Orlando, FL asked in Real Estate Law for Florida

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?

Related Topics:
3 Lawyer Answers
Jane Kim
Jane Kim
Answered
  • Naples, FL
  • Licensed in Florida

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.

Phillip William Gunthert and Anthony M. Avery agree with this answer

Phillip William Gunthert
Phillip William Gunthert
Answered
  • Orlando, FL
  • Licensed in Florida

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.