Opendoor Reviews - What Is It?
WARNING: DO NOT USE Opendoor Until You Read This Review!
Is it a Scam? Does It Really Work?
It this is the first time when you are selling a home and you want to make the process less stressful, be sure that Opendoor will help you to do this. Its process works in three steps. First, you will need to fill out an online request and tell the company about your home, get an offer backed by market data. Next, you will need to sign the contract, pick the perfect move date, and get your funds. The company offers access to hundreds of listings that will simplify the process of selling your home. Let's take a closer loot at each of these steps. To request an offer, you will need to go to the Opendoor's home page, where you will need to complete the form in just three minutes. The company will use their "proprietary model" to provide you with an offer. Accept your offer and Opendoor will set a date of a free home inspection to define the condition of its exterior, structural, roofing, electrical, plumbing, ventilation, insulation, and HVAC systems. If your home needs repairs, you will either make them on your own or provide any credits. If you don't want to make any repairs, you can leave the company without any payment or obligation.
After the date of the inspection has been, you will need to choose your move-out date and Opendoor will do the rest. You'll need to come to your home the day before closing to insure that everything is in the same condition. The company will open an escrow account and you will need to sign your closing documents. Finally, an escrow agent will give the money to you on the day of closing. That's all. Opendoor is not a house flipping company, instead it does not deal will any type of property imaginable. They can make only a 25% profit. There is a number of property requirements that should be met in order to sell a house. We will take a look at them in the next part of this review.
Customer Reviews - Does Opendoor Really Work?
The company appears to be looking for homes that meet certain criteria. It can be a single family residential real estate (town-homes and condos); site-built homes, homes located in AZ, Phoenix, or Dallas, TX; homes that are not in age-restricted communities, homes built after 1960, homes valued between $125K and $500K; homes that are not leased, owner-occupied or vacant, at the time of closing, homes that sit on at maximum of half an acre of land, homes that don't have any great foundation issues, un-permitted additions; homes that are non-distressed or Real Estate owned, homes that don't have a solar lease, aluminum electrical wiring, polybutylene plumbing or masonite woodruff roofs. The seller must have clear ownership of the property.
If you wish to buy a home, Opendoor offers hundreds of listings in the following metropolitan areas: Dallas-Fort Worth, Phoenix, and Las Vegas. Accoording to the official website, the company provides the customers with the ability to see their listings any moment between 6a and 9p, with no need to set an appointment. You will just need to download the free app that will provide you with access to all these listings. As you can see, Opendoor offers a more direct and simpler approach to selling and purchasing homes. Another advantage of the company is that it comes with a positive overall online reputation. In fact, it has been featured in some popular publications like Wall Street Journal, Fortune, and Re/code. Most of these publications depicted the company in a positive key. One thing they shared was that you should be ready to sell your home at a discount when working with Opendoor.
There are a lot of real customers' reviews on different websites including Yelp that offers twelve testimonials. The overall feedback seems to be positive with an average rating of three stars. Most reviewers reported that the process was straightforward and simple. They liked working with the company. Opendoor has been in business since 2014 and is based out of San Francisco, CA. They have an A rating with the Better Business Bureau. There are no closed complaints. However, some customers complained of high fees and lowball offers. Let's take a look at the real customers' reviews left online.
"Overall, we had a painless and fair experience selling our home through Opendoor. I had heard about this company on the radio and decided to call them. After that I received offer letters in the mail. As soon as I got an acceptable offer I started cooperating with them. They set a high value of my home, which gave me an excellent opportunity to sell my property at a higher price than I would on my own. I do recommend this company."
"I had excellent cross-sale experience working with opendoor recently. This company offered great terms on selling my home. They had the listing on their website that helped me significantly. The personnel of the company were responsive, timely, and helpful. Our communication with each of them was just fantastic. As a result, we had a successful and smooth closing. My buyer was happy with his new home, and I was glad to work with this company. I will cooperate with them again in the future!"
"When selling my home through Opendoor I had to pay a traditional 6% commission. There were insignificant closing costs too. Initially I was afraid of the army of inspectors who would come to my house but everything turned out well. By the way, I was requested to pay to paint the inside of the house. It took two days to repaint the house. The inspectors also wondered whether anyone has ever smoked inside the house but they decided not to have a sniff-test. In general, the whole process of selling the house was easy and I am satisfied with everything."
My Final Summary
Opendoor is a perfect solution for people who would like to sell or buy a home. What differentiates this company from the others? It is convenient through the whole selling process. At the same time, the services may seem a bit expensive. There is no doubt that the company will significantly simplify the home selling process. But this convenience may cost you some additional money. Actually, the cost of the services depends on a number of different factors, but, it is expected to be 2-4.5% higher than the fees of a traditional Realtor. This is not that much. Selling a $250K home will cost you from $5,000 to $11,250.
Some reviewers claim that Opendoor has a limited market but it is not so. Initially, the company only operated in Las Vegas, NV, Phoenix, AZ, and Dallas, TX markets; but lately they extended significantly. Given everything we have discussed in this review, from a selling perspective, Opendoor is perfect for different categories of clients. From a buying perspective, its unique 6a-9p open house and easy access guidelines without any appointment could help make visiting their listings more convenient and easier. Most users are happy with their experience of working with the company. Taking into account all advantages and disadvantages, I can recommend Opendoor.
Opendoor Pricing and Rates
Requesting an offer from the company is completely free. You are not charged until your home is inspected and you have decided to move forward. A "market risk" fee is about 2%. If you decide to buy a home, they will provide you with a 30-day satisfaction guarantee and a premium home warranty.