I recently read an article on Inman News about iBuyers like Opendoor that are somehow hiding their reviews on Yelp and potentially other sites.
Read the Inman Article Here
I didn’t believe it but when I went online I couldn’t find reviews!
If you’re considering selling directly to anyone without a Realtor chances are you are leaving money on the table and it might not be faster or easier either. Most iBuyers will still do inspections and likely ask for repairs or price reductions before closing.
The direct buyer model has been around forever (Think signs nailed to telephone poles that state: “We pay cash for homes!”). The new wave of direct buyers are focused online and re-branded as iBuyers. The process though is basically the same: The direct buyer makes an offer to buy the home for below market value and then re-sells the home for a profit. Many times the buyer will hire a realtor to help them sell for top dollar.
If you want to sell to an iBuyer you can still have an agent represent you so you have someone fighting for you. Remember the direct buyer is not your agent and is looking out for themselves.
Nick Krautter is the author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business which debuted number one on Amazon for mergers and acquisitions. His goal is to teach real estate agents how to grow their business and to help them later retire and benefit from their years of hard work. For the last decade Nick has been a Realtor in Portland, Oregon, where he leads a team and frequently serves as a real estate expert for the media.