It’s a relatively new thing in the real estate industry — massive companies like Zillow, Redfin, and Opendoor will make you a cash offer on your home and purchase it in very little time (closing usually happens within 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 through an iBuyer. Here are our thoughts…
They’re Not Local — iBuyers like Zillow, Redfin, and Opendoor are not local to Connecticut… so even though they might have great software that analyzes the different markets, they’re not going to understand the nuances in price and appeal of various neighborhoods in Connecticut like a local company would. Something to keep in mind.
No Negotiation — 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 to argue for a better offer or explain why your home is worth more.
Low Offer — 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).