days

 

 

 

  • Have their own Lenders?

 

 

X

 

  • Required to use their Lender?

X

 

X

 

 

 

  • Incentives for using their lender?

 

 

% Closing Credit

 

 

 

  • Terminate at any time?

 

 

 

 

 

  • Who pays title policy B=Buyer or S=Seller?

Seller

 

Seller, Required close at First American

Seller

Seller

Has their own title co. Seller

Seller

  • Has a program to trade up?

+ 1% back on buying side

X

 

 

  • They offer your own non-biased Realtor representative to protect you when signing all their legal documents?

X

 

No, you’d pay out of pocket for your representative unless

 

 

  • You can choose to be represented by a Realtor of your choice?

Yes

Yes

Yes

Yes

Yes

Yes

 






 View social media posts related to iBuyers and selling or simply contact us for your customized comparison and timeline to move. 

What others are saying?

Still, with the housing market so hot in most areas nationwide, and agents already willing to do most of the work for their fee, it begs the question why you’d bother unless you were in a time crunch.

If there were savings involved, that’d certainly sweeten the deal, but my guess is that sales via Zillow Instant Offers would go for less than typical market price.

After all, the investors know you don’t want to bother with showings and open houses, so they’ll be able to hang that over your head.

The good thing is it’s free, at least for now, so if you’re the type who wants to do it yourself, you could at least throw it out there to see if any good offers came along. It might beat a for-sale-by-owner listing. Just make sure your represented.

Considering how quickly things need to be decided on in real estate transactions the sheer complication of dealing with a company poses problems. When your traded off to the next employee in line that has no stake in the game or knows you at all means much is lost, not just time!


What are the iBuyer companies saying?

Seller Concessions that these companies use on all their charts to make it look like the consumer nets more with them is very skewed since it's not a given that a seller will contribute anything and if it is given due to repairs then that's not something you'll necessarily skip when selling to these companies.

Let me explain. Lookiing at the graph below you see how much the sellers paid. This concession could be due to repairs (the iBuyer companies will also reduce the amount they give you from the sales price for repairs) or it could be the buyer increasing the amount they pay for the house so they won't have to come to closing with money (so the price of the house didn't change). Either way you look at it the cost will most likely be the same no matter which buyer you sell to.

To put in perspective here's my breakdown of below MLS spreadsheet and how I arrived at it:
City of Plano
Sold in last 90 days
Priced from 300k to 500k
532 homes sold
173 of them had seller concessions
That's 32% of homes
Concessions ranged from $293 to $15,750
Median concession  $2,750 
Concession percenage is  .5 to .9%
and that's only if you were in that 32% and if you choose to give it!





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What You Need To Know About Real Estate iBuyers





How To Get Multiple Offers all at once to decide to sell to iBuyer or go on the MLS? 






 
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