Opendoor & Offerpad; What's Their Angle?

[Dovid Staples]

I haven't seen anything in the forums less than a year old about this, but here on phoenix I hear a commercial for Offerpad/Opendoor perhaps 4-5 times a day. Always kinda figured they must lowball quick cash offers and wholetail them. But finally I came across an REO they bought for 272,500 and have listed for 294,900. A decent spread assuming no work needs to be done and they can avoid any closing costs. A friend of mine has their house listed at 260k and decided to give them a try; they offered 230 site unseen and no pictures. She hasn't tried what they'd offer with pictures included.

I'd like people's opinions on their strategy of what seems like spray and pray. A year ago people on this site were predicting they'd fizzle out, but they haven't. Do you see them as a major factor in REI? Is their strategy something you'd replicate?