I recently sold a Loft in West Hollywood that the owner had looked into OpenDoor before.
If you are not familiar, OpenDoor is one of the iBuyers out there. iBuyer stands for Instant BUYER A real estate company that buys properties from sellers who sign up online. After receiving a description of the property, the iBuyer makes an offer to the seller within a couple of days, which may even include the cost of moving.
Now we sold the unit for $1,308,000 after having multiple offers which was higher than our initial asking of $1,290,000. The iBuyer offer (OpenDoor) was $1,276,000 or $32,000 lower than what we got.
I think you could do a lot with $32,000 and I have heard that they usually try to get the offered number down after inspections and it could be even lower in the end.
So should you use an iBuyer?
It depends. If you would like to maximize your sales price you should go the listing route, now if you would like to maximize comfort and speed you could go the iBuyer route. Everyone’s needs are different, but I think the majority would go with price.