An instant offer company, like Opendoor, allows eager home sellers to avoid the headaches and hassles of listing their home with an agent, and sell their home more quickly online instead.
These fast-growing companies provide an offer, typically within 24 hours, developed using an algorithm and sell the purchased homes via online platforms for a slim profit. This process helps sellers avoid the cost, delay, and inconvenience of repairing and staging their homes for showings. It also saves homeowners from having to deal with multiple strangers trudging through their homes during open houses.
The controlled nature of the instant offer process means sellers don’t have to agonize through a litany of negotiations or guess when the closing will finally take place. This also allows sellers to more easily arrange for their move out of their home.
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Opendoor is among the more popular and reliable instant offer companies and takes only minutes to request an offer online.
Sellers can rest assured that before making a competitive cash offer, Opendoor reviews comparable home sales in the area, accounts for unique home features, and fine-tunes offers based on local real estate market trends.
Opendoor also offers transparent pricing that includes a service charge and expert customer service without hidden fees or surprises. Sellers pay for repairs and closing costs that are comparable to traditional sale expenses. At the closing, sellers don’t pay anything out of pocket because the expenses already are deducted.
Once completed a homeowner can and join the more than 500,000 sellers who have requested offers with the simple press of a button.
If the seller likes the offer they’ve received then they simply sign the online purchase contract sent by Opendoor. Then sellers must next complete a free, in-person home assessment conducted by an inspector assigned by Opendoor. If any repairs are required, Opendoor will provide a fair estimate and, if the seller agrees, then the offer price will be lowered to reflect the required changes. If the seller doesn’t agree with the repairs needed or doesn’t like the revised offer price then they can easily cancel the contract and look for other options to sell their house. Most repairs identified will still need to be made prior to selling the house and Opendoor, and other instant offer companies, allow home sellers to save time and money trying to find a reputable professional who will do quality work at a reasonable cost without lengthy delays.
Working with Opendoor grants sellers the flexibility to choose a closing date within 10 to 60 days of the offer acceptance. This can greatly eliminate the stress of hoping that your closing date will align with the availability of your new home or apartment. Traditional home sellers, without this control, may have to find a temporary place for their families and belongings adding headaches and potentially thousands of dollars in unplanned expenses.
Opendoor buys homes in 20 major American markets, including Atlanta., Charlotte, Denver, Los Angeles, and Phoenix. The tech company is quickly adding new markets and expects to be available in up to 50 markets by 2020. The company is highly-rated by its customers. In fact, 9 out of 10 customers who have used Opendoor say they will recommend it to other potential home sellers.
Other instant offer companies that make quick cash offers include Zillow Instant Offers, Redfin Now, OfferPad and Knock.
Web-based real estate brokerage Redfin is expanding the availability of its instant offers service through a new partnership with Opendoor, which is believed to be the nation’s largest instant offer company. The partnership, announced in July 2019, allows homeowners who sell their homes on Redfin to increase the number of offers they get on their homes.
Redfin already had an instant offer service, RedfinNow, but with limited availability in select markets. The partnership with Opendoor, Redfin can offer the service to many more homeowners. Currently, the homeowners in Atlanta and Phoenix can request an offer from Opendoor through the Redfin site or mobile app. Then they’re able to compare the offer they receive and decide whether or not it’s a good deal for them.
The companies will decide if they will expand their partnership to other markets. Redfin plans to expand Redfin and RedfinNow individually.
These companies represent a new trend 10 years after the nation’s housing and financial crises.
Since then, it’s been more challenging for people to get a new mortgage until they’ve sold the homes they currently own. Others, who can afford to buy new real estate, find it increasingly difficult to make the finances work. That’s what makes instant offers or iBuying (short for “instant buying”) so advantageous and appealing. They help sellers who want to buy easily resolve these issues.
As the practice becomes increasingly popular in some markets around the county, some experts believe it could lead to a more affordable and efficient housing market.
Instant offers also help ease instances of market failure.
The algorithms read disclosures, and analyze market comparisons, evaluate timing, assess nearby rental vacancies and come up with a myriad of other factors to assess an estimate of the home value, which means instant offers can help sellers and buyers feel safer.