iBuyers are a relatively new option when it comes to selling your home, and we have noticed, here at Cross Properties, a considerable slowing trend in the buying patterns of these large companies. iBuyers sometimes 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 Salem, VA that are well-financed and able to purchase your home. How does the iBuyer compare to a local Home Buyer in Salem?
iBuyers are companies that buy and sell real estate through technologies. They felt there was sufficient demand from homeowners to simplify and streamline the real estate transaction process, basically eliminating the real estate licensee. The iBuyers provide a platform to buy directly from homeowners and sell to buyers directly. These companies are looking for properties in very good condition with very minimal or no repairs to make. If the property does need repair, they will often pass on purchasing, or require the seller to make enormous repairs themselves before closing. iBuyers are focused on higher volume and less profit per unit. As of right now, iBuyers are not active in all areas; they tend to focus on very active areas with property values around $250,000. And a major player, Zillow®, decided to get out of the iBuyer game in late 2021 after only 3 years. They discovered buying homes sight-unseen is not as easy as it looks.
Selling Your Property To An iBuyer
As a property owner, you need to know how an iBuyer compares to a local home buyer in Salem 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, deduct the repair cost from the offer, or simply bail out of the deal. When the repairs are settled, the owner then picks the close date.
Selling Your Property To A Local Retail Home Buyer
A home buyer in Salem will generally be using a real estate agent (known as the “retail market”). 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 listing 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 45 to 60 days, an appraisal, and repairs before closing depending on the lender. This is point in the process is where some buyers are forced to withdraw their offer because of inspection issues, or financing issues such as a low appraisal. If they make it past this point and the inspection comes back agreeable, then the closing occurs according to the contract.
Selling Your Property To A Local Cash Home Buyer
Local cash home buyers in Salem that often do not use real estate agents are usually investors, and buy directly from the property owner. Selling your home to these buyers will be quite different from working with iBuyers or buyers using a real estate agent. Some novice investors may need some time to inspect the property or to secure financing. However, experienced local cash home buyers like Cross Properties, Inc. make all-cash offers, close in less than 30 days, do not require removal of personal belongings, and do not need bank financing or home inspections or any repairs prior to closing. There is much less hassle involved for the property owner, and closing is quick and easy.