Offer from Open Door

[The Bob]

Received an offer by mail from OD to buy our house. Offer range was $576k to $698k.
We paid a little over $1.1M 3 years ago. Zestimate is $1,271,710. Similar sales have been in the low 7 figures.
Laughable as it is, I was wondering if anyone has seen an offer from OD that is even remotely close to MV? Who the h*ll is selling to these guys if their offers are that low?

 

[Tom4value]

Never heard of Open Door but sounds like an investment company. They send out broadcast info hoping to get buyers who want to get out quick. Potential sellers are usually the disparate ones; those in financial/marital/health trouble. Others could be homeowners who have a dump and can’t afford to fix it up to a point where a realtor will list it.

Estates are also a big target. My wife’s family used such a company. Her parent’s house was, shall we say, tired. I gave them a value if we put a little bit of time and money into it. Her sisters just wanted a quick buck and since it was getting towards winter, didn’t want to heat it so they went that route.

 

[Mark K]

Its just a numbers game. They send out 100,000 offers and a few take the offer.

I've been getting a lot of offers on all or portions of 160 ac. of ag land. Its worth about $12,000/ac. Offers have been in the $3 to $5K/ac range. Get probably 1 or 2 per month. Not OD but other investment companies tossing out a lot of offers.

 

[ZZGAMAZZ]

Received an offer by mail from OD to buy our house. Offer range was $576k to $698k.
We paid a little over $1.1M 3 years ago. Zestimate is $1,271,710. Similar sales have been in the low 7 figures.
Laughable as it is, I was wondering if anyone has seen an offer from OD that is even remotely close to MV? Who the h*ll is selling to these guys if their offers are that low?

Licensed agent here as well as residential appraiser. My current listing in Riverside County, CA, routinely receives offers discounted 25% +++ below list, as investors cold call listing agents hoping to find a seller under duress. Listing agent is responsible to present all offers to seller; and I try to respond to each offer without being too dismissive, although I'd rather knock door to door than send unsolicited emails. Such is a market economy....

 

[Charles West]

Received an offer by mail from OD to buy our house. Offer range was $576k to $698k.
We paid a little over $1.1M 3 years ago. Zestimate is $1,271,710. Similar sales have been in the low 7 figures.
Laughable as it is, I was wondering if anyone has seen an offer from OD that is even remotely close to MV? Who the h*ll is selling to these guys if their offers are that low?

Desperate folks.

 

[glenn walker]

Their investors that pay cash as is...why would they pay market value or top dollar for any house?

 

[Terrel L. Shields]

Laughable as it is,

Offered $280k for my 80 acres. The adjacent 77 acres sold last month for $1.2 million and house is nigh unlivable. Dirt road access only. The 75 acres that joined the other half sold for $1.4 million with a pretty nice house on it and a paved road (like me) about 2 years ago.

 

[sputnam]

I haven't. I get offers regularly... from Open Door and from other investors. The annoying ones call me. I have no idea how they get my cell phone number. Anyways, I would be shocked if i were offered market value or more. They are investors. They are trying to make money. The mantra is 'buy low, sell high'. I told one of them, "I might be interested in selling if you pay me way too much."