Before the coronavirus hit and pretty much put everything on hold, the tech companies Zillow, Redfin, OpenDoor and OfferPad (iBuyers) were buying homes in select cities all over the United States. Does that mean that Zillow will buy your home once this is all over and we go back to normal? Maybe. Continue reading to learn more about these iBuyers and how they buy homes and if they are going to buy your home.
What is an iBuyer?
An iBuyer is a company that purchases properties sight unseen, often for much less than retail. There are many major companies getting involved with iBuying, which is quickly changing how houses are bought and sold. iBuyers utilize technology to make you an offer for your house almost instantly. After all, the “i” in iBuyer stands for instant. They can simplify the home selling process which is very appealing for people who need to sell a house quickly in the Reno area. However, working with an iBuyer can come with some serious drawbacks. You will likely receive much less for your house, not to mention all of the costs and fees. In many cases, home sellers will miss out on thousands of dollars which usually isn’t worth it. Working with an agent or a professional home buyer such as Envy Property Solutions, LLC will help you to save time and money on the home selling process. Our offers are fast, easy, and always fair!
Are These Tech Companies Buying in The Reno Area?
Before the coronavirus, the iBuyers were buying in various cities all over the United States, and the closest they got to the Reno area, was Las Vegas. So, no they weren’t buying in our area, but who’s to say they won’t. After things return to normal, these iBuyers may spring back up and start buying in more cities across the country.
If and when the iBuyers start buying in the Reno area, you can get an instant offer on your house, and if you don’t like their offer – that’s it. There is no going back to the drawing board. If you want to negotiate, the iBuyer is likely just going to move onto the next property seller. At Envy Property Solutions, LLC, we want to work with you to find the price that makes the most sense. We aren’t trying to buy your house at the lowest price possible, rather we want to work with Reno homeowners one-on-one to find the offer price that makes the most sense! We want to help you reach all of your selling goals!
Will Zillow or the Other iBuyers Buy My Home?
When the iBuyers start buying homes again, they will probably will buy your home. But at a cost. The costs of working with an iBuyer can be pretty hefty! According to Marketwatch, an iBuyer will charge up to 11.5% in commissions and fees. That is just about double what an average agent will charge you in commissions, plus your offer will typically be much lower than what you would be able to get on the MLS.
But if your home needs some repairs or major renovations, they may say that they will buy the house, have you sign all the paperwork to sell, and even get the home in escrow at the title company. Sometimes, they will send someone out to inspect the property and if they don’t like the way it looks, they will back out – leaving you with nothing as the majority of them never put up any earnest money deposits.
How Is Envy Property Solutions, LLC So Different?
Once the coronavirus hit and things started being put on hold, these iBuyers like Zillow, Redfin, and Opendoor backed out of all their transactions, leaving the seller with nothing to show for the time they lost. That just shows that these tech companies have no loyalty to the communities. At Envy Property Solutions, LLC, we work with local Reno area home sellers, helping them to reach all of their selling goals. We purchase houses directly, always for fair and honest prices, and we’ll put up an Earnest Money Deposit (which you will get if we back out or don’t preform on our side of the deal, which is very rare that we do.). We handle all of the details and will close on the property at your convenience, we are typically ready to go in only about 7 days. When you work with our team at Envy Property Solutions, LLC, you won’t have to worry about expensive fees or hidden charges. Our process is fast, simple, and will help you with any unwanted property in the Reno area. Don’t agree to sell to an iBuyer in Reno (if they ever start buying here) until you learn more about the services we can offer you!