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Sell Your House to Open Door, Zillow Offers or OfferPad, Is It Worth It? | Sell Your House for Cash! - YouTube
Channel: Move Us To Scottsdale by Carol Bloom
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Have you considered selling your home to Open
Door, Zillow Offers, or OfferPad, then ask
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yourself, is it worth it? And what is an iBuyer
anyway? Stay tuned, because that s what I
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am talking about today.
Hello I m Carol Bloom, your local Realtor
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in Scottsdale-Phoenix with Keller Williams,
licensed in AZ and CA. Welcome back to Move
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Us To Scottsdale channel, if you are new here,
Welcome, my channel is all about real estate
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in Scottsdale and Phoenix that helps people
to relocate to the area or sell their Scottsdale
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house. Please hit the Like the button, this
tells YouTube to share my weekly videos to
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others, who like you, are looking to make
a move to AZ.
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So, what is an iBuyer ? An iBuyer is an instant
buyer and these are companies that are going
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to buy your house sight unseen. They are going
make an offer for your home based on a computer
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model and algorithm that will determine a
value for your house. You may have heard of
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some of these companies like Open Door, Zillow
Offers, Offer Pad, and Knock. These iBuyer
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companies promise that the selling experience
is going to be quick and easy. When would
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you want to consider selling your home to
this type of buyer? Well, if you need to relocate
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very quickly or need to sell your house fast,
perhaps you have a distressed property, or
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maybe you've already found your next home
to purchase so you need to sell your current
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home fast. These are some instances, where
you might consider selling your home to an
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iBuyer company.
You might be saying to yourself; this sounds
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awesome. I get an instant offer on my house,
it's a cash offer, they can close quickly,
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what's the catch? Well, there is a catch,
these large companies play an investor role,
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they are buying your home in the same way
an investor or a fix and flipper would with
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the purpose of turning around and putting
your home back on the market and selling it
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for profit.
The catch is, the iBuyer companies are going
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to buy your house Under Market Value, so that
they can turn around put it back on the market
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and make a profit on your home, remember these
companies are in the business to make money,
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never to live in your home.
Let's talk about some of the Pros of selling
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your home to an iBuyer. The first and most
important is, you are getting an instant guaranteed
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cash offer on your home. You might find yourself
in a situation, where this is the most appealing
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to you, if you need to sell your house quickly
because you are moving for a job relocation,
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or maybe you're dealing with some medical
issues, that causes you to need to sell your
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house quickly. One of the benefits of these
iBuyer programs is that you can close very
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quickly, that gives you some flexibility,
so you can choose the closing date sometimes,
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it can be as little as 10 days or it could
be as much as two months, it all depends on
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your timeline, whereas with the traditional
sale, you have very limited control of when
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your house actually closes. Keep in mind in
today s hot Scottsdale real estate market,
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you the Seller are in control whether you
go with a large company like iBuyer or a traditional
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buyer.
Another benefit because you are getting an
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instant cash offer on your house is, you don't
have to deal with any showings or getting
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your home ready for the market like the traditional
preparations you would do as far as, cleaning
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your house, doing the maintenance, you would
not have to do, whenever you are dealing with
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an iBuyer company. It includes no open houses
and you don't have to deal with strangers
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essentially coming into your home.
Another benefit to the iBuyer program is,
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it s a guaranteed offer. You don't have to
worry about buyer financing falling through,
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or a buyer getting cold feet and cancelling
the contract, as you would with a traditional
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sale. Instead, this is a Company not a family
or a couple making an investment in your house,
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and you can be assured the iBuyer company
is going to close on that sale.
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Okay, so what are some of the Cons, when selling
your home to an iBuyer company? The first
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is, the cost of selling your home to an iBuyer.
IBuyers are typically going to offer a lower
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price for your home than what it would traditionally
sell for on the open market. The reason is,
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the iBuyer companies act like an investor,
and they are going to turn around do some
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light upgrades to the house, like paint and
new carpeting, then put the house back on
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the market and sell it for a huge profit.
You might be asking yourself, what are the
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fees that are charged by these iBuyer companies?
Typically, it ranges anywhere from 6% to 11
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percent, whereas a traditional Realtor will
charge you 6% to sell your home. In the Scottsdale-Phoenix
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market, it is very common for sellers to receive
multiple offers, usually well above asking
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price. If you sell your home to an iBuyer
company, you will not know how much MORE money
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you could have made to your bottom-line net
profit of your house, because iBuyer companies
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are not in the business to pay over asking
price. Remember, iBuyers are investors looking
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to make a huge profit off you.
The next thing you need to be aware of is,
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the cost to repair. The cost to repair with
a traditional home sale happens after your
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home goes under contract. A traditional buyer
would do an inspection on your home, then
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the traditional buyer would come back to the
seller and ask for certain things to be repaired.
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You are still going to go through the same
exact process with an iBuyer company.
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The iBuyer company is going to send a home
inspector, the inspector is going to make
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a list of repairs, the iBuyer company is going
to come back to you, the Seller, and they
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going to reduce the offer price, that you
have already agreed upon. In my experience,
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the repair cost they are asking of from the
seller is generally more, than what a traditional
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buyer would ask for in the open market. I
put together a FREE Home Inspection Guide
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for you to download in the description box
below.
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Another thing to consider when selling your
home to an iBuyer company is, you are essentially
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working for yourself. You do not have anyone
else on your side guiding you through this
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process, it's very important, you make sure
you are fully aware of all the risk that is
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associated with selling your home to an iBuyer
compay. As a Realtor, I have fiduciary responsibility
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to my client, you, the Seller.
Lastly, you need to be aware of in general
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is, homes sold to an iBuyer company, usually
sells for about 11% less, than what the house
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would sell for on the open market. Your home
is one of your most valuable assets and it
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contains a lot of money in equity, make sure
you are comfortable with giving up that equity
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in exchange for some of the benefits you receive,
when selling to an iBuyer. iBuyer companies
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are one of the many tools that are available
to help you get your house sold. Do not be
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afraid to talk to your real estate agent,
and tell them, you are considering selling
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to an iBuyer company. If you have a really
great agent, we are going to give you the
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best advice and guide you in the process of
selling your home. If you are considering
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selling your home to an iBuyer, let's talk,
I have a great program I can guide you through
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the process and get you an instant cash offers
on your home. I am a licensed Realtor in both
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AZ and CA. If you would like to receive an
instant cash offer on your home click the
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link below in the description box about Cash
Offers and I will get started. I would love
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to hear your experience with iBuyer companies,
have you tried it, have you received any offer
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on your house, please tell me in the comments.
If you're looking for more information about
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the Home Selling process, be sure to check
out my playlist. I have a series of videos
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that are devoted to the Seller, I am sure
it will help answer a lot of questions.
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As always, if you would like to chat with
me about selling or buying a home in Scottsdale,
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you can call, text, email me, my contact information
is down below in the description box. Thank
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you for watching and I ll see you at the next
video.
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