Opendoor starts by saying they can offer a fair market price. Their offer to us was 83% of our home value based on recent sales per square foot in our immediate community. That was okay with us since they were allowed to make a profit reselling. Then they added their own 7% administrative fee.
Then they deducted for "updates" they way overcharged. For instance, we had replaced the air conditioner 12 years ago (30-year expected life) but they deducted for a whole new air conditioner without allowing for a trade in. The kitchen cabinets and counters had been replaced 10 years ago, but they deducted for a whole new kitchen without regard to a deduction they would receive even if they donated the existing cabinets to something like Habitat for Humanity. The deductions went on and on even though their own home inspector said our home was in incredible shape for its age of 30 years.
We went to closing and the closer told us to expect our proceeds to be deposited in our account by that afternoon. We only we got a call at the end of the day asking why we hadn't paid Opendoor $6,050 for "buying" our house?! Yes, their closing documents were THAT "devious" that even the professional closer thought we were being paid money than Opendoor CHARGING us money to "buy our house!"
Bottom Line: No, I would not recommend this to a friend
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Company Response from Opendoor
Thank you for sharing your experience. Please know that your feedback will be circulated internally and we will use this as an opportunity to improve. If you have any additional feedback you would like to share, feel free to email community@opendoor.com.