Sellers think it is worth taking an instant offer from an Opendoor or OfferPad is worth the money to save the hassle of traditional marketing of their home but they may be leaving money on the table according to Inman News.
- Instant offers aren’t designed to benefit the home seller. They are designed to benefit the investor or company. An investor or company who purchases your home is in the business to make a profit, not pay you market value. And that could add up to thousands of dollars.
- Often the fees or experience fees can equal the commission paid to a Realtor®. Think of it this way, would you rather pay a commission to an agent working on your behalf or a company who is only looking out for their interests?
- Investors often are not flipping the house to sell in the current tight market but fixing it to rent. That does not benefit the overall value of your neighbor’s house once you leave. While this doesn’t make the neighborhood bad or of less value per se, it does change the feeling of a connected community.
- So, if a seller takes an instant offer, they are messing with their neighbors’ home values. That might not be your problem today, but it could be in the future. When you go to sell your next home, you’re going to be pretty unhappy if a bunch of people on your future street sell out to an investor for convenience thereby reducing the overall value of the neighborhood.
- When an agent sells a home, it’s a mutually beneficial transaction. The agent gets a fee or commission and sellers get the best possible price for their home. Beware, instant home purchases are designed to benefit the investor under the guise of convenience to the seller.