John Gafford, broker-owner of Las Vegas-based Simply Vegas Real Estate, is alarmed.
IBuyers, companies that use technology to quickly buy and resell homes, he alleges, are bilking homeowners left and right.
“Here’s the deal: 60 percent of the American population has no other wealth than equity in their house,” he said, speaking onstage at Inman Connect Las Vegas.
Robin Smith, a team leader with a Las Vegas Keller Williams brokerage, told the Connect audience that she has integrated iBuyers into her business. IBuyers were winning away some sellers who wanted to buy new homes from homebuilders.
Now, when she connects with such customers, she presents them with a bunch of bids from cash buyers. Those might include offers from Opendoor, Offerpad and Zillow, the biggest iBuyers. But they also can include bids from other investors that she has relationships with.
Sellers also, of course, see what she thinks she could net sellers by listing their home on the open market. Watch the full video above for more of the iBuyer debate.
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