iBuyLI.com is a traditional home-buying company in New York that purchases distressed properties quickly. When you sell your home to this cash buyer, you avoid repairs and close in just 7 days. But these savings come at a cost.
The only option is to settle for a property value that is 50% to 70% below fair market value. Moreover, there is hardly any scope to negotiate a better deal with iBuyLI.com.
Let’s look at iBuyLI.com reviews and alternatives to see if you can get a better deal for your home in Long Island.
Key Takeaways
- Pros: iBuyLI.com buys your house as-is for cash in just 7 days. So, you can avoid realtors and expensive repairs.
- Cons: There is limited coverage for iBuyLI.com, mainly around Long Island.
- Our Take: We don’t recommend iBuyLI.com as you won’t get top dollar for your property. Instead, list your home on a cash buyer marketplace like Houzeo to get 100% of your property’s Fair Market Value. Compare Houzeo vs. iBuyLI.com.
What is iBuyLI.com?
iBuyLI.com is a reputable home buying company in New York that purchases houses in any condition or situation, providing fast and hassle-free cash offers.
With hundreds of homes bought and sold across Long Island and surrounding areas, they offer a stress-free alternative to the traditional listing process. If you need to sell your house fast, iBuyLI.com will provide you with an offer within 24 hours, and you can pick the closing date that works for you.
What Types of Properties Does iBuyLI.com Purchase?
iBuyLI.com purchases all kinds of homes at a steep discount from distressed sellers. Some of these houses include:
- Inherited properties
- Homes with structural damages
- Rental properties with tiresome tenants
- Houses facing foreclosure
- Homes in high-crime neighborhoods
When compared to other cash home buyers, you may be robbed of a huge chunk of money with iBuyLI.com.
To avoid such a possibility, list on the MLS with a flat fee company like Houzeo and compare multiple offers from cash companies and iBuyers alike.
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👉 IMPORTANT: Review local housing sales data and determine the Fair Market Value of your property before requesting a cash offer from iBuyLI.com.
How Much Does iBuyLI.com Pay?
iBuyLI.com applies the 70% rule when extending offers for homes. According to this rule, iBuyLI.com will pay 70% of your property’s After Repair Value (ARV), excluding the repair costs.
They follow this simple formula when calculating their cash offer:
Maximum offer = ARV x 0.7 – Estimated Repair Costs
A iBuyLI.com representative will give you a preliminary cash offer. This is based on:
- The sale price of other homes in your locality.
- Local market data.
- In-depth property research.
The final offer is generally based on the result of the home inspection. iBuyLI.com deducts the repair costs, holding costs, estimated profit, etc., before giving you the offer.
For Example: Your house is worth $300,000 but needs $25,000 in repairs. You can expect a $185,000 cash offer from iBuyLI.com.
💸 Why Give Away Your Hard-Earned Equity? 💸
Houzeo is the fastest way to get on the MLS and get the best offers from multiple cash home buyers.
Start Your FREE Listing NOW!
iBuyLI.com vs. Houzeo
Selling to iBuyLI.com seems hassle-free. But you pay for this convenience by selling your home at a reduced price.
On the other hand, an MLS listing with Houzeo’s Gold plan equips you with advanced technology to call for the highest and best offers. You can also counter offers to help you get a deal closer to your expectations.
| iBuyLI.com | Houzeo | |
|---|---|---|
| Sale Price | 50% to 70% of FMV | Up to 100% of FMV |
| Customer Rating | No Credible Reviews Found | 4.9 stars (4,523 reviews) |
| Closing Timeline | 7-14 days | 2 to 60 days |
| Fees/Commissions | ❌ | $379 |
| Closing Costs | ❌ | 1% to 3% Closing Costs |
| Scope for Negotiation | ❌ | ✅ |
| Repair Costs | ❌ | ✅ |
» Houzeo Reviews: Still not convinced? Read what others have to say about Houzeo.
iBuyLI.com: Pros and Cons
iBuyLI.com is a convenient option for sellers who need cash fast. However, their pros and cons paint a clearer picture:
✅ iBuyLI.com Pros
Cash home buyers have certain advantages over traditional home-selling processes. Let’s see how iBuyLI.com matches up to these expectations.
- Buy As Is Houses: This “iBuyLI” company purchases homes as is. So, even if your property is facing foreclosure or needs heavy repairs, you will get a cash offer.
- Quick Closing: iBuyLI.com reviews say they close in as little as two weeks. However, their timeline is flexible, and they can close on a date suitable to you.
⛔ iBuyLI.com Cons
iBuyLI.com complaints reflect the following disadvantages of the company:
- Lowball Cash Offers: iBuyLI real estate investors view your house as an investment opportunity. So, your offer price may be much lower than the market price of your property.
- No Guidance from a Real Estate Agent: A realtor negotiates for your property on your behalf for a 3% commission. Without this representation, you may find it challenging to get top dollar for your property.
- Little to No Scope for Negotiation: With cash home buyers like iBuyLI.com, you don’t have room to negotiate your cash offer. If you still want to try your luck, ensure that you back your arguments with proof.
Best Alternatives to iBuyLI.com
Even if you want to sell your house fast for cash, look for some alternatives better than iBuyLI.com. We’ve listed three below:
- Houzeo: Houzeo is one of the best FSBO websites in America that lets you list your home on the MLS in just 24 to 48 hours. Here, multiple national and local cash home buyers make offers on your property, driving up its price. You can even get 100% of your home’s FMV.
- Opendoor: Opendoor is the largest iBuyer in America extending cash offers for homes needing minimal repairs. They generally pay 70% to 80% of your home’s FMV but deduct a 5% service fee, closing costs, and repair costs from the offer.
- HomeVestors: HomeVestors is a cash home buyer franchise offering 50% to 70% of the home’s FMV. However, they may deduct repair costs at closing. Further, since each office is independently owned, you won’t get consistent service across the country.
“We Buy Houses for Cash” Companies Near Me
There are other “We Buy Houses As Is” companies in the market. You can request an offer from multiple cash companies and pick the one that suits you the best.
Frequently Asked Questions About iBuyLI.com
Is ibuyli.com Legit?
Yes, ibuyli.com is a legitimate company. As one of the top cash home buyers in Long Island, NY, it has bought and sold hundreds of properties.
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