By admin1
How do Offerpad and Opendoor work for homebuyers?
Whether on a browser or through their apps, homebuyers can shop for homes as if it were a transaction in the regular market. When you buy a home from Opendoor or Offerpad, however, you’re likely buying a home they have purchased and are reselling.
Several reviewers have noted that the quality of repair workmanship wasn’t up to their satisfaction (see some of the reviews below).
How do Offerpad and Opendoor make money?
Both companies make money similarly. They buy homes and make money off the fees that they charge sellers. With Offerpad’s mortgage lending services, they also make money from fees and interest charges. In addition, homebuying companies typically repair the houses they purchase and sell them, which will also bring in revenue.
Opendoor and Offerpad reviews
How do online reviewers rate Opendoor and Offerpad?
Opendoor review ratings
Google Reviews: 1.4 out of 5 stars from over 60 reviews
Most Google users do not give Opendoor a favorable rating. Some clients point out concerns over offer prices, which can be below market value, and the steep cost associated with the service fee and repairs. Negative buyer reviews have surfaced regarding the workmanship of repairs made on Opendoor properties sold through their website.
Trustpilot: 4.5 out of 5 stars from over 600 reviews
Many Trustpilot reviewers praise the Opendoor process, calling it smooth and seamless. The staff is often described as professional and respectful. Positive reviews also say that the video walkthrough and offer process were quick and painless. Some unhappy sellers used the term “bait and switch” to describe the difference between the preliminary and final offer.
Meanwhile, some clients who bought homes resold by Opendoor indicate general unhappiness with the quality of work done. They include complaints that they had no choice about using Opendoor’s closing attorney or title company, discovered serious issues with the house, such as mold problems, encountered mixed-up paperwork, and dealt with poor communication.
Better Business Bureau: 1.13 out of 5 stars from over 200 reviews
Similar to the company’s Google reviews, BBB reviewers also rate Opendoor with a low score. Sellers who posted negative reviews use the term “bait and switch” in their reviews on this site, too, describing unprofessional communication and poor service. Buyers’ negative experiences continue, from poor communication to repairs done improperly to issues with gas leaks.
One buyer says that the company didn’t disclose serious, costly sewer and plumbing issues, but Opendoor wouldn’t negotiate. Another had to walk away from the purchase when the appraisal came in lower than the offer, and Opendoor refused to adjust the price, telling them instead to bring the difference in cash to closing.
Sitejabber: 1.6 out of 5 stars from over 10 reviews
On this review site, many clients expressed frustration over paperwork problems, withdrawn offers after inspections, and increased fees. Some alleged that the company aimed to lower the offer as much as possible.
