OpenDoor offers speed and convenience, but the fact is that you’ll walk away with much less money in your pocket if you choose to sell with them. Here’s why.
OpenDoor is a company that has come into the market in the last few years - especially in the Raleigh/Durham area. You’ve probably seen their signs around town, but what do they mean and why do homeowners choose to work with a company like OpenDoor?
I’m an agent that believes OpenDoor isn’t there to be a charity or offer convenience, they are there to make money. They’re a big company that’s looking to take your equity away and I want to share a perfect example with you today that illustrates exactly how they do that.
We were recently working with a home seller and we gave them a list price of $425,000. OpenDoor offered that same seller $380,000. Our traditional listing fee is 6%, while their “convenience fee” is also 6%. However, they also add in a brokerage commission of 2.5% because when they buy the home, they’re going to resell it and need that money for the agent that they’ll pay who eventually brings a buyer. You end up paying the fees for two agents in this case.
OpenDoor doesn’t want homes with old roofs or HVAC systems, either. You’ll end up seeing $7,000 to $10,000 of repair fees on top of what we’ve already discussed. On the other hand, our repair fees typically run about $2,500.
In the end, the “convenience” of OpenDoor will end up costing you $46,000. I don’t know about you, but I will be inconvenienced to save $46,000 of my hard-earned cash.
Before you go giving your home away to OpenDoor, give us a call. Let’s take a look at the numbers and make a decision. If you have any questions for me in the meantime or just want some honest advice about your specific situation, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.