Opendoor preliminary offer vs final offer reddit The final offer ended up being $10k more than the preliminary and only ~$4k in repairs. I am mostly curious because when the guy I did the walkthrough with asked how much we would need walk away with to make this sale, this “finalized offer” is $500 over what I told him. e escrow, transfer taxes, etc) so about 5%-5. HR can email the final offer to you. Thanks. For example, if an HVAC unit isn’t in working condition, or there are tiles missing for the floor, a buyer may ask for a credit to cover the costs of the repairs. Yes, about 58k more than the open door offer. They also gave a larger prelim offer (477k) after walk through went to 460k (bait and switch) Zillow on the other hand gave 457k preliminary offer, post walkthrough it stayed at 457k no repair cost (home was built in 2016) and they only take 1% for service charge! -- **Note still waiting on final from redfin just did final walkthrough. This scenario is one of the “ Too good to be True” scenarios,not sure if should go ahead with them or not. And just generally how smoothly it went and how much you feel you sold under market. When that offer arrives, you’ll see a breakdown of our charges and additional House under contract and should close in about 10 days. However I doubt it. Choose your closing date via Opendoor’s online dashboard. It may be worth having more than one agent price your house. If you think we’ve missed something in your offer, let your Opendoor Experience Partner know. Their repairs were 3k. A home that open door bought for $937,000 2 doors down from my house recently sold by open door for $1,003,500 (They emptied the pool and made zero repairs on the property). We are in a fairly good market (not as hot as other places seeing 20-50% price gaines and offers of hundreds of K over asking, but probably 8-10% gains over the past few years, updated nice houses going off the market within days usually at a few % over asking), but there is a lack of houses at our price point. That was reasonable enough the purchase price much lower than anticipated. The house sold in a day over asking price. How did your final offer go? We got bait and switched by Opendoor. a final offer? Opendoor's preliminary offer is automatically generated, and the company will make it within 48 hours. I had read of people closing within 10 days but for me 30 appeared to be the quickest I could close. Opendoor's final offer will be lower than your preliminary offer, possibly by thousands of dollars. 5% lower than OpenDoor. Process uncertainty: Customers weren’t certain how to proceed or where they were in the process. Got the final offer today, and to my surprise, the initial offer was only reduced by $2K. 1% fee (!). Opendoor has strict eligibility criteria, which means you might not get as much money for your home as you’d like. Guy was really nice and thorough. I’ll more than likely sell it off market. co I reached out to OfferPad and OpenDoor a few months ago and all in, they offered $415k for my SFH (after factoring in non-sensical repair costs). It's a fairly short process but definitely give a try to the conventional process. They did ask for repairs/concessions which were very reasonable. OpenDoor was 20% less than Redfin and Offerpad. The final offer includes our condition adjustment and costs outside of Opendoor. Net is $438,868. You won’t have anything in writing to defend yourself. Review the offer. My offer expired. 1% fee instead of the 5% at opendoor. I just received my preliminary financial aid offer and I was wondering how accurate it is to the actual cost if I was to attend UVA. Wow haha that’s insane. after repairs and fees, we sold to opendoor (within 15 days close) for $50K higher than the realtor thought we would get. The final offer from Opendoor was $455,500 with a 5% fee, $2,128 repairs, 1% estimated closing costs AND they added 13k to the net to beat Zillows offer. For those prioritizing ease and speed of the sale over top dollar, it might be a solid “buy my house” company worth considering. Record a video walkthrough of your house. We ended up having our offer accepted! It wouldn’t be on the market long so I needed a quick sale. I bet if you crunch the numbers you can net more selling it with a brokerage vs handing it off to open door. Does this mean… Yes, the final (gross) offer was about 10k above the preliminary offer. Share evidence, zillow… TLDR: The whole process of closing with Opendoor from the buyers prospective from start to finish has been extremely frustrating, we finally got to closing, it took some threats of walking away from the deal to get them to finally come to the table with a decent offer. I did the prelim offer today and came lower than expected. PLATFORM Features Selling to OpenDoor. Glad I didn’t sell to open door I received very competitive offers from Zillow and open door. I cancelled my contract with Opendoor and I'm currently in escrow with Zillow, just waiting for my tenant to move out to close on it. If they've given you an offer, that's the offer. We're in a very desirable zip code and I wouldn't be surprised if their offers kept increasing. This includes things like lender fees, escrow, and title costs. Our home assessments are brief to give our customers a fast and convenient selling experience. I'm in a similar price range as you, but in a single family. Like many others, I've received preliminary offers from Zillow and Opendoor which exceeded my expecting by a fair margin. 5% of all purchases), which remains dominated by buy Apr 10, 2024 · Offerpad vs. I got their offer yesterday and it was in mid range of what my agent thinks I can list it for. Their preliminary offer was 236k which is kind of close to what we would get back cash after the realtor takes his cut and all of that. - OpenDoor: Preliminary offer was way lower than Redfin, and after the virtual visit they came back with an even lower offer + 10k in repairs. Further, you only have 4 days to decide. My contact was a local agent that would have handled the sale. This is the #1 community focused on Opendoor Nov 29, 2023 · Accept your final cash offer, or walk away. No internal inspection whatsoever. If you shop around do it within a month or so, it'll only count as one credit pull and it will only effect your score by a few points. Everything has been going fine. Thanks for the heads up on the offer acceptance blast email that Opendoor will send - I'm about to put an offer on an opendoor home, which has a lot of painting needed on all the interior walls, but I got a message saying they are making an "offer submission deadline" which I think is just to add urgency/anxiety to the sale. We initially decided to list for $460k. Today, they had someone come to inspect the outside of the house. Our offer was also insanely high, so high that I dug through reddit as you are. Opendoor was way easiest to talk to and work with. I had similar experience as you, got the initial offer but didn’t do the walkthrough. Our preliminary offer was 112k we did our video walk through and had the outside inspection and just got a final offer for 120,700 with $3500 for repairs, which is understandable for my homes condition. What gives? This is a really competitive offer and above what the comps area for my area. But, if he comes back wanting a high commission then I might highly consider OpenDoor. Zillow did not operate in my area, RedFin's offers were hilariously low, and OpenDoor's was decent enough. Fast Cash Offers: They give a preliminary cash offer within 24 hours. If the offer expires, you can request a new offer. We recently got an offer from opendoor on our house. If they haven't given you that, have them do a video walkthrough. After the video walkthrough, someone walked around the external house for ~3 minutes, then we received our final offer. In addition, Zillow Offers and Opendoor allowed us Opendoor raised their preliminary offer (we didn't ask for the update, they sent an email with a new offer, probably due to a house in the neighborhood that recently closed) for $20k more than the week before. After the inspection and exterior home assessment they finally send me the final offer. So it seems they make it really easy to sell to them. I know one of the benefits to selling with the TL;DR: For those that have used OpenDoor, how quickly after your virtual walkthrough did you receive your final offer? Was it before or after they send somebody to inspect the exterior? I'm in what i'm calling a "bing bang boom" scenario and exploring the offer from OpenDoor as the prelim offer is appealing. This unofficial subreddit is a good place to ask questions about using the app, discuss developments, and share ideas with other investors. Was super easy but I’d recommend first checking with a realtor to see if the regular sale will net more. - Knock: Their service is a little different, and could help many. A walkthrough gives Opendoor more information about your house so it can give you the best price. Hundreds of thousands of people have come to Opendoor to participate in that value creation. It should have their 5% commission and any adjustments for repairs listed. No Cancelation Fees: You can cancel at any time without the worry of being charged a fee. Jul 16, 2024 · These computer-generated preliminary offers aren’t always accurate, which can cause disappointment when you receive a much lower final offer. Oct 17, 2024 · Before we buy a home, we typically send an Opendoor team member to assess its age, condition, layout, and features. I kept all usual contingencies, nothing waived. A place to freely discuss and investigate the current US housing bubble. Good Coverage: They offer services in 51 markets including top cities like Boston, San Francisco, and Birmingham. The home was built in 2020 and the landscaping was done professionally. 4% ($5756) Repairs: $18398 (This was the biggest shocker for me) I mean this is a total ripoff offer. com Oct 2, 2024 · Opendoor Preliminary Offer vs. Once you step foot in your work area, you are agreeing to their terms. I then offered 162 and they said “I’m not really negotiating” thennn said to make my best offer because they have multiple offers and are deciding today. By the time I saw the email, there were only 2 business days left before my start date. 5% total. r/RealEstate A chip A close button. We are currently renting back for free for 5 days while we close on the new house. I was tempted to bite until I saw your post. Final offer $640k, and $30k in repairs on top of that. However, CoreLogic data highlights that iBuyers like Opendoor represent a small fraction of the overall investor market (less than 0. Just wanted to see what my house was worth. Yesterday I got an email from Open Door saying that my escrow file has been reassigned to a different escrow Hey all - we decided on a whim to have OpenDoor give us an offer, and, after their inspection, they came back about $75k over the top that our agent thought we could get - which is great. Choose a closing day within 90 days. Final Offer. The final offer increased by $2k or so after the virtual walk through (2nd time). ” After their final offer, we decided to go with them because we knew an in person inspection would lower the other two’s offer (Opendoor misses repairs with a virtual walkthrough, no doubt). Preliminary offer was $60k more than our trusted realtor said we should list for. Got cash offers from the three i-buyers. You can decide to take the offer, or walk away without obligation. The estimated offer is valid for 7 days. If your client completes their video walkthrough, their offer will be extended to 14 days. Their preliminary offer was 3k lower than opendoor's preliminary, but Zillow has 0. Final Thoughts on Opendoor . When I did, the offer started increasing by small amounts each time. I am currently waiting for OpenDoor to do an exterior assessment on the 18th. Shockingly, today they sent me a new preliminary offer that is over $20k higher than it was in January. You know what they say about a "Tentative" offersort of the same thing they say about a hologram. About every two weeks or so, I would get an email from them stating I could refresh my offer. Their offer was $260k along with the 5% service fee, $10k in repairs, and closing costs. If you choose to list, you must sign a listing agreement with an Opendoor partner agent within 14 days of receiving your final offer. Or stay with your counter-offer, if you made it; repeat it as your best / highest; you take the chance that there might be a better other offer, or even that the seller (Opendoor) doesn't accept. Aug 12, 2024 · Receive the Final Cash Offer: You can choose to deduct the repair costs from the final cash offer or hire a contractor independently to make the repairs. To avoid listing, we needed an offer of $500+ since the market was hot. I just got through inspection on the house but the way it worked for me is Opendoor bough the home for me closing in 14 days then I will be buying from opendoor at the same price! 20 days later. Opendoor send me a preliminary offer of 311k, minus fee and closing costs I get a 293k of estimated net proceeds. 5 hours. Aug 17, 2024 · Advanced Technology: Opendoor offers the best UI experience for users. Anyone else using an iBuyer instead of listing with an agent. They explained the busy street is what caused the decrease in the base We would like to show you a description here but the site won’t allow us. I went in on a really low-ball offer based on nearby comps and some repair work needed. The process has been incredibly smooth so far. Redfin Now’s offer was significantly less than both Zillow Offers and our traditional route. I need the cash from the sale for a down payment on my next home. I eventually decided to go traditional route and sold it for 30k over asking price because of the unique location of my house (that they probably would not know about just by evaluating it online). Basically Zillow has a much lengthier process. We decided to go with Opendoor because of the opportunity to stay 3 weeks after closing. Today was no contact except some automated emails from Zillow. Estimated offers expire after 7 days. Very smooth so far. These costs typically rang One of my recent transaction where I represented buyer, the seller had to find a replacement property and they put an offer on open door, guess what they had to cancel it because of lack of communication and lot of other issues where the property had foundation issues and open door didn't disclose it so they had to canceled it and luckily found If you actually plan on putting in an offer, definitely get pre approved first. Get app Im in Nova as well and have had a pending opendoor offer since August. Final offer was $54k(!) less than prelim, even well below their range AND they want $27k in repairs. They sent the final offer just now and it is as follows: Offer: $415500 ($7k lower than the preliminary offer) Service Charge: 5% ($20775) Estimated Closing Costs: 1. We didn't want to lose his house because we really liked it and in the long run $3,000 in a mortgage isn't a ton so we agreed to 3000 raise and I was under contract with Opendoor since March with a closing at the end of June. The Zillow offer was $20K higher, but we chose to go with OpenDoor in the end. Oct 10, 2024 · Opendoor doesn’t charge hidden fees, but its final offers can be dramatically lower than its preliminary offers. I didn't have to sign anything extra. I have evaluations scheduled in the next couple weeks with each but I'm curious if I should make an effort to get some repairs done before they see the house. You can also refresh an expired offer after 7 days at opendoor. Just got open door final offer, they offered 220k with 5% fee and 11,000 for repairs, which for me is fair, I have a lot of projects that are 90% done, bold paint, yard has a big hole from septic repair, I can net 195k after closing and fees, and repair credit, I owe 138k on the house and for me and my situation is perfect, just waiting for I got the preliminary offer and it's the second highest I have. Your offer is only valid for 30 days once the home is listed on the market and your home must be listed within 30 days of receiving your final offer. Well I got an updated offer from Zillow a couple weeks ago and came back at $399k with a 0. Anyone have experience selling to OpenDoor in the past 1-2 months? Bonus points if in the PNW or west coast areas. Get a final offer that makes allowance for repairs. For a $950K home, $760K. Repairs typically refer to items that buyers expect to be in good condition before they purchase a home. Opendoor's final offer is based on a virtual home inspection, deductions for repairs, and its 5% service fee. The final offer expires in seven days. It's there, but it isn't I am under contract with opendoor and have the closing date at 90 days while I'm searching. We did have some concerns going into the Opendoor process due to some scare tactics a few different realty groups used. Out of the 3 main iBuyers, Redfin had the best offer price. No harm. Orchard's is higher but they want to buy our next house and sell ours after we move - that's their model - and we have already put money down on the new one. And they can certainly play with their numbers however they want. I asked for an 4/1 closing date. Reply reply CarolinaHills2345 I just got a preliminary offer from open-door out of curiosity. I got my final offer from Opendoor today. For a daily "rent," you can also stay in your house for up to 17 days after closing. . These are all factors that can cause a difference in the final offer. 5% in closing costs (i. $512K initial offer, home evaluation on the phone camera, final offer $531K, 4. Not Opendoor's fault. They did their video walkthrough and inspection, and the P&S listed about $6k in repairs. Without the final offer, they could low-ball your salary or hire you as a term employee instead of permanent. Do not tell them what open door will give you. I'm looking to sell my house in Monroe NC and I've been going through the process of getting an official offer from Opendoor. Jan 3, 2025 · Opendoor offers the speed, simplicity, and convenience of an all-cash offer — allowing sellers to avoid repairs and showings, and move on their own timeline. Once you receive the offer you can choose 30-90 days to close. Jun 7, 2023 · The difference between final and preliminary offers left many wondering: how accurate is Opendoor preliminary offer? And it makes sense; few people know the service fees, repair costs, and market volatility. Nice and easy. In the email it says that an official offer will only be made after I accept the offer and make the tuition deposit. Since the application process itself is often nothing short of herculean and time-consuming to boot, this place is meant to serve as a talking ground to answer questions, better improve applications, and increase one's chance of being 'Referred'. Offer Pad gave me an offer of 10. So it will be $500,000 minus the adjustments, minus the 5% service fee and whatever additional fees they incorporate. The next couple of days I get the following ‘offers’ Open door: $285K Offerpad: $265K Zillow: $350K Obviously, I move forward with the Zillow offer and have a formal inspection. Opendoor is just a half step ahead. Open door came in at 435k, they do have their 5% fee plus they quoted 7k in repairs. It allows you to secure, or “lock in,” Opendoor’s final cash offer for 30 days after the home is listed. A few minutes later, we had a preliminary offer of $296,000. Apr 22, 2021 · On day 3, we received our final offers from both Redfin Now and Opendoor. Opendoor will ask fewer questions and give you an instant initial offer, whereas Offerpad will ask more questions, it'll take longer, and they'll probably take 24 hours to get back to you, but that's a small inconvenience in the context of selling such a valuable asset. And that was a record high. 5% estimated closing costs, repair costs of $14,998, for a final offer of $375,627. Opendoor is extremely transparent about their fees, which is 5% and probably lower than the average realtor commission. In our case, that was enough for a formal offer. Everything I have seen about Opendoor says once you get your final offer it was a done deal. Zillow's market price is higher than Opendoor's. © In 2014, Opendoor set out to reinvent life’s most important transaction with a new, simple way to buy and sell your home. That was accepted just before Christmas. Eventually went with Redfin. It happened with me as well,their final offer is some 5% higher than the preliminary offer,I am doing some modification before I go through the second round of walk through. I plan on listing and dealing with the showings Apr 8, 2024 · On the Real Estate Bees platform, you can read Opendoor reviews and learn about their fees, pros and cons, features, alternatives, and if it’s worth the money it costs. One night in June after receiving a letter from the City essentially saying we’re out of luck on the fence, I saw a commercial for Zillow Offers, and just decided what the heck, let’s see what they’d give us. I tried opendoor recently. As a leader in the iBuyer space, Opendoor has established a foothold in the US market across the country. 8 percent their commission, 6 or 7K in repairs, my bottom line at $497K. Open menu Open navigation Go to Reddit Home. Get a quote. In the process of selling your home to Opendoor? Learn how we handle negotiations with sellers. We looked at 30 houses and then this one came back on the market again. Well Open Door came back and said good news yours was the best offer however it's still too low so we need you to bump up your offer by $3,000 and take your request for closing costs down by $2,000. During that time you list your house on the market with an Opendoor agent. Let me know if you have any questions TLDR: people hate on opendoor/ I buyers here but Opendoor has been more than amazing. We got final offers and did inspections with both OpenDoor and OfferPad. Many contracts allow the Buyer to access (with notice) during escrow and they may do this to measure rooms/etc. Yes, we will negotiate your offer to purchase a home with Opendoor. Depending on the other terms of the contract, we will also negotiate closing costs. They warned that Opendoor had a 50% cancellation rate, that they would use the info of being on a contingent contract with the new house to cut the final offer the day before close, or that they would back out the day of close. One can cancel contract up to 24 hours before close. Close on the Sale: If you accept Opendoor’s cash offer, you can select a closing date that extends from 14 to 60 days. Neither company requires many hoops for sellers to jump through – or even a formal listing – and either of them would If you don't have a Final Offer, all you have is a Tentative Offer, and if that's all you have, everybody needs to chill — having you go get credentialed for a PIV, for example, is a bit much when you just have a TO. My house doesnt need any major repairs (of course they will tack on repairs anyways) and I'm expected it to be a little less than I would get on the MLS, however I felt like the prelim didnt take into account the following since they didnt ask: I have a final offer from Opendoor which isn't too bad. Oct 28, 2024 · “Opendoor gave me a preliminary offer of $493,000 for my home. Comps are selling at 450ish. July 12th we requested a preliminary offer, which we received on the same day. Some of the repairs included repainting the entire interior and exterior, and redoing the landscaping. Then popped up again mid- December and we made another offer for the same amount and promised an easy close. Even their preliminary offer was nearly 100K below the comps, so didn’t expect to sell to them anyway. Second, they offer a Cash backed offer program we used. 00 with a traditional agent. They are coming for their inspection tomorrow and we will get a final offer this week but I’m pretty sure Zillow is going to have the best deal. If you schedule a call with Opendoor, we’ll extend your offer to 14 days. I bought my house for $70k in 2016. Would have lost hundreds of thousands selling via OD. I called Open Door and their offer was decent. Only paid 256k 6 years ago so we took the offer. Their offer is a preliminary offer without the fees deducted. It's a very simple process and doesn't take long. A recent report from Zillow found that the four largest iBuyers — Zillow Offers, RedfinNow, Offerpad and Opendoor — accounted for just 1% of all home purchases nationwide. Schedule an inspection. With Offer Lock, you get a cash offer from Opendoor, but you then "lock in" that final offer for 60 days. But I'm glad we didn't. Zillow offered 379 (approximately 364 after fees and repairs) and open door offered 365 (344 after fees). If you're a seller and they're both in your market, it makes sense to get initial quotes for both. opendoor's video tour did not want to see garage or any closets so it was very quick and simple. Dec 30, 2024 · Receive a preliminary offer. Get an estimated offer. That's just sales prices. Request an Opendoor preliminary offer. We strongly considered going with Opendoor, getting their inspection and final offer, even asking them to consider raising it. I put an offer on the new house and set a closing date for 4/3. I'm very upfront with what it is and give all of the options. My realtor then suggested to list it at $480k. Opendoor, both companies are probably on your radar, especially if you are only accepting cash deals. We send counteroffers by email and we can negotiate by email or phone until an agreement is reached. I decided to list my home with my realtor. Your dedicated Customer Experience Partner will help you along the way as you’re deciding how to move forward. I discounted this immediately but the sales pitch for this offer is that they will put the house on the market for you and their offer would now be the lowest offer and any buyer would have to at least go above it. We also bought through OpenDoor in March. I am in the process of selling, I live in Ohio in a small town and real estate is very cheap. They do tend to pay a bit more, but they deduct more as well for repairs and the like. We decided to put in an offer, and they emailed back and said to have “our best and final offer in” by a certain date. Most customers will need to complete a home assessment, then you can receive a finalized offer from us. Today, I received 2 offers at $530k each. Right, instead you’d cry to whatever business or Realtor you run to about your old Opendoor offer and then slowly begin to realize how fast the market has changed when the offers you receive don’t match up. Final Offer was made today and they are giving me 10 days to accept. The last couple of condos to sell in my area went for about 300-320. ” Mar 17, 2021 · Offer uncertainty: Customers weren’t clear on what exactly went into their offer. We just closed on the sale of our home in a HCOL area of SoCal. A preliminary walk through can be done to verify that requested repairs were completed and the property is in similar condition to when the offer was made. The advantage of Opendoor and ibuyer is usually convenience. I also told them this fact, and they said they’d love to win my business over OD and will keep that in mind when doing the final valuation. The house is actually pretty new to the market and judging by the number of realtor business cards sitting on the countertops, many people have looked into it. That’s why an offer in-hand from OpenDoor isn’t as ‘strong’ as a similar one from a traditional buyer (assuming you have a sell contingency), because OpenDoor can theoretically pull out much easier than a traditional buyer can, based on the difference in amount of penalty/earnest money at stake. Then again a couple of weeks later. Yea I offered them 160 and they countered at asking price, 184. Offerpad was second and OpenDoor was third. Even if you do make a higher offer (list price, or higher) - until the offer is accepted, there's no guarantee - Opendoor can choose to reject an offer. However I'm interested in using a low cost ($250) service to list my house on the open market to see what offers I can bring. To get an Opendoor preliminary offer, you fill out an online form with basic details about your property. Today they sent me a updated offer email and it's now over 100k higher than the initial one from August. Oct 17, 2024 · In every home sale, there are standard costs paid to outside parties that vary by city, state, and county. Last summer the offers between Zillow and Opendoor were also wildly apart in value. Final offer was $370k with 5% fee and $4400 repairs. I am stunned and I am wondering if anyone else has had to go back thru these steps and found that the financials changed so much. Our initial Opendoor offer was 5% higher than the final offer because they provided a list of bogus repairs. Opendoor’s offer was contingent on inspection and they said their offer may change after inspection (but not by much). Assuming your home is free from major defects. We didn’t receive our final Zillow offer until 3 days later as it was a weekend. Opendoor | Reviews | Availability | How Offerpad works | How Opendoor works. Invest, borrow, spend & save with powerful automation—all in place. They "adjust" the preliminary and lowered the offer to 300k, minus closing costs, fees and repairs costs the final net proceeds is for 278k. Specifically wondering about initial offer versus final offer versus repairs concessions. Almost feels like a bait and switch. I think it depends on the timing. At the sixth refresh, the offer jumped by well over $100K. Dec 19, 2024 · Receive the Final Cash Offer: Opendoor makes a final offer on your house within a few days of the assessment. 5% fee. Mar 26, 2024 · 1. Our house is a 2020 build which for the most part is in "like new" state. Just to preface, I live in maricopa county, Arizona so the market is super hot at the moment. Oct 3, 2024 · What's the difference between an Opendoor preliminary offer vs. (Of which I think $10-13k is reasonable, not $27k. We completed video walk through, multiple upgrades/details were documented on walkthrough (nothing negative), then external inspection happened, no issues. Your final offer is contingent on a home inspection, which you schedule after Opendoor only wanted the final offer which was only after Zillow did an inspection. My question is, once they submit a final offer, has anyone negotiated with them to get a higher final offer? or sat on the final offer until it expired and they offered more? Can I negotiate the Opendoor offer? We’re meticulous in our offer process, but we want to make sure we take into account all the things that make your home truly special. In a comparison of Offerpad vs. Final offer provided by OpenDoor was 476k (including ~$32. I even got a higher offer since the value had appreciated. We are also under contract to sell to OpenDoor. But that was the inspector's fault, plus my own for picking him. Exactly this. got the final offer from opendoor about 12 hours later and the offer increased something like $10K. Our realtor recommended listing for $460. In addition, my offer magically expired while generating a new offer 80,000 less than my previous offer and less than any offer that I received from opendoor. The house needed work, but it went under contract with another buyer. Offer Lock is available to anyone who lists with an Opendoor partner agent and whose home qualifies for a final cash offer. could only come up $30k more so I know that Zillow is making a really strong offer here. Figure a total 4% commission for the real estate brokerage plus another 1%-1. We just closed and received all wire transfers yesterday. We made a full price offer that was rejected beginning of December. Opendoor sends you a preliminary offer and may request more information to give you an updated offer. I received my final offer five days before my start date, by which point I had already completed my government move. What’s inside a finalized Opendoor offer. You can also request a new offer from your dashboard so you always have the latest offer based on current market trends. We have had issues with a few of our offers now where the realtors want us to have cash on hand and don't seem to understand that me selling through opendoor is basically a sure thing. The final offer may differ substantially from your preliminary offer, since it includes deductions for repairs and any other revisions based on the inspection. So my offer to them was very standard for California. The final number the website is showing is $1900 less than the preliminary offer we started Same situation. So opendoor offered me similar to the orchard minimum - so the check (20k) was how much more Orchard gave versus opendoor Plus the only real fees were the traditional realtor fees I did have to work with concessions on new buyers so (not orchard the final buyer) but that worked well All and all I really had a good experience. I received a tentative offer in November and knew my start date would be in March. Opendoor is a “whole sale” middleman, who has a target price of -20% from market price. Zillow does an in home inspection, open door is just a virtual walk through and in person for outside of home only. Zillow has given me their market price, 3% commission (I keep reading 1% on here), and I'm waiting for them to get back to me on a walk through. I got preliminary offers from redfin & offerpad this week and redfin’s net payout was very competitive to opendoor’s, so I’ll go through their process to get a final offer amount. If your home is eligible, you receive an initial cash offer, usually within 24 hours. I had originally gotten an initial offer from Zillow come in at $364k with like a 3. This subreddit is for all those interested in working for the United States federal government. No hidden fees from start to finish which was a nice. Posted by u/[Deleted Account] - No votes and 17 comments Jan 12, 2024 · Opendoor’s Offer Lock is similar to List with Offerpad. When we found one we liked, we made an offer with their One night in June after receiving a letter from the City essentially saying we’re out of luck on the fence, I saw a commercial for Zillow Offers, and just decided what the heck, let’s see what they’d give us. Apr 17, 2024 · Some unhappy sellers used the term “bait and switch” to describe the difference between the preliminary and final offer. There is also a very reasonable repair “credit” being deducted from the gross offer. Learn more about its process here. They gave us a preliminary offer of 522k along with 'most offers increase after video walk through'. The actual offer came in $80,000 less at $413,000 less 5% service charge, 0. In 2014, Opendoor set out to reinvent life’s most important transaction with a new, simple way to buy and sell your home. 5k in fees), so net proceeds $443k. Only took 1. My inspector did a crappy job and missed/downplayed some important stuff that ended up costing me after the purchase. They’re charging a 5% service fee and estimate closing costs at just under 1%. Offer Lock is a part of listing with Opendoor. BTW, I got the inspection, and after repair price, my net is $396k so they beat Opendoor by $50k! Opendoor couldn't beat it. Yeah, I'm talking to a realtor today. Only followed through with Opendoor due to many reasons but mainly their offer, and net proceeeds, was much higher than others. How does Opendoor work? Fill out an online questionnaire. As you know, there will be an evaluation/inspection, the offer will be reviewed, then their fees come out after that. A model match to that home (without a pool) just sold around the block for $1,058,000. They also raised their final offer by $15k after we mentioned speaking to a flat rate realtor and some pros about our home. Edit: I had multiple offers. Aug 8, 2023 · Click here to request a cash offer before selling to Opendoor. And unless the OP's house is dramatically worse than the average condition of a similar age home in the neighborhood, the initial offer is generally very close to the final offer. Since you’ll be listing on the open market, you could potentially make more money. While under contract to sell to them, we shopped for homes. In my area they don't do the exterior assessment as quickly as in other markets. Zillow is definitely A LOT more thorough then open door. And despite a similar property on my street selling for more than this last year. Zillow revised their offer upward by $40k after they inspected the house and due to their lower fees(~0. 117K subscribers in the REBubble community. Opendoor, however, was significantly MORE. In our case it wouldn’t or would be a wash. Definitely want to see Zillow's final offer. I never moved forward from the virtual offer because it was too low. First hit the market around Halloween and had a full price offer that fell through. Decide whether to make repairs yourself or provide Offerpad with a repair credit. Opendoor’s prelim offer was 400k ish and now the offer is 320kish. Redfin and Offerpad came out 10% below their market appraisal. Having a similar experience. All the info in this article is all about the Opendoor final offer, and doesn’t apply if you sell to another buyer. If you can't sell, you always have open door or other channels. I got curious and opened the app later and it was super simple to “renew” the offer. If a home is home $600K, their offer would be like $480K. As one reviewer who got a quote from Opendoor in July 2023 explains, “ Initial offer $750k. The convenience and flexibility of how they work was very tempting for us. OpenDoor did change their base price and also asked for concessions. It was 345k-385k with the estimate being 365k M1: The Finance Super App™. Obviously they haven't seen the house but we see that the pros and cons balance out in terms of costs, in our valuation. Buyers waived inspection. Did video walkthrough and physical walkthrough. Opendoors offer is usually subject to inspections. For Opendoor, that means that we have limited information about a home before we acquire it. See full list on realestatewitch. Turned them down in 2 secs. Mar 28, 2024 · Check your email inbox for an offer. 5%) their offer ended up being $60k higher than Opendoor's offer. Typically, Opendoor’s final cash offer expires after 5 days. Terms are extremely flexible. I offer an ibuyer program,as well. Negative reviews from buyers who bought homes resold by Opendoor indicate general unhappiness with the quality of work done. That's not taking into account the concessions. Schedule an on-site visit from a property inspector. Since then Opendoor has rebuilt the entire consumer real estate experience to make buying and selling possible on mobile devices. I'm not looking to sell. We sold to Opendoor last June as the market was tanking. This includes their 5% service fee, repair expenses, and the 1% closing cost. My opendoor experience has been nothing but positive, convenient, and fast. I’ve always been told to get the final offer first. For us, OfferPad did not change their base offer after inspection. 2. Their original offer was reasonable but after the inspections and whatnot their final offer was much lower. I was pretty set on going with Opendoor but I just checked with Zillow the other day and they came in about the same offer but are only charging us a 1% fee. This is in a neighborhood where recent homes sold for $450,000 and $470,000. Their preliminary offer was $530 and final offer was $540 with $5 in repairs. emtdt jvrma sihppar cgfbayyn qgskct khrpg pgjizer jrwkjgf aojv olu