Other than the stock market, no other financial indicator changes quicker than real estate. It is no secret that the real estate market has been very strong the past couple years and even stronger this year. With this strong real estate market has come a new type of real estate company… several of them actually. I refer to them as the quick and go. These companies specialty is that they will buy you home and you don’t need to worry about anything else, or so they say.
I have had several clients get estimates from these companies such as Offer Pad and Open Door and in every case they were disappointed. The fees charged were higher than a normal listing sale with a buyer and seller agents plus the promises in the commercials to cover moving expenses and closing costs… the seller gets stuck paying those.
In addition to the fees, the quick and go’s seem to offer about 5% under market value plus the seller is still on the hook for any repairs after the home inspection. The average home seller that has a home valued at $300,000 would be leaving about $20,000 on the table with using these quick and go companies.
While their business model may be to buy quick so the seller can go, I refer to them as quick and go because as soon as the market shifts as it always does they will be quick to go.