We are selling in the DFW area in prep for moving into our new build in a few weeks. We have a final offer on the table from Open Door and an even bigger preliminary offer from Zillow. We are letting both get to final stages – both are FAR higher than we could get on the open market based on comps, plus a far easier experience overall. This is just a rundown of our experience thus far, for those who are considering going this route or curious about it.
OpenDoor has a total of five properties for sale right now in my suburb. This is still a very hot area with no real sign of the market slow down that some areas are seeing. Their final offer to us is about $70K over what we expected to get for our home even with a bidding war. They had us do a video walk through, then sent someone out to look at the exterior of the home. The next morning our final offer came in, giving us 10 days to think about it, 5% fee, about $1500 for “repairs” and the ability to keep the offer and close any time from 14 days to 90 days. We can cancel without penalty at any time.
Zillow submitted a prelim offer that is $90K above the market comps and wanted a two hour appointment for an inspection. He is here now. SUPER nice guy. He is a direct employee of Zillow and says he used to have his own business, was doing well, but now has a regular salary, benefits and he believes in Zillow’s vision for the market. He has taken about 300-400 pictures (his words) and has flushed every toilet, looked under every sink, gone in both attics, run every system, etc. Very respectful and very thorough. He explained they have several goals for their business model right now, including making money on the sale (down the line), making money on the fee, changing the way real estate does business and getting a good market presence. He was open that they are offering more than homes are technically worth at this time. They do not rent homes out, only sell after fixing them up. We should have our final offer from them early to mid next week, possibly sooner because I let him know we already have a final from Open Door, so he is going to flag that on our paperwork. He is finishing his outdoor inspection now.
We are definitely going to go with one of these offers. The lack of hassle for cleaning, fixing, showing, dickering alone is worth it, but the offers really are above what we ought to be getting for our 1999 sq ft 3 bedroom 2.5 bath home.