The Cost of Selling to Ibuyers, Part 2.
More info on iBuyers has become available. Typically they offer 90 to 96% of fair market value. They use their own contracts, NOT the seller friendly Arizona Assoc. of Realtors form, so you will lose many important rights . As a result they can demand seller repairs late in the game – sometimes only 3 to 5 days prior to the close of escrow. By that time sellers have moved on and often moved out, placing them in an impossible position – because if they refuse the iBuyer will cancel the sale. Repair requests are typically in the range of $7,000 to10,000, regardless of sales price – but can be much more. And don’t forget those “service fees”, which range from 5 to 13% of the purchase price. Never forget that unlike the ordinary buyer, iBuyers are a business looking to make a profit.