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
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