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Old 01-10-2023, 06:48 PM
 
Location: Columbia, SC
10,903 posts, read 21,860,850 times
Reputation: 10534

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Quote:
Originally Posted by TimAZ View Post
Our house had two rooftop gas pack units, the $30k was on the lower end of four quotes. The RE agents are competing with new construction, so buyers expect updated bathroom fixtures and finishes. One agent told us that dated will eventually sell, but it has to look perfect.

We decided our time was worth more than an extra 10-15%.
Hey, I'm glad it worked out for you. Even though I'm responding to your post, this comment is more a reply for the readers. You don't have to do repairs for an agent. Any good agent should do a walkthrough and give you an AS-IS price and suggest renovations where you can generate an ROI and give you a projected ROI so you can decide what you want to do. If you're selling a house and an agent can't do that for you interview a few more.

And yes, there are lots of mediocre agents out there that can't do this. All agents do the same job but some do it better and know more than others. Just like all lawyers are lawyers but not all lawyers are created equal. If I'm on trial for something with some serious jail time I wouldn't take just any old lawyer repping me. Y'all should be more particular about who you hire to help you sell/buy a house.
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Old 01-11-2023, 11:30 AM
 
51,587 posts, read 25,525,472 times
Reputation: 37775
Quote:
Originally Posted by Brandon Hoffman View Post
Hey, I'm glad it worked out for you. Even though I'm responding to your post, this comment is more a reply for the readers. You don't have to do repairs for an agent. Any good agent should do a walkthrough and give you an AS-IS price and suggest renovations where you can generate an ROI and give you a projected ROI so you can decide what you want to do. If you're selling a house and an agent can't do that for you interview a few more.

And yes, there are lots of mediocre agents out there that can't do this. All agents do the same job but some do it better and know more than others. Just like all lawyers are lawyers but not all lawyers are created equal. If I'm on trial for something with some serious jail time I wouldn't take just any old lawyer repping me. Y'all should be more particular about who you hire to help you sell/buy a house.

I'm lucky if I find an agent with a list of dependable contractors, let alone one that knows what the ROI is for various renovations.
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Old 02-04-2023, 07:59 PM
 
Location: Massachusetts
9,498 posts, read 16,391,228 times
Reputation: 14493
Quote:
Originally Posted by TimAZ View Post
We decided to sell our home with Open Door. The house was at an age, 15 years, where we were facing big expenses for HVAC replacement ($30K), painting ($12K),and a realtor would expect us to refresh the bathrooms and kitchen (another $5-10K + time) before we could list it to show.

With OD we avoided all that and closed on our schedule in less than a month. No showings, no open houses, just vacate and broom-sweep. All of the paperwork was handled online. We did talk with a realtor and of course he claimed that we could list it for more than OD cash price. The way I see it, we bought the house for 3 potatoes, the realtor said he could sell it for seven potatoes, but OD’s offer of six potatoes was an easy decision given the uncertainties of the housing market and the current economy.

Will Open Door survive using their current business mode? I couldn’t care less, they may be idiots and fail bigly, but they bought our house and saved us a lot of time and hassles.
So the closing on the house is done online also. When did you get your payment for the sale of the house.
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Old 02-05-2023, 10:57 AM
 
Location: Phoenix, AZ
6,319 posts, read 4,781,579 times
Reputation: 17913
There's a house in my neighborhood that OpenDoor bought for $494,500 on 6/10/22.

OD listed it for sale at $491,000 on 6/27/22.

7 price drops followed (big chunks).

The house closed last week for $361,750.

Really nicely updated inside.
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Old 02-06-2023, 11:19 AM
 
Location: Florida & Arizona
5,912 posts, read 7,246,169 times
Reputation: 7494
OD has two properties in an adjacent neighborhood I used to own a property in, so I follow the activity there.

Property #1 OD bought for $484k last September. It just recently sold for $435k.

Property #2 OD bought for $486k last August. Still on the market today at $488k.

Heck of a business model!

RM
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Old 02-07-2023, 07:30 AM
 
4,993 posts, read 2,938,205 times
Reputation: 10804
Quote:
Originally Posted by Jimrob1 View Post
So the closing on the house is done online also. When did you get your payment for the sale of the house.
The settlement funds were wired to our bank account a day after the closing. OpenDoor uses their own title company, OSNational, to handle the escrow and closing details.
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Old 02-07-2023, 08:51 AM
 
Location: Massachusetts
9,498 posts, read 16,391,228 times
Reputation: 14493
Quote:
Originally Posted by TimAZ View Post
The settlement funds were wired to our bank account a day after the closing. OpenDoor uses their own title company, OSNational, to handle the escrow and closing details.
Thanks for that info. Did you know what your actual settlement funds amounts were going to be, before the closing date and the money was deposited? I imagine you find out at the closing but I just wondered. Thanks
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Old 02-07-2023, 12:46 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
4,569 posts, read 7,438,051 times
Reputation: 5963
Opendoor has more problems than just the changing housing market:

https://consumer.ftc.gov/consumer-al...s-false-claims

Opendoor promoted itself as tech company that uses its pricing technology to offer more accurate offers and lower costs. Companies like Opendoor are what’s known as “iBuyers” — companies that use technology to make quick offers on homes. According to the FTC, Opendoor said it would pay market value for people’s homes while saving them money on costs. That way, people selling their homes would make thousands of dollars more than they would on the open market. But, the FTC says, it wasn’t true.

Instead, the FTC says Opendoor’s offers were lower than a home’s market value, and the company asked sellers to pay for home repair costs that were higher than what people would typically spend on repairs in a market sale. As a result, most people who sold their homes to Opendoor typically lost thousands of dollars compared to what they would have made if they’d sold their homes on the open market.

To settle the FTC’s charges that the company’s claims were deceptive, Opendoor has agreed to pay $62 million, which the FTC will use for refunds to people who were affected.
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Old 02-07-2023, 01:35 PM
 
4,993 posts, read 2,938,205 times
Reputation: 10804
Quote:
Originally Posted by Jimrob1 View Post
Thanks for that info. Did you know what your actual settlement funds amounts were going to be, before the closing date and the money was deposited? I imagine you find out at the closing but I just wondered. Thanks
Yes, we had the closing statement with all the numbers a week prior. OD let us pick our closing date up to 60 days after we accepted their offer with the understanding that any changes to that date could affect the settlement amounts due to taxes, utilities, etc. If we wanted to, we could have canceled the deal anytime up to 24 hours before the closing.
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Old 02-07-2023, 03:43 PM
 
Location: Massachusetts
9,498 posts, read 16,391,228 times
Reputation: 14493
Quote:
Originally Posted by TimAZ View Post
Yes, we had the closing statement with all the numbers a week prior. OD let us pick our closing date up to 60 days after we accepted their offer with the understanding that any changes to that date could affect the settlement amounts due to taxes, utilities, etc. If we wanted to, we could have canceled the deal anytime up to 24 hours before the closing.
Thanks. Today I did a offer request with OD. The only questions they asked to give me the quote. Do I have a garage or carport and what type of kitchen counter tops I have. How many bedrooms and bathrooms.They did ask if I was just browsing at this point. The quote came in $15,000 less than the opendoor offer on the Zillow listing. Which is how I found out about OD in the first place. I also did one with Offerpad. I received a text from them they are not buying homes in Florida. Or maybe they mean in my region I don't know. I'm glad your experience was good with OD
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