isn't opendoor ultimately just flipping your house? how does their business model work that they can offer more than an actual home buyer?

Once they own all the inventory, profit?

What do you mean their main concern is appraisal? They have to get it appraised before buying it? So likely the price will come down?

Based on that research I did a few posts back, the Phoenix market looks nearly as red hot as the Austin market. My expectation in Austin would be that a large percentage of the time homes will receive multiple offers significantly ABOVE the list price.



This is why I'd be skeptical. Perhaps this is an anomaly but I've received multiple mailings from OpenDoor with offers and they have all been super lowball offers. I could see people taking them up on the offers because it's way more than we paid for the houses back in the day but it's still super low. Like I've received $200k offers for a house worth $300k (now probably closer to $400k). I've received a $250k offer for a house I wouldn't take less than $500k for.

If this is an anomaly then why would that be? Either OpenDoor expects the Phoenix market to continue to move higher and is willing to pay more or OpenDoor doesn't have a good understanding of what homes are selling for in the area.

Did you mention the OpenDoor offer to any of the realtors?

I know a little ways back there was some talk of shower heads and increased pressure. I'm renting atm and probably would be discouraged from digging through the wall, but I was looking for suggestions on a good removable shower head to try.

Current pressure isn't terrible maybe, but the settings this head has are all pretty bad..

Thanks

Get a decent wrench and hit up Home Depot or wherever, get something that looks okay, and you'll increase your quality of life in 5 minutes of replacing. You're renting no need to go crazy, and the flow will be somewhat limited no matter what.

Generally I just go on the Lowes/HomeDepot websites and look through reviews of shower heads then go to the store to pick out the exact one I want. When you use the wrench make sure to use a cloth/towel to ensure you don't scratch the new shower head. (that's if you need a wrench. I would try just hand-tightening first).

thank you. that was pretty much where i was going with this, i didnt know if spending extra was worth it, or if you dont have the BEST flow, some will be a let down. i cant imagine they are too expensive, and for at a minimum, 10 more months, comfort is pretty good... kinda let loose decorating the place already but oh well..

i figured detaching the old one would be most difficult. i ALWAYS put a pur filter on any new sink, first thing in a place, and i know how bad they can get to just get the old little metal ring off...

I just buy the best rec ones on Amazon

Best ones i get are the old style, nothing fancy and is 7 bucks.

The only thing is sometimes the restricter for water conservation isn't removable.



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> What do you mean their main concern is appraisal?
Basically that it would depend on the comps the appraisal used. It wouldn't matter if we had offers that waive appraisal or have cash to cover any gap in appraisal.


Regarding Opendoor, this is basically why I made this post. I don't get it myself.

We told the Redfin agent (4.5% 375k) what the OpenDoor preliminary offer (prior to inspection) was which was 420-450 and we all agreed that seemed pretty ridiculous. He told us to expect their offer to be under 400 (and it came in at 415).

We shared the post inspection number with a realtor we interviewed last night and she basically didn't know what to say. She was also by far the least active and least inexperienced and most expensive 6%, and lowest comp 350. Don't take realtors that are friends of friends

Opendoor offer is open until May 8th. We have a meeting with their rep on Monday at which point we'll decline to sign anything. We'll then talk to our preferred realtor about the Opendoor offer and see what she has to say.

Still leaning towards listing with a realtor and just let the market decide but stress free Opendoor is really tempting along with their offer.

I have a first home buyer lien against the house that doesn't clear until June 24th so we cannot close until June 25th anyways.

What's wrong with trying to sell it yourself for a couple weeks or month?

List it at 420 by owner, hell, crazier things have happened.

Know a guy who spent 9k to sell his house and the thing was only on the market for 48 hours.

I kept telling him the realtor numbers were stupid low.

Ends up once his neighbors knew he was selling, he got offers.

Luckily he did ask a good price, ended up with 30k more than the realtor suggested, I suspect he could have gotten 40k but its coulda been worse.


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yeah realtors don't really have your best interests in mind, especially in hot markets

they're trying to simply get the place sold at minimal time investment better for them to sell at 250k over a single week of work over 300k and 3 months of work with buyers

Yeah, that's what i was figuring, the realtor knew he could sell it in a snap if the price was lower and his commission wouldn't change much.

I kinda think the guy had a buyer in line and would partner to flip the house pretty quick and they both could make a little more.

But the guy knew him from coaching little league together, so he considered him a good friend :/

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one of my best friends got into the real estate business in chicago after graduation

he really drove home to me that his commission doesn't really change much based on how much the unit sells or rents for, when he struggles or thrives is 100% on how much volume he can turnover so for this reason he's the biggest ally of the renter/buyer

while he's indeed trying to talk them into buying/renting that unit, he is indifferent over which unit, so long as it's through him and he'll often spend more time working on the owner to lower the ask than he will with the buyer cause he just wants to get it sold and move on to the next one

having said that, selling on your own is very hard but i will always attempt selling on my own before listing through a realtor just to see if there's a free walk available

bare in mind that realtors have little incentive to show their clients FSBO properties, so you drastically cut your market down when you sell FSBO, since a significantly large portion of the house buying community use a realtor.

that is also not including any time commitments, negotiations, logistics, and legal/regulatory reqs you'll have to deal with.

granted, while it's highly unlikely it will be 'a free walk', maybe you get lucky, throw a FSBO sign on the front lawn, some rando see's it and buys it with little to no effort on your part.

realtors are in sales. sales is sales regardless of industry. with few exceptions, most people who work in sales make their money from volume. this shouldn't surprise anyone.

and as people should now be hyper aware of in 2021 (because of free phone apps, to name 1 example), when something is 'free', you are the product.

I bought this just to try it out and it was awesome. It's cheap and it looks cheap but the pressure was fantastic and you can install it in five minutes.

https://www.amazon.com/WASSA-High-Pr...706EGBW1YWD035

The solution is to pay a commission to the buyers realtor. Offer 2.5-3%. A good way to keep out the riff raff is to mandate that the buyer use a realtor and have pre-approval/proof of fund documents.

yes, i agree, but then it comes down to, effectively, marketing on the FSBO's part.

if a realtor doesn't know the FSBO seller is going to do that, there is more of a chance they're not going to suggest the FSBO house to their client, if they even know it's on the market, which they might not even know.

so it comes down the figuring out how to get the FSBO house in front of the buyer, rather than the buyers realtor. i'm not sure how houses end up on Zillow/Realtor.com/etc, but i would assume they're just scrapers from MLS. if you're FSBO, you need to pay a fee to get a house on there.

my overarching point is, when i sell a house (and when i buy a house, i'm thinking of eventually selling it), i want as broad appeal as possible to get as many eyes looking at my house, because unfortunately selling a house isn't always like 2021 where you get 10 offers on day 1. part of that is just biting the bullet and using a competent realtor and chalking it up to the CODB. not to mention it frees my time up to do other things and i value my free time at a high $/hr rate

i went with this after about 10 minutes of trying to find the difference between each brands levels...

got roped into a combo with a water purifier up stream from it. should be here friday, who knows when itll be in...

I'd recommend doing more than just throwing a sign up. I think a simple post on a neighborhood website like NextDoor would likely drive more business than a sign in the front yard.

I agree that FSBO will cut much of your market, but not just locally. You'll pretty much completely cut out the out-of-town buyers, which in a place like Austin could be close to 50% of the market with out-of-towners spending $200k more on average than the locals in Austin.


That doesn't really solve much of anything. Without a realtor, you're not in the MLS which means that next to nobody is going to know your house is for sale. I do real estate searches every single day and I never see for sale by owners. The only FSBO I know of right now is 2 blocks down from me on my street and I have no clue what they want for the house because 1) I've been too lazy to jot down the phone # and call and 2) because my past experience tells me that FSBOs are generally overpriced.

There is an overpriced home in a my neighborhood. One clear sign it is overpriced: 0 photos of the front of the house. While they didn't take the time to post any photos of the exterior of the home they did post this photo which really showcases some of the best features of the house:

Cozy!

If you’re willing to put in the legwork, FSBO certainly seems like a great way to save money, especially in hot markets. If you know what you’re doing, you could even do a better job than a typical RE agent.
-You can reach out to a flat fee MLS broker to get your home listed ($500ish?). This will put your home on Redfin, Zillow, etc. Any serious buyer is already browsing those apps, the days of relying on your agent to find homes for you is long gone.
-As another poster previously stated, offer 2.5-3% to the buyer’s agent.
-Create a website to market the home. If your address is 1234 Willow Lane, make it 1234willow.com. Here you can advertise the home’s virtues without relying on the horrible formatting (and other constraints) of the apps. If necessary get some SEO done to ensure anyone who googles your home address finds the website.
-Print out all that website material into a sleek pamphlet type thing for viewers to grab when they view the home.

I put in an offer on a FSBO home where the owner did all those things. But the most critical, I think, was she booked 30-45 minute tours with prospective buyers. On my tour, she personally walked me around the house and explained in detail things they had renovated, things they liked, materials they used, inspiration behind projects, etc. That kind of personal attention helped show that the home had been cared for and well-maintained. It was a really positive experience that helped me “see myself in this home”.

I offered $36k above list and was beaten by an all-cash offer $105k over list. Lol.

That previous owner put on a clinic in how to market a home, and I’ve thought about doing that same thing myself when I’m ready to sell my house one day.

I think all of this is great, with the exception of the owners showing potential buyers the home.

If you get an offer 105k over listing, you sold it too cheap.

My sister bragged how she's sold the last two homes she owned really quick, within a week or so.

I told her that she sold them too cheap and she got mad.

If you are getting offers 30k + over list, someone doesn't know what they are doing.

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