How iBuyer Companies Compare to A Local Home Buyer in Philadelphia

iBuyer Companies Compare to A Local Home Buyer

iBuyer companies are a relatively new option for selling your home. They provide a quick opportunity if you need to sell as soon as possible, but they are not the only fast real estate option. There are still traditional local home buyers in Philadelphia that are financed, qualified, and able to purchase your home. iBuyers are usually more hands-off than your average real estate investors; some investors complete walkthroughs to assess the property. Home investors will still buy the house in its current condition without requiring repairs, so there are many similarities between these two selling methods. How does the iBuyer compare to a local Home Buyer in Philadelphia?

iBuyer companies buy and sell real estate through technologies. They felt the need to simplify and streamline the real estate transaction process, 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 excellent condition with very minimal or no house repairs to make. If the property does need repair, they will often offer less for the house or require the seller to make the repairs themselves before closing. iBuyers are focused on higher volume and less profit per unit. Currently, iBuyers are not active in all areas; they tend to focus on bustling places with property values around $250,000. At times the iBuyer is located in another state and is unfamiliar with the local real estate market; utilizing a local investor to purchase your property may allow for the best results. The local buyer can offer the most accurate cash, considering the area’s familiarity. 

Selling Your Property Through An iBuyer

As a property owner, you need to know how iBuyer companies compare to a local home buyer in Philadelphia when you decide it’s time to sell your property. It’s essential to fully understand the difference between iBuyer and home investor to decide which route will be the most appropriate. Both home selling methods can produce desired results, but one may be better suited for the homeowner.

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 companies will typically provide a cash offer within 24 – 48 hours of the request. After the owner accepts the offer, iBuyer companies will usually send out an inspector to verify the status of the property. If any house repairs need to be made, they will 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. The option of selling a house with an iBuyer with directly identical to the traditional method of listing with a licensed realtor. Issues with the property must be reported, inspections are completed, repairs are conducted, and the seller is responsible for closing costs and other related fees! 

Selling Your Property to A Local Home Buyer

A Philadelphia local home buyer will generally use will generally be using a real estate agent. The local home buyer will most likely find your property through the area’s multiple listing service or MLS. The buyer’s agent would then present the offer contract to the selling agent or seller directly if they are not using a licensed realtor. 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. At this point in the process, some buyers are forced to withdraw their offer because of financing issues. If they make it past this point and the inspection is agreeable, 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. 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 time to inspect the property or secure financing. The cash local home buyers will tend to close quickly since they are not waiting for financing. 

Cash Buyers

If you own a property that requires repairs and renovations to achieve specific standards to sell the home, you don’t have the time or resources to wait months to complete the real estate transaction. Selling a home directly to a local cash buyer will allow for a quick house sale, usually within twenty-one days. An off-the-market sale requires no repairs or home inspections; cash buyers determine comps by similar recently sold properties within a half-mile radius, so walkthroughs are unnecessary. When you choose Buying Property 215, you receive the highest cash offer while paying zero closing costs, fees, or agent commissions. The Better Business Bureau accredits our family-owned real estate company with an A+ rating and 5-star google reviews! Contact us today to receive a no-obligation offer!

For more information on how an iBuyer compares to a local home buyer in Philadelphia, please call “Buying Property 215” at [215-359-6090] or send us a message!

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