iBuyers work but aren’t local, won’t listen to you. Agents can work but will cost a lot, Local buyers, specifically TM Listings will pay you a great price on your Minneapolis property. We’re your neighbors, we’ll walk you step-by-step through the process and working together with us at TM Listings will make the process quick, painless, and easy!
iBuyers, Agents, and Local Buyers – Understanding The Differences When Selling Your House in Minneapolis
iBuyers are companies that buy and sell real estate through a technology platform to work directly with homeowners and buyers. These companies aren’t local and do business on a large scale basis and sellers often find that they aren’t being listened to when it comes to their individual questions and concerns. They are looking for properties all over the country in very good condition with minimal or no repairs needed. If the property does need repair, they will often offer way less for the house, or require the seller to make the repairs before closing, in order to avoid extra risk. iBuyers are focused on high volume and less profit per unit. Working with an iBuyer is a very cut and dry process; they have standard procedures for acquiring properties and are usually not willing to break the mold. Their approach can be impersonal and can cause you to sacrifice on price.
Using a Real Estate Agent
Agents are paid based on a percentage of the sale price of your house, there are often other fees and costs associated with selling through a standard real estate agent. When using a real estate agent, the buyer’s agent will almost always order an inspection of the property. If they find something wrong with the property structure, they may require you to fix it out of pocket before the property closes. There are frustrating, middle-of-dinner phone calls asking if you are available to show your house. It will also be necessary to leave your house spotless every day before heading to work, just in case there is a showing while you’re gone. Traditional house purchases usually require qualifications from banks, mortgage underwriting time, property inspection and the buyer may not end up qualifying in the end.
Local buyers typically do not charge commission or transaction fees, and if they do, it is extremely low in comparison. By avoiding a real estate agent, there will be no commissions paid to a buyer’s or seller’s agent. That means potentially thousands of dollars in savings! Local buyers that do not use real estate agents are usually investors. Working with these buyers will have aspects of iBuyers and buyers with real estate agents as well.
They tend to make all-cash offers with quick acceptance time frames but have inspection tendencies like local buyers that work with real estate agents. They will most likely hire an inspector and request a price reduction for repairs needed. Some investors may need some time to inspect the property or to secure financing.
The local buyers will tend to close quickly since they are not waiting for financing. Real estate investors and other direct house buyers typically have a network of other house buyers, so if your property doesn’t fit their portfolio, then it may fit one of their colleagues’ portfolios. Either way, this means very limited waiting time for an offer.
Also, when you sell your house in Minneapolis, MN to house buyers, they will typically close faster than traditional house buyers, and usually pay full in cash.
By selling your house in Minneapolis, MN to us at TM Listings, you will not have to worry about wasting your valuable time or going through a roller coaster of emotions. As local buyers, we have time to stop and listen to your individual needs.