Blog > What you Need to know about Zillow Instant Offer and other iBuyers

What you Need to know about Zillow Instant Offer and other iBuyers

by harvsingh-chime-meAugust 06, 2019

You may have seen the ads ” We pay cash for your home” “Sell your home the minute you are ready to Sell” “Avoid the hassle of showings and paying an Agent” all of these tag lines sound intriguing, but what is the reality of so called iBuyers?  One of the biggest names in the game; Zillow is coming to Colorado Springs with Zillow Instant Offer so we decided to look into this new player in town and here is what we discovered:

  • Expect to pay more for the convenience. The average Realtor fee is 6%, the average for i Buyers is 7% or higher, which seriously cuts into profits. Homeowners are found to pay more than 10% in fees.
  • Zillow does offer CMA (comparative market analysis) , but other i Buyers such as Opendoor and Offerpad do not, most pay well below market value for the homes they buy.
  • Repairs are taken care of, but they subtract them from your offer. Rocky Peak Homes has dedicated and vetted professionals that we work with to ensure our clients  get the best value. The iBuyers do not have the same vested interest in you.
  • This way of selling also cuts out possible multiple offers scenarios, which could cut  into increased profits for you.
  • We understand that hardships do occur, but your best bet is to use an experienced, local agent. They understand your local market, can offer you discounts (which iBuyers do not) Rocky Peak Homes has many discount programs that can help you in a tough situation and we know local contractors and home professionals who can offer repairs at a reasonable price. Sellers need a person, not a website. We live and work in the community and we have a vested interest in your well being and satisfaction.
  • Do your due diligence  and research these companies and read All independent reviews of these services.  Bottom line is that you should almost expect a lower sale price for the convenience.

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Harv Singh

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