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Thursday, January 4, 2018

Instant Offers

"Instant Offers" - the latest real estate rage! But are they good for you?

In my opinion, NO. And I say that not as a real estate agent but as a person who has bought and sold homes and investment property of my own (even before getting into the real estate business). The purveyors of the concept are on a campaign to convince folks that professionals are either not necessary or can be reduced to a lesser participation. The pitch is that there is an opportunity to save you from high real estate fees. People who try FSBO (for sale by owner) once thought that too - yet close to 90% find it to be a bad idea and hire a professional to get the job done. Would you want to gamble on what may be your largest single investment? Do you think it is a good idea to be a DIY doctor? lawyer? accountant? - how about firefighter? (hmmm - is there an app for putting out fires?) How about all the "fires" that may result from purchasing real estate?

Who could benefit from instant offers? At the top of the list would be Investors. What a great concept for paying less than a professionally handled listing may cost. Investors (who, unless they are just starting - have the advantage of knowing how to "invest" and turn a profit - your profit). Next on the list would be the stressed property owner who has an absolute need to get rid of a property sooner rather than later. Of course, your real estate professional is likely to be able to help there too!

I suppose "Instant Offers' platforms could become the eBay for homes. Then again, I have already seen homes for sale on eBay. That did not seem to catch on and maybe folks just agree that professionals do it better!