Selling home to Opendoor (Leonard, Leona: real estate, broker, house)

[nitynity]

What are the pros and cons of selling your home to opendoor? Will you get a better deal through opendoor than having to go through the process of finding a realtor and listing it in the market?

[escanlan]

Originally Posted by nitynity

What are the pros and cons of selling your home to opendoor? Will you get a better deal through opendoor than having to go through the process of finding a realtor and listing it in the market?

Are you selling your home now?

[Leonard123]

I doubt it from what I've been told. They lowball the offers about $100K less than market value, and they charge hefty hidden fees. The real estate agents I talked to don't even show Opendoor properties as they're just as bad on the sell side.

I suggest finding a good real estate agent. They can sometimes get in touch with investors who may want to buy the home without the need for you to put it on the market.

I've not heard as much negativity about Offerpad, and you could try them, but I would suggest talking to a few real estate agents and asking if they have some ideas first.

[Rakin]

Originally Posted by Leonard123

I doubt it from what I've been told. They lowball the offers about $100K less than market value, and they charge hefty hidden fees. The real estate agents I talked to don't even show Opendoor properties as they're just as bad on the sell side.

I suggest finding a good real estate agent. They can sometimes get in touch with investors who may want to buy the home without the need for you to put it on the market.

I've not heard as much negativity about Offerpad, and you could try them, but I would suggest talking to a few real estate agents and asking if they have some ideas first.

They are about 2 steps from going Bankrupt and had been way overpaying for their properties. They have changed and I would suspect they extremely lowball offers. They are nothing but the worst kind of Home Flipper putting the bare minimum into mostly bad homes and trying to flip. Most agents don't like showing these bad flipper type homes, the quality of any work is very low and prices can be way too high.

Offerpad is in even worse financial shape. They are close to being delisted from the NYSE.

[ThomasCrown]

We know a couple who sold a home with them, they were happy with their offer, it listed competitively and the home sold within 2-3 months. This was back in 2018 however. Whether they would have made more selling the traditional way is anyone's guess.

[nitynity]

Originally Posted by escanlan

Are you selling your home now?

No. I keep getting their brochures on mail and curious if they are legit. Did some research and turned out they are flippers like others posted here.

[Capitalprophets]

If you want to sell quick, OpenDoor or Redfin might be the place to go but understand you will get lowballed by about 20-30% of your home value.

[escanlan]

Originally Posted by nitynity

No. I keep getting their brochures on mail and curious if they are legit. Did some research and turned out they are flippers like others posted here.

Those type operations generally are flippers of one sort or another with OD being one. They all will make it sound like they are so benevolent but will wind up being nothing more than a headache!


Another problem you have with those types as opposed to using a licensed Real Estate Salesperson or Broker is no real oversight over their actions by a licensing agency (Texas Real Estate Commission).

[numbersguy100]

Originally Posted by nitynity

What are the pros and cons of selling your home to opendoor? Will you get a better deal through opendoor than having to go through the process of finding a realtor and listing it in the market?

Flippers and iBuyers like Opendoor are going to lowball you for your home relative to where a traditional realtor will likely market and sell your home. Having said this, if your home has a lot of annoying problems you don't want to fix before you sell, or if you really and truly can't stand the idea of going through showings, having house on the market, etc then the low offer they give you could be appealing.

I wouldn't advocate using them though. If your house needs repairs before you sell, hire a handyman. Now that the construction market has cooled, they aren't nearly as busy as they used to be and are willing to tackle smaller jobs for reasonable prices.

[Rakin]

Originally Posted by Capitalprophets

If you want to sell quick, OpenDoor or Redfin might be the place to go but understand you will get lowballed by about 20-30% of your home value.

Redfin like Zillow shutdown their home flipping / buying business last year before it put them out of business. They like the others were losing a fortune.