UPDATE: Really high offer from Zillow Offers, I backed out and went with offerpad

Update to this thread

To recap from May, Realtor came in and said we should list at 450k with 5% fee, Zillow offers offered 480k with 1% fee – it was a no brainer. I chose 90 day closing and after about 60 days my neighbor caught me outside and said he tried to call zillow after he heard how much I got and they wouldn't make him an offer(maybe they didn't want 2 homes next to eachother?). So he went to offerpad and they gave him an offer of 570k, I know a lot was taken out for repairs and a 5% fee but it was still unbelievable for a home I thought was pretty comparable to mine.

I called offerpad and they offered 550k, with a 5% selling fee. I called zillow and to my surprise they were happy to let me back out for "personal reasons." Offerpad does do their inspection after you sign and they came asking for $8500 repairs compared to Zillows $1200. I was still up a lot at this point but I tried to negotiate it. I got them down to $5k but they showed me there were recent comps in my neighborhood for MUCH less than they were paying and basically said that I'm lucky they're only asking for 5k. And they are right, there was a model match listed 460k with a realtor.

A couple notes:

  • I was super worried offerpad would back out since by their own admission they were overpaying, they did not, I have closed now. Overall I think people don't need to worry about them backing out, it would do too much harm to their brand if they got a reputation of backing out.
  • I watched opendoor's online estimate every week. It peeked at 520k around the time I accepted offerpads offer but is now showing about 50k less on the opendoor website. This makes me think there is money to be made by simply timing the comps in your neighborhood

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