Summary
Opendoor’s tech-driven homebuying platform presents an attractive option to sell your home fast. Our review will help you decide if it is the right service for you.
Posted on Jan 20, 2017
I received mail from Opendoor and I submitted details online. Their offer is 5-10% lower than the market price and overall the fee is 15% (including 6% broker fee, 6% service fee, etc.).
It is not worth it to sell your home to Opendoor. Waste of time.
Bottom Line: No, I would not recommend this to a friend
Posted on Nov 3, 2016
Sent me postal letter stating an offer range and interest in buying. I wasted time trading emails and providing information. They then made up some excuse and said not interested after the initial letter declaring otherwise. Find an agent or sell it yourself. Don't waste your time.
Bottom Line: No, I would not recommend this to a friend
Posted on Jun 28, 2016
Part of their proprietary algorithm seems to be a penalty for not accepting their offer.
The initial offer I requested out of curiosity, and the number price was actually fair, but I disagreed with their market risk percentage (4.5%).
So I talked to the agent, forwarded a dozen pictures to show the house was ready (actually planning to list in the next few days) to see if the offer would increase, or the market risk would go down. The second offer came back, $6k less on the offer and market risk raised to 5% (this was inside of 2 days).
Fast forward, my house has been on the market a few weeks, and I noticed that my estimated value on Zillow had gone up by about $20k from when we had listed based on comps. Since Opendoor's offer was pretty close to what Zillow had estimated initially, I figured if their offer scaled with Zillow, then even with their 'market risk' percentage, it was actually within the range of what I'd consider an acceptable offer. So I submitted for an offer again. (This was a Saturday). I waited and hadn't heard anything by Monday morning, so I submitted again.
Finally, today, I received two offers, 6 hours apart. Each was about $6k less than the one before, and each had about .5% increase in market risk, so despite the market value improving, their offer decreased by about $18k, and market risk went from a high 4.5% to 6%. Dropping $6k in value and 0.5% increase in Market Risk within 6 hours.
So if you get an offer, and are on the fence at first, just know that if you come back later, they're going to take advantage of your desperation.
Bottom Line: No, I would not recommend this to a friend
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