“The offer came quickly, and what little contact I've had with representatives of Opendoor has been polite and professional. No complaint with that.
I got a (very) low-ball offer, and one Opendoor told me they couldn't increase. Their business model is not at all what I thought. I thought it was "we'll buy your house for cash, no muss, no fuss," but it's "we'll buy your house for cash, charge you for everything we fix or update, then charge you real estate fees as well" - not sure how this is appreciably different from a normal real estate transaction, other than there is no competition.
The comps Opendoor provided for my house on 1/16/2020 were all from 2018, with the most recent being in September 2018. Denver has a very competitive real estate market, very low inventory, and I'm selling in a very desirable neighbourhood. In early 2018, my house appraised for $50k more than Opendoor offered me (keeping in mind their offer price will only go down for repairs or upgrades they make), and has only increased in value since.
Opendoor can work their business model any way they want. If they make money that way, power to them. But I think people should be aware, and should be very thorough in their research before accepting any Opendoor offer. Don't accept comps that are a year-and-a-half old, for instance.”
Posted 4 months ago
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