Opendoor sucked me in with the promise of an easy process--they'd buy my house (albeit at a lower amount than if I took the time to get it with a realtor, but this would be easier) and I would buy a house that we viewed with Opendoor. Everything was a go until 2 days later when SUDDENLY Opendoor would not buy my house (2 days earlier, they would?!), which I have put a lot of money into in order to sell so it's not like it's a junk property, and the possibility of an assumption of the seller's loan was unknown (somehow agents wouldn't give info to the Opendoor people?). If the assumption didn't work, I was prepared with a pre-qual letter from the bank for which I work. I work in the mortgage loan industry and know how the loan process works in my area--well versed in it. When I wanted certain things in my offer, I was told that they would not work. I was told 5 due diligence days was typical. That's not even enough time to get an inspector out, let alone get a report from one. A realtor is supposed to present my terms to the seller, not tell me they won't work. It's not his decision to make. It's not Opendoor who is selling the house--it is the seller who is a private individual. I was prepared for the seller possibly telling me that my offer was too low--that's what negotiation is supposed to be for. I was NOT prepared for the realtor to not even give the seller a choice.
Many consumer protection issues here, and since I work in loan compliance, I'm going to hit up the CFPB about this. Consumers need to be aware of the shadiness of this business model and how it is implemented.
2 years ago
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