First of all, Opendoor expects seller’s to sell to them at a discount to the going market rate in exchange for a quick sale. That’s kind of upside down to what we are experiencing. Most sellers can sell to buyers on the open market at a PREMIUM (often 10-20% over list price), and do it in record time, with multiple offers to choose from.
Then Opendoor does repair work where needed and flips the home. The company says it allows prospective buyers to check out a home whenever they want. Again, this is the norm in our market with vacant or staged homes that have a keybox. Besides the new 30-day money-back guarantee, Opendoor homes now come with two-year warranties and pre-inspections. But these are other items a seller can offer or a buyer can obtain on most any home on the market.
Currently this is only available in Phoenix and Dallas-Forth Worth, but Opendoor has plans to expand. From a buyer’s perspective I can see the attraction. But until the market conditions change dramatically I think most savvy sellers would give this type of program a pass.