Site Unseen offers, OpenDoor and OfferPad

[Austin Coon]

I have a few listings coming up this year in Indianapolis where the seller wants to sell directly to OpenDoor or OfferPad. In the past, both options were difficult to close. I would love to connect with more cash buyers who are willing to not walk the property until they have an accepted offer. They want to receive a site-unseen offer and are willing to sell slightly below market value for the trouble. Most investors in my circle need a bigger discount to take the risk of not touring the home upfront if writing an offer. Has anyone used an alternative to Offerpad or Opendoor that purchases competitively site unseen and minimizes foot traffic? 

[Michael J.]

There is a news story out about Offerpad that I would be showing your clients about how they are being fined by the FTC for taking advantage of sellers.  Also, Opendoor is going to want to do a video walkthrough of the property and then send someone out to walk around the property before sending an offer.

What I would do is take really good pics of everything and also a really detailed video that you can send out to buyers.  That way you are minimizing the foot traffic but also able to present it to buyers who wont try and take advantage of your sellers.

[Bill Brandt]

They just partnered with Zillow to up their purchases so I assume they’ll be buying even more. They are almost entirely hassle free. But their big draw is 99%+ close rate while “traditional” wholesalers might be 50/50? Until a shakeup eliminates 50-70% of “wholesalers” who forget to tell seller they aren’t buying or that they couldn’t scrape $10k together i buyers will be the preferred choice of most knowledgeable motivated sellers. 

I do love the idea that they could be investigated for taking advantage of sellers while at the same time everyone says they are overpaying. Obviously it can’t be both. And also obviously that means wholesalers offering less should also be investigated. They would be easy pickings.