Hard Money Purchase offer? Ugh!As a listing agent, I get about 5 offers a week on my listings. By far the most frustrating, rarely closing, who is this company type offers are the hard money
REALTORS® Are The Best Advocates For Homeowners
With the recent expansion of tech company ibuyer platforms taking place, home sellers and home buyers must know that Realtors are their #1 Advocate in the home selling process. The ibuyer platforms are targeting home sellers and targeting the equity in sellers' homes.
If you are not familiar with the ibuyer platforms, they are companies like Zillow, Offerpad and Opendoor that are now buying homes virtually through the internet. They are tech companies usually from Silicon Valley in California. They are not local investors. These virtual companies generate their business from the internet. Their strategy is to buy property fast. In today's quick paced environment some sellers are falling for it. It's a little less work for a seller because they don't have to clean up their property, do repairs or have buyers walk through their home.
However, selling in a couple of days and not preparing a home for showings is not Worth what these companies are charging. It's not even close. The ibuyer companies often charge 3% - 12% more than what Realtors charge. Plus they give a low ball offer. The ibuyer companies do not call their fees commission or brokerage fees like Realtors plainly do. They label it something else like transaction fees, closing fees, holding fees, repair costs, etc. Often times there are multiple, unnecessary fees involved.
The United States has a 26 trillion dollar housing market. The Department of Justice Antitrust Division is now reviewing the ibuyer companies for reduced competition and harm to consumers. (Press release Number 19-799)
Home sellers be warned. ibuyer companies are not your friend. Do not let your family or friends get tangled up with one. A Realtor has always been and will always be your best resource and advocate when buyer or selling your home.
Honest and Experienced Real Estate Service for over 23 years is what Jackie Thompson prides herself with. She represents buyers and sellers in residential and commercial sales and purchases. She als....
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