Have you heard of iBuyers before?
It’s a relatively new thing in the real estate industry — massive national companies like Zillow, Redfin, and Opendoor will make you a cash offer on your Michigan home and purchase it in very little time (closing usually happens 7-60 days after you accept their offer).
At first glance, this might seem really appealing.
But there are a few things you should know before selling your home to an iBuyer.
Here are our thoughts!
They’re Not Local
iBuyers like Zillow, Redfin, and Opendoor are not local to Metro Detroit, so even though they might have fancy software that analyzes different markets, they’re not going to understand the nuances in price and appeal of various Southeast Michigan neighborhoods like a local company would. And of course, any money they make from flipping your house is definitely not staying in our local economy – it’s padding the pockets of giant corporations headquartered on the West Coast. Something to keep in mind.
Since iBuyers are purchasing many homes from many different places, they don’t have a negotiation process. They simply make you an offer and you either accept it or decline it. They make it very difficult – if not impossible – to argue for a better offer or explain why your home is worth more.
Since iBuyers purchase properties sight-unseen, their offer is going to be much lower than market value. This is similar to how car lots purchase used cars at a heavily discounted price. iBuyers are taking a risk on every purchase, but they aren’t going to risk their bottom line.
All told, iBuyers are not right for everyone, especially those who have put a lot of love and effort into keeping up their homes.
BUT that doesn’t mean you can’t sell your home fast for cash! Mitten Made Properties is a professional homebuyer with deep roots in Metro Detroit, and we know the local market like the back of our hand. Not only that, we’re respectful of our sellers and our community… We live here too!
So before you commit to an iBuyer, give us a call at (248) 883-3340 for a comparison! We can make you a fair cash offer within 48 hours and close in as little as two weeks. We’d be happy to tell you more about our process!