Selling your home in Baltimore, or anywhere in Maryland, is a big decision, and there are many factors to consider when choosing how to do it.
iBuyers are the latest development in the field of real estate.
What is an iBuyer?
A number of iBuyers that have recently emerged are garnering attention due to their well-known names and the convenience they offer. Nevertheless, one con of working with iBuyers is that you are almost guaranteed an unfair price.
5 Drawbacks of Selling Your House to an iBuyer in Maryland
1. Baltimore iBuyers Only Care About Their Bottom Line
iBuyers are companies that buy houses directly from sellers to resell them for a profit. They often offer a very low cash offer. While this is a convenient option for some people, it is important to note that these companies are primarily concerned with their own bottom line.
Many times, they will make an offer quite far below market value in order to secure a quick sale and maximize their return on investment. It is also important to remember that iBuyers may charge additional fees, such as closing costs, that can further reduce the amount of money you receive for your home. As a result, it is essential to be aware of all terms before entering into any agreement with an iBuyer so you aren’t taken advantage of.
When you work with Creo Home Buyers, our team is dedicated to assisting you in meeting your objectives. We take the time to understand what you need from the transaction and strive to meet those requirements. As opposed to an iBuyer who is looking for a bargain in order to bring a return on investment for their business, we are there to help you through the process while making sure that your interests are looked after.
2. The Offer for Your House in Baltimore MD Will Be Low
The offer for your house in Baltimore MD from an iBuyer is likely to be far lower than the actual market value. This is because iBuyers typically use automated algorithms to assess a property’s value and make offers.
A major disadvantage of selling to an investor is that an iBuyer’s offer is likely to be far lower than the actual market value of your home in Baltimore MD. iBuyers don’t take into account factors like the neighborhood, school systems, or local amenities that may affect the market value of your home. As such, you should expect a lower-than-market-value offer when dealing with an iBuyer.
To ensure you get the best possible deal for your property, you may consider working with a real estate agent who understands the local Baltimore housing market and will be able to help you get a fair offer for your house.
However, if you want to sell your house in Baltimore MD quickly, AS-IS, it’s best to work with a local property buyer. Selling your house to a Maryland house buying company like Creo Home Buyers allows you to sell your house fast so you can move on from your difficult situation.
3. Costly to Sell Your House to an iBuyer in Baltimore
It can be costly to sell your house to an iBuyer in Baltimore. Selling your house to an iBuyer can cost you a significant amount of money in fees alone. There are often other hidden costs to contend with as well, such as cancellation charges. Because you are usually at the mercy of the iBuyer when it comes to scheduling a time to close. Many Maryland homeowners find that they have to rent a place until they are able to close on a new home. This means even more money being spent on fees and deposits.
4. iBuyers Don’t Always Buy Houses Quickly
Working with an iBuyer will put you under their thumb and subject you to inspections, appraisals, and repairs. All offers made by an iBuyer have certain criteria attached to them; if these aren’t met then it can take longer for a deal to go through. Sure, you will get a bid much more quickly, but it is going to still take a considerable amount of time for the iBuyer to do their due-diligence on the property. With a direct sale to Creo Home Buyers, you’ll be able to go straight to the sale, without being subject to all of the restrictions you won’t face when selling property to an investor.
5. iBuyers Aren’t Buying Houses All Over Maryland
iBuyer companies have the ability to save homebuyers money, but they’re only worth it for purchases in certain areas and in properties with a specific number of bedrooms. Any homes purchased will have to meet physical standards, though renovations or repairs aren’t necessary. Even if your home meets the criterion, location, and condition, an iBuyer will still try to buy your home for as little as possible.
Avoid the Cons of Selling Your House to an Online Buyer in Baltimore
Local Maryland real estate investors, such as Creo Home Buyers, can provide personalized attention while still providing convenience through an iBuyer!