Vickie Nguyen
Our friends have helped us investigate Opendoor's procedures as an added protection for ourselves as buyers due to many of their bad reviews. In doing so, we made inquiries on several properties to see how the negotiating process works. Obviously, Opendoor favors buyers that buy through Opendoor processes rather than with a private real estate agent who will actually advise them. In this way, they are able to take advantage of buyers who may be unfamiliar with buying real estate. We are working with Opendoor right now to buy a house that has been on the market for 90+ days. We have offered fair offers for the property and have asked for a 60 day close period per their stated declaration on their website, "With Opendoor, you choose your closing date so it can take anywhere from 10-60 days–the timeline is up to you". The agent refuses to go past 30 days and countered a price 1k lower than their published asking price. The next day, the agent says the seller has multiple offers and the seller is calling for everyone's highest and best offer by today at 3pm. This is a common trend for any offer they seem close to accepting based on other reviews and is meant to drive up the price. Furthermore, this is a property owned by Opendoor but the agent refers to Opendoor as "the seller". We all know that Opendoor is calling all the shots here. We find that Opendoor engages in non-tranparent, unethical business practices to maximize their profits. Quality control and customer service are lost in the way that they've set up their virtual presence, and obvious improvements could be made if they valued their employees and their customers. It is difficult to find reviews regarding the buyer's perspective, but I have searched Yelp, the BBB, Glassdoor, Indeed, and this page which is monitored by them. The consensus for buyer reviews is 1 star but Opendoor masks that with the higher reviews made by people who had a good experience selling to Opendoor (especially when they were in a bind). If any one is thinking about buying from Opendoor, we would encourage you to investigate their business practices and reviews for yourself and come prepared for the negotiation process.
1 year ago
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Opendoor has a 4.18 average rating from 1,064 reviews

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