Being a 30 Year Residential Real Estate Broker… I want to personally CAUTION you to the latest Trend, Instant Offer Companies or iBuyers: OfferPad, Opendoor, Zillow Instant Offer and soon Amazon, etc. Organized home flippers have been around a long time, but now the TECH GIANTS are in the game. This trend is being sold as, “The Seller is in control, name your closing date and we’ll pay your moving cost. Its hassle free, so convenient, you’ll never have to have showings, you get certainty and can purchase your replacement home now, etc.”… It’s going to COST YOU a big chunk of your investment!
I recently tested my own residence and was appalled at the low offer received for my recently purchased home. Their offer was far below “Fair Market” value. I calculated about $75,000-$100,000 loss for this so-called convenience. Of course you’ll still have to deduct the customary REALTOR commissions, the Buyer’s service fees, plus whatever Inspection items they deem are unacceptable to close, which you will be told to pay for these (yet to be determined) repairs from your final settlement check.
In fact this, Instant offer-qualified buyer scenario, borders on some “questionable agency” ethics. The Buyer is never representing YOU the Seller (and was this disclosed upfront?) This trend would not be growing exponentially… if it was not extremely profitable to them! You might be thinking, “she’s a REALTOR afraid of new competition?” No I’m afraid good people will lose too much of their largest life investment.
In summary, I would encourage the public to use experienced REALTORS® who offer true fiduciary to you, the Seller who is needing advice, protection and has your best interest and settlement in mind. Reminds me of the old saying…”If it’s too good to be true… then it probably is!”
Algorithms don’t sell properties people do! Cheers Cathi Pospisil
