Offerpad vs Knock vs Opendoor

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“John patrick you re you re charlotte realtor. And you ve probably heard of these these companies knock open door offer pad they really started moving into the charlotte market. d say really hard and heavy and 2018 at least. That s when i started to get in their letters.

Just like the one. I m going to show you here on the screen here sent here to my house. And i got them for a. While there i got them every week and that start getting every month.

And i found myself very curious about them now both as a homeowner. I was interested in hey. What are these things because they re there stick is that they re going to buy the house from you outright you never have to put it on the market and as an agent. I was also interested in what these companies are offering and how they go about their business and so.

What i did is i actually went through the process up to a point with each one of these companies to see how the process work. What what are their selling points. And yes how much money they would offer on a house. I used my personal house as an example here i want to show you some screenshots.

I took along the way and the benefit of these companies. What they really hang their hat on is they they remove what they call the hassle of listing your house that you don t have to keep it clean every single moment you don t have to do any repairs. You don t have to deal with the fact that when you leave in the morning. You can t have any dirty dishes in the sink.

Because somebody might want you know. 15 minute window before they go in for a showing cuz. They just noticed your house you don t have to leave it showroom ready at every single second of the day you just go under contract and then you move forward a little bit more to it than that. But that s a pretty strong selling point and almost every single one of them say that they offer a fair market value for their houses.

More on that in just a minute here so first..

I would throw some images here kind of show you what what it looks like and this is admittedly a super. Easy process and each one of them are slightly different. But yet very very similar to each other you enter some tact information. You know a an email address and i will go ahead and warn you up front.

They will follow up with you they will reach out to you they will call you and they will email you but after about a week it kind of dies off so it s not terribly onerous. But you share some of your contact information. You answer. Some basic questions about your house.

How many bedrooms. How many square feet. Things like that and then each one of them starts. Asking you a set of questions about what is in your house.

Do you have a fireplace. What kind of what am i looking for here what kind of kitchen do you have is it stainless steel appliances. What kind of roof. Do you have how old is maybe the carpet upstairs.

Basic basic questions like that and at the end of it they pop you out some prices. And it s really really simple. It s surprisingly simple if you come to an agreement with them they send you a contract you sign it and you re selling your house. Now some of them it s worth investigating each one of them is if this is something you think you want to do it s worth investigating each one of them one of them.

And i don t remember. Which one they offer free moving so if you need to leave your house and their flex. They re all flexible on their closing dates. Too.

But if you need to leave your house and you re moving somewhere else they ll one of these companies actually hire a moving company for you okay..

So there s some other benefits. There. But is it really worth it from a monetary point of view from a hassle point of view. There s a pretty good argument.

There i ll be honest with you when you list your house. I recommend pre inspections pre listing inspections for people you re going to have people. Traipsing. Through your house.

You re going to have people who try to make a last minute appointment. Yes you do have to leave your house you need to get out of the way on the weekends. And you need to leave it every single morning as if it was showroom ready every single time yes. It s a hassle and then once you re under contract they re gonna send inspectors through there you re probably gonna get a repair request and they re gonna want you know the light bulbs.

All changed and dusted or whatever it happens to be right these three services do not totally eliminate the hassle after you go under contract. So first let s look at it on the financial side. So i m using my house as an example and obviously i lived in this neighborhood. I have for a while and i keep my finger on the pulse of what exactly is going on in what houses are worth out here so first from knock.

They gave a range of 263 to 312 my estimate on my house. Probably my house would sell somewhere in the 295 300000. Range. We re bumping up against 300 thousand.

With recent appreciation. But we re not quite there yet so not gives a wide range. They won t set a firm price until they send somebody out to actually take a look next up is offer pad. They offer 265 and hold on opened or offered two eighty three nine.

So the best of them was offering about twelve thousand dollars..

Eleven thousand dollars. Under. What i believe my house would sell for in today s market knock of course gave such a wide range. I can t really say where they end up.

But offer pad or excuse me offer pad yes ended up to at. 265 i. Mean it s 30000. Under.

What i think my house is sell for right now. Now one of the things they say is it s gonna save you money and that s not quite true each one of these images i m gonna pop one back up here real quick. I m gonna use the the open door one because i got a big red circle around it you ll notice they ve got an offer price and then right underneath. They have what they call a service charge and in this case.

They re charging six percent and i ve seen these these each one of these are offered different service charges. And what that is is when they turn around and resell your house. They re going to put it in the mls. They have a brokerage associated with them they re going to put it in the mls and they re going to offer compensation to the agent who brings the buyer just like a traditional resale.

If you re putting your house in the mls. So you re not saving any money probably by using one of these services because they re still charging you a commission right upfront and i have seen this all up and down the range. Honestly from what i ve heard and feedback. What they will do underneath this image you ll also see estimated repair costs so in a traditional home sale while you re gonna go on the market go under contract buyers gonna send out some inspectors and they re going to come back with a list of everything that s wrong with your house and ask you to repair.

It the fact of the matter is each one of these services is going to do the same thing once you go under contract they re gonna send out one of their inspectors not a third party. They re gonna send out one of their inspectors to do a walk through and come back and saying. We want you to fix this or they will calculate how much those repairs are going to be and just deduct it from the price so they get to determine what they want done and then they get to determine the price that they re willing to deduct from you hmm. I ll let you decide whether that s a good idea or not so in terms of saving you money through the process.

I would argue maybe not but you would be saving in that hassle of having people walk through the house..

So at the end of it i encourage people if you re thinking about selling your house go through these services. Honestly each one of them it probably took less than five minutes to go through the information about the house to get to a quote. It s interesting to go through it it s interesting to talk to them and find out a little bit more about more about what they offer. I don t have one that i like better than the the other i do from the buyers side when i ve taken buyers out to see these houses they re all very well presented and the the process is super super simple to get in and take a look around because what they do is after they buy your house they re gonna fix some things up you know if your carpets stained.

They re gonna replace the carpet. That s why they do things affections you know they re not going to replace cabinets. They re not flippers in the sense that they re not gutting your house and doing the work. But they re going to put in maybe new flooring new carpet.

They re gonna paint everything they ve got apparently with mats of the same color and they use it on every single house. You know they might spruce up the mulch. A little bit and then they re gonna put it back on the market. So they re gonna offer you a price and then that service charge where they can make improvements to the house put it back on the market and make money they re in the business to make money the question you have to answer is do you want them to make that profit or do you want to make the profit.

So i encourage you go through the process on each one of them take a look and see what they re offering you. But then sit down with a real estate adviser reach out to me. If you re interested in listing. Let s talk about it.

Let me pull the comps. Let me look at your house. Let me look at the other houses that have sold on the market and let me come back and say look. This is what i think your house is worth how does that compare to these 3i buyers is what they re called and make a decision make the decision that s right for you some people perhaps elderly or perhaps somebody who inherited an estate this might be the best way to go to sell it fast and move on without having to deal with a lot of hassle.

But i think for most other people out there in the market you re gonna maximize the value you re gonna maximize the money in your pocket by going at very traditional route of listing it and exposing it to the market in letting as many qualified buyers see your house as possible so i hope this helps and if you have any questions reach out to me below have my contact. ” ..

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