Is OpenDoor a viable alternative to traditional home selling? Here’s what you should know
Have you heard about OpenDoor?
It’s a new online service that will submit you an offer and close on your house quickly.
It both looks and sounds easy when you go to OpenDoor’s website. All you do is fill in a little bit of information on your home, and they’ll send you an assessment. Voila! You go to closing and you get paid. However, we found out that there’s just a bit more to it than that.
First of all, OpenDoor has a list of criteria, which include:
- They don’t accept houses with unpermitted square footage
- They don’t accept houses in age-restricted neighborhoods
- They don’t accept houses with polybutylene pipes
OpenDoor also does their own appraisals before they submit an offer. If they submit you an offer and it looks decent, they’ll then do a rigorous home inspection. At this time, you’ll be required to make the repairs they find necessary, or they’ll deduct a certain amount for them.
We found out that the average cost of OpenDoor is somewhere between 6.7% and 12%, which is very costly. The bottom line is that OpenDoor will make an offer to a premium home in great condition in top areas.
Here’s the difference between them and us: We are selling homes in premium areas in top condition for multiple offers. Multiple offers are always the way to give the homeowner the best terms and the highest price.
OpenDoor is not an easy button, as I’ve heard it described. There’s no such thing as a free lunch, especially in real estate. You may have to pick up after the kids and show your home for a short period, but we will give you a service that will yield you the highest price and the best terms.
If you have any questions about OpenDoor or about real estate in general, please feel free to reach out to me. I would be happy to help you.