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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100 Consumer Reviews for Opendoor

Average Consumer Rating: 3.1
Rating Snapshot:
5 star: 45 4 star: 5 3 star: 2 2 star: 10 1 star:  38
Bottom Line: 51% would recommend it to a friend
Showing 1-11 of 100
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  • 5 out 5 people found this review helpful

    Complete waste of time! Fraudulent inspections!

    • Las Vegas, NV,
    • Dec 31, 2018
    • Verified Reviewer

    I scheduled a number of home inspections but was told that I would not need to be home during this process. Then, I learned that this requirement does not apply to my state. The inspectors spent less than two minutes on my roof, five minutes in my garage and two hours inside a condo that is less than 1,000 square feet. The lead inspector claimed he could not complete the inspection because of boxes blocking him, but he never mentioned it to me, and I was right there and eager to help! I was never informed of this problem until it was time for him to leave. He spent more time smoking on my patio and on his phone than in my place. I was told that a reinspection would need to be scheduled and that all contents would need to be removed, and that their original offer would be reduced by $10,000. In the meantime, I received two more offers by their competition, with moving assistance and additional perks. We are closing on a lovely OfferPad home today! The OfferPad staff was so kind, professional, and willing to negotiate a fair price without the lies, drama of Opendoor. Max, Mallory, and Sam from Opendoor - you are liars and crooks! God have mercy on you all!

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

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    • Jan 3, 2019

      Tirza D., Community Manager

      Hi Didi,

      We are sorry for what sounds like a frustrating experience. Our team would like to take a look at what happened and make sure all issues are escalated and addressed by the proper teams. Please email community@opendoor.com with the address of the property and any additional feedback you would like to share.

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  • 8 out 8 people found this review helpful

    Dissatisfied experience

    • Raleigh Durham, NC,
    • Dec 21, 2018
    • Verified Reviewer

    I recently purchased a home that Opendoor was selling. Opendoor does not follow through on due diligence items, lies about repairs that were deemed necessary, does not complete work they agreed to do, does not respond to realtor emails in a timely manner. Buying a home should be a wonderful experience. They did not close for me on time due to several errors on their part. I received deed five days after closing and repairs are still not made three weeks later. Opendoor is a complete disaster and I would never recommend using them to anyone, buyer or seller.

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

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    • Jan 3, 2019

      Tirza D., Community Manager

      Hi Barbara,

      Would you be able to email community@opendoor.com with more information? We would like to look into your issue further. Thank you!

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  • 10 out 11 people found this review helpful

    Insulting offer

    • Georgia,
    • Dec 18, 2018
    • Verified Reviewer

    My home appraised for $190K and they offered me $164K.

    A very insulting offer and a waste of my time. They even acknowledged that other homes in my subdivision sold for at least $180K with comps they disclosed with their miserable offer. A total epic fail!

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

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  • 1 out 2 people found this review helpful

    Great experience

    • Minneapolis, MN,
    • Dec 17, 2018
    • Verified Reviewer

    I couldn’t have been more pleased with selling to Opendoor! The process was as easy as they promote it to be. So easy, in fact, that I expected at some point that something would go haywire! But it never did! Their offer was competitive and I walked away, without the hassle of any showings, with proceeds close to, if not more, than what three different realtors had estimated! For me, the Opendoor experience was wonderful.

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

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  • 4 out 5 people found this review helpful

    Price on point with traditional

    • Woodstock, GA,
    • Dec 14, 2018
    • Verified Reviewer

    I had the house assessed (people come out and review the home) from Knock, Selling agent, Opendoor, Offerpad, and Zillow. Opendoor had the same offer the selling agent had with repairs already calculated in. Knock was lower than the selling agent with additional repairs to be handled, and Offerpad was nearly $35k less.

    I'm not sure if the others were fake reviews or just maybe the area; however, Opendoor's questionnaire before the assessors come out will indicate what will be included in the price that they will offer. House needs to be repainted (as indicated in the questionnaire), and the offer came in with that calculation.

    The process is easy and nearly carefree. Traditional agent utilized comps and upgrades in our area and came up with the exact same price. The only difference, I still had to paint the house and do repairs, which ends up getting a lower value if we went traditional.

    I can only advise that if you are not honest about your home in the first place, don't expect a lottery type winning. Everyone wants more money. Go through all different ways to get your house assessed and if one happens to give you your lottery winning value, by all means, try and sell it that way and hopefully you will not need to spend a double mortgage at all during the selling process.

    We have two little ones and staging the house is nearly impossible. The direct selling process is a breeze.

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

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    • Dec 17, 2018

      Tirza D., Community Manager

      Truly appreciate you taking the time to share your experience, Daniel! We're so glad to hear that you felt the process was easy and ultimately, was the best solution for selling your home. We wish you and your family all the best in this next chapter!

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  • 3 out 5 people found this review helpful

    I'm a believer!

    • Florida,
    • Dec 14, 2018
    • Verified Reviewer

    My daughter sold her house to Opendoor and I was initially against this "unknown" company. I did my research and found out that Opendoor is a huge company. I had many questions and my daughter encouraged me to call the contact person she was dealing with (Mason). He answered all of my questions, even stated that Opendoor might not be the way to go for everyone, but certainly was an option that should be considered. I hung up feeling completely at ease!

    Opendoor uses a standard "As Is" contract just like the one used if you used a realtor to handle the sale. I had a realtor friend look over the contract. I had a family member who is a lawyer in a title company look at the contract. Everything was above boards, completely fair. Their offer was within what my daughter hoped to get for the sale, so she proceeded. It turned out that she needed a new garage door. It broke while we were loading boxes into the moving truck. My daughter got an estimate for a new door and notified Opendoor. Mason called me about 20 minutes later to tell me that their contractor could replace it for $900 less than that estimate. We were closing that day! They saved my daughter $900 and only because they are a great company.

    I would give them 6 out of 5 stars if it was allowed. They made a believer out of a worried Dad.

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

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    • Dec 17, 2018

      Tirza D., Community Manager

      Thanks so much for taking the time to share your insights and your daughter's experience! We are so glad we were able to support her through this very important transaction.

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  • 1 out 1 people found this review helpful

    Waste of time

    • Texas,
    • Dec 13, 2018
    • Verified Reviewer

    I requested an offer online. Never received a follow-up offer, yet received a snail mailing saying that we could get an offer in 48 hours. So, I scheduled a call.

    Scheduling was a nightmare. When I finally got on the phone with a representative, they said that they couldn't make an offer because they didn't have enough market data on comparable homes.

    Why didn't you just send me an EMAIL saying so rather than having me WAIT DAYS to talk to you?

    The rep said, "Because it's better customer service to tell you over the phone."

    And that's bull.

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

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  • 3 out 4 people found this review helpful

    Awesome experience

    • Roseville, CA,
    • Dec 12, 2018
    • Verified Reviewer

    The builder of our new home (Lennar) recommended Opendoor when we expressed how concerned we were about listing and selling our home.

    I completed an online questionnaire and included pictures of the home. Opendoor got back to us very quickly with a very fair offer. We took all of the information to our financial advisor who thought the offer was more than fair and eliminated the need for us to list the home.

    We had planned on painting the interior of the home and refreshing the pool deck epoxy coating. After the thorough inspection (five different specialists) those two items weren’t even mentioned-saving us approximately $10,000!

    The whole process took about three weeks and we were able to rent back for the period between closing on that home and our new home.

    Everyone at Opendoor was helpful, professional, and a pleasure to work with during a very stressful period (we were in our home for over 40 years).

    A special shoutout to Matthew who handled everything, and Jesse who oversaw our move out. They both went above and beyond to accommodate our needs.

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

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  • 1 out 1 people found this review helpful

    So happy!

    • Atlanta, GA,
    • Dec 11, 2018
    • Verified Reviewer

    I don't really know why anyone would give a bad review on Opendoor. We sold two homes, our primary and a rental, and the process was super easy. The offers were fair - in fact, the offer on the rental was slightly higher than I was planning to list the home for. I was very pleasantly surprised through the entire process. I kept waiting for something to go wrong and it simply never did. We sold two homes and didn't have to show either one. We were able to set the closing date that worked for us and because of the flexibility and fair offers, we were able to buy and move into our dream home. I am so thankful we found Opendoor and would absolutely use them again.

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

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  • 7 out 8 people found this review helpful

    Total waste of time

    • Florida,
    • Dec 8, 2018
    • Verified Reviewer

    Opendoor reached out to me, making me a lowball offer on my home in Safety Harbor, Florida. It became very clear that they knew absolutely nothing about Safety Harbor, Florida, or my property, or all the upgrades that have been done to it.

    On top of giving me a 30% to a low offer, they want to tack on a $28,000 fee. These people are insane, and just looking to steal properties that they can flip. I would stay away from them, kind of like the plague.

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

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    • Dec 10, 2018

      Tirza D., Community Manager

      Hi there,

      If you feel we may have missed an important feature of your home while making an offer, feel free to reach out letting us know. We will be sure to share your feedback with our internal teams. If you have any additional details you would like to share, please reach out to community@opendoor.com.

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  • 5 out 5 people found this review helpful

    The worse buying experience ever

    • North Carolina,
    • Dec 2, 2018
    • Verified Reviewer

    It is impossible to get anywhere with a company who doesn’t use a dedicated agent/point of contact for their listings.

    At offer, Opendoor provided my agent with a long list of things they said their contractor repaired. After my home inspection showed 10 pages of problems, all of which were supposedly repaired by Opendoor before putting this home on the market, they refuse to correct any of the items? Excuse me? They already paid a contractor to fix these things, send the contractor back out to get the job done right.

    BUT NO! Opendoor just keeps giving my agent the runaround while the clock is ticking. Over 10 days and no response from them on a decision about negotiating repairs.

    And my agent still does not have a single point of contact for this home contract.

    Stick to a flesh and blood agent. Sometimes in our now virtual world, we still need humans.

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

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    • Dec 5, 2018

      Tirza D., Community Manager

      Hi Corey,

      We're sorry for what sounds like a very frustrating experience. Would you be able to send an email to community@opendoor.com with the address of the home and any additional details you would like to share with our team? Thank you!

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