Are you currently trying to sell your home in Tampa? If so, you may be experiencing difficulties due to the suspension of iBuyer programs, such as Redfin, Zillow, and Opendoor. This can be extremely frustrating, especially amid the COVID-19 outbreak in which many people are facing financial setbacks.
In this brief article, we discuss the reasons behind the suspension of these iBuyer programs and the options available for you to proceed with the sale of your home. If you need to close a deal quickly with a trusted and experienced buyer, contact Ethical Home Buyers. We buy your house in Tampa, regardless of condition or location.
According to an article published by MarketWatch, a number of iBuyer companies have suspended their home-buying services. Redfin Corp, for example, made an 8-K filing to the Securities and Exchange Commission (SEC) and temporarily paused all home offers as of March 18, 2020. Redfin CEO Glenn Kelman cited concerns, such as an inability to give homeowners the option of an instant offer when they cannot guarantee what is constituted as a fair price during a pandemic. Other iBuyer giants, such as Zillow, have suspended their home-buying activity due to government restrictions on local real estate activities in an effort to preserve their company’s capital.
Analysts have noted that this trend is most likely due to the fact that the iBuying process is capital intensive in a time when everyone is concerned with liquidity, or cash. Not only will costs arise from companies off-loading homes from their balance sheet, but there’s also a significant risk for smaller returns when home prices drop in the future.
The iBuyer or instant home buying programs that do come through in these difficult times will likely face a more receptive audience for homeowners that need to offload their properties as quickly as possible. Companies that utilize the iBuyer model, or an instant home selling model like Ethical Home Buyers, are particularly useful amid the COVID-19 outbreak when physical open houses and tours can’t be conducted. Additionally, the homeowner does not have to carry the burden of making renovations or improvements to the home when they may be facing financial challenges.
If you are concerned with how you will sell your home amidst the COVID-19 outbreak, your best option is the team of professional, real estate buyers at Ethical Home Buyers. We offer the same convenience of selling your home quickly regardless of condition, without any of the fees or commission associated with iBuyers or traditional home buyers. In times like these, when many are worried about their financial situation, we can make you a cash offer in seven days or less.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.