About Opendoor

By Derek Lakin
HighYa Staff
Updated on: May 10, 2019

With more than 40,000 satisfied customers, Opendoor helps you buy, sell or trade-in your home without the hassle of 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 selling process can be summed up in 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?

As we mentioned a few seconds ago, Opendoor features a three-step process.

1. Requesting an Offer

To request an offer on your home, you’ll start by entering your address on Opendoor’s home page. The company currently buys and sells homes in 20 major cities in the United States, including Atlanta, Las Vegas, Orlando, San Antonio, Portland and Los Angeles.

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 within 24 hours.

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 (certain markets)
  • Condos (certain markets)
  • Homes in age-restricted and gated communities (certain markets)
  • 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
  • Generally, homes where their valuation is between $100K and $500K (range differs by market)
  • Homes that sit on a maximum of a half an acre of land (in some markets, limit is 1 or 1.5 acres)
  • 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 don’t have any un-permitted additions or significant foundation issues
  • Homes that have a solar lease that was pre-paid prior at or prior to closing
  • 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 net proceeds at closing.

3. Closing Process

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 closing date (within 10 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 handles any repairs and gets the home listed and ready for the 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 browsed 24 hours a day 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 a.m. and 9 p.m., seven days a week, 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.”

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 available in certain markets. 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 tradein@opendoor.com or (888)856-2243.

How Much Does Opendoor Cost?

Requesting an offer from Opendoor is completely free. Even after your home is assessed, 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, more than 50 Opendoor customers had given the company an average rating of 4.8 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 Google My Business for their Dallas and Phoenix offices.

More than 120 HighYa readers had given Opendoor an average rating of 3.5 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.

The company held an A+ rating with the Better Business Bureau, based on more than 125 customer reviews and two closed complaints at the time of publishing.

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.

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 20 metropolitan regions. 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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Read 171 Opendoor Customer Reviews and Complaints

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Average Consumer Rating: 3.6
Rating Snapshot:
5 star: 98 4 star: 10 3 star: 2 2 star: 11 1 star:  50
Bottom Line: 64% would recommend it to a friend
Showing 1-11 of 171
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  • 1 out 1 people found this review helpful

    Best decision we ever made

    • Charlotte, NC,
    • Jul 18, 2019
    • Verified Reviewer

    We have 8-year-old twin boys, a dog, a lizard, and both work from home on a frequent basis. We outgrew our house and wanted to move for a long time, but the thought of trying to sell a house while actually living in it seemed daunting. We had assumed we would have to move everything into storage or buy a new house and move before we could list our house.

    Just for fun, I requested an offer from Offerpad and Opendoor. Offerpad and Opendoor both came back with comparable offers, but Offerpad included free moving, so we started down the path with them. We found our dream house, made an offer, and then received a call from Offerpad that they had made a mistake and needed to drop their offer by $15K. It was a complete bait and switch and we immediately ran from them (and reported them to the BBB).

    We then revisited our offer from Opendoor and wish that we had just gone with them from the get-go. Their offer was highly competitive (a little less than a realtor thought we could list for, but not by much) and their fees were very reasonable (7% vs. the 6% we would have paid for a traditional realtor). The repair assessment was the most stress-free home inspection that we ever have been through and their findings were extremely trivial ($327 total). There were no surprises, everyone was professional and pleasant to deal with. In the end, we paid 1% more than we could have if we had done it the "old way", but let me tell you what we got for that 1%:

    - We never had to show our house...no staging, no pretending not to live at your house, no leaving with the dog in the middle of the day so someone can come check out the house.

    - We picked our closing date. We lined up the closing on the old and new house so we had plenty of time to have the proceeds disbursed. We could change it anytime we wanted and didn't have to deal with any last-minute buyer financing issues that could have delayed our closing.

    - We didn't have to store anything. Had we attempted to list our house and live in it, about half of our belongings would have had to be stored. That means moving twice and paying for storage.

    - We didn't have to pay double mortgages. If we had bought first and moved, we would have had to pay two mortgages until the closing on the first house.

    - We didn't have to pay for painting or carpet. This alone almost makes up the 1% we paid in fees.

    - We were able to do "late checkout" and rent our house back for a day so we could move all the weird things we didn't want the movers to move.

    - We preserved our sanity and reduced our stress. This one is priceless. Buying, selling, and moving are stressful...this process made it sooooooo much easier for us to move into our new house with as little stress as possible.

    I cannot begin to tell you how much Opendoor changed our lives for the better. We wouldn't be in our new dream house without them!

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

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  • Opendoor for the win!

    • Raleigh, NC,
    • Jul 12, 2019
    • Verified Reviewer

    When I first thought about selling my home, I only knew of two options. Sell the home myself or hire a realtor. Both options required a good amount of my time. I first heard of Opendoor through a billboard I saw, then again on the radio. The concept sounded great but I’m always skeptical about things that sound too good to be true. After researching and asking around, I decided to give it a shot.

    My experience with Opendoor was wonderful. It required very little of my time. The customer service was amazing and friendly. Also, their online hub was clean and very user-friendly. I would recommend Opendoor to anyone who doesn’t want to deal with the hassle of selling a home.

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

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  • 1 out 1 people found this review helpful

    What a breeze

    • Jacksonville, FL,
    • Jul 12, 2019
    • Verified Reviewer

    We made the mistake of house shopping to kill time 6 weekends ago. We fell in love with a new house, in a new neighborhood, but there was no way we could buy it without selling our current house.

    I’d seen a few ads and mailers from Opendoor and decided to give them a try. I filled out the online "request an offer" form and received an offer in less than twelve hours. I thought the offer was too low and decided to call a local realtor. The realtor came out the following evening and gave us his pitch and market analysis. I’d not mentioned anything about Opendoor, or their offer at all. When we finally got to the bottom line the realtor said he was confident he could sell our home in 60 days or less for "FIVE THOUSAND DOLLARS LESS" than our Opendoor offer! That was all we needed to hear. As soon as he left we called the Opendoor contact, who’d already followed up with us and accepted their offer. Within thirty minutes we had a contract, which we e-signed. The next morning by 10 am, we had a fully executed contract, and made the trip to the new house to get that under contract as well.

    I was nervous that there was some hidden agenda or last-minute trickery to try and hit us with more fees or something, but there never was. Everything was clearly spelled out and communicated throughout the process and the people were all great.

    The only reason I’m not giving 5 stars is because I still think the offer was about five grand too low. I understand that Opendoor is taking all the risk, and I expected they’d offer less than market value, but I think I probably could have gotten twelve to fifteen thousand more if I’d listed it.

    This was by far the easiest home selling experience I’ve ever had...and I’ve sold many! If you’ve got enough equity to accomplish your goals moving forward and want to avoid all the work that comes with listing the traditional way, I’d highly recommend Opendoor!

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

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  • Flawless home sale and closing

    • McDonough, GA,
    • Jul 11, 2019
    • Verified Reviewer

    The sale of my home with Opendoor was economically feasible and a well-organized process. The staff was warm, courteous, and professional. This process was hassle-free and safe. There was no sign in front of the house and no strangers in and out. I found Opendoor to be an awesome option. I have referred them to neighbors.

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

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  • Amazing experience

    • Henderson, NV,
    • Jul 11, 2019
    • Verified Reviewer

    What an amazing experience we had with Opendoor. From the beginning offer to the closing date everyone was just amazing. Never did they demand we do something. We were always asked what works best for us. Everything is done online so you can see exactly where you are in the process. They call you to discuss the offer, the inspections, etc. Even though we never worked face to face with anyone we never felt like they were not excisable to us or that we were just another home to them. I would recommend this service to anyone selling a home. It was amazing!

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

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  • Rental house sale

    • Fayetteville, GA,
    • Jul 10, 2019
    • Verified Reviewer

    Opendoor is a pleasure to do business with. They gave me an honest sale price without the hassles of listing the property on MLS. My costs to close were the same as 3 other traditional MLS listed houses sold the traditional way with a listing agent. They were upfront and honest through the entire closing process. I will do business with them again when I'm ready to sell my remaining rental properties. Great company to work with.

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

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  • Seamless, quick process

    • Scottsdale, AZ,
    • Jul 10, 2019
    • Verified Reviewer

    We recently sold our home in Scottsdale, AZ to Opendoor. The process could not have been any easier and quicker. We received a fair offer and the inspection and escrow process was very efficient and professional. We were pleased with the high level of communication and customer service throughout the process. We changed our close date at least three times and they were very accommodating. In all from the offer through inspection to close was just over 30 days. I would recommend taking a look at Opendoor if you are selling your house and would like a quick, hassle-free process.

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

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  • Best experience!

    • Rex, GA,
    • Jul 10, 2019
    • Verified Reviewer

    I can’t believe how fast and simple this process was selling my home to Opendoor! They were nice and friendly and very supportive in this sale. I recommend this to anyone if you want a hassle-free sale of your home. No real estate posting, no staging of your home for buyers and just worry free! I closed and received my proceeds the very next day. Just an awesome experience. Thank you Opendoor!

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

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  • Opendoor is the best ever...

    • Glendale, AZ,
    • Jul 9, 2019
    • Verified Reviewer

    Opendoor was best from start to finish. I doubt many want to deal with the traditional start to finalizing steps with a home sale. Opendoor takes all the worries away! They start by making you an offer and then they have a team in to evaluate the property. And that part is not bad...they bring in great folks to do an honest evaluation...my experience is that they were all SUPER NICE and very fair!

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

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  • Seamless

    • Houston, TX,
    • Jul 2, 2019
    • Verified Reviewer

    From start to finish a seamless process with great people, who made it so easy to close! Everyone involved was nice and friendly. They were very accommodating, as well as professional. The day I closed, the money was in my bank. Did not had to invest $20k plus in upgrading a 17-year-old home, like a realtor would tell you. Well worth the extra point!

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

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  • Top notch company and staff

    • Spring, TX,
    • Jul 2, 2019
    • Verified Reviewer

    From start to finish Opendoor was excellent to do business with. Everything was streamlined and made simple. Every single person I dealt with including everyone at the Title Company affiliated with them (special props to Sadiqa) were professional, knowledgeable, prompt and accommodating. Being able to change your close date and move out date on a whim is a huge plus. I cannot say enough about how pleased I truly am with Opendoor. I received a fair price for my home and although there is a slight increase in fees the no-nonsense and simplicity of the process are worth it. As well as not having the hassle to clean up the home and take the dogs away for numerous showings. I hope Opendoor appreciates all the great people they have working for them because they are top notch in my book. Thanks to Brittney, Dan, Olivia and Sadiqa. You guys made a normally stressful transaction completely easy and stress-free!

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

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