Opendoor (Wake county) facts and figures... sorry, can't help it

Opendoor (Wake county) facts and figures... sorry, can't help it

Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes

I find disruptive technology fascinating. 

So far in June, Opendoor has bought 37 houses, townhouses, and condos. This compares to 45 in the comparable period last month (May) and 37 in April. With 2253 deed transfers so far in Wake county in June, Opendoor transactions are statistically insignificant, unless, of course, you sell to them or buy from them. 

Opendoor holdings, by 6/1/2019 WCRE snapshot, shows they buy in a wide variety of property ages and sizes. 

As soon as Zillow buys a home through their Zillow Offers program, which to date they have not done in Wake county (per county records), I will post about the kind of properties they are buying. 

Upshots:

  • For the time being, it seems to me Opendoor is not going away. As the largest brokerage (by sales volume) in Wake county at the moment, I see no reason why that would change. 
  • They clearly acquire a wide range of property based on the historical facts
  • They buy condos and townhouses as well as single family property.

Methodology: Put in dates and type (e.g. DEED) in your county recorder's indexed search (e.g. Wake) parameters, along with GRANTEE as Opendoor, and do your own query for your county. Use Opendoor as GRANTOR for determining SALES from Opendoor. Note they currently operate nationwide in a very limited geographic range of 20 +/- MSAs.

Disclosure: I have no affiliation with this company, just like I have no affiliation (6+ years ago) with American Homes for Rent in my other analysis and observations posts on BP. I do follow and analyze companies inventing and deploying disruptive technologies in industry groups where I have a financial interest, including real estate, (renewable) energy production, transportation, and agriculture. 

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  • Real Estate Broker · Asheville, NC · Member since 2016 · 138 posts · 63 votes
    7y

    I notice you don't have any of their fees or required repair costs listed.

  • Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    7y
    Originally posted by @Robert Ombres:

    I notice you don't have any of their fees or required repair costs listed.

    I only have access to recorded data. If I had electronic access to all the HUD-1 statements, I would post the fees, etc., but those are confidential to the selling/buying parties. There are other Opendoor topics out there on BP, e.g. Opendoor & Offerpad; What's Their Angle? that cover fees, etc. Most posts are without any trustworthy (e.g. SEC) reference links and many posts are factually questionable if not outright incorrect. So I stick to just the facts as much as possible.  

    I have no affiliation with this company... 

    What I'd like to see is the brokerage industry post statistically correct, verifiable, and thorough details on repair costs and fees between MLS listed property and OD listed property. Collectively all the brokers out there have the information. Unfortunately, the industry seems intent on not providing such detail to the end consumers.

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