Experience with Opendoor anyone? Listen to this

[Christopher Davis]

I am a homeowner, sort of investor and regular consumer of all things Bigger Pockets. I am contemplating selling my home and moving to another city. I purchased my home new construction a little over a year ago. It's a gorgeous house in a new development in an old neighborhood that will turn soon. I am looking at all angles to selling, and like anyone, hoping to save on commissions.

I have done some light research as the the market value of my home. From a few angles the numbers agree. It has gone up a bit as expected. On the open market with a traditional commission structure, I'd walk away with a tiny profit. Nothing to get excited about it.

I live in a hot market and of course some unexpected bidding war could erupt. Not something to gamble on, but it's possible.

Enter Opendoor. They just made me a HUGE offer. Like, almost 100k over what I expected as market value. Even with their crippling fee structure, their 'Final Offer" and my net takeaway is astronomically higher than anything I would expect on the open market. My initial reaction was "Yeah, I'll take that!" As far as the return from a pure investment perspective, after one year, it would make me look very smart. 

So I clear my head and then I'm thinking. What am I missing here? What is that I don't know that I don't know? It seems too good to be true.

I will schedule a follow up conversation with them to address my uncertainties and questions.

Does anyone have experience with Opendoor and can offer an opinion and what is going on here? Thanks for any input.