There is no surprise that Opendoor is one of the newest trends for Sellers. Their claim to fame, is “when you sell with Opendoor, you avoid many of these costs because you never put your home on the market.” Let me tell you, I already knew their scam as a licensed Real Estate Broker, Chalyce McQueen with CTS Realty. I know what fees and services I offer to my clients, which on average is between 4.5-5% commission of the gross sales price.
Just for fun, I put my personal information into the Opendoor website and requested what they call a “fair offer”. Having the Real Estate background and knowledge that comes along with being a Broker for 11 years, I already knew what the market value of my home is. No surprise, Opendoor came back with in their words “fair offer” of $10,000 below market value, and quoted a whopping fee structure of 9% plus an additional .6% in closing costs. I was in complete disbelief, I already knew that the fees did not make sense, but I had no idea they were charging an additional 3% over what a Licensed Real Estate Broker like me, Chalyce McQueen with CTS Realty would charge. This additional 3% plus the $10,000 below market value for my home is outrageous.
In reality, I am over paying for a service, which basically is no service at all, to have someone purchase my house for less than market value. When I could have hired someone like myself, Chalyce McQueen with CTS Realty to provide a list of full services, designed to make my life easier, and so I can realize the full value of my property.
If I would have made the mistake of using Opendoor to purchase my property, I would have spent at a minimum of an additional $16,000 to sell my house. This additional $16,000 comes along with a purchase price of $10,000 below market value.
I hope my above blog, provides some education of the predatory practices Opendoor is using. I also hope to save Sellers the mistake of losing money on their sale, and over paying for a “service” that is NO service at all.
Don’t compromise your property, or yourself with a company like Opendoor. Reward yourself with a decision of hiring me. My fees are discounted, but my services are never compromised. Come find the Chalyce McQueen difference.