Bait-and-switch offer, then a costly, chaotic closing
I sold my home to OpenDoor and want to share what the process actually looked like, beyond the marketing. OpenDoor's first offer on my house was reduced by $124,000 without my consent partway through the process, citing a market shift. I pushed back and got no response. Three months later, OpenDoor came back unprompted with a new offer that was actually higher than their original, pre-reduction number, so I accepted. From there, the closing got pushed back repeatedly, and I was charged a $1,501 "extended closing fee" for delays that weren't caused by me. What I didn't realize until I looked closely is that the closing company OpenDoor uses, OS National, isn't an independent third party — it's wholly owned by OpenDoor. That closing company produced nine different versions of my settlement statement, with nineteen errors between them. The transaction then failed to close on its original date because OpenDoor said the wire and documents had been delivered, while OS National said they hadn't. I personally called both companies a few hours before the contract was set to expire to get it sorted. To their credit, once I had the right people on the phone, they moved fast — but by then it was too late in the day to wire funds, which cost me a day of interest anyway. The next day, the wire went out, but the receiving lender never got it because of an account number error. Another day of interest gone. I used OpenDoor for convenience, not because I had no other option. If you're not in a time-critical situation, I'd think hard before going this route.