Skip to main content

Need to sell then buy, is selling to ZillowOffers/Opendoor a viable solution?

We've been gearing up to sell our primary residence, with plans to then find and purchase a replacement property. The one thing we've been planning for is how to avoid "moving twice", especially since we have a young toddler in tow right now. To that end, we were going down the path of selling with a contingency on 'finding' a replacement, and then carefully engineering the closing of both the sale and purchase. The other option we're also looking into is the possibility of a bridge loan, but those conversations have only just started with our intended lender, so we don't know the scale of our options there yet.

In reading some posts on here tonight, I was reminded that mainly out of curiousity 3 weeks ago, I had submitted requests for offers to both both Zillow and OpenDoor. The initial numbers I saw at that time were impressive, but I heavily discounted them as I figured they would eventually be much lower after getting through their various walkthrough and inspection steps. Regardless, I went back to my offer pages for both, and while Zillow says they need to recalculate the original (expired) offer, OpenDoor's page took a few moments to 'refresh' their (also expired) offer and presented me with an offer that was higher than their first. It seems I have nothing to lose (but time), so I've gone ahead and scheduled the next calls/video walkthroughs with both Zillow and OpenDoor, just to see where that takes me.

But at least in reading this experience here, https://www.reddit.com/r/RealEstate/comments/o8l5r5/opendoor_vs_zillow_offers_our_experience/ , it almost seems that selling our house to Zillow or OpenDoor would give us the flexibility to find and purchase our replacement home? At least, much more flexibility than the traditional sell-with-contingency path we have been originally planning for, and perhaps more cost-effective than going down the bridge loan route?

Is there anything I might be totally missing here?

submitted by /u/SkippytheCKCS
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/oat6wl/need_to_sell_then_buy_is_selling_to/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more