“My experience with Opendoor was positive from start to finish; by far, the easiest real estate transaction I have ever had (approximately 10). Their concept is so effective at reducing the stress and uncertainty, I expect that it will substantially disrupt the real estate market in the near future. The only 'defect' that was visible in the process is the accuracy of the offer price. This is understandable since they rely solely on past real estate sales (comps) to make their determination of 'fair market value' on which their offer is based. In my case, the offer was only slightly below what I would have established as a listing price, and probably in the range I would have accepted from a traditional buyer.
All of the 'regular' steps are included such as; acceptance of offer, their inspection for defects on the property, final walk-through, escrow. What's missing is the uncertainty and inconvenience. No offering/countering, no contingencies, no failed transactions due to buyer loan rejection, low appraisal, inspection anxiety, shifting milestones which might affect your next real estate purchase.
In my case we closed about 22 days after accepting their offer. It could have been a few days less but I needed to travel to be present during the inspection (your presence is optional). After the inspection I was notified that they found a few defects but they would pick up the cost of those minor repairs during their normal process of getting the property ready for sale. We finished packing and moving out a week earlier than we planned so we requested an earlier closing date. No problem - you can adjust that date to suit your plans.
I communicated with about 4 different people at Opendoor over the course of this transaction; all were very responsive to any questions we had; even on the weekend. Their attitude reflected their objective to make it easy to sell your house to them.
The only part of the process that had even a hint of inconvenience was the escrow/closing process. It must be done at the escrow office or via a remote notary service. The last several real estate transactions that I completed were accomplished on-line using a secure web product like Docusign. We use the 'remote notary' service which included a $90 service fee. I believe the escrow service is an outsourced service rather than part of Opendoor since the service profile was 'different'.”
Posted 3 months ago