Opendoor Reviews: Is It a Good Way to Sell Your Home Fast?

Opendoor is a leading nationwide iBuyer that offers homeowners a hassle-free, fast selling solution. With Opendoor, you can get a cash offer quickly — often in only 24-48 hours. You can also close in as few as 14 days, and Opendoor offers flexible closing dates for sellers. 

However, the convenience comes at a cost. Opendoor charges a 5% listing fee, 1% for closing costs, and adjusts the final offer based on estimated repair costs, which can add up. Our research of customer reviews also found that many received offers were several thousand dollars less than what most sellers expected if listing on the open market.

Recommendation: Opendoor might be a good fit for sellers who prioritize speed over getting the maximum sales price for their home. Sellers who want to ensure they are making the most from their biggest investment should consider alternatives like Clever Real Estate. 

Opendoor reviews: A comprehensive summary

What is Opendoor?

Opendoor is a pioneering real estate company that leverages technology to offer a stress-free and efficient way to buy and sell homes. Founded in 2014 and headquartered in San Francisco, California, Opendoor’s mission is to simplify the home buying and selling process, making it faster and more transparent. By combining advanced data analysis with human expertise, Opendoor provides homeowners with competitive cash offers, ensuring a seamless real estate experience.

Who Opendoor works best for 

Sellers prioritizing a fast, hassle-free sale above all other factors, including profit, may be a good fit for Opendoor’s services. Many customers report a positive experience with Opendoor, highlighting smooth transactions and excellent communication.

Opendoor may work best for sellers who want to:

• Skip the hassle of shopping around for agents

• Avoid negotiating realtor fees

• Bypass home showings

• Sell their home as-is so they don’t have to make repairs

• Sell quickly and avoid lengthy negotiations

  
  

Interested homeowners must also ensure their home is in one of Opendoor’s operating areas and meets Opendoor’s purchasing criteria.

Sellers who work with Opendoor typically understand that they are giving up some profit for convenience. But do you lose money selling to Opendoor? You might: Final offers are often below fair-market value and then are further reduced by the 5% service fee, adjustments based on anticipated repair costs, and 1% closing costs.

Who Opendoor doesn't work best for

Sellers who want to maximize the amount of profit from their sale or who have older or distressed homes that don’t meet Opendoor’s criteria may want to consider other options.

Sellers who want to maximize profit should consider a low-commission realtor who can save you money without sacrificing service. Partnering with a reputable real estate agent can lead to better financial outcomes, as agents help negotiate competitive offers and can potentially save homeowners on commission fees. Or if you need to sell fast or want to avoid listing on the open market, you can consider a company that buys houses for cash.

As mentioned, Opendoor has a high standard for the properties it buys. The company is less likely to make an offer on:

• Older homes (built before 1930)

• Distressed homes

• Homes with septic or well systems

• Homes in flood zones

• Homes with dated building materials

• Homes damaged by fire, floods, or natural disasters

• Homes with leased solar panels that aren’t fully repaid

  
  

If you’re selling a home that doesn’t meet Opendoor’s high standards, consider getting the advice of a traditional realtor to help you compare options so you get the most from your property.

» Looking for convenience and more profit? Clever Real Estate might be a better fit. Get connected with top-rated local agents and save thousands on commission fees. Try Clever Real Estate today.

Opendoor reviews

As of October 2024, Opendoor maintains an overall positive average customer rating of 4.2 out of 5 across 4,000+ reviews.

Happy customers were impressed by the ability to sell quickly and sell their homes as-is. Many also appreciated Opendoor’s streamlined, easy selling process. Some customers describe their interactions with Opendoor as a "world class experience," highlighting the company's commitment to customer satisfaction.

However, negative reviews have increased in recent years, especially on BBB and Google. This change may be due to market shifts and reflect the company making lower offers or being more selective about what homes it purchases.

Unsatisfied customers expressed frustration that offers and contracts were changed or canceled unexpectedly. Many were unhappy with the initial low offer prices that were well below market value, inflated repair costs, or final offers that were lower than the initial estimate.

Positive Opendoor reviews

‘I needed a quick sale.’

Many happy customers appreciated being about to sell their home fast, whether due to an unexpected life event such as divorce, financial strain, a health issue, or due to time pressures such as relocating for a job.

Mike S.

"I was going through a divorce and needed a quick selling solution. I contacted Opendoor via the web page and had an offer within 24 hours…Everything start to finish was a simple, timely process."

Source: Reviews.io

‘Opendoor made my house sale so easy.’

Satisfied customers frequently commented on how streamlined and smooth the entire process was when selling to Opendoor, often noting that they closed on time or could select a flexible closing date. Many appreciated that most of the process could be done online or remotely, like using a mobile notary. 

Lois B.

"Opendoor made my house sale quick and painless. They made sure to respond quickly and their support in answering all my questions plus guiding me through the process was exceptional. Everything went so smoothly that I am amazed."

Source: Trustpilot

Ali S.

"Working with Opendoor to sell our house was so easy and straightforward. They took all of the stress that often comes with real estate transactions out of the scenario…After we accepted the offer, escrow was opened and we closed right on time with zero issues or surprises!"

Source: Trustpilot

‘No hassle with listing or repairs or showings.’

Opendoor’s entire process also appealed to customers who wanted to avoid the hassle of selling on the open market or whose daily life would be more disrupted by a traditional sale. These customers appreciated the ability to avoid home showings and open houses and to sell their homes as-is.

A.C.B.

"We accepted the offer within a couple of days after the home assessment. We don’t want to deal with home showings and open houses. We work night shifts and the idea of showing our houses during the daytime is a lot of hassle. Sure, we could’ve sold our home for a little more, but the convenience was a huge factor with our decision to go with Opendoor."

Source: Trustpilot  

Patricia H.

"Incredibly easy experience. Very fair offer, smooth transaction, and excellent communication throughout. No hassle with listing or repairs or showings. Great overall."

Source: Reviews.io

Negative Opendoor reviews

‘Lowball offers well-below market value.’

A common complaint from unhappy reviewers involved the low offers from Opendoor. Additionally, several people reported that the difference between the preliminary and final offers was substantial, often by $80,000 or more.

Scott E.

"Opendoor gave me a preliminary offer of $493,000 for my home. The actual offer came in $80,000 less at $413,000 less 5% service charge, 0.5% estimated closing costs, repair costs of $14,998, for a final offer of $375,627. This is in a neighborhood where recent homes sold for $450,000 and $470,000. When I questioned their lowball offer, [representative] said the $493,000 was ‘a computer-generated amount.’ I’m extremely sorry I ever contacted Opendoor."

Source: Trustpilot   

‘High repair costs that they don’t itemize.’

Several dissatisfied reviewers expressed surprise at how much Opendoor wanted to deduct for repairs. Many felt that the extent of repairs quoted either weren’t needed or were unnecessary. People were also frustrated that the repairs weren’t itemized, only receiving high-level repair explanations  like "painting" or "flooring" without more specific information.

Nancy M.

"I have been working with Opendoor to potentially sell my home to them. The initial "potential" offer was good, then they came back with an offer that was $40,000 lower, subtract the 5% surcharge, and the bogus $18,000 in repairs, and they would make over $120,000 on selling my home. My home is only 11 years old! We are the original owners. They told us we need a new roof. No one even got up on the roof, and the roof still has about 20 years left on it. Most of the supposed "repairs" are bogus. Flooring upstairs and inside paint is all that it might need. We have already done many upgrades on the home. Very disappointing." 

Source: Better Business Bureau

‘Opendoor canceled my contract unexpectedly.’

Some negative reviewers were upset when Opendoor canceled contracts or changed closing dates unexpectedly, especially close to the actual closing deadline. In these cases, people were additionally frustrated because they often couldn’t get through to Opendoor to get more information.

Matt S. 

"The offer was low, but because of my timeframe, I decided to accept and signed their contract…A few weeks later, I contacted my representative to inquire about changing the closing date by a few days. I received no response. Just about two weeks before the scheduled closing, Opendoor left me a voicemail saying they canceled the contract because they have concerns about being able to resell the house. … It has been over two weeks and they will not respond to any contact I make with them."

Source: Reviews.io  

Opendoor pros and cons

Pros of using Opendoor

✅ A convenient, streamlined selling process that’s mainly done online

✅ Quick home sales without the hassles of showings or making repairs 

✅ Flexible closing dates

Satisfied customers often reported selecting Opendoor specifically for the convenience of their fast, streamlined process. Customers often wanted to avoid lengthy real estate transactions due to situations like divorce, declining health, or a sudden need to move.

Additionally, they appreciated being able to conduct the transaction mainly online or remotely. And they liked avoiding home showings, making repairs, or having to deal with lengthy negotiations. 

Cons of using Opendoor

❌ Final offers well below market value and initial offer

❌ High repair costs reduces final offer

❌ 5% service fee is higher than some other options like selling with a low commission agent

Dissatisfied customers were frustrated that Opendoor's final offer was significantly lower than the preliminary offer. Many of these reviewers opted to cancel the transaction after the final offer, which they said was well below market value.

Additionally, many reported that the final offer included high repair costs that were not explained or aligned with what the house needed. When pressed for more information, reviewers reported vague answers, such as "painting." In these cases, reviewers indicated that they were unable to negotiate or change the charges.

In some cases, reviewers reported that they went ahead with the service for its convenience, despite the high fees. Yet some of these reviewers stated their contract was canceled without warning close to closing, ultimately causing them to lose time when selling their home.

Low-commission alternatives to Opendoor 

* Average UpNest listing fee. Rates aren’t guaranteed and may vary.

When comparing low-commission agent alternatives to Opendoor, Clever stands out above the rest. Clever provides the best overall savings, with a pre-negotiated low listing fee and large nationwide agent network. Clever also matches you with multiple highly rated local agent choices so you can choose who you want to work with.

MarketPro Homebuyers is another option for those prioritizing speed and convenience. They specialize in quick cash sales, though sellers will likely receive an offer below full-market value. If you're looking for a fast sale with transparent pricing, MarketPro might be a good fit, but keep in mind it won't provide the maximum sale price.

Redfin, a discount brokerage, also has a low 1.5% listing fee similar to Clever. However, the agent network is not as large. So you may have trouble finding an agent, especially outside of major metropolitan areas. 

Ideal Agent and UpNest both charge higher listing fees than Clever. Plus, you’ll receive more agent matches with Clever than with these companies.

Agent-matching services are free to use, with no obligation, so you can reach out to several companies. Compare your choices, rates, and services to find the best fit for you. 

Opendoor: How it works 

Selling your home to Opendoor is a straightforward process[4]. 

1. Get your preliminary offer

You first enter your information on Opendoor’s website to receive your preliminary offer, typically within 24 to 48 hours.

2. Complete a video or live walkthrough

You’ll need to send videos of your home or do a live walkthrough with an Opendoor representative, potentially through a video conference call. The representative will conduct an in person inspection, which typically lasts around 30 minutes and focuses on identifying broken elements, safety issues, and overall conditions that might require repairs.

3. Review your final offer

Opendoor will then review your home’s details and walkthrough to determine the final offer. You will typically receive the final offer within a few days.

Your final offer will include a breakdown of all charges, costs, and the total amount you will receive. This includes the 5% service fee, deductions for repairs, and closing costs.

A common question is whether you can negotiate the price with Opendoor. While you can try to negotiate, Opendoor typically only adjusts the price if a significant home assessment error is made. In general, the Opendoor final offer really is final.   

4. Sign a purchase agreement and arrange the closing date

If you agree to the price, you’ll sign a purchase agreement and select a closing date. You’ll get paid once the closing is completed.

Communications with your Opendoor agent are largely done through email or phone calls.

Listing with Opendoor Exclusives

Opendoor provides another alternative to selling your home with the Opendoor Exclusives[5] program.  

Qualifying homes will receive a cash offer from Opendoor that’s guaranteed for 60 days. They also will connect you with pre-qualified cash buyers who may be willing to pay you more for your home than your Opendoor cash offer. If you don’t get a higher offer in 30 days, Offerdoor will increase their cash offer by $5,000. 

Keep in mind, these buyers will likely want to view your home before making an offer. But according to Opendoor, you can schedule the tours to fit your schedule or decline the showings. You can also cancel with Opendoor Exclusives anytime, penalty-free, unless you choose to accept an offer and sell your home. 

What kinds of homes does Opendoor buy?

Opendoor purchases a variety of homes[6], including single-family homes, townhouses, and condos. The company generally seeks properties that are in good condition and located in desirable neighborhoods.

Key eligibility criteria include the home’s age, size, and overall condition, as well as the location and current market demand. Homes requiring significant repairs or situated in areas with low market demand may not qualify for an Opendoor offer. This selective approach helps Opendoor maintain a high standard for the properties it buys, ensuring a smooth transaction for both parties.

Where is Opendoor available?

Opendoor is available in more than 50 major markets across the United States, including prominent cities like Los Angeles, San Francisco, and New York. The company is continually expanding its reach, aiming to serve even more homeowners in the future.

To find out if Opendoor operates in your area and to request a cash offer, you can visit their website and enter your property address. This quick check can help you determine if you can take advantage of Opendoor’s convenient home selling process.

Is Opendoor legit?

Yes, Opendoor is a legitimate real estate company that has been operating since 2014. While Opendoor may not be the ideal choice for every homeowner, it offers a valuable option for those seeking a quick and hassle-free sale.

Opendoor reviews: The bottom line 

Opendoor is a legitimate iBuyer available nationwide in over 50 major markets. It can be a convenient alternative to listing on the open market for some sellers. Homeowners who want an all-cash offer, to close quickly, or avoid the hassle of traditional real estate transactions may want to explore this option.

However, sellers may be sacrificing profit for convenience. For instance, some customers report final cash offers that are below market value (and sometimes significantly below). Sellers will also have to pay a 5% service fee, repair costs, and closing costs — further reducing their profit. 

Sellers who want to maximize their profit may want to explore other options, such as realtors offering competitive low commission rates or specializing in quick sales. 

Clever Real Estate can match you with multiple top-rated local agents, saving you thousands on commission fees while maximizing your profits. Try Clever Real Estate today!