Opendoor

When Opendoor made us an offer, it seemed fair, and until the end, we were told they needed to hold back money for a special plumbing test and if they did not need to use the full amount withheld, we would be reimbursed for any money left. After calling every Friday for five weeks, I was told they had to use all the money. I asked for a copy of the billed invoice, and the invoice looked odd. The address on the invoice is not an Opendoor address. The invoice looks funny. Just make sure they tell you everything before you sell to Opendoor.

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

All of the good reviews are made up from people who work at Opendoor. They are the worst. They take 8%-12% fees! That's twice as much as what realtors take, and realtors are much better than Opendoor. No one can replace an agent. Just no one.

I can't even begin to tell you how awful Opendoor is. They wrote me an offer for $70k under the market price. I didn't accept, and then I put my house on the market for $85k more, and it went under contract in three days. A friend of mine used Opendoor to buy a property, and they told her everything was fixed and repaired with no issues. She still got her own inspector and they found SO many issues, including issues with the things they said they fixed. She backed out immediately.

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

This company comes across as a homeowner's dream. Do NOT believe this! After an inspection, they come up with ridiculous demands and outrageous prices to mitigate imagined problems. That initial price you offered is only a starting point and not to be believed. Don't waste your money making last-minute repairs because their list will be unreasonable. Take your chances on the open market; you will do much better.

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

I was initially excited about my offer until I saw the 7.5% fee plus closing fees. Then the inexperienced, unqualified estimators marched and made a list of roofing concerns, foundation concerns, and AC service requirements. All a bunch of nonsense. I just had a new roof two years ago, foundation work was done three years ago by a reputable, licensed company with a lifetime, transferable warranty, a heating and AC annual service agreement, and a pest control annual service agreement.

I had a licensed engineer's report that the foundation was perfectly fine, and they still wanted more. There is absolutely nothing wrong with this home as it has been completely remodeled over the past three years, top to bottom. After two months, I finally just told them to cancel the contract. These people are inexperienced, uncooperative, and every time I talked to someone it was like they were reading from a script. Definitely not fast and easy like they want to claim.

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

We purchased our home a year ago, but we are moving for a job relocation. I submitted my home to Opendoor, just to see if the reviews were true. Our home has a market value of $298k and their offer was $271k, and after the fees, we would walk away with $254k max. We paid $280k a year ago. We put in $15k to the home over the past year and the home was completely renovated right before we moved in. I can't imagine how much they would knock the price down with "repair credits." This company is clearly trying to take advantage of sellers who need to sell as soon as possible. Fortunately, that wasn't the case for us, and we can choose to decline a pitiful offer from Opendoor. DO NOT USE.

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

We bought a home from Opendoor last December, the home warranty they provided me with OneGuard Home Warranty is a scam, they will not cover anything. I would ask for a home warranty from a different company other than OneGuard.

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

I received a quote from them to buy my home after they came out to inspect the property and gave me the final contract, where they charged 17K in fees, more than the cost of using a realtor. They wanted me to pay closing cost on top of that.

I rejected the offer and you would think that would be the end of it. But it was not the end of it, they had all of my utilities switched over to their name. When I realized what they had done and changed them back, I was then required to put deposits back on all my utilities because Opendoor discounted my services and put them in their name when we had no signed contract, just a quote.

Do not use this company, the hassle-free quote cost me $2000 in utility deposits and they never responded to any of my calls asking them to fix the problem. Big time scam. I'm warning everyone because of the many hidden fees.

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

I'm an investor in the Atlanta area and decided to test the Opendoor process. I submitted a completely renovated 2660 sq. ft. ranch on a basement single-family home. Comps in the area for this type of home were going for $400K+. The advantage I had was this was a true ranch. All other comps were two-story or split level homes. I submitted all the information, pictures and updated records. The offer...$367K minus $30K in Opendoor fees for a total offer of $337K. I listed the home for over $100K more and made a profit of $70K, whereas if I foolishly accepted Opendoor's offer I would have been in the red.

Long story short, I do not see this replacing traditional real estate sales processes any time soon. Real estate agents, maybe, but not the process. This will only work for people who are still upside down in their mortgage, or need cash fast and will sell their home for below market.

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

I attempted to sell my home to Opendoor and it ended up being a huge waste of time. The inspector they send out to check my home was not a certified home inspector, and he worked directly for Opendoor, which was the first red flag. It then took them 7 days to tell me they are going back out of the deal because they smelt "mildew." It was easily explainable as a wet carpet tile I just finished cleaning and placed back in the house to show that day, unfortunately wasn't dry or clean enough. Opendoor would hear none of it and refused to work with me any further even though the perceived issue was non-existent after I replaced the carpet tile. I also have a moisture mitigation system for under the house and they assumed it was for some kind of Radon Gas prevention which is entirely off base.

Clearly Opendoor knows absolutely nothing and completely wasted my time by making me wait 7 days to end up backing out. I had to actually call them to track down an answer the 7th day to any info at all.

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

It seems neat to go view a house whenever you want. However, if you want information about the house, forget about it. There is no easy or expedient way to contact someone who is not part of the giant 800 number representing Opendoor. The house we viewed had significant water damage and mold in the garage. It appeared it also affected the upstairs bedroom window. There was also water damage at the room line. Not a mention of it in the listing.

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

We are in the process of selling our house and we had our personal realtor over to evaluate our home to prepare for listing. He showed us the comps and we agreed it was fair. Naturally, you think your home is worth more and I did as well, but I said ok to what our realtor said was a fair offer.

We began to also look at other houses to move to as we are downsizing now that 2 of our 4 kids are grown and moved out. We found the perfect house and fell in love with it, so the realtor for that property told us about Opendoor. We gave it a shot and submitted our request for an offer, they got back to us 2 days later with an offer that was 45,000 less then what our realtor said it was worth and they wanted to charge us 25,000 in fees. We were highly insulted by the offer and immediately passed.

I now understand the way this company operates. They offer to buy houses and the people who are extremely desperate for whatever reason will take the offer which guarantee is less than if they went traditionally. We were not desperate to sell despite loving the new house. We are sticking with our realtor.

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