The True Costs of Selling Your Florida House To An iBuyer

Contrary to what sellers may assume, getting iBuyers to purchase your house may not be the ideal route. Even if you’re hard-pressed to sell your house and want to avoid dealing with a real estate agent, an iBuyer may not be the answer. 

The question you may be asking: What is iBuying? 

An iBuyer is a large company that uses technology to make an offer on your home instantly. Because of this, it may appear to be the fastest way for sellers to sell their home. However, unbeknownst to the seller, there may be costs the iBuyer is not disclosing which could run up to thousands of dollars. All the more reason why it’s important for you to know what it really costs to sell your house in Florida to an iBuyer. Alternatively, you may want to look into some other options – check out our Get Cash Today page to get an estimate of what we are willing to pay for your home.

Hidden Expenses

Unscrupulous iBuyers may offer tempting prices to sellers with an added contingency which is usually presented as part of the standard procedure in real estate transactions. Naturally, this contingency is favorable to them, and it usually makes the seller responsible for repairs the iBuyer deems necessary. Often, what is deemed necessary is not specified in detail. iBuyers can be very picky about the kind of properties they buy while seeking  to remove the cost of repairs and place it firmly on your shoulders. 

In most cases, iBuyers ensure that the seller accepts the offer before disclosing actual costs. The offer tends to be reduced considerably during the transaction. On top of that, many of the fees you may be responsible for, such as closing costs, are well hidden when you’re selling your Florida house to an iBuyer.

Time

While the carrots of quick closings are dangled, it is highly likely that the contract the seller signs is rigged with contingencies. This tactic may involve  repairs the iBuyer knows will delay closing. An iBuyer can do damage to your financial and personal life and willfully show a lack of desire to protect your interest in walking away with a solid deal. 

If by chance you decide to sell your house to an iBuyer, make sure you do your detective work before you put your signature on the dotted line. The time you’ll lose with an iBuyer is something you’ll never get back. This is yet one more cost of selling your Florida house to an iBuyer.

Holding Costs

Depending on the reason you want to sell your property, you may find your resources dwindling rapidly, especially if you made plans and commitments based on misinformation. If the reason you are moving is that you lost your job or some other circumstance that requires you to move before closing, you may find yourself holding two properties and repair bills, and struggling to keep up with expenses until the terms of the contract you signed are fully satisfied. No one should be expected to carry such a load on a tight budget. So, take this into consideration when you’re exploring what selling your Florida house to an iBuyer truly costs.

High Commissions

In addition to a bunch of miscellaneous expenses that the iBuyers may attempt to hide by calling them ‘fees’, uninformed sellers will also pay a higher commission than real estate agents charge in exchange for the supposed convenience offered by the iBuyer. iBuyers usually incorporate expenses traditional real estate buyers will never include in the contract. For instance, you may be charged fees that are a percentage of the purchase price. So even when their offer price may appear higher than other offers, the higher price increases the fees. Not knowing how much the actual expenses are before the closing date can be disappointing when you realize that an enormous financial blunder has been made. It can be an unpleasant and devastating experience.

When you take your time to understand everything about iBuyers, you will thank yourself for doing so in the long run. Take your time and educate yourself about the tricks iBuyers use. After all, by being forewarned and knowing all the costs and expenses, it will be easy to calculate the “real cost” when selling your Florida house to an iBuyer.

An iBuyer’s hidden fees, stipulated repair costs, and exorbitant commissions can reduce your bottom line. What motivates iBuyers is profit. As a result, they will not take responsibility for any issues their contract may cause or how long it may take before the sale is resolved. They can just get another unwitting seller to buy from. 

At House Heroes, we are more than happy to answer all your questions about what it really costs to sell your house in Florida to an iBuyer.  We don’t want to see you get stuck with having to figure out how you’ll get the extra funds or pay the holding costs while you wait for closing. We know there’s another option for you to sell your home as fast as possible with a stable offer and a definite closing date. 

House Heroes is dedicated to helping sellers meet their immediate and future goals as well as their specific needs. 

• We don’t charge any fees or commissions. 
• We always buy properties as is and don’t ask sellers to make repairs.
• We pay closing costs so there’s no worry about hidden closing fees.

We may not be local to every market in which we buy, but we maintain local partnerships and connections which provide us useful knowledge of various markets. We take the time to listen to sellers because our main aim is to help people. Just send us a message or call (954) 676-1846 today and we will help you achieve the deal you need!