All Forum Posts by: Dovid Staples

Offerpad is not in my market (Chicago). 

Based on the what I’m seeing in this thread and other research I’ve done on the company, the major benefits are:

-quick and flexible closing

-knowing your bottom line quicker in the process

-less headaches with no showings, long escrow etc

OP is obviously going to buy your home below market value in order to flip it for a profit even if it’s small. You have to know that. You also have their flat fee of 6-12% whatever that number is. They might also drill you on the inspection.

If you want ease, it’ll come at a price, that’s the bottom line. You can’t have it both ways. 

This is nothing different than what wholesalers and flippers have been doing for years, it’s just marketing and branding, and they have a ton of money behind them. They’re able to get to sellers early and sell them on the ease of the process. Before a realtor can sit with them and educate them.

In my market, sellers are fighting tooth and nail for equity in their home. OP is a costly program (selling below market + fees)....in my opinion and if you want quick and easy and you’re willing to pay tens of thousands for it, then help yourself. 

But if you’re a home seller, you should still talk to a few realtors and get a market analysis, then compare.   

In my local market, I know sellers are not willing to give up tens of thousands of dollars in equity just for a quick sale. Especially when we are in a sellers market and they can maximize their value by putting the home on the market. Yes, it'll take some work and money to get it ready but nothing comes easy. A good realtor will help sellers maximize ROI on small projects that get homes ready to sell. That's where the value is in a good realtor.

If you want to maximize your bottom line, hire a traditional agent. If you want quick & easy and you’re willing to give up equity - try out OP. 

 Opendoor gave us and offer and we accepted. Proceeded and it was an absolute horror. They will get the price down as low as possible trough a repair assesement..ours was over 13K. They had to redo our hardwoods that were already refinished, fix the deck and also the dirveway. The repair list even went down to the light bulbs..yes they deducted for light bulbs. This is now what is making me mad...our house is now on Zillow and being sold AS IS. They did not redo the floors..nor the deck or the driveway. The did not even paint!!!!!!! They act as if they enclosed the porch which was done over 20 years ago. So where did 13K go??? I believe this to be breach of contract!! I so wish we would have just done a traditional sell.. sometimes the old ways are the best!!

This was my experience with Opendoor in Charlotte, NC

DO NOT BUY A HOUSE FROM OPENDOOR. I was interested in a house in (1225 Hayden Lane Savannah, TX) Savannah, TX. I did a home inspection and the man told that I should get a roof inspection. I research for a 5 star roofing company to inspect it and found out there was severe hail damage. When we did a addendum for Opendoor to get a inspection done on the roof and fix as needed. They came back saying the roof was in great shape and their pictures from the inspection was all from a side point of view. When my realtor showed them ours with VERY detailed pictures they were shock. They came back three days later saying they were going to do another roof inspection. My realtor said we would too. I pick ANOTHER 5 star rating roofing company and he said its a no brainier that they roof was damaged. Open door came back saying only 500 dollars needs to be repair. When my realtor said "are you kidding me?". They came back and said "Did we say 500, we meant 100?". My insurance and mortgage lender wrote a lengthy letter to them that they will not allow me to purchase the home. My father even told them to drop 10,000 so we can personally fix the roof. Opendoor said no. They are a used car salesperson trying to sell you a broken car. They are shady company. OH! Found a coworker that purchased a home and found out that opendoor replace the carpet but no the padding. OPENDOOR cuts corners and steals from you. BEWARE!!!!!