Does anyone have any experience with these companies who buy houses? Sold to them, or at least received an offer?

I'm curious how much below market they tend to offer. For example, if the comparables are 100k, are they going to offer 50k? 75k? 90k?

Obviously they need to buy low and sell high to make a profit, but I'm wondering how much that is.


I'm planing to sell, relocate and downsize sometime in the near future. My house "needs" a new roof (it doesn't leak, but it's 24 years old, aged/stained, and has a few missing shingles. The back deck also needs some attention and there're some bits of rotten trim here and there, which I've started replacing.

I'm retired, and some of the above is easy (replacing rotten trim), and "medium" (rebuild or repair deck), but the roof is two stories up and steep, so no way am I going to do that (not to mention that roofing work is hard and I'm getting old). Fortunately the HVAC is only 5 years old.


Anyway, in order to maximize the sale price, I'd plan to do these things:
-new roof
-rebuild deck
-other odds and ends
-spruce up the yard this spring

But instead of doing all that, I'm curious what I might get and be able to just walk away when I'm ready (rather than list it, hassle with showing it, pay commissions, etc).

Oops, I should have put "off topic" in the subject, but I can't edit it now. (sorry)

I know someone who has bought distressed properties in my community. I think he's paid about 75% of the properties' normal value. He fixes them up, rents them out for a few years, and then sells them at full value.

Per the Wall Street Journal, more and more people are opting to be long- and even life-long renters. There are many factors, notably current interest rates and the sucky economy + an increase in property values caused by (among other factors) Very Big Money paying cash. Just a complex interplay of economic, cultural, lifestyle and psychological factors.

Hardly a week goes by and I don't get some sort of solicitation to buy my house, no need to repair or paint, cash, "we do everything for you!" My area has a lots of billboards featuring a cartoon caveman with the pitch, "We Buy Ugly Houses."

One interesting thing is that major developers are building not to sell, but maintain & rent. Please don't pooh-pooh me, but it does bring to mind Klaus Schwab's (in)famous remark, "You will own nothing, and be happy."

Now leave me alone, I have to cook my crickets for dinner now.

Read these reviews of one of the largest companies in the field
and you will get an idea of how they work
https://www.bankrate.com/real-estate/opendoor-review/

https://www.bogleheads.org/forum/viewtopic.php?t=379946

https://www.reddit.com/r/RealEstate/comments/15mwbsf/opinions_on_opendoor_for_a_quick_sale/?rdt=35997

https://www.yelp.com/biz/open-door-realty-las-vegas

https://www.bbb.org/us/az/tempe/profile/real-estate-services/opendoor-1126-1000060421/customer-reviews

I also get frequent offers by phone and mail offering to buy my house. From what I superficially found out, big corporations, some of them foreign, are buying up residential properties (kind of how they are buying up farms).

This doesn't set right with me because it is getting more expensive for people to pay rent and fewer younger people can even hope to get in a house. Corporations are about profit and usually involve screwing people, IMO. More and more real estate offers that I've seen are pure scam.

In my area, it's not so easy to get reliable people to do repairs. It would be tempting to just hand over the house when selling to avoid getting things repaired. So, I understand why it is tempting.

OTOH, there is a shortage of homes in my area. So, some of the buyers are willing to do repairs and still offer fair prices. Caveat emptor.

Do your homework and thoroughly check out who is offering and handling the sale.

Lot and I keep getting offers for our home. The companies want to raze it and turn it into farmland.

You haven't seen our house.

You had better digs in Gomorrah?

Last time I'm going to start cleaning the house with a cigarette lighter. . .

I feel the same way. The condos and townhouses in my community often serve as first homes for young buyers. The people and companies that buy up these homes for profit are preventing people from getting homes. I'm so tired of people and companies buying homes as investments. People need affordable places to live.

are interested in selling and, no, we aren't. I don't know how the younger generation can ever get a home. We have so many condominiums or townhouses going up it is ruining Cache Valley. The farm land is being is being bought and filled with these condos/townhouses.

My daughter and her husband bought a motor home to live in and they drive it to Alaska for the summer to work and drive it home for the winter (they work here for Princess, too, in the off season). I can't believe what houses in my neighborhood go for. I bought my house 37 years ago for a drop in the bucket compared to what it is worth right now. I'd never sell. My 2 kids will have a house when I die.

Just coincidentally, earlier today I was talking with a family member who is currently in the process of selling to one of these buyers for $510,000. He believes he could list his house for about $600K and eventually sell it for about $575K. He would have to pay a 6% commission, or about $35K. He estimates he would need to do about $20K in repairs, upgrades, etc. So he will net about $520K from the sale. At this point in his life, it's worth it to him to avoid stress and hassle so he has accepted the offer.

Hope this helps!

We got out of the home ownership when we retired. We sold most everything and disposed of the rest. I hear the drum beat for home purchase all the time, especially from the young people. For the people who own homes, eventually they have to tell me how much it's worth. I'm not suggesting you shouldn't buy a home but just giving an alternative opinion. We rent a furnished corporate apartment which includes all utilities, etc. We pay about a 10% premium over a standard apartment. I've owned homes and now rent. Renting is far much easier and yes, I have all the amenities, pool, club house, gym, etc.

The only problem with that is that yearly increases in rent may start to put a strain on your fixed income. My mom rented for the last segment of her life, and I wish she had simply downsized to a smaller, less expensive condo instead of choosing to rent.

Yes, that was my thought. I didn't want mortgage or rent payments in retirement. I've seen very old people out on the streets, and old people unable to mentally manage bills. Life is unpredictable enough.

OTOH, renting somewhere small makes sense too. Home ownership maintenance is not fun. As a house gets older, it is one thing after another. The idea of no ball and chain of owning is appealing.

A small condo makes a lot of sense too. Sometimes you run into really bad homeowners associations and creepy close neighbors, but you never know. Someday when I can't manage caring for property, I hope there there are nice condo options.

Everyone has to make the best decisions for their own situation and lifestyle.

We can always call good old Tom Sellick! (Eye roll)

A condo is pretty easy in comparison to owning a home. My friend who owns a home on a big chunk of property has all kinds of headaches. For my condo, it's just the HVAC, hot water heater, appliances, and replacement of the carpet every now and then.

Yes, that's great.

I had a condo when I lived in Alabama. The biggest problem was the weird hoarder lady upstairs who had plumbing that leaked into my condo. Other than that, I didn't have any other negative complaints. Good deal.

I agree with you Summer. I remember pouring chemicals on my lawn to make it grow so I had the privilege of mowing it every weekend. I always felt my lawn would be declared a chemical dump site...