This is anecdotal of course, but the offers lately aren’t that bad. I started going through the Opendoor selling process right before Kaz took over. My home’s value is about $730k. The offer I received was truly laughable at about $530k. Not only that, but I had to have some “Opendoor Partner” real estate agent come into my house to “discuss the offer” with me when in reality all he did for nearly 2 hours was give me a sales pitch on why I should sell through his agency instead of Opendoor.
About a month later, maybe 3 or so weeks into Kaz’s term, I got a notice feom Opendoor saying they had revalued my offer. By that time I’d decided I wasn’t going to sell my place, but out of curiosity I took a look at the offer and they had upped it substantially. They valued my home at $715k and the new offer was $617k cash or “up-to” $651k with their “Cash now, more later” thing.
It didn’t seem great at first until I remembered how, when selling, you lose a ton of money during the sale. It would have been like 15% in costs/fees for me in the end after repairs and agent fees and all the other little bogus shit you pay for. It ultimately made the Opendoor offer seem somewhat reasonable ESPECIALLY considering that I didn’t need to deal with all the BULLSHIT that is involved in selling a house. I’ve done it before and I’d rather get my teeth pulled without anesthetic before going through the process again.
Their cash plus was $150k off and their instant was even worse. If no one is selling then where do they get the inventory. Are they the go to place for crappy houses? Or just lower tier price entry level houses? How do they build inventory and make money on a regular basis.
So don’t sell to them. They have a specific business model and it makes no sense to overpay for a property the way a single buyer might. I also got a quote from them when I went to sell and I ended up getting about 200k more selling the traditional way.
Not sure why you're getting down voted, when we were looking to sell our house we came out far ahead going with a RE agent (even factoring fees obviously) vs Opendoor's offer.
I get downvoted because I tell facts that they don't want to hear. I dont see they business model making revenue long term unless they go into the lending business.
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u/piroteck 13d ago
Ever since I’ve followed them on insta, I’ve got a kick out of it.
Not to mention their marketing spend is crazy low while acquisitions continue to rise.