WELCOME TO RIVER DAVES PLACE

Opendoor, Zillow, etc... Any experience?

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
We're building a new home and need to sell our current one.

I'm intrigued by Opendoor and similar companies. The thought of not having the pressure of having to rush home at any moment to get the dog out of the house, stage the home, have everything perfect all the time, deal with buyers, and all the other crap that comes with selling is pretty damn appealing. Closing both homes on the same day and having a seamless transition seems pretty nice too. All of that seems worth the convienience fee that they charge, in my opinion. Lots of good seller reviews online too (not so much on the buyer side)...

Has anyone here ever used one of these companies?

Sent from my SM-N975U using Tapatalk
 

shintoooo

I'm Blessed
Joined
Oct 22, 2009
Messages
22,820
Reaction score
32,366
In my personal opinion, I would go with a good, experienced real estate agent and have them handle everything. It makes the process so much easier and they can get top dollar for your house using their negotiation skills. A good real estate agent is worth the commission you'll pay to them.
 

Bigbore500r

Well-Known Member
Joined
Apr 28, 2014
Messages
12,666
Reaction score
19,619
@DaytonaBabe I've been looking into this as well. Recently had a friend (realtor) go to work for Owning.com, they offer a similar service to zillow and opendoor. Deal seems a bit better though, 6% flat comission (which is a little high) but they pay your title, escrow, closing, etc. So that brings it down closer to 5% again. They say they pay full market value, but I guess the only way to see is to get an offer. No obligation of cancellation , cant hurt to look into it.

The idea of flexible closing, instant funding and 90 day lease-back option makes it a way to purchase the next house contingency-free, without worrying about showing, selling, temp rent of a place if needed, etc.
 

rivermobster

Club Banned
Joined
Dec 28, 2009
Messages
35,929
Reaction score
14,712
In my personal opinion, I would go with a good, experienced real estate agent and have them handle everything. It makes the process so much easier and they can get top dollar for your house using their negotiation skills. A good real estate agent is worth the commission you'll pay to them.
I'd have to second this...

We used Marty Rodriguez in my town, and she is as aggressive as they get!!!!!!!!! Was damm glad she was on my side.

Decades of experience. You're not gonna find that online.
 

Bowtiepower00

Well-Known Member
Joined
Apr 20, 2015
Messages
582
Reaction score
557
Just started a new build, we went through opendoor. They work with our home builder. Had our walk through last week and signed our offer last night. We can stay in our current house until new one is finished in 7 months. Super easy deal. In our case, we might have been able to make an additional 10-15k if we sold ourselves, assuming everything went perfect, but then we would have to wait to sell and pray the timing worked out, or have to find another place to live temporarily.

This way, we have 7 months to pack, if our finish date changes we can change our closing date, and if we decide to back out completely, we can until almost the last minute.

Looking forward to a new home 20 minutes from Lake Pleasant, and my 48x15 RV garage to park the boat in.
 

pronstar

President, Dallas Chapter
Joined
Aug 5, 2009
Messages
27,240
Reaction score
21,391
From a buyer perspective, I’ve seen some really terrible houses on open door...sounds that’s not the case here.

But do you really want unescorted strangers in your house?
I wouldn’t.


Sent from my iPad using Tapatalk
 

sirbob

Well-Known Member
Joined
Jan 13, 2009
Messages
7,012
Reaction score
5,227
What are they offering that peaks your interest?

I know zillow has started buying homes, i'm not familiar with opendoor. When I heard that zillow was buying homes I looked at what they would buy our home for. I found their offer to be $300,000 BELOW our most recent refi appraisal that was done 3 YEARS ago.

To have a "hassle free transaction" wasn't worth me giving up at least $300,000.
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
From a buyer perspective, I’ve seen some really terrible houses on open door...sounds that’s not the case here.

But do you really want unescorted strangers in your house?
I wouldn’t.


Sent from my iPad using Tapatalk
Yeah, they don't open the property to potential buyers until you have closed and moved out. Hell, I don't even want a realtor with a prospective buyer in my house while we're still living there. Dog, guns, valuables... doesn't appeal to me at all which is why this Opendoor type business is so attractive.

Sent from my SM-N975U using Tapatalk
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
Just started a new build, we went through opendoor. They work with our home builder. Had our walk through last week and signed our offer last night. We can stay in our current house until new one is finished in 7 months. Super easy deal. In our case, we might have been able to make an additional 10-15k if we sold ourselves, assuming everything went perfect, but then we would have to wait to sell and pray the timing worked out, or have to find another place to live temporarily.

This way, we have 7 months to pack, if our finish date changes we can change our closing date, and if we decide to back out completely, we can until almost the last minute.

Looking forward to a new home 20 minutes from Lake Pleasant, and my 48x15 RV garage to park the boat in.
Thanks and congrats! I really appreciate you sharing your experience. We too are building and the thought of not having to stress about selling our current house via the traditional method and all the bullshit that comes along with it is so appealing to me.

Sent from my SM-N975U using Tapatalk
 

rivermobster

Club Banned
Joined
Dec 28, 2009
Messages
35,929
Reaction score
14,712
Thanks and congrats! I really appreciate you sharing your experience. We too are building and the thought of not having to stress about selling our current house via the traditional method and all the bullshit that comes along with it is so appealing to me.

Sent from my SM-N975U using Tapatalk
What BS are you thinking about Mel? A GOOD agent should handle pretty much everything for you?
 

2Driver

Well-Known Member
Joined
Dec 21, 2007
Messages
10,080
Reaction score
9,941
The ones that buy outright usually high ball you then come out and adjust the figure down.

I lend a lot to the local owner of home investors ( ads go by “we buy ugly houses”) Dont be confused by the ad line he buys everything from condo complexes to PV homes.

I’m amazed at how high they go to retail in their offers. But each are different. The selling owner does nothing, no fixing up, no inspections, no 30 day escrow and it falls out, no real estate fees - that’s a biggy.....nothing but cash and leave.
Weigh the benefits and it might work or not, who knows. He does a quick 3 week face lift and makes his money that way as he is also an agent. I’ve probably done 20 homes with him.
If you want his number it might be worth it. It’s a hot market so you are in the driver seat.
 

pronstar

President, Dallas Chapter
Joined
Aug 5, 2009
Messages
27,240
Reaction score
21,391
Yeah, they don't open the property to potential buyers until you have closed and moved out. Hell, I don't even want a realtor with a prospective buyer in my house while we're still living there. Dog, guns, valuables... doesn't appeal to me at all which is why this Opendoor type business is so attractive.

Sent from my SM-N975U using Tapatalk
Ahhh...I didn’t realize that they only let people in after closing


Sent from my iPad using Tapatalk
 

Q4mtxUS

Well-Known Member
Joined
May 19, 2014
Messages
913
Reaction score
637
I have inquired with Opendoor in November 2019. I was contacted by a representive, told her I am only inquiring and not ready to "do a deal" just yet. She said "no wories" and asked several questions about the condition of my house with simple 1 to 5 scale with 1 being deplorable condition and five being showroom new. I rated (myself) at about 4-. She sent me an offer a day later that seemed reasonable and only asked that if I were truly interested in going forward, give her a call back.

I shared this info with others and most told me I'd be money ahead listing with agent or, for sale by owner. But doyouknowwhat? If I were to list, or sell myself, an interested party will counter with closing costs, new roof and new carpet (probably all) which could be close to $15k or higher which Opendoor already deducted $20k in their offer for this very reason.

My house is 15 years old and it does need a new roof, new carpet, and probably a new water heater and dishwasher, so, the Opendoor offer seemed fair in my opinion.

Opendoor sends frequent emails related to the housing market in my area. Latest is currently up 1+ %.
 

EBT531

Well-Known Member
Joined
Aug 31, 2018
Messages
261
Reaction score
232
I sold a house 2yrs ago in Phx and contacted opendoor first. They offered $188k after their fees etc.. I sold the house 3 weeks later usuing a realtor for $232k which left me with $220k after realtor fees etc..
 

ONE-A-DAY

Well-Known Member
Joined
May 21, 2010
Messages
12,787
Reaction score
11,415
If you have a good realtor the price they charge is money well spent, I cant imagine trying to pull it off without one, especially if you are trying to do multiple buy sells, your selling house, your buying house, the buyers selling a house, it can be a mess.
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
There is a reason why Purple Bricks already folded up...just saying.
Lol - probably because their marketing sucked. I've never heard of them!

Sent from my SM-N975U using Tapatalk
 

25Elmn8r

Well-Known Member
Joined
Aug 3, 2009
Messages
546
Reaction score
533
We're looking at selling our current and buying or building new. Just looked at both opendoor and zillow and neither offer that service in our area. Traditional agent it is.
 

MissB

The Asset..
Joined
Sep 20, 2007
Messages
4,903
Reaction score
1,335
I was just wondering on what planet would you have us all believe that your house is NOT READY for viewing? :D You are not fooling us lady... you house is spotless 24/7! And congrats and good luck, I used a realtor. LOL
 

240Hallett

AKA Oldtoys
Joined
Jan 13, 2011
Messages
1,573
Reaction score
1,997
I was just wondering on what planet would you have us all believe that your house is NOT READY for viewing? :D You are not fooling us lady... you house is spotless 24/7! And congrats and good luck, I used a realtor. LOL
Maybe the boat on the side of the house hasn’t had the preseason detail yet… Unpresentable!
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
Wait, back up.....Where's the build thread? Where you guys building? What's the story? :)


Right now it's just a piece of dirt, but the truck seems to like it! Lol

We're staying in Phoenix and are actually only moving less than 5 miles from where we are now which is great because it keeps Mr.DB's commute basically the same. We found a small enclave of homes that we fell in love with and I am infatuated with my backyard viewand hiking trails steps away. We're one of the first to build. We're expecting to start construction probably in the beginning of March. They're estimating 9-10 months... I couldn't possibly be any more excited.

Sent from my SM-N975U using Tapatalk
 

Attachments

Last edited:

ka0tyk

Well-Known Member
Joined
Oct 4, 2010
Messages
6,505
Reaction score
3,616
brother and sister in law listed their house with redfin and it took months to sell. the agent takes a flat fee but puts 0 effort into actually selling the house or networking with buyers agents to keep a flow of potential buyers in the loop. they ended up having to drop the price multiple times ($100k under comparables for the area and original asking price), even in a market where prices are rising.

get a real agent...
 

Attachments

Cdog

Well-Known Member
Joined
Apr 8, 2008
Messages
3,905
Reaction score
3,075
Generally you’ll find they undercut the value substantially. After all there has to be profit for them. I’m on the Sibbach team in Scottsdale but we’re all over The Valley. We’re a Zillow preferred team/agency. I believe they limit their purchases here in AZ to 500k.

I can set up a referral for Zillow & open door to contact you if you would like. Shoot me a Pm.

I also have a great builder referral if you need. He’s located in Rio Verde & builds all over The Valley. He’s a Jeeper & has a 5th wheel so he understands the needs of us “garage/shop people”

Congrats on the new build.
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
I was just wondering on what planet would you have us all believe that your house is NOT READY for viewing? :D You are not fooling us lady... you house is spotless 24/7! And congrats and good luck, I used a realtor. LOL
Haha! Thanks girl! That's only a small part of it. Getting the dog out at a moment's notice... dealing with buyer's issues... closings that don't match up exactly... an ancient, senile cat that will yells at anyone to demand cookies... lol I have a long list of more reasons this type of sale might fit our life better. We'll see, it all comes down to $$$ at the end of the day. Just exploring options at this point and hoping this will work out.

Sent from my SM-N975U using Tapatalk
 

Turnup

Well-Known Member
Joined
May 27, 2011
Messages
123
Reaction score
106
I'm a home buyer in Ventura County. I've personally used Opendoor to sell to, I've come up against Redfin's home buying service and have both won & lost properties to them, I've won most houses when I go up against HomeVestors, hell I just beat out Seller's Advantage on one this week. My advice would be to know what you want upfront, give a few services and flippers an opportunity to meet that goal and if that doesn't work for you use a Realtor and let the public tell you if your goal is realistic or not. Btw I'm also licensed, but that's how I see it..
 

Dennis-19

Well-Known Member
Joined
Aug 13, 2018
Messages
586
Reaction score
960
I'd have to second this...

We used Marty Rodriguez in my town, and she is as aggressive as they get!!!!!!!!! Was damm glad she was on my side.

Decades of experience. You're not gonna find that online.
I worked for her many years ago and learned a lot from her. I ran into Ed (her husband) today. Cool people.

You’re not going to get good service or a strong negotiator representing you if you hire a discount broker. The only way they know how to get business is by trying to undercut everyone else. 7/10 of their listing contracts expire or end up being cancelled and the seller has to hire a professional agent.

I took a listing last Friday that expired with Redfin in Oct. my handyman is going over there tomorrow to change the front door lock because Redfin never even came out to pull the lockbox off their front door.
 
Last edited:

Tank

Well-Known Member
Joined
Jul 12, 2008
Messages
11,899
Reaction score
15,208


Right now it's just a piece of dirt, but the truck seems to like it! Lol

We're staying in Phoenix and are actually only moving less than 5 miles from where we are now which is great because it keeps Mr.DB's commute basically the same. We found a small enclave of homes that we fell in love with and I am infatuated with my backyard viewand hiking trails steps away. We're one of the first to build. We're expecting to start construction probably in the beginning of March. They're estimating 9-10 months... I couldn't possibly be any more excited.

Sent from my SM-N975U using Tapatalk
That’s awesome. Congrats! You guys have another place in havasu right?
Must be exciting to build a new house. Never had the experience myself. I think it’d be cool.
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
That’s awesome. Congrats! You guys have another place in havasu right?
Must be exciting to build a new house. Never had the experience myself. I think it’d be cool.
Thanks so much! We have a place on the Lower River. We only get to go to Havasu when we are lucky enough to tag along with friends.

I'm stoked to be able to choose everything to make it our own. Fitting the boat in the garage is a bonus as well!

Sent from my SM-N975U using Tapatalk
 

JB in so cal

Well-Known Member
Joined
Dec 19, 2007
Messages
5,394
Reaction score
3,652
I was just wondering on what planet would you have us all believe that your house is NOT READY for viewing? :D You are not fooling us lady... you house is spotless 24/7! And congrats and good luck, I used a realtor. LOL
Please. Cat and dog hair and a dirty truck..

If you don't hear from me for a while, you know why.....
 

Bigbore500r

Well-Known Member
Joined
Apr 28, 2014
Messages
12,666
Reaction score
19,619
When you see what they offer you, and the costs associated with it, you will quickly decide to hire an agent and put it on the market.
I got an opendoor offer on my property. Seemed to be 100% in line with my neighbors house that sold and is a direct comp. Fees were high at 6.5%, but lots of flexabillity. Didn't seem like a bad deal, and I could push my closing out up to 90 days with the sale price garaunteed.
 

Bigbore500r

Well-Known Member
Joined
Apr 28, 2014
Messages
12,666
Reaction score
19,619
I worked for her many years ago and learned a lot from her. I ran into Ed (her husband) today. Cool people.

You’re not going to get good service or a strong negotiator representing you if you hire a discount broker. The only way they know how to get business is by trying to undercut everyone else. 7/10 of their listing contracts expire or end up being cancelled and the seller has to hire a professional agent.

I took a listing last Friday that expired with Redfin in Oct. my handyman is going over there tomorrow to change the front door lock because Redfin never even came out to pull the lockbox off their front door.
I wouldn't buy thru opendoor, redfin, etc, but selling TO them didnt seem like a bad option when I looked into it. As far as them having difficulty selling the home after i'm already cashed out......that's on them!
 

j21black

Well-Known Member
Joined
Aug 25, 2015
Messages
731
Reaction score
940
Wife put our last home on something along the lines of "Make me Move" can't remember what it is called but it doesn't give it an MLS listing number.

She did that on a Monday afternoon (memorial day), we put a FSBO sign in the yard when we got back from the lake that evening. Sold the house the next morning before lunch.
 
Joined
Dec 20, 2007
Messages
7,339
Reaction score
1,979
The market is a sellers market. If you can't sell your house in 30 days, it's not priced right.
I would wait until your new house is 30 day's from closing, and find a realtor.
 

COCA COLA COWBOY

Well-Known Member
Joined
Aug 19, 2011
Messages
3,219
Reaction score
2,119
It's like trading in your car. You will not get anywhere near top dollar, but you will get it sold quickly for a value less than market (usually 15-30 below market).

I work for John Reeves and Reef Point Realty, you may have heard our commercials on the Radio or TV "Your home sold Guaranteed or we will buy it!". We do buy homes and most realtors will buy your home for an amount similar to Open Door. The 6% commission is minor compared to the big picture of the value of your home. I can guarantee you will be giving up more than just the commission, but it may be worth it to you. I personally always recommend selling it on the open market and getting every last penny out of it. If marketed property, your home will be listed on Thursday, one Open House from 1-3pm on either Saturday or Sunday and you will have multiple offers on Monday, counter offer on Tuesday, in escrow by Wednesday. If your home is not marketed properly, you will be stressed, upset, and in wonderment of what is wrong with your home.

If you want a second opinion, give me a call and I will show you the process and not give you the hard close.
 

ParkerMagic

Well-Known Member
Joined
Jun 12, 2012
Messages
1,772
Reaction score
1,447
I got an opendoor offer on my property. Seemed to be 100% in line with my neighbors house that sold and is a direct comp. Fees were high at 6.5%, but lots of flexabillity. Didn't seem like a bad deal, and I could push my closing out up to 90 days with the sale price garaunteed.
When it comes time to do the deal they will come in with a much lower number. They are not in the business of paying full market value.
 

Bowtiepower00

Well-Known Member
Joined
Apr 20, 2015
Messages
582
Reaction score
557
When it comes time to do the deal they will come in with a much lower number. They are not in the business of paying full market value.
In my case, after the inspection, they deducted 4400 for repairs. I would have easily spent or deducted that from my sale price if I sold myself.

Inspector said most houses need interior and exterior paint and new flooring, and are absolutely filthy. My house did not need any of that. They dinged for a few small things, and left out several I thought they would get me for (pool light and cool deck repair...)

If your house has old carpet, needs paint or is painted a bright color (anywhere) or needs roofing or HVAC repair they will deduct more. According to OD, average deduction in my neighborhood was 3-10k on a 250k house.

It definitely varies by neighborhood. In some they are competitive, in others not so much. Others experiences may vary.
 

Joe mama

Well-Known Member
Joined
Oct 22, 2010
Messages
1,823
Reaction score
620
Thanks so much! We have a place on the Lower River. We only get to go to Havasu when we are lucky enough to tag along with friends.

I'm stoked to be able to choose everything to make it our own. Fitting the boat in the garage is a bonus as well!

Sent from my SM-N975U using Tapatalk
Congrats new builds are the best. What area in az are you building? My sister just had a new build in queens creek.
 

Lunatic Fringe

Well-Known Member
Joined
Jul 26, 2010
Messages
4,297
Reaction score
3,645
It's like trading in your car. You will not get anywhere near top dollar, but you will get it sold quickly for a value less than market (usually 15-30 below market).

I work for John Reeves and Reef Point Realty, you may have heard our commercials on the Radio or TV "Your home sold Guaranteed or we will buy it!". We do buy homes and most realtors will buy your home for an amount similar to Open Door. The 6% commission is minor compared to the big picture of the value of your home. I can guarantee you will be giving up more than just the commission, but it may be worth it to you. I personally always recommend selling it on the open market and getting every last penny out of it. If marketed property, your home will be listed on Thursday, one Open House from 1-3pm on either Saturday or Sunday and you will have multiple offers on Monday, counter offer on Tuesday, in escrow by Wednesday. If your home is not marketed properly, you will be stressed, upset, and in wonderment of what is wrong with your home.

If you want a second opinion, give me a call and I will show you the process and not give you the hard close.
So for a few days on the MLS and a 2 hour open house, I shouldn't feel absolutely raped paying $40,000-$50,000 in commission?
 

DaytonaBabe

Super Moderator
Joined
Jan 11, 2008
Messages
14,699
Reaction score
14,937
Congrats new builds are the best. What area in az are you building? My sister just had a new build in queens creek.
Thanks! We'll be in North Phoenix off of Cave Creek road

Sent from my SM-N975U using Tapatalk
 

Ricks raft

Well-Known Member
Joined
Mar 28, 2016
Messages
455
Reaction score
423
So for a few days on the MLS and a 2 hour open house, I shouldn't feel absolutely raped paying $40,000-$50,000 in commission?
Those are my thoughts as well. I'm sure there are great real estate people and they deserve fair pay. But in my opinion they don't deserve what they're making.
A person spends years/decades paying, repairing, updating their home gaining value and a real estat person comes in and spends typically 5-20 hours on a sale and makes $10k-$25k on average houses?
In 40-50 years houses have went up 100-300% yet they are asking even higher percentage for commission.
So a agent 30-40 years ago would make $3k at 3% on an average $100k house now makes more like $18k on the same house now worth $300k at 6%.
 

Singleton

Well-Known Member
Joined
Feb 5, 2008
Messages
10,421
Reaction score
8,374
Those are my thoughts as well. I'm sure there are great real estate people and they deserve fair pay. But in my opinion they don't deserve what they're making.
A person spends years/decades paying, repairing, updating their home gaining value and a real estat person comes in and spends typically 5-20 hours on a sale and makes $10k-$25k on average houses?
In 40-50 years houses have went up 100-300% yet they are asking even higher percentage for commission.
So a agent 30-40 years ago would make $3k at 3% on an average $100k house now makes more like $18k on the same house now worth $300k at 6%.
they only get 6, if they rep both sides. Normally 6, 3 to seller and 3 to buyer
last time I sold house, buyer was 3, seller got 1 (she f’d up a few things and I made her pay those out of her commission).
 

COCA COLA COWBOY

Well-Known Member
Joined
Aug 19, 2011
Messages
3,219
Reaction score
2,119
So for a few days on the MLS and a 2 hour open house, I shouldn't feel absolutely raped paying $40,000-$50,000 in commission?
There is much more to the process if you do it correctly. If done correctly, the additional time spent in the prior weeks pays off dramatically to aid the sale in that one weekend due to the creation of competition.

I’d be more than happy to sit down with anyone in a one on one consultation to explain the process of what the number 1 team in San Diego does as it is night and day compared to the average agent that just puts a home on the MLS.
 

fmo24

Well-Known Member
Joined
Nov 14, 2008
Messages
4,815
Reaction score
1,849
From my experiences a good realtor does a lot of hand holding and persuading as the process goes thru. Hiccups along the way and you will be very thankful to have a strong professional working for you
 
Top