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Using a Service Like Opendoor to Sell Your Home

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Kathy is a freelance writer for Textbroker and Constant Content and a published author in "Neon Rainbow Magazine."

This was our home in Las Vegas for eight years. This photo shows it right after it was painted blue; before this, it was a tan color.

This was our home in Las Vegas for eight years. This photo shows it right after it was painted blue; before this, it was a tan color.

We Were Just Ready to Move

After eight years in Las Vegas, enjoying all the sights and experiences the town offers, we were just ready to move. Our son and family needed some help with child care. My husband was getting closer to retirement age. And then, there was the mass shooting in October of 2017 across the street from Mandalay Bay that pretty much cemented our decision and made us realize that for us, it was time to go.

We decided that I would go first back to Wisconsin, and then my husband would follow four months later. He wanted to work for a bit longer, downsize some of our possessions, and get ready to sell the house and move.

Finding Opendoor

We thought about just putting our home up for sale, but then we saw the experiences some of our neighbors had gone through with a crazy real estate market. We had one neighbor who lucked out and got $199,900 for his home, which was practically unheard of in our small neighborhood of townhomes. And his was a two-bedroom townhome, just like ours! Then, two other neighbors got about $162,000 and $165,000 for their homes, which was just a bit on the low end.

We had heard commercials for two companies that would buy homes and make the home process easier for sellers who simply wanted to get their homes sold and leave. That was us!

One company was Offer Pad, and the other was Opendoor. We contacted Offer Pad first and got an estimate of $168,000. Not too bad, but we were hoping for more than that. Then, we contacted Opendoor, and they offered $182,000.

We thought, now that's more like what we were hoping to get for this home! I guess the lesson here is to shop around. Go with the best price and the company you feel will be the best to work with. Don't just jump on the first offer you get, especially in a volatile market like we had in Las Vegas at the time.

We decided to move ahead with the process, and we were pleasantly surprised to find out that it was a very easy process and everything ended up going seamlessly, exactly the way we were told it would go.

A view from the back patio of our Las Vegas townhome. We had a view of the community swimming pool and two palm trees on our patio! That was what drew us to this home when we originally bought it.

A view from the back patio of our Las Vegas townhome. We had a view of the community swimming pool and two palm trees on our patio! That was what drew us to this home when we originally bought it.

A Fairly Easy and Painless Process

Opendoor advertises that they make the home selling (and buying) processes easier, straightforward, and convenient. In our case, this was the experience we had.

The Offer and Contract

We received an offer shortly after we submitted an online inquiry. From there, we were able to complete a contract online, and I was able to complete my part of it from out of state. We set up a closing date that was only about a month away, and that became our closing date.

The Inspection

All necessary paperwork was able to be done online. A date was set for an inspection, and my husband went through with that and said the entire process was very easy. It turned out that we didn't need any major repairs or work done to our home. The work that needed to be done came to less than $500, so Opendoor covered the cost. They did charge us a fee of six percent, which was not that far out of line when compared to a traditional realtor.

Closing From Out-of-State

We were able to do our closing after my husband had moved to Wisconsin. We learned that a mobile notary would come to our home with all of our paperwork, and we would fill it out through her. She was here exactly when they said she would be here and had all of the papers ready to sign and in order.

After that, we were paid very quickly, with a deposit made directly into our bank account. We were pleasantly surprised at how easy everything was and how seamlessly the entire transaction went!

Opendoor Available in Limited Locations Right Now

Currently, the Opendoor service is in limited markets. These markets include:

  • Orlando
  • Nashville
  • Las Vegas
  • Tampa
  • San Antonio
  • Atlanta
  • Raleigh-Durham
  • Sacramento
  • Houston
  • Dallas-Ft. Worth
  • Phoenix
  • Minneapolis-St. Paul
  • Charlotte
  • Riverside, CA

Eventually, they may expand to other geographical areas, but for now, this is where you can find Opendoor services.

Pros and Cons of Opendoor

We found out that Opendoor held onto our home for about four months. It was up for sale at one time, and something fell through because it went back on the market again. A couple more months went by, and it finally sold for about $200,000.

So, we could have probably made more money if we had held onto the home for a while longer. But, in our case, we were able to sell the home exactly when we wanted to, for a decent price at the time. The market did go up, and we think it's at the high end right now.

Using a service like Opendoor is a gamble (much like life in Las Vegas!) But in our case, it worked for us. We got what we hoped to get out of the home we had there, and we have a lot of good memories from living in Las Vegas for eight years!

Sure, we might have made $10,000 to $15,000 more if we had held onto the home, but what if we got that difficult buyer who wanted to keep re-negotiating? And what if we had to compromise with a buyer who kept counter-offering? What if we thought we had the home sold, and it fell through?

It's happened to people we know—so it can happen! We might have ultimately only gotten $5,000 or $7,500 more. It wasn't worth holding onto the house for five more months and continuing to make the Las Vegas house payments just to get a bit more money for it. Because if you've ever dealt with a fluctuating real estate market, you know that prices can go down just as easily as they can go up!

Another positive we really liked about dealing with Opendoor was that we never had to have "open houses" where people are traipsing through our home. We had been through that with a previous house and didn't want to go through it again. We never had to vacate the home and leave it for several hours so a realtor could show it.

We weren't constantly cleaning it to make a good impression on the next prospective buyer. The other thing was that we have two cats who tend to become frightened when strange people walk through our home. It was worth it to us not to have their lives interrupted by realtors and prospective buyers walking through the home.

For us, it was worth it to have the convenience of naming our closing date and getting to have our closing when we wanted to. My husband moved out just a few days before closing, and everything went perfectly! He was able to leave keys in a pre-determined place, and the closing procedure went off without a hitch.

We would definitely consider using this service if we were ever in the position to do that again. It might not work for everyone, but for us, it worked well!

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2018 KathyH


RTalloni on October 02, 2018:

There are so many new options for people to choose from in market places. This reminds of me of something like FaithStay and even the writing market now days. You have me thinking about other types of businesses to establish online.

KathyH (author) from Waukesha, Wisconsin on October 02, 2018:

You’re welcome, Shanni! Thank you reading!

Shanni Payne from Elizabeth City, NC on October 02, 2018:

Great information! Thanks

KathyH (author) from Waukesha, Wisconsin on October 02, 2018:

Thank you RTalloni! I think they’ll do well, too! They may not be for everyone, but they do give people another good option!!

RTalloni on October 02, 2018:

Very interesting to learn about the Opendoor service. This is one of those "I wish I'd thought of that!" ideas. :) So many things to love about selling a home this way. Thanks for sharing your experience. They are probably going to do really well, especially with getting a great start in this economy.