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Table of contents
Table of contents
Opendoor Competitors
Opendoor competitors include:
- OfferMarket
- Offerpad
- Zillow Offers
- RedfinNow
| Service | Type | Offer Competitiveness |
|---|---|---|
| Opendoor | iBuyer | Low |
| Offerpad | iBuyer | Low |
| Zillow Offers | iBuyer | Low |
| RedfinNow | iBuyer | Low |
| OfferMarket | Marketplace | High |
Things to know about the iBuyer model
Opendoor is an "iBuyer" (short for "instant buyer") of single family homes. iBuying is a new home sales model where you receive a cash offer to sell your home fast. While there is an incredible convenience factor in play, the iBuying model comes with some drawbacks that we feel are important to know. If you're looking to sell your home fast and looking for Opendoor competitors, this article aims to detail your options.
- Service is available in limited markets
- Not all houses receive an offer
- Needs to be owner-occupied or vacant
- You will receive a lower offer than you would in a competitive sale
- You will pay service fees of 6% - 10% (not including repairs)
- Your offer will be contingent on an inspection and you will either need to pay for repairs or accept a revised, lower offer.
Opendoor in more detail
- Opendoor, like all iBuyers, provides offers below market value.
- Opendoor's services are limited to certain cities in Alabama, Arizona, Florida, Georgia, Nevada, North Carolina, South Carolina and Texas.
- Service is limited to houses that cost less than $600,000 and have no structural problems
Opendoor vs OfferMarket
| Comparison | OfferMarket | Opendoor |
|---|---|---|
| Service fee | 0% | 5% |
| Repairs | $0 (as is) | paid by seller |
| House type | Any | Selective |
| Closing timeframe | 15 - 45 days | 14 - 60 days |
| Markets | Nationwide | Limited cities in AZ, CA, CO, FL, GA, MN, NC, OR, TN, TX, UT |
At the end of the day, how much money do you receive?
| Net Proceeds Analysis | OfferMarket | Opendoor |
|---|---|---|
| Purchase price | $100,000 | $100,000 |
| Service fee | $0 | $5,000 |
| Repairs | $0 | $2,000* |
| Closing costs | $1,500* | $1,500* |
| Net proceeds | $98,500 | $91,500 |
(*) estimated
