iBuyers are a relatively new option when it comes to selling your home. They provide a quick option if you need to sell as soon as possible, but they are not the only option. There are still traditional local home buyers in Utica, NY that are financed and able to purchase your home. How does the iBuyer compare to a local Home Buyer in Utica?
Think of iBuyers just like a local home buyer her in Utica, except they are NOT local, and generally are not familiar with the local CNY market. iBuyers rely on purchasing homes through technologies like the internet. They oftentimes rely on computer algorithms to decide if your property is a fit for them. I don’t know about you but I don’t even like ordering my food through a computer!
iBuyers also do not buy homes that need repairs. Their algorithm strictly looks for the nicest, cleanest, most presentable homes in the neighborhood. If repairs are needed to be made, it is generally the homeowners responsibility to perform the repairs prior to selling their home. This can be cumbersome to say the least. Lastly, iBuyers do not operate in all markets, generally just ones with median homes prices of $250,000 or more.
Selling Your Property Through An iBuyer
As a property owner, you need to know how an iBuyer compares to a local home buyer in Utica, [markey_city] when you decide it’s time to sell your property.
Through an iBuyers platform, property owners can request an offer from the company. The owner fills out information about the property and will disclose any known issues or recent upgrades. If the property meets the company’s initial criteria, the platform then runs an evaluation on the subject property. The iBuyer will typically provide a cash offer within 24 – 48 hours of the request. After the owner accepts the offer, the iBuyer will usually send out an inspector to verify the status of the property. If any repairs need to be made, they will either request the seller to fix them or deduct the repair cost from the offer. When the repairs are settled, the owner then picks the close date.
Selling Your Property To A Local Home Buyer
A local home buyer in Utica will generally be using a real estate agent. This means the local home buyer will be most likely to find your property through the multiple listing service, or MLS of the area. The buyer’s agent would then present the offer contract to the selling agent, or seller directly if they are not using an agent. If the seller accepts the offer, the buyer will usually hire an inspector to make sure there are not any hidden surprises. If you’re lucky, the buyer will purchase in all-cash; however, the typical home buyer will need financing which can take 30-90 days, depending on the lender. This point in the process is where some buyers are forced to withdraw their offer because of financing issues. If they make it past this point and the inspection comes back agreeable, then the closing occurs according to the contract.
Local home buyers that do not use real estate agents are usually investors. Working with these buyers will have aspects of iBuyers and buyers with real estate agents as well. They tend to make all-cash offers with quick acceptance time frames but have inspection tendencies like local home buyers that work with real estate agents. They will most likely hire an inspector and request a price reduction for repairs needed. Some investors may need some time to inspect the property or to secure financing. The cash local home buyers will tend to close quickly since they are not waiting for financing.