When Selling: Is Opendoor Good or Too Good to Be True?

When Selling: Is Opendoor Good or Too Good to Be True?

When something sounds good, we want to know more. That’s what happened when I heard about Opendoor. I have seen the same advertisements that you have. They will buy your house for cash, you save yourself so much time and you can close almost immediately. My team motto is that we take the stress out of the home sale and home purchase process. So naturally, I was curious. I did some more research and I asked a few people who had personal experiences. So what did I find? Is Opendoor good or too good to be true? Let’s take the good first: Simply put your address into their website and Opendoor will send you an offer on your home within about 24 hours. Their offer is cash. You don’t have clean your house for showings. You don’t have to do any repairs. You do it yourself – no Realtors involved. You can close typically within 10-60 days. Sounds good, right? Let’s see if it’s too good to be true. The rest of the story: Their offer is most often below market value. They do their own inspection of the property and take the cost of any necessary repairs out of your proceeds. They charge 6-13% of purchase price for fees. You don’t have anyone looking out for your best interest. What do you think? When I read these facts, along with personal experiences of known individuals and online reviews, I think there are some real positives if you fit into a specific category: If you need a guaranteed FAST sale/closing. If you are willing to take less than market value. If you DO NOT want to show your house to perspective Buyers. If you DO NOT want competitive offers. If you DO NOT want to have to do any repairs. If you DO NOT see the value of a Realtor. You may fall into one of these categories and that’s OK. Opendoor may be a perfect solution for you. Let’s look at the other side. With a traditional sale, using a Realtor, you are likely get offers for a much higher price than an Opendoor offer and possibly even higher than market value in some markets. This can offset any Realtor fees (and remember, Opendoor charges 6-13%). The offers could be cash. If the Buyer is getting financing, part of the Realtor’s job is to manage the process and make sure the financing is going through smoothly. In certain markets, it only takes one day of showings to sell your house. If you live in this kind of market, you will probably get a higher sale price and shouldn’t sell yourself short, in my opinion. As a listing agent,...

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Is Common Courtesy Really Common?

Is Common Courtesy Really Common?

  Is it just me? Am I getting old? Or is common courtesy not so common anymore? More often I see people in public that seem to think the world revolves or should revolve around them. Drivers don’t signal. They cut others off or speed up so someone can’t merge into traffic. Social media is a breeding ground for people to share their negative opinion even when it’s not asked for. Contacting customer service at some companies is as useful as trying to pull a tooth with no tools. Unfortunately, I see it in real estate as well. Agents and parties to contracts take days to respond, have no regard for deadlines, communication is scarce, and when it comes to negotiation – well, there isn’t much going on sometimes. So why am I pointing out what you may think is obvious? Because kindness still wins. I recently booked a trip online. Later I saw the hotel was having a sale that would save me some money so I called the hotel directly. In a lot of cases I would have had to cancel my reservation and book a whole new trip, wait for my refund, waste time, etc. However, I was nice. I used common courtesy and the representative handled everything for me. I engaged her in conversation and she ended up sending me to a concierge to book a restaurant reservation for me that she highly recommended. Then there was the real estate deal that had more complications than the average transaction. One party and their agent was difficult to deal with at first. They only wanted to allow the other party to access the property at certain (inconvenient) times and they were not at all interested in negotiating repairs that were quite reasonable. The other side could have been just as disagreeable, everyone could have been upset and the deal could have fallen apart and the agreement could have been terminated. The Seller could have had to find another willing and able buyer and the Buyer could have had to continue their search for the near perfect home. But, one of the agents decided to use common courtesy to get the deal done. They communicated each step along the way to make the other party comfortable. They offered to go out of their way to be available at the property, hand deliver items, take measurements, and make everyone’s life a little easier. The other side slowly started to soften up. They realized that no one was trying to take advantage of them. They understood that things could go a lot smoother with a lot less stress if they would use some common courtesy and treat the other...

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