Should I Consider Selling My Home For Cash To Open Door

It seems as though every day I receive advertisements in the mail, or even phone calls, asking me if I want to sell my home fast for cash. The fliers promise that I will get a fair price and avoid all the hassle of putting my home on the market. Placing your home on the open market can indeed be difficult and stressful. Realtor fees are expensive as well, and often getting your home ready for sale can be time-consuming and taxing. The truth is, however, the only way to get the highest value for your home is to place it on the market yourself with an experienced Realtor. The average commission paid to a Realtor for sale is 6%. Companies such as Open Door, Knock, Zillow, etc., will charge fees of 9.5% or even higher. Their marketing strategy is quite good. They promise what seems like a fair price and then schedule an inspection. They then come to the property and take deductions for issues with the property; things as minor as the hardware on the cabinets to paint colors, carpet stains, etc...The deductions are usually quite extensive and drop the price they are willing to offer considerably. They then advise the homeowner they can do the repairs themselves or they can let them do the repairs...for an additional fee. I had a client that I did a Comparative Market Analysis for in 2018 and advised her I recommended a sales price on her home of 285000. She was diligent and was researching all avenues, and advised me that Open Door had given her the same sales price. She told me she thought it would be so much easier if she just went with them, as they would buy the house for cash outright and close on any day she desired. I told her of course she needed to do what was best for her. She called me a month later and asked me to sell her house, as after the inspection, Open Door dropped the sales price down to 233000.00! They deducted things such as outdated light fixtures and cabinet colors. I sold her home in less than 30 days for the full sales price of 285000. We did no updating and the only thing I changed was that I paid to stage her home. If she went with Open Door, she would have lost over $55000.00 in the sales price and would have paid an additional $8155.00 in commission. If you are considering selling your home, talk to a Realtor first, before thinking of just outright selling it for cash. Doing so could literally save you thousands of dollars. After all, these businesses are in it to make money, and they do so by taking your equity.