Arit Asilokun
I got and accepted my offer in Jul 2021 but the transaction did not close until Jan 2022 because i was buying a new home and due to supply chain issues they kept postponing my closing date. As the final/real closing date for the new home approached I recognized that considerable time had passed since the initial Open Door offer, that there was no inventory, as well as the unique features of my home I asked my Open Door agent (A Mark Spain agent) if I could refresh the offer, she categorically asked me not to do that but said she would talk to them directly. But then she came back with the report that infact Open Door said it was currently valued lower than the offer I had in hand. I pushed back and gave her some comps to go back and ask again. She came back again with a No....The feedback being the comps were not exactly comparable...one being bigger and the other more updated. I felt locked in with my closing coming up in 2 weeks and was just ready for the whole thing to be over. I focused on my move. Well, silly me for accepting either the lies because fast forward to not even 2 months after closing, I spoke with an old neighbor who told me the home had been bustling non stop with prospective buyers so I checked and it was already under contract at a list price higher than the listing of the same comps I had provided to the agent...and exactly $66,300.00 higher than what Open Door paid in the books for the home, a 13.8% increase! I then went back and pulled the emails between myself and the agent and sent her an inquiry with my findings, the only thing she could come up with was fresh paint and carpet...Seriously? If you are using Open Door or another ibuyer and its been sometime since your initial offer, insist on a refresh. Also, maybe you can ask for a baseline so that if your home sells above that, you will get or split the difference with them. Some such services do provide this option upfront. Also, some traditional realtors are beginning to offer very interesting solutions. Do some research, don’t squander away your biggest investment!
2 years ago
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