Q: I just got an offer to buy my house for Opendoor.I am skeptical. What should I beware of?
We had a virtual walkthrough on Tuesday, and they sent an inspector to view the outside of the house yesterday, sending their offer last night via email. I'm skeptical, as I feel the offer was a good one. I have signed nothing, and accepted nothing so far. What are my caveats?
A: The process and the offer may be absolutely legitimate, however, it is obvious you are unsure and need a lawyer to confirm. It is impossible for a lawyer to advise you without reviewing the proposed transaction. It will cost you a few hundred dollars to know.
Phillip William Gunthert agrees with this answer
A: You should consult with a real estate attorney in person to review the offer and the documents provided by Offerpad. Real estate transactions should never be attempted without a lawyer because of all the potential pitfalls.
A: Contracts are entirely negotiable on who does what or pays what and so forth, you need to have the document reviewed. Also, those contracts often have assignment clauses to third parties and other provisions you may not like or want to deal with and therefore you should read all sections of the contract as there are aspects you may not like or should not agree to under any circumstance potentially. For instance, they may want and demand a warranty deed, you may have inherited the property and may only want to do an "as is" Quit Claim Deed with a cash purchaser and not even deal with mortgage lenders. I would further presume these are one of many investor type companies that are online or similar, while I have heard of them I do not know their track record or anything about them at all really and they are in the business to make money so they tend to offer substantially lower than market value and while this may be preferred in some instances, it may or may not be what you are looking for in your situation. You can use their offers to drive up other offers and that is always useful and good. You should also check on these companies always with the BBB/Consumer Protection Offices and State Attorney if there have had any issues that may give you concern.
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