Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I did an offer with OD back in November, I think, just for grins.
Our property probably has a market value of around $450k-$480k right now. They offered $455k on the first swing. Had I been interested I probably would have pushed for more, but in general I thought it was pretty reasonable, considering the market and the benefits of selling without the hassles of showing.
I'm been reading reviews on Opendoor. Most are mixed impressions of OD, although we're better than I thought they would be. What concerns me is OD says to give your home a sweep when you leave remove belongings and trash. No other requirements needed leave your keys on the counter and that's it. However I see complaints that the sellers have been charged under repairs for Deep cleaning of home, and power washing. Also charged for repairs thatthe seller isn't aware of like a shingle needs repair or the house needs to be painted another color. This sounds to me to be crooked and deceiving. Is this that common then these repairs are deducted from the payment to the seller. I'm surprised sellers tolerate this.
I am not convinced that there is anything crooked in the example above. OD is "prepping" the home for resale as fast as possible. They will correct anything they feel is needed at the owner's expense. You can't expect them to eat the entire cost of the repairs. You can dispute such things with them, just make sure to read the contract in detail. If you are unsure about anything, either contact them directly or have a real estate attorney review the contract before signing on the "dotted line".
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
This is before they tack on their service fee and repair cost. They will do an in-person inspection. I don't care if it's brand new, they will quote repairs. I tested them out 2 years ago. They took off $8000 for exterior paint even though I just had it painted a yr ago. They will nickel and dime you.
This is before they tack on their service fee and repair cost. They will do an in-person inspection. I don't care if it's brand new, they will quote repairs. I tested them out 2 years ago. They took off $8000 for exterior paint even though I just had it painted a yr ago. They will nickel and dime you.
That's what I'd be afraid of being nicked and dimed to death. I agree even if the house was new they would say it needs repairs. What really concerns me is the painting, especially if they are buying a home that was recently painted. If OD wants another color or whatever that should be on their dime not the seller. Then the cleaning. Why are they saying just sweep then charge for a complete cleaning.
When we buy a house we don't tell the seller we expect it power washed, and some sort of deep cleaning before we take procession of the house. I know I have never told a seller I want the house painted in my color preference. That if none of this was done I'd want it deducted from their profit on the sale. This obviously is what OD does. Finds fault with the property even if there is none, and expects the seller to just say OK if that's what you want deduct it from my profit. I'm sorry but I guess I don't agree with this type of business transaction.
That's what I'd be afraid of being nicked and dimed to death. I agree even if the house was new they would say it needs repairs. What really concerns me is the painting, especially if they are buying a home that was recently painted. If OD wants another color or whatever that should be on their dime not the seller. Then the cleaning. Why are they saying just sweep then charge for a complete cleaning.
When we buy a house we don't tell the seller we expect it power washed, and some sort of deep cleaning before we take procession of the house. I know I have never told a seller I want the house painted in my color preference. That if none of this was done I'd want it deducted from their profit on the sale. This obviously is what OD does. Finds fault with the property even if there is none, and expects the seller to just say OK if that's what you want deduct it from my profit. I'm sorry but I guess I don't agree with this type of business transaction.
I've never gone that far with an iBuyer, but I am aware for people who have that if your property isn't in top-notch condition they'll nickel and dime you to death, no doubt to capture more of the sale. When they do repairs it's "flipper quality" in that they're poorly done and shabby, at least a couple people I know who have looked at OD listings they know had repairs.
I do know that most, if not all, of these types of buyers allow you to back out at any time with little to no penalty, so if it were me I would use that to my benefit and wait to pull out near the end and see if it gets them back to the table. At that point they're all-in, so giving up a little could be to their benefit if they want to continue with the sale.
I've never gone that far with an iBuyer, but I am aware for people who have that if your property isn't in top-notch condition they'll nickel and dime you to death, no doubt to capture more of the sale. When they do repairs it's "flipper quality" in that they're poorly done and shabby, at least a couple people I know who have looked at OD listings they know had repairs.
I do know that most, if not all, of these types of buyers allow you to back out at any time with little to no penalty, so if it were me I would use that to my benefit and wait to pull out near the end and see if it gets them back to the table. At that point they're all-in, so giving up a little could be to their benefit if they want to continue with the sale.
RM
That sounds like a good idea. Pull out near the end and see if it gets them back to the table.
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.
So does this mean that OD is more cautious now, when making offers and repair requirements when purchasing . I would think so if OD has agreed to pay $62 million for refunds to all these sellers. I'm finding the initial offer I got is less, than the advertised offer OD has for my house. That's why I'm skeptical of dealing with them because I can only imagine, how they will deduct gobs of money for all these repairs they tell people they want done. I will probably end up going with a regular RE agent, which I was trying to avoid selling that way.
For what it's worth, I did some looking around in adjacent neighborhoods in our community and OD has a bunch more homes on the market. The few that I looked at were listing under their purchase price, one nearly $60k below it!
This is before they tack on their service fee and repair cost. They will do an in-person inspection. I don't care if it's brand new, they will quote repairs. I tested them out 2 years ago. They took off $8000 for exterior paint even though I just had it painted a yr ago. They will nickel and dime you.
$8000 for exterior paint yet your home had been painted the year before. Then all the other deductions that are coming out of your offer. I can only imagine your payout must have been greatly reduced. Was the sale of your house after or before OD was found to be deceptive to its clients, and $62 million is being paid by them to the sellers that were impacted by OD?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
