The Downside of Selling Your Home with an iBuyer

You can skip the open houses, preparation and haggling. But you'll risk getting less money.

(Image credit: Getty Images)

 

Let’s be blunt. The traditional way of selling your home is a pain, what with preparing it to look its best, hiring an agent, showing it, negotiating with buyers and starting over when deals fall through. There is an easier way. You can ask so-called iBuyers—the “i” stands for instant—to buy your house for cash, eliminating hassle and uncertainty. If you accept an iBuyer’s offer, you won’t need to hire contractors for updating or repairs, stage the house, keep it clean for the duration or leave for showings and open houses. You can shop confidently for your next home, with cash in hand and no contingency for the sale of your previous one. But you’ll pay a price for the convenience.

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Patricia Mertz Esswein
Contributing Writer, Kiplinger's Personal Finance
Esswein joined Kiplinger in May 1984 as director of special publications and managing editor of Kiplinger Books. In 2004, she began covering real estate for Kiplinger's Personal Finance, writing about the housing market, buying and selling a home, getting a mortgage, and home improvement. Prior to joining Kiplinger, Esswein wrote and edited for Empire Sports, a monthly magazine covering sports and recreation in upstate New York. She holds a BA degree from Gustavus Adolphus College, in St. Peter, Minn., and an MA in magazine journalism from the S.I. Newhouse School at Syracuse University.