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I didn't say you personally were mad about it, but I wouldn't blame you if you were, because opendoor is buying up houses like crazy in your area. And there certainly are people who are mad about it because it takes away from realtors who otherwise would have made that sale.
Maybe there are ibuyer flippers who only buy trash houses, but like I said, that is an oxymoron when referring to my experience with opendoor. I have no opinion about the other companies you mentioned because I have never dealt with them as a seller.
I really wish other people who have sold to opendoor would post how it went for them.
I've seen reviews with it being a mixed bag on experience. The one thing we'll never know is how much you'd have sold for if you listed. I suspect you would have netted little more listing the house, but you paid for convenience and it was worth it to you. No anger here. The iBuyer is still a very small piece of the market and it's not for most sellers.
These flippers really cost me nothing but time. I may have to show buyers a couple of squalid iFlips before they realize what is going on.
Your experience is a much smaller sample size than mine.
But, a real estate agent who cannot make it due to OpenDoor, Zillow, or Offerpad, etc, needs to rethink their mission in life.
If they can't find clients who need good service because of iFlipper volume, they otherwise would find some other excuse for failure if iFlippers didn't exist.
"IFlippers" and "iFlips." Not as pointed, but less redundancy?
If you've never sold your home to opendoor, and I've never been a realtor, I don't think we can really compare experiences.
I felt a little bad because we had planned on using the same realtor we bought the house with but, honestly, it was so easy and a lot less stressful than selling the traditional way and I'm sure we wouldn't have made as large of a profit if we had gone the traditional route.
If you've never sold your home to opendoor, and I've never been a realtor, I don't think we can really compare experiences.
I felt a little bad because we had planned on using the same realtor we bought the house with but, honestly, it was so easy and a lot less stressful than selling the traditional way and I'm sure we wouldn't have made as large of a profit if we had gone the traditional route.
I suspect you'd have made more, not less, had you gone the traditional way but there is not way to tell for certain. With an iBuyer, you get convenience.
I've seen reviews with it being a mixed bag on experience. The one thing we'll never know is how much you'd have sold for if you listed. I suspect you would have netted little more listing the house, but you paid for convenience and it was worth it to you. No anger here. The iBuyer is still a very small piece of the market and it's not for most sellers.
We don't think we would have if we went traditional. All in for under 6.5%. Didn't have to deal with inspection negotiations, appraisals, buyer asking us for to pay closing cost and points, all the negotiating back and forth for every little thing. Anyway, we are happy with how it all turned out so that's really what matters most.
If you've never sold your home to opendoor, and I've never been a realtor, I don't think we can really compare experiences.
I felt a little bad because we had planned on using the same realtor we bought the house with but, honestly, it was so easy and a lot less stressful than selling the traditional way and I'm sure we wouldn't have made as large of a profit if we had gone the traditional route.
I support people who want to sell to iFlippers, whether for convenience or other reasons.
But, I know trashed houses when I see them, and I guarantee you iFlippers buy and sell tons of them.
I have clients who refuse to see more of them.
Yes, my experience is not the same as yours. But, it is accurately presented in my posts.
Thread topic: "Arms Race to Buy Everything."
"Everything" includes a lot of squalor with lipstick on it.
I support people who want to sell to iFlippers, whether for convenience or other reasons.
But, I know trashed houses when I see them, and I guarantee you iFlippers buy and sell tons of them.
I have clients who refuse to see more of them.
Yes, my experience is not the same as yours. But, it is accurately presented in my posts.
Thread topic: "Arms Race to Buy Everything."
"Everything" includes a lot of squalor with lipstick on it.
You keep talking about trashed homes. I'm talking about move in ready. And yes, both fall under everything in the title of this post. I'm wondering if you think every house purchased buy an Instantbuyer, like opendoor, is a trashed house that is going to be flipped.
I will be interested in seeing what happens to the house. I will try to remember to come back and update if it resells or becomes a rental. One of my best friends said he hasn't seen anyone at the house since we closed. Same with the house down the block that opendoor bought a month before ours.
We don't think we would have if we went traditional. All in for under 6.5%. Didn't have to deal with inspection negotiations, appraisals, buyer asking us for to pay closing cost and points, all the negotiating back and forth for every little thing. Anyway, we are happy with how it all turned out so that's really what matters most.
You keep talking about what you paid, which is 6.5%. I'm talking about what you net instead of what you paid, and you probably net more because if you had listed on the market chances are an owner occupant would have paid a higher price. It's important to distinguish the difference because most people care more about what they get than what they pay. FWIW, in the last 12-18 months it's multiple offers, no closing costs, etc so many of my clients are around 6.5% range as well. The fact you avoid the appraisal is nice, as those are tough right now.
I'm not trying to change your mind and I'm glad you were happy. I'm just making sure that facts are clear for other people considering an iBuyer. You will usually net less, but the convenience factor is usually far greater.
Just be prepared to move out very quickly. We had to pack, find movers for an out of state move, get storage units, transport 2 car's, 2 motorcycles, sell another car and I had to find a short term lease that took multiple pets (lucky as hell to find one in less then 30 days tho I'm paying a ridiculous rent) until I can get back in a house that has renters in it here.
I'm still in shock that we actually managed to do it all.
VabeachgirlNYC, thanks for sharing your selling experience, and I have a few questions if you have the time. When you say to be prepared to move out quickly, can you tell me how quickly exactly? I'm assuming someone came into the house to check things out before making you an offer? How long did the whole process take from the time you called them to the time you had to leave?
We're seriously thinking about trying for a Zillow offer. My husband is physically unable to do anything to the house, and he does not want the hassle of going the traditional route of selling. I'm doing as much as I can to make the place pristine, but I can't handle things like painting high ceilings. It is worth it to us to have a quick and easy sale even if we have to take a little less. Hopefully we would be like you and get a great offer that we would be happy with accepting.
You keep talking about what you paid, which is 6.5%. I'm talking about what you net instead of what you paid, and you probably net more because if you had listed on the market chances are an owner occupant would have paid a higher price. It's important to distinguish the difference because most people care more about what they get than what they pay. FWIW, in the last 12-18 months it's multiple offers, no closing costs, etc so many of my clients are around 6.5% range as well. The fact you avoid the appraisal is nice, as those are tough right now.
I'm not trying to change your mind and I'm glad you were happy. I'm just making sure that facts are clear for other people considering an iBuyer.You will usually net less, but the convenience factor is usually far greater.
Because someone assumed people pay an up 12% fee. I said we did not. You asked if I would be willing to share that info. I did answer, using your example of what my net was per 100k, in a previous reply to you.
I'm not sure what else you are asking me for? The difference between what we bought the house for compared to sale price 7 years later? I'm sure you can understand that I don't feel comfortable sharing the actual sale price for privacy reasons.
Also, even though we never saw our house show up as for sale on any search engine, after opendoor made the offer, we started getting offers from other ibuyers as well as local realtors.
You seem convince that people receive less selling this way. I doubt selling to an individual would have netted us a higher profit. I would think the cpr, attorney, and commission fee's alone would have been more. Especially if it was for a buyer using a VA loan. We can agree to disagree on this.
The facts are very clear here. We sold to opendoor and I have been more than willing to share our very recent experience. I don't know the facts of anyone else who personally sold to opendoor. Though I did know the neighbors who also sold to opendoor, we did not discuss their details, I only know how much they sold it for.
I will admit am very curious as to what will happen with the house, either resale or rented.
You keep talking about trashed homes. I'm talking about move in ready. And yes, both fall under everything in the title of this post. I'm wondering if you think every house purchased buy an Instantbuyer, like opendoor, is a trashed house that is going to be flipped.
I will be interested in seeing what happens to the house. I will try to remember to come back and update if it resells or becomes a rental. One of my best friends said he hasn't seen anyone at the house since we closed. Same with the house down the block that opendoor bought a month before ours.
I'm uncertain how you can be confused by my posts on the topic.
I have been in dozens of iFlipper houses for sale. How many have you been in?
One of the best comments I have made to clients, "This is one of the better xyz flips I have seen." That always gets raised eyebrows, because the iFlipper inventory tends toward junk.
Windows so fogged, you cannot see through them, and no repairs disclaimed.
Water stains on the ceilings under the toilet upstairs.
Crud.
Decks ready to fall off with 5 boards replaced.
Lipstick work that doesn't match the rest of the pig. Stupid ugly carpet (if they replaced the old stuff) that clashes with all paint, cabinets, woodwork.
One, I took photos of just ungodly terrible repairs and unrepaired items and sent to the agent for the iFlipper. Reply: "We had our crew out there to make repairs and hope your buyers are going to write an offer." IOW: "It is what it is."
The last one, the fasica board was rotten enough, you could see from the street that the gutter was hanging off for about 4'.
I asked the buyer, "Do you think you could live here long enough to ever feel like you had the house clean?"
"Nope." It was a pig pen. 2 dead roaches on the kitchen floor, crud in all nooks and crannies.
And the crawlspace swamp would have been a dealbreaker on its own, except we had already seen enough.
The one before that that we couldn't get into needed about 1/3 of the siding replaced.
The iFlippers have to carry inventory like this while trying to attain routine profitability. A couple of big losers can easily eat the profits from several winners.
Yes, I keep "talking" about my experiences with iFlipper inventory, which I believe are more extensive than yours with iFlippers. They are what they are, and the facts are supported by other agents and consumers.
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