| rev:text
| - We just sold our house through Open Door and had a great experience. A couple of tips about the process....
1. After you enter in the information on their form you get an standard real estate contract making an offer for your house. It unsettled me that it was that fast and it raised a red flag (that was unfounded)....but once we moved forward we realized we could cancel if something occurred that we didn't like. One side lesson is that in this type of transaction you don't have a realtor representing you. Even for someone like myself who's done numerous transactions, I felt a little alone. I think as OpenDoor becomes more common the suspicion and concern of their approach will go away and be replaced by trust.
Another side lesson learned: run your own comps for your house and know your market value before you contact Open Door. We went through zillow and looked at comps and pictures of similar homes that had sold in the previous 6 months as well as asked a realtor friend for a market analysis. All three numbers generally reconciled within a few thousand dollars. In the case they don't, reject their offer or make a counter offer.
2. They move fast. As soon as you accept their offer they're ready to send someone out to do a home inspection. This process is new for me so I was suspicious the whole time - again unfounded. We did the inspection and it was a professional real estate home inspection. In our case we had about $10k of stuff to fix - most of which was our roof which they estimated at $8,500. I got 2 competing quotes to check their numbers and the quotes came in at $7k with a variable for possible damage under the tiles of $5k and the other quote was $12k.
3. Once we contacted (on a Saturday) saying we accepted their post inspection offer they asked us when we wanted to close. We asked if we could do it Tuesday - and the docs went to title and we closed on Tuesday and had our check via Fedex on Thursday.
4. If you run the numbers on what your house sells for under a traditional listing - do the 6% transaction fees, back out any price breaks or home repairs any buyer would require, and add in the other transaction fees it's very close to what you'd get if you sold through a realtor. The benefits are that a) you can get clear of your old home, b) you don't have to fix up your old home to get it ready for showing - no new flooring, paint, appliances, - you don't even need to clean it., c) the transaction is very fast and everything went super smooth.
We live in a capitalistic world and you're responsible for making sure you know what you're doing. Not everyone is going to be a good fit or even like this and make sure you read the positive and negative reviews because it may help you ensure you make a decision that's best for you.
For those of you who know what sitting on a house, keeping it spotless for showings, doing open houses, etc., this was a wonderful experience.
|
![[RDF Data]](/fct/images/sw-rdf-blue.png)
![[cxml]](/fct/images/cxml_doc.png)
![[csv]](/fct/images/csv_doc.png)
![[text]](/fct/images/ntriples_doc.png)
![[turtle]](/fct/images/n3turtle_doc.png)
![[ld+json]](/fct/images/jsonld_doc.png)
![[rdf+json]](/fct/images/json_doc.png)
![[rdf+xml]](/fct/images/xml_doc.png)
![[atom+xml]](/fct/images/atom_doc.png)
![[html]](/fct/images/html_doc.png)