Are iBuyers Legit? - My Selling Experience with OpenDoor
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- Опубліковано 29 сер 2024
- I will detail my recent sell experience with OpenDoor. Please ask questions in the comments. Ibuyers include companies like Zillow, Opendoor, Offerpad, and Redfin.
I am in the process. And I was so worried it was too good to be true. Thank you so much for sharing this with us !!!
Your welcome
Thanks for the positive video review. I Got my open door offer 40k above what my realtor wanted to price it and I’m awaiting my Zillow offer. (San Antonio also) my realtor stopped answering my texts when I forwarded him the open door 😞😂
SATX on fire.
Lol
Update: Zillow offer came in even higher with only 1%fee
Realtor wanted list $340k 6% commissions
Open door final offer $378k 5% fee
Zillow final offer $395k 1% fee
We close with Zillow next week
@@MexMike Yes that's why ZILLOW folding from buying business since they were not using sound business practices.
I'd love to know what Zillow listed/sold your house for after they bought
Our attempt to purchase a home was CANCELLED when the 'iBuyer' demanded that we sign a waiver on state-required disclosures and also denied inspections of the property before closing. On top of that, we received emails for DAYS demanding that we sign papers and forms - some of them blank. Their bots apparently run 24 hours per day. Good luck on that approach.
I closed four houses during the bubble in 30 days to less each time.
They only inspected the exterior of the house during that time.
Thank you so much for posting this video !!!
I agree. I think Opendoor will revolutionize real estate business. Their Net Promoter Score is above 80. NPS is customer’s willingness to recommend company’s service to others. NPS of higher than 0 is good, above 50 is excellent and above 70 is world class. Amazon and Apple have around low 70. So they are definitely doing something right. A lot of people are skeptical because how can Opendoor survive as business with such a small profit margin, which Opendoor aims for 4 to 6 %. But Amazon is only profiting 7%. Look what Amazon became. Real estate market is trillion dollar industry. Will be interesting.
Your Experience might have been a great buy mine was not. I got a $279K offer for my property plus fees paid of $13K by me but they sold my property for $375K about 3 months later. I felt I was low balled and robbed by Open Door. Maybe it had to do with race?? This was in the Kissimmee/Orlando Area.
@@bajanguy2664 they might have renovated the house in those 3 months.
I'm buying from Opendoor and I'm not happy with them. Some of the 'upgrades' they did after buying the house was not done correctly and the are refusing to fix them because it was an 'upgrade'. Thank you Opendoor for putting in a new dishwasher. Now can you make it Not dump water on the floor.
Thanks for making this video. I'm going through the process now and it seems too good to be true
Come back and let me know how it goes.
Thanks
@@astropixTX Went super smoothly. They made me an initial offer and after a virtual walk-through and land survey they gave me a higher final offer. Sold and now the home has been on the market for over a month for less than my final offer.
OMG that's the Zillow model lol, but high sell low!
Thank you so very much for this information. I heard about open door. Most ppl seem to have had a really good experience. I feel I will go with open door.
Just closed another one yesterday. Seamless two week close.
I got a $279K offer for my property plus fees paid of $13K by me but they sold my property for $375K about 3 months later. I felt I was low balled and robbed by Open Door. Maybe it had to do with race?? This was in the Kissimmee/Orlando Area.
Does OpenDoor require a traditional home inspection? And what if they discover something wrong with the house after the sell that you weren't aware of? Will they come ofter you for more repair money or is it sold "as is"
How would you rate your experience using their app?
Thanks for this video.
I didn’t use a mobile app, just used my phone on Safari to submit the pictures, and used a computer to review documents, sign, etc.
@@astropixTX
Ah, I see. Thank you 🙏
Thanks for doing this video. Any experience utilizing their purchase power to buy a house?
I haven’t bought a house using Opendoor. I have sold two rental properties in SA with them.
Did they send inspector to your house?
Once they sign contract can they change price? I got contract in today and it seems to good to be true. I am in austin tx and I want to accept but I do not want to close until October which they say they let you choose date
Contact is a contract. It’s a typical real estate contract. To my knowledge they cannot change price or blackout without penalty. But you should consult a ln attorney as I am not one.
One option is to close and do a leaseback, that way you know it’s done.
Will ibuyers buy my home without a clear title?
I doubt it
Can you counter offer ?
Not sure on that. A discussion will be had about your expectations for an offer or a range that is acceptable.
Yeah, I'm a Realtor and it makes absolutely NO SENSE for any company to operate and profit on those margins. If you believe in this process, we'll.....then your in the same boat as this guy.
Just finished my second closing. First with OpenDoor and the second with Zillow. Above Market on both and only 1% fee with Zillow. Maybe too good to last? But not too good to be true!
@@astropixTX Perhaps, I still can't agree. Your video got me looking and researching the MLS in the Tampa Bay Area where I live and practice Real Estate. In a neighborhood next to mine, I just saw where Zillow purchased a home in April 2021 for $343,000 and flipped it in June of 2021 for $400,000. Seems to me like that Seller got the short end of the stick in this market. I would be very interested to know the addresses in which you sold to Zillow, I'd like to see what they flip your homes for, the homes in which you claim you got ABOVE market value for. Please, do share...
Both homes were in the San Antonio Market. Both were investment properties that I owned for 12-18 months.
I tracked one of the home sales (OpenDoor). Open door purchased the property for $202k with about $11k in fees netting me ~$191k gross.
They listed at $220k and sold at $205k 60 days later.
@@astropixTX if they're taking off fees to pay themselves, then they really bought your house for $191k plus whatever their share of the closing costs are. It looks like they made a modest profit and you made out about as well as if you listed with a 6% realtor. This transaction looks like a win / win but I question how sustainable their model is with that slim of profit margin.
Don't believe the hype. They gave me a low ball offer. No thanks!