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Opendoor Offer

1,358 Views | 3 Replies | Last: 7 yr ago by aggie appraiser
Corps_Ag12
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AG
Was messing around with the Opendoor offer, basically they charge you a 6% rate, plus a 4% "market risk" fee, then your closing costs.

My question/thought about this is how accurate/lower than market value do you think their offer is? I know this would be area dependent, but I used it to see what they'd offer for fun & was surprised how much they offered compared to what I paid.

Just seeing what everyone else thinks.
Aggie_95
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AG
gvine07
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AG
Relatives of mine have a house bigger than others around them. They got an Open Door offer that was definitely higher than the home was worth (I'm guessing the algorithm heavily weighs square footage). After reading the fine print Open Door's offer says that they would deduct for maintenance and bringing everything up to date, in addition to the fees listed above.
HomeFinderCody
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AG
My experience is that they usually are low once you factor everything in. However, I did have a client that got an offer from them, and after factoring everything in I advised them to take it. Whoever did the market analysis got that one wrong, in my clients' favor. They sold to Open Door. Open Door then put the house on the market way too high to sell it, it sat and sat, and they finally lowered it to sell it. They lost money on that one. Either that's a rare situation or they will be out of business soon.

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aggie appraiser
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I got an offer range of 206-235 and the house is probably worth 250-275.

Just because an offer "sounds" good, you better get someone to find out what it really is before you pull the trigger. It seems like they are just trolling lowball offers to see what turns up.
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