Is Opendoor a Scam?
Recently, online companies have been making waves by changing the ways people do business. Buying and selling vehicles, getting mortgages, virtually touring homes, and even buying and selling homes are now possible from the comfort of your couch. While these companies certainly offer convenience, they may not always be the best option.
With a seemingly booming ad campaign in action, many people have been asking, “Is Opendoor a scam?” While we don’t have any direct experience with Opendoor, we did some legwork for you and checked out what others have been saying online. We also have in-depth knowledge of the industry, so we know when claims are too good to be true or unrealistic.
We checked out some of the top Opendoor reviews online so we could see how others rated their experience with Opendoor. Obviously, always do your own research if you are making a big decision, but here’s what we’ve gathered from others’ Opendoor reviews. Again, the following information is gathered from online reviews across different sites, and may not be representative of a typical experience. Also, Opendoor operates across the US, so experiences may vary based on the local Opendoor team you work with.
One common theme found when reading multiple Opendoor reviews was Opendoor’s policy of deducting repair costs from your selling price. As a quick example, if you agreed to sell your house to Opendoor for $400,000, but they assessed that your home needed $10,000 in repairs, you would receive $390,000. While this seems reasonable, many Opendoor reviews stated that the repair costs charged by Opendoor seemed extremely high. One notable review also mentioned that Opendoor recommended replacing the whole roof. However, after looking to another contractor for advice, their roof was determined to be perfectly fine.
Many Opendoor reviews seemed to suggest that Opendoor offer was extremely low. Others found the offer from Opendoor to be reasonable. It does seem that Opendoor makes the process relatively straightforward, quick, and easy.
Pros and Cons of Opendoor
There seems to be both pros and cons of Opendoor, so let’s take a quick look.
As far as the pros, it does seem that many users reported friendly, responsive employees. Another common benefit was the ability to cancel at any time during the process. So, if the home prices in your area suddenly skyrocketed, you would be able to cancel and avoid selling your home at the previously negotiated price. In addition, many users stated that their experience with Opendoor was very convenient compared to the traditional home-selling methods. Finally, the process with Opendoor was much quicker than working with a traditional realtor.
As far as cons, there were a few common themes. Some seem directly related to Opendoor, while others are typical of working with any large corporation that operates nationwide. As we mentioned before, Opendoor seemingly subtracts their stated repair costs from your selling price. While this allows you to avoid making the repairs or hiring contractors yourself, it seems you are locked into whatever rates they quote you at. It is unclear if you could hire your own contractor to make the repairs for a lower cost – but that would defeat the main benefit of a speedy sale.
According to Opendoor’s FAQ, the types of homes that Opendoor purchases are limited. Depending on the home’s age, location, condition, and lot size, Opendoor may not buy your home.
Another thing to keep in mind is that you are dealing with a large, nation-wide business. A company of this size has extremely high operating costs – advertising budgets, insurance, employee salaries, etc. This means that the company will tend to operate on mass volume and try to buy as many homes as cheaply as possible. Getting a fair offer for your home may be much more difficult in this case.
Opendoor vs. Property Buyer Connect
We buy all types of properties – not just homes. If you have an empty lot, squatter occupied property, commercial building, Property Buyer Connect will make you an offer. Additionally, Property Buyer Connect does not charge you any fees. We do not deduct any money from you for repairs or service fees – unlike Opendoor which can have significant costs involved.
Currently, Opendoor does not operate in Philadelphia, or Lehigh Valley, and only has limited operations in New Jersey. At Property Buyer Connect, we specialize in areas we know. We have a small team of dedicated professionals that know the local market. This means we are aware of up and coming areas and base our cash offers on our deep knowledge of our markets.
If you are considering selling your property – we can help. You don’t need to worry about making repairs, cleaning the property, or paying realtor fees. We simply give you a cash offer for your home and then take care of the rest once you approve. In our opinion, we offer all of the benefits of a company like Opendoor – speedy closings, cash offers, friendly service – but improve upon all of the areas they lack in.