We took the plunge and used OpenDoor everything (Home/Title/Agent/Lender) and still left a 5 star!
We knew the risk, we heard the stories (from independent Realtors at traditional Sunday Openhouses we toured), we knew of possible biases, but the mixture of promotions and honest responses we got from OpenDoor in the process made it worth it & I hope this really shakes up the industry from the Traditional Realtor fee model!
Our story is so long, but want bring out a few key points that may help someone choose to read this review.
We used OpenDoor agent to buy an OpenDoor owned home, sold by an OpenDoor agent, by using an OpenDoor Finance Lender, while also closing with an OpenDoor owned Title company! Yeah, the things independent Realtors or your long lost Uncle warn you about.... before jumping to conclusions, we choose to use all OpenDoor products on our own, it was never pushed, we also used our own hand picked Independent Inspector.
The thing is... I think people get bad vibes from the 1800 yellow poster board "we buy homes cash" type companies that change their brand name every other month. However the thing to remember right off the bat is that OpenDoor is a real company, here as you see with years of some good and even some bad reviews; not a temporary yellow 1-800 sign, but here to stay, so reputation is important.
I read a few of the bad reviews, mostly from sellers, it seems people tried sweeping issues under the rug, in which a traditional home inspection buyer as myself I would of asked for seller concession for anyway, or the seller just missed out on this odd housing pricing period we are in. The thing is, it is a service, just like moving; you can haul the couch up the stairs yourself, or pay someone else to do it and take the risk of falling down or denting walls. Real estate fees in general are already insane, 6% in what seems is just for pictures. I think Opendoor is trying to mix that up by consolidating the process while providing security and removing much of the anxiety, not having to leave the house for showings and more. We benefited from this as buyers as we could see any home, on the fly on our own, without bothering any residents, or even agents; simply key in your temporary entry code!
So while we felt comfortable using OpenDoor thru our research, we still stayed cautions on every step of the process because we choose to use ALL of OpenDoor, all one sided; this fear actually turned out to actually be a PRO of the situation! Sometimes you buy something involving multiple parties, it gets lost; the shipper blames the retailer, the retailer blames the shipper and the circle starts. However, our experience of using OpenDoor everything was the likes of buying new cabinets from Ikea, made by Ikea, delivered by Ikea, and installed by Ikea, all one sided as well; but added benefit of coordination, a smoother process, and even savings passed on to the consumer. If there is an issue anywhere in the process, which admittingly we did have a few issues, since they are all essentially on the same team they quickly worked together to solve the problem as a team instead of passing blame!
I just realized how long this is, so I'll try to wrap it up. I am not an industry worker or expert (and it depends on your State) but the thing is real estate transactions are so regulated that 99% of the document is legal filler text and nearly the only difference is how you split fees, appliances, dates, the price you want to pay, and the address of the home. There is no trying to 'Gotcha!' when working with OpenDoor; everyone in the process truly is looking out for you (except for the Selling Agent of course!), just like when you visit a good restaurant, they want you to be happy, which eventually you may tell your friends, so they too can visit and enjoy.
As I am here dotting my i's and crossing my t's for the remaining paperwork to get to closing. I just want you to know, I felt as if I've always been in good hands with each party member I've worked with in the process and thankful for being able to tour homes on the fly whenever we could slip time in. I Love innovation and hopeful even more innovation comes by the time our little one is grown and we are ready to move again in the next decade.