Is It Worth Selling Your House Online?

The internet is great, isn’t it? Everything is at our fingertips. Shopping for clothes, home decor, groceries, and even cars. People don’t even have to get up from their cozy chairs and put forth any effort. It’s just a click of a button. They might actually have to walk to the next room to go fetch the credit card though. Is selling online just as easy? It can be. But is it worth selling your house online? I not only wanted to check out how easy it is to sell homes online but also, is it really worth it? I requested an offer on my personal home. Here’s an example of how Opendoor works:

Easily answer all questions and details of your home
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First, Opendoor ran the incorrect comps. But let’s say it was correct. They still charge 9.5% as opposed to 6%. Something must be noted though…REPAIR COSTS. Opendoor estimates repair costs in advance with limited information calculated based on similar homes they’ve purchased. After they assess the home, they’ll replace the original estimate including the breakdown of the final repairs.

Opendoor

Home Value: $264,500
Service charges 9.5%:

3% buyers commission
3.5% holding costs
2% listing costs
1% convenience charge
pending repair costs

Total Opendoor costs $25,127.50

Traditional Brokerage

Home Value: $264,500
Service charges 6%:

3% buyers commission
3% sellers commission

Total Broker costs $15,870

Offerpad

Home Value: $235,000
Service charges 7.5%.

Their offer states a Service Fee of 7.5% but depending on the property it could be 10%.
Pending repairs

Total Offerpad costs $17,625

Traditional Brokerage

Home Value: $235,000
Service charges 6%:

3% buyers commission
3% sellers commission

Total Broker costs $14,100

And then, of course, title costs and fees are about 1.5% which is not unusual. Both Offerpad and Opendoor are misrepresenting offer numbers on the seller’s side. While trying to make themselves look good, they both say traditional offers entail 2% seller concessions and 1% overlap ownership costs which is certainly not always the case.

If you need a super quick sale on your home, sure you can probably sell it quickly online, but more times than not you will get a lot less money for your home with a lot more hassle. Do your research and read reviews before jumping in and selling your house online. You’ve worked hard for your investment. Wouldn’t you want to work with someone that has your best interest at heart?

Better Business Bureau Opendoor complaints

Selling Your Home Online Usually Isn’t What It’s Cracked Up To Be

Besides the fact it will end up costing more to sell your house, these online companies do not have your best interest at heart. When using a Realtor® you can expect professional representation and he or she will put your interests above anybody else, including themselves.