The Initial Offer is Misleading and is designed to lure the seller in under false pretenses.
I have attempted to use Opendoor on two separate occasions, and both times I chose not to proceed because the final offers were substantially lower than the initial offers. This review concerns only my home in Fayetteville, North Carolina, which is my principal residence. The home is in great condition and includes an in-ground pool. Opendoor’s initial offer was approximately $303,000. After conducting its inspection, Opendoor reduced the final offer to approximately $275,000. In addition, Opendoor included service fees and other costs exceeding $33,000. In my opinion, Opendoor’s business model is misleading. The initial offer appears attractive, but after the assessment, the final offer can be significantly reduced, with substantial fees and costs added on top. My home assessment was positive, yet the offer was still reduced dramatically. Based on my experience, I would caution anyone considering Opendoor not to rely on the initial offer. In my case, the final offer did not come close to the initial figure. My experience with another transaction was essentially the same, including substantial fees and costs that made the deal unattractive. I would not recommend this company.