I’m sure you’ve heard the commercials advertising hastle-free home selling with Opendoor. It sounds too good to be true, right? A cash offer for your home with a transaction timeline that works for you without all the headache of listing and showing your home to potential buyers sounds awfully tempting, so I did some homework and tested this out. Here is what I found.
The Good
Opendoor is a great option for the right seller. If you are an experienced home buyer/seller and/or you are in a hurry to sell your home, Opendoor might be a great choice for you. Opendoor will provide you with a cash offer on your home usually within 48 hours. Using Opendoor Is convenient, as there is not need to list your home, prepare for open houses, or make your home ready and available to show to potential buyers. Opendoor will also take over the responsibility for any repairs deemed necessary, so that you don’t have to.
The Not-So-Good
As it turns out, convenience comes at a premium. Homes sell for approximately 15k less on Opendoor than they do on the traditional market. In addition, Opendoor does charge a fee to cover their perceived risk assumed when purchasing your home, which can be anywhere from 6% to as high as 13% of the purchase price. Additionally, whether Opendoor makes the repairs they deem necessary or you do, you agree to assume the cost incurred. If getting top dollar for your home isn’t your priority, and you are more interested in a quick and straightforward transaction, Opendoor could be the way to go for you. Otherwise, you have the potential to get more for your home using an agent and selling on the traditional market.
My Personal Experience
A recent client submitted to Opendoor for an offer on their Skybrook North home in Cabarrus County to see how they stacked up. Our asking price was $350k, and Opendoor offered $343k for the home. Additionally, they required a fee of $15k to cover their perceived risk. My client elected to turn down the offer, in favor of pursuing a better offer on the traditional market.
After 4 weeks on the market, we received a full price offer on their home! They closed at the end of October and are happily moved into their new home and starting their next chapter!
Need to sell? Concerned about the stress & hastle that comes with selling? Give me a call! 704-792-8768
I’ll work with you to make sure that the selling process is as smooth and painless as possible! You’ll know what to expect every step of the way, and we’ll work together to make sure your family is interrupted as little as possible. Leave it all to me!
