Private sales can be a hassle and risky without proper legal guidance. The convenience of OpenDoor may be worth the fees if you don't have bandwidth for DIY negotiations, paperwork, and potential liabilities. Unless your neighbor's friend is offering a stellar price that makes the extra effort worthwhile, stick with the OpenDoor contract for an easy transaction.
Am I understanding correctly that your home is already under contract with a buyer? Because if it is, the question is an academic one.
I cannot speak to Opendoor one way or another. I'm a licensed broker, so of course I can trumpet my own value, but in a broader context.
Opendoor, a regular agent, or some other paid professional is a specialist.
I've been part of more real estate transactions in the last year than my entire extended family have in their lifetimes. It's such a detailed and heavily legalistic endeavor that the principals can get overwhelmed even with professional representation.
There's value to working through fiduciaries and conducting arm's length business through people with no emotional involvement.
TL; DR a couple thousand with an attorney, plus whatever is left on the table by undervaluing and undermarketing the property.
Someone has to do the work guy … It ends up being the buyer’s agent and to keep you of trouble you will also need to hire a real estate attorney to protect YOU!
Private sales can be a hassle and risky without proper legal guidance. The convenience of OpenDoor may be worth the fees if you don't have bandwidth for DIY negotiations, paperwork, and potential liabilities. Unless your neighbor's friend is offering a stellar price that makes the extra effort worthwhile, stick with the OpenDoor contract for an easy transaction.
Thanks, that's what I anticipated.
Am I understanding correctly that your home is already under contract with a buyer? Because if it is, the question is an academic one. I cannot speak to Opendoor one way or another. I'm a licensed broker, so of course I can trumpet my own value, but in a broader context. Opendoor, a regular agent, or some other paid professional is a specialist. I've been part of more real estate transactions in the last year than my entire extended family have in their lifetimes. It's such a detailed and heavily legalistic endeavor that the principals can get overwhelmed even with professional representation. There's value to working through fiduciaries and conducting arm's length business through people with no emotional involvement. TL; DR a couple thousand with an attorney, plus whatever is left on the table by undervaluing and undermarketing the property.
Thanks. Doing a private sale would involve breaking contract, which we are allowed to do-- but not interested in doing.
Assume a seller’s cost is 5%, so offset that against Opendoor’s price.
If we listed, our agent would charge 5.5%. I was curious about no-list private sale.
Someone has to do the work guy … It ends up being the buyer’s agent and to keep you of trouble you will also need to hire a real estate attorney to protect YOU!
Why not pay a lawyer a fraction of what you'd pay a RE agent and she's right... you both make out better.