The recent explosion of the iBuyers such as Offerpad, Knock, and Opendoor is exciting to watch and certainly fun to be a part of. The change in the buying process has sent some agents into a tizzy thinking they’ll go the way of the travel agent. Most experts say that even in the best of circumstances, they’ll only account for 10% market share. There’s plenty of business for everyone.
Our experience as one of the preferred iBuyer home inspection companies has been quite favorable but caution should be exercised. Some iBuyers have chosen to take their home inspection process in-house and use their own employees to perform the inspection on the homes they are considering purchasing. Digging a little deeper into the process, this may be much like the fox watching the hen house. The iBuyers use the inspection as a negotiating component of the transaction. Does it make sense that the company proposing to buy your home would also do the inspection on the property to determine how they would like to adjust the value?
Our experience with all of the iBuyers in Georgia, North Carolina, and South Carolina home inspections has been favorable, though we are only working with a select few. For the iBuyers that decide to use their in-house inspection company, the results may not be the same. For that reason that we suggest any homeowners choosing to work with iBuyers to do their homework. If the company you’re working with does not use an independent third-party home inspection to complete the valuation of you home, your best course is to hire your own independent home inspection company.
If we can help you navigate these waters, please let us know. Click here to contact us and let us know what questions you might have.