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4 Reasons Why Selling To An iBuyer is Risky for Edmonton Homeowners

4 Reasons Why Selling To An iBuyer is Risky for Edmonton Homeowners

Are you thinking about selling to an iBuyer in Edmonton? Learn why the process can be risky and what alternatives you have instead in our latest post!

The rise of iBuyers is revolutionizing the real estate market in Edmonton. While the convenience they offer may seem tempting, there are alternative methods to sell your property that are equally hassle-free without incurring exorbitant costs or fees. Continue reading to discover more about iBuyers and the potential pitfalls they present to homeowners in Edmonton!

Less Personal

Collaborating with an iBuyer to sell your home in Edmonton lacks the personal touch found when working with a local agent or a regional home buyer like YEG Home Buyers. iBuyers do not invest the time to understand you and your unique circumstances. Typically, they make a swift offer and swiftly move on. To many, you are just another transaction!

Low Offers

An iBuyer relies on automated software to determine your home’s value, often disregarding essential property features. While computer algorithms can be accurate, they frequently overlook factors influencing your property’s worth. iBuyers often present generic offers to homeowners in a specific area. Though suitable for some, these offers may not align with your expectations. Opting for a local expert who understands the nuances of your property can be more advantageous than trusting a computer-generated valuation. Prior to committing to an iBuyer for your Edmonton property, explore all selling avenues. Obtain a complimentary consultation from our team today! We will provide an offer and guide you on the best course of action, whether it involves an agent. Our objective is to equip you with the knowledge necessary to make an informed decision regarding the sale of your home in Edmonton!

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Not Local

From understanding the neighborhood to maximizing the property’s potential, iBuyers fall short. With operations nationwide, iBuyers struggle to grasp local real estate dynamics comprehensively. As local property experts, we possess unmatched knowledge of the regional market. We guarantee a fair price and a flexible closing date that suits your needs. While iBuyers dictate the terms, potentially requiring you to tidy up before vacating, YEG Home Buyers streamlines the process and handles all aspects, including clean-up, for your convenience.

Less Wiggle Room

Engaging with a professional buyer or a local Edmonton real estate agent allows for negotiation flexibility. Typically, a local representative facilitates mutually beneficial deals. In contrast, iBuyers present a non-negotiable offer. There is no room for further discussion. Should you express a desire to renegotiate, an iBuyer is likely to pursue other property sellers. At YEG Home Buyers, we prioritize collaboration with you to determine a fair price. Our aim is not to secure the lowest price for your property but to work alongside Edmonton homeowners individually to reach a mutually satisfactory agreement! We are dedicated to helping you achieve your selling objectives!

High Fees

While working with an agent typically incurs around 6% in commissions, partnering with an iBuyer can result in fees ranging from 7.5-11.5% of the sale price! For example, selling to an iBuyer for $200k could mean losing $23,000 in fees and expenses! Furthermore, the offer from an iBuyer may fall below the market value. To bypass agent fees entirely, selling to a private, professional buyer is the recommended route! Working with YEG Home Buyers ensures a fair price without the bureaucratic hurdles or additional costs.

In summary, the rise of iBuyers in the real estate market in Edmonton is causing confusion for homeowners. iBuyers lack personal touch, often making quick offers without understanding the unique circumstances of the property. They often present generic offers, which may not align with the property’s value. Local property experts, like YEG Home Buyers, have unmatched knowledge of the regional market and guarantee a fair price and flexible closing date. They also have less negotiation flexibility, as iBuyers present non-negotiable offers. Moreover, partnering with an iBuyer can result in high fees, ranging from 7.5-11.5% of the sale price. To avoid these pitfalls, it is recommended to work with a private, professional buyer, such as YEG Home Buyers, who ensures a fair price without bureaucratic hurdles or additional costs.

What To Do Instead

Opting for an iBuyer may seem like a quick fix for an aging or distressed property, but it comes with drawbacks. Despite the speed of the process, the financial returns are often diminished. Choosing a professional and local homebuyer is likely to yield greater financial benefits and save time. Our understanding of the local real estate landscape and property potential ensures a fair, bespoke offer tailored to your unique property in Edmonton!

Get in touch with us today to learn more about selling to an iBuyer in Edmonton!

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