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Is Opendoor A Ripoff

James Anderson

April 16, 2021

Opendoor is one of the bigger IByers in the United States. If you work with Opendoor you can expect a fast and easy sale.

There are many reasons why it is a good choice to work with Opendoor. Basically, they do all the work for you. In less than 24 hours they send an all-cash back offer and give you a home inspection for free. All these advantages are the reason why Opendoor is quite popular.

It popped up on the stage several years ago and it has been mentioned on many social media, televisions, popular publications on the internet, and more. 

What is Opendoor? 

Opendoor is the first IBuyer in this newborn industry. It offers to the homeowners a cash offering within 48 hours and can close in as little as 14 days. 

Is Opendoor A Ripoff

In Opendoor you don't hire an agent, you don't take photos of your homes and deal with offers. Basically, Opendoor does that for you and you just sell your property straightforward. 

These are some of the aids they offer to their clients: 

  • You can buy homes with cash offers (iBuying) 
  • You can sell properties through their listing portal 
  • The trade-in services for homeowners 
  • They are connecting sellers with real estate agents 
  • Home loans 

How does Opendoor work? 

It's simple- you write in your address and all little details about your home (repairs, little damages, new rooms, etc.) and when you are ready they send you an all-cash offer. If you accept the offer they will send someone to check the condition of your home.

If there are any damages or repairs needed they will take the money they need to fix it from the offer. That means that if your home is worth 40,000$ and your house needs something little to be fixed, let's say with 2,000$ the price will remain 38,000$.

Of course, you can decide to fix the damages or make the repairs on your own. After that, you choose your deadline and that's it! 

In Opendoors there are three services you can choose from. You can buy, sell, or trade-in

Is Opendoor A Ripoff

If you want to sell you have to put an offer on Opendoor's Website with your name, address, and some basic information about the house you want to sell.

Then in the next 24 hours, they will make analyses and the local prices. But keep in mind that not every request that is posted will receive an offer.

They usually have an interest in new houses and sadly will not buy your house if it's mobile or located in a flood zone. Your property should be in great condition. 

If you want to buy something from Opendoor you have to open the app and scroll through the offers there. When you like something you make an appointment with the owner to see the house for any day you want between 6 am and 9 pm. 

Here you can choose between two options: either go alone or hire an assistant. When you choose a property Opendoor will contact you with a lander, but you can always contact one on your own.

You can buy through the app or you can hire an agent. If you want to make the transaction alone Opendoor will help you close the process. 

As a buyer, you have guaranteed a 90-day buyback with a 3% fee. 

If you want to trade-in in Opendoor when you make an offer to sell a property you have to choose another one to buy.

You can choose from Opendoor or from the open market but in both ways, the transactions should take a month to be approved for trade-in.

When everything is ready you will have time to move out from one house to another. 

Are There Any Fees? 

So far, Opendoor sounds very good, but are there any hidden traps you need to worry about? There are some fees, such as if you want to close your offer the fee is between 1% -3%.

The service fee in Opendoor is 5%. So is Open Door a rip-off? Well that is a harsh statement and you usually can expect fees for good service

Is Opendoor A Ripoff

Veritas Buyers has no fees and no fuss!

Where does it work? 

Currently, there are markets in: 

  • Phoenix, AZ 
  • Tucson, AZ 
  • Los Angeles, CA 
  • Riverside, CA 
  • Sacramento, CA 
  • San Diego, CA 
  • Denver, CO 
  • Jacksonville, FL 
  • Orlando, FL 
  • Tampa, FL 
  • Atlanta, GA 
  • Minneapolis-St. Paul, MN 
  • Las Vegas, NV 
  • Asheville, NC 
  • Charlotte, NC 
  • Raleigh-Durham, NC 
  • Portland, OR 
  • Nashville, TN 
  • Austin, TX 
  • Dallas-Fort Worth, TX 
  • Houston, TX 
  • San Antonio, TX 
  • Salt Lake City, UT 

Note that sadly in Asheville, NC; Salt Lake City, UT; and San Diego, CA you can't buy directly their homes. 

Is It Worth It? 

It is easy to work with Opendoor. There are many offers that you will come across if you take the time to look carefully through the application.

The disadvantage of Open Door is that while on the free market you can have more than one candidate, which can increase the price of the property, in Opendoor the price that is set is final.

The presence of competition in the free market can create a dramatic turn. 

There are some pros and cons to using Opendoor. 

It's a comfortable and easy way to work in this industry. The registration is very simple and it helps you if you are a buyer in need and have to sell your property fast.

But it's not available everywhere and it has many fees. Opendoor has fees for both sides of a deal.

Also, Opendoor is known for its speed services but making purchases and sales in a rush does not always lead to great results. 

When to Choose Opendoor? 

If you want to sell your property and the money is not your first care this is the best choice. Opendoor will move through the whole process fast. 

However, Veritas Buyers, has the same speed but better prices on your home. You see we are lean and we don't have a huge overhead like Opendoor!

Is Opendoor a Ripoff? 

No, it is not. 

But we are a better option if you want the same luxuries of Opendoor and a better price on your home. We give fair market prices!

It's a legit IBuyer. Opendoor is just a new and modern company with a national reach.

And yes they have fees but don't forget that they work every day trying to sell your property and that takes time and effort. Don't underestimate how hard this work is.

As an I-buyer ourselves we recommend that you get several quotes on your house if you are going to sell it for cash. We are different than Open Door since we have no fees whatsoever. So if you want a second offer reach out to us. We buy houses in Alabama.

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