To Opendoor or NOT to Opendoor?

First of all, I love easy real estate transactions.  They run smoothly and there are no hassles from the details.

Second, I absolutely don't trust easy real estate transactions at all.  Having worked as a Real Estate broker for 27 years, I've learned that the easy transactions usually turn into the hardest to close in a split second.

Now, yesterday, I received a solicitation from Opendoor to have them assess my home for free to see if I'd like to sell.

Inside was this nifty letter stating that I deserved a hassle free sale on my home.

(Now, I am NOT going to investigate this any further.  I want to be fully upfront about this.  But, I am going to analyze this without investigating this.)

The reason is, I think (I could be wrong.) that I know how this works. I think this is kind of like trading a car in to a dealership that is offering to "purchase" your old car in exchange for a new one.

You see, (most) car dealerships will make an initial offer that is very, very low. (65% of Low Blue Book Value.)

And, whatever is owed (if above that value) is added on to your next vehicle's purchase loan or lease.

House Flippers -- if you have watch enough Home Improvement TV -- demonstrates how Flipper's buy low and sell high.

I think this is what is happening here.

I don't have any proof of this.  And, I'm not saying it's bad.

It's something, as a Real Estate Broker for 27 years, that I will not get involved in.

Flippers are always looking to steal a property; then, flip the property (usually after just painting and carpeting the house) for as much as a sucker (I mean, Buyer) is willing to pay.

Years ago, the first Real Estate Broker I ever worked for said: "Never buy a house that's being flipped." 

At the time, I was a novice in real estate, so I didn't understand. Many, years later, his words of wisdom still ring true.

Since I don't work in the residential real estate arena, I wish Opendoor lots of luck.

Hopefully, this isn't a means to eliminate real estate brokers completely -- which I am seeing from other real estate web sites!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Rita Suites, anyone?

About six or seven years ago, the Owner of this property was thinking of selling.  He had plans to redevelop it into the high rise condo hotel -- then, the market collapsed and you know the rest of the story.

Since then, he has had it on the market and off.

It is currently OFF the Market.  But, he will entertain offers IF there's a Purchase Agreement and Proof of Funds to close.

Okay, so he's set a hard line that must be crossed in order to make him move forward.  It doesn't mean he will NOT be reasonable about selling.

At +/-$10 Million an acre for land within the Clark County Gaming Overlay, the Owner is asking a very reasonable price.

The Rita Suites, Las Vegas, NV

If interested and have hotel/motel experience - and the funds to close a multi-million dollar property -- email me your contact information and I will reply with the property details.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Happy & Safe 4th of July!

To Everyone: Have a Happy & Safe 4th of July Holiday!

July 4th Celebration from Las Vegas, NV!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!