Last week I had someone ask me for my opinion regarding “OpenDoor.com”. For those of you who are not familiar, Open Door advertises that they can sell your home fast and send you an offer for your home within 24 hours.
Here’s my take: OpenDoor.com is a creative way for an Investor(s) to buy your home below its market value and resell it for top dollar after they complete repairs and updates (i.e., new carpeting, fresh paint, etc). The benefits to you as a seller, is that you will sell your home fast, close within a week, and not have any of the inconveniences that go with selling a home (staging, showings, repairs, waiting 30-90 days to get it sold, etc.). For some Sellers, this may be an ideal option; it all depends on the seller’s particular circumstances.
My advice to someone who is considering OpenDoor.com or any other “fast” alternative to selling your home quickly (i.e., mailers, WeBuyHomes.com, OfferPad.com, etc…), would be to also contact two REALTORS and obtain a market analysis for what your home is really worth on the open market. This will help you to make the best decision that suits your specific requirements for selling.