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Opendoor is up to 159 properties currently owned in our county. 59 are for sale, 39 are under contract (both of which fall under the 159). Up until now, their total sales are 60 homes. They're growing quickly. They're mostly under the $300K median (75% of homes sold), with an average of $250K and a high of $440K.
Opendoor is up to 159 properties currently owned in our county. 59 are for sale, 39 are under contract (both of which fall under the 159). Up until now, their total sales are 60 homes. They're growing quickly. They're mostly under the $300K median (75% of homes sold), with an average of $250K and a high of $440K.
Just terminated a contract on an opendoor house this morning in Durham. Mostly because buyer got cold feet about moving right now. They were also not OK with Opendoor pushing you to use their closing attorney. We weren't going to either way....but the whole concept really turned off my client.
I will say that other than the closing attorney part; they weren't too bad to work with as a buyer agent. It was annoying not having one designated person to negotiate/communicate with though. Also regardless of who you chose for closing attorney....their attorney prepares all the closing docs and holds EMD until closing....thought that was VERY odd.
Last edited by TarHeelNick; 08-10-2018 at 06:28 PM..
in the good ol days, the listing brokerage held the earnest money until closing.
a few accounting sticklers actually issued a check to the closing attorney, and then received the full listing compensation back. most just credited the earnest money deposit against the compensation owed by the seller.
in Opendoor's case ... there's no money due to the listing company - no listing commission. So it would make sense for their attorney (they don't want to manage an escrow account) to hold the EM, and their attorney prep the docs. The Buyer's attorney is probably charging the Seller $200-250. Opendoor's attorney is probably charging $100 ... since they just prepared everything 60 days prior when Opendoor bought.
in the good ol days, the listing brokerage held the earnest money until closing.
a few accounting sticklers actually issued a check to the closing attorney, and then received the full listing compensation back. most just credited the earnest money deposit against the compensation owed by the seller.
in Opendoor's case ... there's no money due to the listing company - no listing commission. So it would make sense for their attorney (they don't want to manage an escrow account) to hold the EM, and their attorney prep the docs. The Buyer's attorney is probably charging the Seller $200-250. Opendoor's attorney is probably charging $100 ... since they just prepared everything 60 days prior when Opendoor bought.
Interesting. I guess that makes sense but is not the norm now so still a little off-putting.
I just a TMLS-wide search/analysis for OD listings like you did for Wake and found the following;
242 Total OD owned listings in TMLS (including the 159 you mentioned earlier in Wake alone)
Median LP: 250k
Median SP: 223k
Avg LP: 272K
Avg SP: 239k
Median DOM: 13
Avg DOM: 25
91 Active
55 Pending (I know that's off by at least 1 because they still have the one I terminated yesterday marked as pending)
on FM listings in your office, the buyer's E$ isn't held by FM? I mean, it's whatever the Buyer and Seller agree to, and certainly the agents whose own brokerages like to use an attorney to hold the E$.
About five years ago, good luck getting an attorney to hold it. Holding E$ involves additional paperwork, account and accounting, and risk. No matter who holds it, it involves those.
on FM listings in your office, the buyer's E$ isn't held by FM? I mean, it's whatever the Buyer and Seller agree to, and certainly the agents whose own brokerages like to use an attorney to hold the E$.
About five years ago, good luck getting an attorney to hold it. Holding E$ involves additional paperwork, account and accounting, and risk. No matter who holds it, it involves those.
Thus far I have only been a selling agent. FM does hold EM and I assume listing agents and their seller's prefer we hold it vs buyer's attorney. I probably won't start doing listings for a few more months.
Every buyer contract I've had (6 so far) has been with a listing firm that does not hold EM..... even ReMax (that one surprised me).
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