To counter all the iBuyer love- total waste of time IME (esp Redfin, RUN)

Lots of posts lately how great OpenDoor and other iBuyers have been. I did NOT have anywhere near these experiences and wish I had not even wasted my time “exploring my options” with these companies. Live in DFW.

I expected lowballs, Opendoor and Offerpad were about $80k under (13%) market. Easy to just walk away. Offerpad rep didn’t even bother to show up to our scheduled meeting to “Discuss your offer and go over your options!” Sundae rep was a good guy, told me my house is nicer than their portfolio and to list open market. Homebound cancelled our scheduled meeting 12 minutes before and said my property didn’t meet their criteria. Redfin now actually had a great offer. Honestly, above market, and it’s because their comps were…not accurate (to my benefit). I live right on the edge of two school districts, one good, one undesirable. They pulled in comps from the good school district and overestimated our price so the initial offer was GOOD. 5.8% fee so felt like a wash on realtor costs, estimated closing costs matched expectations. HOWEVER, apparently, 4 inspections, a signed LOI, and a MONTH of wasting time with Redfin, the representative said “Oh weird, in my system it shows we adjusted your offer. I didn’t get a notification. Strange.” to $35k less. (everywhere I look in my dashboard, it’s still the higher number). We were really confused because even after the first round of inspections and 3D photos, we were told the initial offer was the offer to decide whether we would proceed with secondary inspections. It definitely feels like a bait and switch. The process took way longer than they said, was inconvenient because our sales rep didn’t communicate (the initial contact at Redfin Now was wonderful, then when we got with the licensed agent she was…lacking) and felt like we did all the work of actually scheduling FOUR inspections, being present for them, and hounding them for information. Their repair deductions were bizarre. We expected some exaggeration but it was stuff like $400 to trim 6 inches of a tree because it was grazing the 1-story roof. My husband went outside and did it in 15 minutes with gardening shears. I also think it’s sneaky they take their 5.8% commission off the top of a big number, then deduct the full 100% of repairs (that seem to have another fee built-in). Their inspectors showed up late, didn’t communicate, wasted a day off work. Really missing where the “convenience” factor came in. All of this took a month and we still don’t even have a resolution to WTF happened where we were repeatedly told one number and now “in their system” it shows a completely different, much lower number.

All in all, to us it felt like none of these companies were really trying to buy our house. Seemed to me all the reps were checking their boxes and could not care less whether you moved forward or not, there was no hard-sell or attempts to convince, some may appreciate that but it felt really silly to me.

We only proceeded with Redfin because the net proceeds were pretty good and we really liked the 90 day close so we could travel this summer, potty train our youngest, and stop stressing while working on the house we’re moving into. Also dealing with keeping a house clean and leaving for showings with young kids sounds like a bit of a nightmare.

I feel like I just wasted a month. If I could do it again, I would have listened to literally every person around me and spent that energy getting the house ready for open market. I get peace of mind knowing I “explored every option,” especially knowing some of the users on here have had great experiences…but I would never tell a friend to do the same.

submitted by /u/spiritussima
[link] [comments]

Lots of posts lately how great OpenDoor and other iBuyers have been. I did NOT have anywhere near these experiences and wish I had not even wasted my time “exploring my options” with these companies. Live in DFW. I expected lowballs, Opendoor and Offerpad were about $80k under (13%) market. Easy to just walk away. Offerpad rep didn’t even bother to show up to our scheduled meeting to “Discuss your offer and go over your options!” Sundae rep was a good guy, told me my house is nicer than their portfolio and to list open market. Homebound cancelled our scheduled meeting 12 minutes before and said my property didn’t meet their criteria. Redfin now actually had a great offer. Honestly, above market, and it’s because their comps were…not accurate (to my benefit). I live right on the edge of two school districts, one good, one undesirable. They pulled in comps from the good school district and overestimated our price so the initial offer was GOOD. 5.8% fee so felt like a wash on realtor costs, estimated closing costs matched expectations. HOWEVER, apparently, 4 inspections, a signed LOI, and a MONTH of wasting time with Redfin, the representative said “Oh weird, in my system it shows we adjusted your offer. I didn’t get a notification. Strange.” to $35k less. (everywhere I look in my dashboard, it’s still the higher number). We were really confused because even after the first round of inspections and 3D photos, we were told the initial offer was the offer to decide whether we would proceed with secondary inspections. It definitely feels like a bait and switch. The process took way longer than they said, was inconvenient because our sales rep didn’t communicate (the initial contact at Redfin Now was wonderful, then when we got with the licensed agent she was…lacking) and felt like we did all the work of actually scheduling FOUR inspections, being present for them, and hounding them for information. Their repair deductions were bizarre. We expected some exaggeration but it was stuff like $400 to trim 6 inches of a tree because it was grazing the 1-story roof. My husband went outside and did it in 15 minutes with gardening shears. I also think it’s sneaky they take their 5.8% commission off the top of a big number, then deduct the full 100% of repairs (that seem to have another fee built-in). Their inspectors showed up late, didn’t communicate, wasted a day off work. Really missing where the “convenience” factor came in. All of this took a month and we still don’t even have a resolution to WTF happened where we were repeatedly told one number and now “in their system” it shows a completely different, much lower number. All in all, to us it felt like none of these companies were really trying to buy our house. Seemed to me all the reps were checking their boxes and could not care less whether you moved forward or not, there was no hard-sell or attempts to convince, some may appreciate that but it felt really silly to me. We only proceeded with Redfin because the net proceeds were pretty good and we really liked the 90 day close so we could travel this summer, potty train our youngest, and stop stressing while working on the house we’re moving into. Also dealing with keeping a house clean and leaving for showings with young kids sounds like a bit of a nightmare. I feel like I just wasted a month. If I could do it again, I would have listened to literally every person around me and spent that energy getting the house ready for open market. I get peace of mind knowing I “explored every option,” especially knowing some of the users on here have had great experiences…but I would never tell a friend to do the same. submitted by /u/spiritussima [link] [comments]

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