I have been watching the market for quite some time now and have been closely looking at many properties OpenDoor has listed in my area. I've watched many OpenDoor homes sit on the market for months at time compared to the competition that sells in 1 day with multiple offers over list price. I believe it is very telling that no OpenDoor properties sell that quickly. I recently terminated a contract on an OpenDoor property after having a home inspection. Although this home had many deficiencies that would require a significant amount of capital to correct, I was still willing to work through the negations on the home as I felt I was being reasonable with my request. Of the 55 pages of deficiencies my main concern was home had a 2 active water leaks that have been allowed to leak for so long it has rotted a floor and joist underneath in 2 separate areas of the home. The HVAC unit was also inoperable and will also require repair. After submitting a reasonable request for these repairs, I was countered with a credit of .024% off the price of the home. At that point there was no need for me to continue negations, so I terminated my offer. I do hope you disclose the conditions in my report to the next buyer on the property so they will know the exact condition of the home when making their offer. I have found many people who had very similar experiences as I have with OpenDoor and many of us have learned our lesson and automatically will pass by any property owned by OpenDoor in our continued home search.
4 months ago
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