Abodewell joins the growing list of iBuyer companies. But how does it compare? Read on to learn how Abodewell differentiates itself and the pros and cons of deciding to sell your home to an iBuyer.
Providing sellers with an alternative to the traditional selling process, Abodewell is an iBuyer that utilizes technology to make a fast, all-cash offer on your home, allowing you to bypass the hassles of a traditional sale like staging your home or making repairs.
However, the speed and convenience Abodewell offers comes at a price. You’ll be charged service fees that can be significantly more than what you would typically pay in realtor commissions.
If you need to sell quickly, Abodewell can be a good option. However, before you make your final decision, it’s worth exploring all the options available to you.
Reach out to connect with a real estate expert who can help you navigate all your options so you walk away with the best outcome possible. The consultation is free and there’s no obligation — your home is too valuable to accept the first lowball offer that comes your way.
To help you decide on the best way to sell your home, here’s everything you need to know about selling your home to Abodewell.
What is Abodewell?
Abodewell is part of new growing trend in the real estate industry — iBuyers. iBuyers, short for "instant buyer," utilize emerging technology to bring the home selling process almost entirely online, allowing sellers to skip a lot of the major hassles of a traditional sale such as cleaning and staging your home, hosting open houses, making repairs, and negotiating with buyers.
To sell your home with Abodewell you simply request a free, non-binding offer by sending in information about your home and answering a few questions. Using its own sophisticated software, Abodewell takes into account any home improvements, data from local sales, neighborhood trends, and other market indicators, to make an offer within 24 hours.
If you accept their offer, Abodewell arranges a home inspection to determine the condition of your home and any necessary repairs — which you can fix yourself or have deducted from the total sales price. After a final walkthrough, you’ll close on your selected date which can be any time between 10-60 days after accepting the offer.
Abodewell presents an appealing option for sellers, however, the speed and convenience they offer comes at a cost. Abodewell meets their bottom line by charging a service fee between 7-10%, with the average being 7.1%.
How is Abodewell different than Amne?
The simple answer is that there is no difference. The company changed their name to Abodewell from the original company name, Amne.
Aside from changing the name, the company is still the same and offers the same services.
How to Sell Your Home to Abodewell
Abodewell’s selling process is relatively straightforward and simple. To know exactly what to expect, here’s a general overview of the steps you’ll take to sell to Abodewell.
1. Request a free offer by sending in your home’s information including any home improvements you’ve made that add value to your home. You’ll also answer a few additional questions about your home.
2. If your home meets Abodewell’s criteria, they will value your home using its own proprietary software and make an offer within 24 hours.
3. Once you accept its offer, Abodewell will set up a home inspection to assess your home’s condition and determine any major needed repairs. You can decide to either fix the repairs yourself or let Abodewell handle the repairs and deduct the cost from the final sales price.
4. After a final walkthrough to ensure the home is empty and in proper condition you’ll close on the sale. You choose your own closing date which can be between 10-60 days.
5. At closing, Abodewell will transfer the payment for your home.
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Pros of Selling to Abodewell
- You’ll sell your home quickly.
- You have certainty. You don’t have to worry about finding a legitimate buyer or that the buyer will back out of the sale at the last minute due to financing falling through.
- Skip the stress and cost of prepping, staging, and hosting open houses.
- You don’t have to worry about fixing repairs (though you’ll still be responsible for the cost).
- You have flexibility with your closing date. You can choose a date between 10-60 days after accepting the offer.
Cons of Selling to Abodewell
- While Abodewell’s offer may be close to fair market value, you could probably get better offers on the open market.
- You’ll be charged high service fees. Abodewell charges, on average, a 7.1% service fee though that percentage could increase depending on your market.
- There’s no room for negotiations. You either accept their terms or walk away from the deal. Unlike a traditional sale, you’re not able to negotiate the offer price or repair costs.
- In addition to a service fee, you’ll also be on the hook for closing costs, repair costs, and a 3% commission if you decide to work with an agent.
- Abodewell has limited availability, operating in only one location: Update in Cosmic.
Abodewell: Key Considerations for Sellers
Types of Homes Abodewell Buys
Abodewell has strict requirements when it comes to the type of homes they’ll accept. Homes must be built after 1960, on a lot no larger than ¾ of an acre, valued between $125,000 and $500,000, and must be in good condition with few needed repairs.
If your home has significant foundation issues, requires extensive repairs, is in foreclosure, in a flood zone, or more specifically has polybutylene plumbing or masonite woodruff roofs, Abodewell won’t consider purchasing your home.
Service Fees and Additional Costs
Following the typical iBuyer business model, Abodewell charges service fees. On average you’ll pay a 7.1% service fee though that percentage may be higher depending on your home and your market.
On top of your service fee, you’ll also need to pay for standard closing costs which typically tacks on an additional 1% to 3%. Your closing costs will cover HOA fees, transfer taxes, escrow fees, prorated property taxes, utilities, and title insurance.
You’ll also be responsible for any repair costs whether you pay out of pocket or have the expenses deducted from your final payment. And if you decide to work with an agent to sell your home, you’ll also be on the hook for a 3% realtor fee.
Lost Equity
If your home is in good condition, you’ll almost always get higher offers on the open market than when selling to a cash buyer. This allows you to save more of your equity.
And even among iBuyers, the amount you walk away with will vary. While Abodewell asserts their offers are close to fair market value, bigger, more well-established iBuyers like Opendoor are able to give better offers.
Because iBuyer valuations can vary drastically it’s important to compare and evaluate all your options and request free offers from each iBuyer in your area. Once you have all the information, then you can make an informed decision.
Abodewell Reviews
As of February 15, 2021, Abodewell's average customer rating is 4.3/5 based on 29 reviews.
- Google: 3.7/5 (12 reviews)
- reviews.io: 4.71/5 (14 reviews)
- Zillow: 5/5 (3 reviews)
Choosing the Best Way to Sell Your Home
The best way to sell your home depends entirely on your own unique situation and needs.
If you need to sell your home fast and are willing to pay high service fees and lose some of your home’s equity, then working with an Abodewell may be a good option. However, if selling for the best price possible is your main priority, selling on the open market may be for you.
To help you decide the best way to sell your home, you’ll want to consider all alternatives available to you and discuss the pros and cons with a licensed professional.
Reach out to set up a free, no-obligation consultation with a real estate expert to learn the best way to sell your home.