What Is Opendoor Real Estate?
Meta Description: You’ve heard of real estate sites like Zillow, but what’s the deal with Opendoor? All City Realtor answers what you need to know about Opendoor
When you’re in a time crunch to get money fast, one route that some people choose to take is to sell their house. This may seem like an odd choice considering the time frame to sell a home can take months. But with today’s iBuyer sites like Opendoor, selling homes in the real estate market has never been easier.
What Is Opendoor?
Opendoor is a real estate iBuyer website that offers to buy or sell homes fast. It’s a San Francisco start-home company similar to Zillow, which hosts homes for sale with the promise to sell in a predetermined time-frame. Most of these transactions happen within a period of seven to ninety days, making the home-selling business a lot more feasible.
While Opendoor claims to only take a small fee on par with a real estate agent, these get cash quick options do not always land you the price that you anticipated for your home.
How It Works
When you visit Opendoor’s website, all you have to do is set up your home’s profile. You will have to fill out a questionnaire which usually involves detailed information on your home: the square footage, the year, and even the type of flooring you have. You home has to qualify in order to be listed on the site, which is determined by their “local market experts.”
How to Sell
If your home is approved for listing on Opendoor, their market experts will get back to you with an offer. Their price is determined based off of comparable homes. They also take into consideration any upgrades that your home needs and reduce that from the price. Suffice to say, if your home is not “move-in ready” you may get a low-ball offer.
You can review the offer within 24 hours. Your Opendoor Home Advisor will walk you through the offer so that you know exactly how they came to that price point. If you like the number, you can accept their all cash offer and have your home sold in a matter of a couple of days.
How To Buy
Opendoor isn’t just for selling homes, either. You can browse homes for sale on their app and can even schedule a tour in certain markets. They even have their own montage financing for Texas buyers or they can refer you to one of their trusted lenders. You can make an offer directly through their app or online. A real estate agent can be involved in this process or you can simply work with the site’s Home Advisor. Once all the i’s are dotted and the t’s are crossed, you’re ready to close.
How To Trade In
That’s right, this online market even allows people to trade in their homes for one of their Opendoor listed homes. You follow the same steps as you would to sell your home, but after the questionnaire, you’ll need to browse their selection. Once you find a couple of homes you want to check out, you will be granted access to unlock these homes for a self-guided tour.
Once you have found the home of your dreams, you can work with Opendoor’s support to coordinate the trade. They will make it so that there isn’t a gap between move-in dates and you won’t have to bunk at a local hotel or risk paying two mortgages.
Opendoor’s takes the atypical 6% fee— about the same as a real estate agent. However, after assessments and a few other nondescript service fees, it actually comes out closer to 8%. It’s not that bad of a trade-off if you need money quick. Keep in mind, however, these fees do not cover the standard costs of your real estate agent, should you choose to use one.