Nikle & Dime
496 posts
you still have time to sell before we go to zero
As an $OPEN shareholder, I’m selling my Opendoor stock after experiencing firsthand how badly this company operates. My original closing date was June 26. Days before closing, Opendoor pulled out because its AI system supposedly flagged a structural issue, even though its inspection report stated no structural or foundation issues. The home was newly renovated They later pushed me to sign again while using tax records that understated the house by nearly 1,000 square feet. I spent a week getting the county records corrected, yet Opendoor still refused to adjust the offer to reflect the home’s actual size or value. Their original cash estimate was $740,000, (house appraised at $845,000) with comps in the neighborhood between $845k & $1.1m Was pushed to re-sign and promised that the upfront cash offer would be revised once they receive the correct corrected county record and so I signed in good faith and they didn’t follow through. Most they would agree to was 518,000 cash now which wouldn’t even cover the mortgage/ personal loans that I had. After repeated promises that closing was moving forward, title called with yet another reason they could not proceed, based on information I had already told Opendoor was inaccurate. Once again, the commitments made to me were not honored. This is not merely a technology problem. It is a leadership, communication, and accountability problem. A company cannot repeatedly disrupt people’s finances, ignore contradictory information in its own reports, and expect customers or shareholders to maintain confidence. I’ve spoken to dozens of people in the same exact situation. After this experience, I no longer believe in the business model or its execution. I’m selling my $OPEN shares. @nejatian
