Opendoor, a startup worth emulating

Re:Opendoor, a startup worth emulating by georgyo on Tuesday December 13, 2016 @08:44AM (#13166680)

I don't think it matters that much. They will offer the lowest their algorithm thinks is correct. And then they send an inspector who where dictates which repairs the seller has to make out of pocket.

And if the home is worth more than what they paid and listed the home for, the market tends to adjust.

Trying to buy a home in NYC, everything I like is generally bid 10-40% above asking. And since open door already paid the seller, they likely pocket the difference, still collecting their 6-12% on top.

With the potential to make 30% on many million dollar homes, they will likely be fine.

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Re:Opendoor, a startup worth emulating by LordHumungous on Tuesday December 13, 2016 @05:55PM (#13172029)

Problem is no one in NYC or any other profitable market will use them, because no seller is going to accept 10-40% lower price AND a higher fee in a market where it's already easy to sell.

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Re:Opendoor, a startup worth emulating by georgyo on Tuesday December 13, 2016 @09:33PM (#13173340)

They already do. People paying all cash saves the seller at least three months. Sometimes the bank won't close for 8 months because of reason and then denies the application forcing the seller to start from the beginning.

People do accept all cash bids for less than asking. People know this, and there are tons of places that will pay all cash for your home right now for less. If you live in a place condo or a house, you will get letters asking to buy the house all cash.

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Re:Opendoor, a startup worth emulating by LordHumungous on Wednesday December 14, 2016 @09:23PM (#13181835)

K. So why use opendoor and pay an 8% fee when people are sending me cash offers in the mail?

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