About Opendoor

By Derek Lakin
HighYa Staff Updated on: Jan 4, 2018

With more than 11,000 satisfied customers, Opendoor helps you sell your home in a matter of days without ever putting it on the market. By purchasing your home from you, Opendoor aims to eliminate the uncertainty of a traditional home sale and provide you with complete control over your moving timeline. Their process takes three steps:

  1. Enter your home’s details to get an offer.
  2. Schedule a free home assessment.
  3. Close and get paid.

It certainly seems like Opendoor has dramatically simplified the home selling and buying process, as claimed on their website. But does that mean they’re the right option for you? We'll help you come to an informed conclusion, starting with how it works.

How Does the Opendoor Selling Process Work?

1. Requesting an Offer

To request an offer on your home, you’ll start by entering your address on Opendoor’s home page. Note: The company currently buys (and sells) homes in the Phoenix, AZ, Dallas-Fort Worth, TX, Las Vegas, NV, Atlanta, GA, Raleigh-Durham, NC, and Orlando, FL metropolitan areas, although they’re looking to expand into additional markets.

From there, you’ll input different details about your home (e.g., number of beds/baths, square footage, the condition of kitchen/baths/backyard, renovations, etc.), which shouldn’t take more than a few minutes.

Opendoor's team of real estate experts will then review comparable home sales in your area, market data, and the unique information you provided to send you a no-obligation offer.

Pro tip: The company isn’t a house-flipper, and they don't buy distressed homes. In fact, they’re fairly particular about what types of homes they buy. Here’s what we learned about their criteria from their website (note that criteria differ based on location):

  • Single-family homes
  • Townhomes
  • Duplexes (Phoenix, Las Vegas, and Atlanta)
  • Condos (Phoenix and Las Vegas)
  • Homes in gated communities (Phoenix, Las Vegas, and Dallas–Fort Worth)
  • Homes that are site-built (not pre-fabricated or mobile)
  • Homes located in our service areas
  • Homes in which the seller has clear ownership of the property (no double escrow)
  • Homes built after 1960
  • Homes that are not in age-restricted communities
  • Homes where our valuation is between $100K and $500K
  • Homes that sit on a maximum of a half an acre of land (Phoenix, Las Vegas, and Orlando) or an acre of land (Dallas-Fort Worth, Atlanta and Raleigh-Durham)
  • Homes that are not in or near flood zones
  • Homes that are owner-occupied or vacant, not leased, at the time of closing
  • Homes that are non-distressed or Real Estate Owned
  • Homes that don’t have any un-permitted additions or significant foundation issues
  • Homes that don’t have a solar lease (even one that has been pre-paid)
  • Homes that do not have polybutylene plumbing
  • Homes that do not have masonite woodruff roofs

2. Accepting the Offer

If, after reviewing your offer and associated fees, you decide to accept, Opendoor will schedule a free home assessment. The company will send out a team of its own employees and independent contractors to “verify the condition of your home and identify any repairs that need to be addressed before closing,” including structural, exterior, roofing, plumbing, electrical, insulation and ventilation, and HVAC systems.

If any repair needs are identified during this step, you’ll have the option to complete them yourself, or the company can handle the work and deduct the costs from your offer.

3. Moving on With Your Life

After everything has been finalized with the offer and the assessment, Opendoor tells us that they’re ready to sign your contract when you are.

During this process, you'll be able to choose your move-out date (within three and 60 days), and Opendoor will handle the rest. You'll need to have one final walk-through the day before closing in order to verify everything's in the same condition, and all your belongings have been moved out.

In the meantime, Opendoor will open an escrow account with a national title company, and you'll need to sign your closing documents. If necessary, a mobile notary can meet you where it's most convenient.

From there, you’ll be able to get paid in a matter of days. After moving out, Opendoor will handle any maintenance requirements while getting the home listed and ready for the next buyer.

How Does Opendoor’s App Make the Home Buying Process Different?

If you’re looking to buy instead of sell (or perhaps even both, which we’ll talk more about next), Opendoor owns hundreds of homes for sale in the markets where they operate, including those that have yet to hit the market, which can be viewed 24/7 on their website and companion iOS and Android app.

Like the site, the app allows home shoppers to view for-sale homes and filter their search by the number of bedrooms and bathrooms, along with the price. App users can also view photos of the homes, save their favorite properties, and receive instant updates.

Most importantly, the app provides buyers with instant access to any of the company's listings between 6 am and 9 pm, without requiring an appointment. Basically, it acts as a key to your very own open house.

OpenDoor App ScreenshotsUsing a map-based approach, the Opendoor iOS and Android app allows users to search for residential real estate in different markets, view property details, and remotely schedule in-person visitsю

If you find a home you’re interested in, you can get directions through the app, and even speak with an Opendoor Home Advisor for additional information. Once you’ve decided to move forward, a dedicated team member will “work with you from offer to move-in.”

Buying and Selling at Once: Opendoor’s Trade-In Offer and Mortgage Services

If you’d like to sell your existing home to Opendoor and also purchase any listing on the market in a single transaction, you can opt for their Trade-In service. Here, they align the closing dates of your sale and purchase, allowing you to move only once and carry only one mortgage at a time.

Trade-Ins customers can finance with one of Opendoor’s preferred lending partners, or work with Opendoor Mortgage, an affiliated mortgage brokerage. According to Opendoor Mortgage, customers can get pre-qualified in less than 30 minutes, and can also save one percent off their closing costs.

To learn more about trading in a home with Opendoor, a representative can be reached at contact@opendoor.com or 480-381-6622.

How Much Does Opendoor Cost?

Requesting an offer from Opendoor is completely free. And until your home is assessed and both you and the company have decided to move forward, you can walk away without penalty or charge.

According to Opendoor’s pricing comparison page, the average seller will pay a 6.7% fee for the transaction. That said, Opendoor’s service charge could fall anywhere between six and 12 percent, which could cancel out some, or all, of these potential savings.

The company offers a 30-day satisfaction guarantee, which stipulates, “If you don't love your home for any reason, [they’ll] buy it back.”

What Can We Learn From Online Customer Feedback for Opendoor?

On their website, 50 Opendoor customers had given the company an average rating of 4.6 stars at the time of our research, with many referencing ease of use, speed, fair pricing, and strong customer support.

We found similar ratings and feedback on sites like Zillow, as well as Google My Business for their Dallas and Phoenix offices. Since writing our original article, 11 HighYa readers had given Opendoor an average rating of 2.5 stars, and the company had responded directly to complaints.

Between iTunes and Google Play, we encountered well over 100 reviews for Opendoor’s apps, with an average rating of about four stars. Many seemed to appreciate how it allows instant access to any of the company’ listings, as well as its ease of use.

On the other hand, frequent complaints referenced glitches, along with limited market availability. Again, in many instances, a company representative responded to these in an effort to find a resolution.

From a company perspective, Opendoor is based out of San Francisco, CA and was co-founded in 2014 by Keith Rabois, CEO Eric Wu, JD Ross, and Ian Wong.

Previously, Keith worked as a senior executive at PayPal and Slide and COO of Square, Eric was founder and CEO of Movity.com, JD was VP of Product at Addepar, and Ian built machine learning applications at Square and Prismatic.

The company held an A+ rating with the Better Business Bureau, based on eight customer reviews and two closed complaints, as of 12/27/17.

Our Final Thoughts About Opendoor

It’s clear that Opendoor has a lot to offer customers, including unique buying and selling services, a mobile app that provides customers with personal open houses, lending partnerships and financing options, competitive pricing, and a 30-day buy-back guarantee on every home they sell. In fact, there isn’t another service exactly like this in operation.

If you’re on the fence about using their services, obtaining an offer online and/or downloading the Opendoor app are both completely free. So, whether you’re thinking about selling your home or purchasing a new one, you might not have more to lose than a few minutes of your time for giving them a try.

Just keep in mind that Opendoor’s services are currently only available in six metropolitan regions (Phoenix, Dallas-Fort Worth, Las Vegas, Atlanta, Orlando, and Raleigh-Durham). And even if you live in one of these areas, remember the company has some fairly stringent eligibility criteria, so not every home will qualify.

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85 Consumer Reviews for Opendoor

Average Consumer Rating: 3.1
Rating Snapshot:
5 star: 39 4 star: 4 3 star: 2 2 star: 9 1 star:  31
Bottom Line: 53% would recommend it to a friend
Showing 1-11 of 85
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  • 1 out 1 people found this review helpful

    Avoid!

    • Charlotte, NC,
    • Nov 9, 2018
    • Verified Reviewer

    Waste of time! It is designed for desperate sellers only! First, they send lowball email offers $110K below market, then machine call on scheduled time and hang up! Comps are the ones that are most convenient for them!

    Bottom Line: No, I would not recommend this to a friend

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  • 100% transparent! This is going to be the future of real estate!

    • Tucker, GA,
    • Nov 7, 2018
    • Verified Reviewer

    I wanted to sell my home and thought I would give Opendoor a try because it seemed like a great concept. I submitted my info and was offered more for what I thought my home was worth, so that was a pleasant surprise. Then they came by and inspected my house and let me know specifically what needed to be repaired and gave me the opportunity to fix it or let them just deduct it from my offer, which I went ahead and did because the cost was very fair and reasonable. Then we just closed the sale and everything was so fast and smooth, like it all went down within a two week period! Irene was there with me on every step of the process and everything, I mean everything, was simple and transparent!

    I am so happy and satisfied with Opendoor and would really recommend this to everyone hands down! Also, Anitra, Michelle, Chris and Jennifer from O'Kelley & Sorohan, the closing law firm that was used, were fantastic and very helpful, making sure my closing happened when they said they would. Opendoor deserves 100 stars because this was the most simple, honest, profitable, transparent, stress-free deal I have ever made in my life! This is going to be the future of real estate!

    Bottom Line: Yes, I would recommend this to a friend

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  • Opendoor

    • Tennessee,
    • Oct 24, 2018
    • Verified Reviewer

    It was the easiest real estate transaction that I have ever done.

    It was accurate, quick, and easy. I would recommend this to anybody who wants to buy or sell any real estate. Everybody at Opendoor was very professional. I would use this company again.

    Bottom Line: Yes, I would recommend this to a friend

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  • 3 out 3 people found this review helpful

    Good option if you need to sell quick

    • Dallas, TX,
    • Oct 24, 2018
    • Verified Reviewer

    It provides an option if you are in a crunch, need to sell quick, and are willing to lose some profit.

    Pros: Fair offer, quick process.

    Cons: Their service fee is more than a realtor, they use their own contractors to assess damages and come up with unnecessary repair items, which they then use to deduce the value of your home. This service would be a good option if you have high equity and your home is in perfect condition (updated home with zero damages). In my case, they offered $236K but then came up with a bid of $40K for repairs, which disqualified me.

    I was content with the outcome because I got to keep the option fee money and made more profit selling my home using iList. I sold my home for $226K with no repairs and only 1% listing fee and 3% to the buyer’s agent, a tremendous savings from the $17K that Opendoor was asking for plus the cost of repairs.

    Bottom Line: Yes, I would recommend this to a friend

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  • 2 out 2 people found this review helpful

    WOW Opendoor

    • Thompsons Station, TN,
    • Oct 23, 2018
    • Verified Reviewer

    WOW...how seamless and easy. IF we got a FULL PRICE offer with a realtor, and the buyer didn't demand many concessions, we would have made about $4000 more.

    BUT we never had to show, no open houses, no de-cluttering, no cleaning, NO HASSLE WHATSOEVER. Well worth the price.

    We were skeptical all along the process because it seemed too good to be true. Right up to the final walk-through, we were saying this is going to blow-up somehow because it's too easy. WE WERE WRONG! What a great way to sell our house.

    We had two realtors price our house at $305,000 and $319,000. Opendoor paid us $313,000. A no-brainer for us.

    We highly recommend Opendoor.

    Bottom Line: Yes, I would recommend this to a friend

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  • 3 out 6 people found this review helpful

    Bad experience

    • North Carolina,
    • Oct 22, 2018
    • Verified Reviewer

    This was a bad experience. Please be careful and research them. Our experience was from a cash sale offer. I will never to a cash offer again. Only a traditional sale if I decide to sell another home.

    Bottom Line: No, I would not recommend this to a friend

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    • Oct 23, 2018

      Tirza D., Community Manager

      Hi Ann,

      We appreciate your feedback and would like to learn more about your experience. Please send any additional feedback to community@opendoor.com. Thank you.

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  • 10 out 10 people found this review helpful

    Outrageous repair request

    • North Carolina,
    • Oct 19, 2018
    • Verified Reviewer

    Opendoor assessment took over 3 hours. They took pictures on every little corner and requested for repairs to be a brand new home, new roof, new HVAC, new windows. Their offer is fair market. Their commission is higher than traditional buyer's agent 3%. There will be a loss of $20K+ for us to sell to Opendoor comparing to a traditional sale.

    Bottom Line: No, I would not recommend this to a friend

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    • Oct 23, 2018

      Tirza D., Community Manager

      Hi Tina,

      We apologize if you felt the home assessment took over the normal two-hour allotment. Our staff is there to complete a thorough assessment, but do also want to be respectful of your time, should you be at home during this part of the process. We overall truly appreciate your feedback and wish you all the best moving forward.

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  • 0 out 1 people found this review helpful

    Great experience without the hassle!

    • Madison, TN,
    • Oct 18, 2018
    • Verified Reviewer

    At first, I was a little hesitant, being that they are new in Tennessee. They were prompt with the first walkthrough. Everyone was just a call or email away for any questions. They definitely are who they say they are. I would definitely use them again. I sold my house in a week!

    Bottom Line: Yes, I would recommend this to a friend

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    • Oct 23, 2018

      Tirza D., Community Manager

      Thank you for sharing your story Shemeika!

    • Oct 25, 2018

      Ann D.

      I totally agree it was the same with us. If I ever sell again it will be a traditional sale and not a cash offer, sometimes the old original ways are the best option.

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  • 18 out 19 people found this review helpful

    Total scam!

    • Arizona,
    • Oct 12, 2018
    • Verified Reviewer

    Ok, so I'm going to give you all the details of my interaction. First off, I will say everyone I talked to was extremely professional and courteous. The home I'm selling is at 15514 e Jojoba Lane Fountain Hills, AZ 85268. If you Zillow it, it'll show a value of $503,229. Opendoor made me an offer of $455,000. That was extremely low I thought, but hey, after 6% realtor fee, it's not too far off the mark. I say ok, then read the fine print at the bottom, saying I'd walk away with $402,000. I asked why and they said, "oh, it's our 10.5% admin fee!" So not only do they make an almost insulting low offer on the house, they take almost double the average realtor fee out of it!

    Then looking at online reviews, they send a team out to your property and zap you for everything they deem wrong. I read one review that said that his A/C units were 20 years old, and that they only last 25 on average, so they nicked him $2k for that! So I decided to go the realtor route, sold my house in 2 hours, and am walking away with $446,500. That's $46K MORE, AND it sold in TWO HOURS.

    One of their pros on the website is not having to show your house to people - for $46k I'll show the house morning, noon and night! Not that you'd have to in this market. I honestly believe I'll have the money in the pocket going this route FASTER than Opendoor. The takeaway is this - unless you're in a HORRIBLE market, get a realtor.

    Bottom Line: No, I would not recommend this to a friend

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    • Oct 25, 2018

      Ann D.

      Agreed, I will only go with traditional from here on out. The old way is sometimes the best.

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  • 15 out 17 people found this review helpful

    Fraudulence practice and lies from Opendoor

    • Spring Hill, TN,
    • Oct 12, 2018
    • Verified Reviewer

    Opendoor presented an offer to my house with 8% fees for them. They won't negotiate and won't let you use your own title company. When inspectors came to the house, they found nothing wrong, nothing to fix. Then I received an email from the broker saying "Not Satisfied," and they also demand that I sign to agree in returning the earnest money. My house is like new. Only two years with plentiful upgrades. If they have decided not to pursue on, they should take the courtesy to call me and explain the reasons. The title company blocked my number immediately and won't take calls. I have never seen the earnest money in the first place. The OS Nation Title Company never called nor spoke to me, which Opendoor said they would. Suddenly Opendoor SHUTS their doors without replies. BEWARE of SCAMS!

    Bottom Line: No, I would not recommend this to a friend

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    • Oct 25, 2018

      Ann D.

      I had the same awful experience. I am so glad to have it over with and never deal with them again!

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  • 13 out 15 people found this review helpful

    Buyers beware

    • Dallas, TX,
    • Oct 11, 2018
    • Verified Reviewer

    Warning, this company is very shady. The sales person tried to say I had to use them as a realtor and lender if I liked one of their homes. The home was listed for a maximum value, but the roof and A/C looked outdated. So I contacted a realtor to see if they will represent me to make sure I was getting value. My realtor tried to contact the listing agent for that house, but instead, she was channeled thru an automated system. After numerous attempts, she finally got hold of someone. When she asked for a document that should be available or given to me when I requested information, they told her to get them herself and hung up on her...and then called me and yelled at me for getting a realtor. Told me whatever offer they gave me was off the table.

    My realtor emailed Texas Real Estate Association to inform them of her treatment, and how they treated me, and they helped her locate the actual listing agent...

    We thought we fanned out the attitude with their agents, found out they are private investors so they don't have to follow the same laws the real estate agents have to follow, so the only interests they have is their own.

    They claim they will negotiate repairs. WRONG. They buy distressed properties. Slap lipstick on a pig and sell it for top dollar. They don't want you to get a realtor because they look out for the buyer's interests. Not only do they not guarantee their work like it says on their website, but they won't give you a home warranty, and when you move in, you are stuck having to buy a new roof and air conditioner, that's about $23,000. I'm glad I had gone with my gut because these people are used car salesmen. You're better off finding a home where a seller will repair the home or give you a home warranty because people like this could care less about your home falling apart after you close. If you got approved for this place, you can get a home anywhere!

    Bottom Line: No, I would not recommend this to a friend

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    • Oct 25, 2018

      Ann D.

      Agreed!

    • Oct 27, 2018

      Wanda L.

      Seller beware. I just experienced a buyer paying 10% of purchase price for a "service fee" and 3% commission, the standard commission for a seller is 6%, typically NO service fees and realtors do not mandate repairs. Buyers get the opportunity to negotiate with the seller.

    • Nov 12, 2018

      Tirza D., Community Manager

      Hi Kay,

      We apologize for what sounds like a frustrating experience. The customer service you are describing is very out of the norm for our team that is trained to always put the customer first. It also sounds like there was some confusion around our process, so we will take ownership of that and will escalate your feedback internally with our teams.

      We appreciate your feedback and will make sure this is seen by our internal teams. If you have any additional insights you would like to share, feel free to email community@opendoor.com.

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