Ugly houses buyers - anyone actually sell to one of them?

[Frank]

I'm just asking...

Has anyone sold a house that needed extensive work, as-is to one of these corporate home buyers? How did you feel about the offer? Would you recommend it?

What is their modus operandi? They make a high offer, get you to sign an agreement. I imagine they are bound to try to re-neg on the initial offer for some bullshit reason? I hear some of them add in some extra fees? Do they play some shenanigans right at the closing table?

[Sean88gt]

I'm just asking...

Has anyone sold a house that needed extensive work, as-is to one of these corporate home buyers? How did you feel about the offer? Would you recommend it?

What is their modus operandi? They make a high offer, get you to sign an agreement. I imagine they are bound to try to re-neg on the initial offer for some bullshit reason? I hear some of them add in some extra fees? Do they play some shenanigans right at the closing table?

Buy low, sell high. They'll low-ball you because they think you are desperate.

[kingjason]

Open door paid the people 279k across the street, I think they were asking 299k. Cleaned the lot up a little and slapped it back on the market for 350k. Sold it about 2 months later for that price. Appealing to long time homeowners since most of the people got in around here for 100k or so. Hell I paid 119 in 09, this market is nuts.

[svauto-erotic855]

Most of the We Buy Ugly Houses people are scum right along the lines of a pawnbroker, bail bondsman, or a wrecker service. They will typically offer you anywhere from 50 to 65% of what the property is worth on the tax rolls. The places like open door and companies along those lines aren't in the same business as the We Buy Ugly Houses people.

[CyaNide]

They definitely low ball you. I had one come to my Mom’s house after she passed just to see what they would offer. I figure in great shape it would have sold around $190k. It needed lots of work. They offered $85k. I laughed at him. It sold for $145k, since I did not have the funds or time to fix it up.

CN

[Gasser64]

Isn't all this to be expected? They're in business to make money. Don't like lowball - don't call up the lowballers

[Grimpala]

Neighbors just sold to Open Door for 370, they were in a hurry because the house across the street was on the market for 390 and they wanted it.

They lost a little, but it was worth it to them to get into the other house.

The old house has been vacant for the last month and no one is mowing the lawn, they have it listed for 420 and haven't done shit to the house.

[Trip McNeely]

The old house has been vacant for the last month and no one is mowing the lawn, they have it listed for 420 and haven't done shit to the house.

Sounds about right.

[Broncojohnny]

The Opendoor clowns offered me $230K for a house that I later sold for $364K. They are incompetent.

[beefed88]

The Opendoor clowns offered me $230K for a house that I later sold for $364K. They are incompetent.

Except for the lazy incompetent people that use them. Lazy people is their business model.

[bcoop]

The Opendoor clowns offered me $230K for a house that I later sold for $364K. They are incompetent.

They’re buying wholesale. That’s right below par for wholesale. Obviously you didn’t like their offer, but, it seems to be working for them. Your house wasn’t a wholesale house imo.

[Broncojohnny]

They’re buying wholesale. That’s right below par for wholesale. Obviously you didn’t like their offer, but, it seems to be working for them. Your house wasn’t a wholesale house imo.

There is really no such thing as buying houses wholesale one at a time. That is just a convenient word for them to use to justify low balling people to make a buck. Even so, with that in mind, their plan would make more sense if they offered a price that isn't laughable.

Buying houses or more accurately, buying packages of houses, whole neighborhoods or developments wherein a buyer will buy a hundred houses at a time and operate them as rental property is buying wholesale. Blackstone and other institutional buyers are doing this now on a huge scale. They have taken to calling it horizontal multifamily lately. There isn't a hell of a lot of money in it but it is a decent place to park a lot of money that accepts low yield. Maybe Opendoor plans to aggregate houses for Blackstone, I don't know, but they need to do something to actually turn a profit some day.

[Gasser64]

Lazy people is their business model.

That describes half the businesses in the U.S and a big portion of why the poor stay poor.

[Craizie]

There is really no such thing as buying houses wholesale one at a time. That is just a convenient word for them to use to justify low balling people to make a buck. Even so, with that in mind, their plan would make more sense if they offered a price that isn't laughable.

Buying houses or more accurately, buying packages of houses, whole neighborhoods or developments wherein a buyer will buy a hundred houses at a time and operate them as rental property is buying wholesale. Blackstone and other institutional buyers are doing this now on a huge scale. They have taken to calling it horizontal multifamily lately. There isn't a hell of a lot of money in it but it is a decent place to park a lot of money that accepts low yield. Maybe Opendoor plans to aggregate houses for Blackstone, I don't know, but they need to do something to actually turn a profit some day.

You could semi- control market prices if you owned enough in one area.

[Labora]

There is really no such thing as buying houses wholesale one at a time. That is just a convenient word for them to use to justify low balling people to make a buck. Even so, with that in mind, their plan would make more sense if they offered a price that isn't laughable.

Buying houses or more accurately, buying packages of houses, whole neighborhoods or developments wherein a buyer will buy a hundred houses at a time and operate them as rental property is buying wholesale. Blackstone and other institutional buyers are doing this now on a huge scale. They have taken to calling it horizontal multifamily lately. There isn't a hell of a lot of money in it but it is a decent place to park a lot of money that accepts low yield. Maybe Opendoor plans to aggregate houses for Blackstone, I don't know, but they need to do something to actually turn a profit some day.

It is a way for the to send us back to Feudalism and control rent pricing, if the housing shortage keeps up there will be less generational wealth and the American dream becomes harder to get.

Who knows if they hold onto them forever, hopefully not but it is a good place to park money with all the inflation happening.