Is Opendoor Worth It? (Will It Offer a Fair Price?)
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Richard Haddad Executive EditorClose
Richard Haddad Executive EditorRichard Haddad is the executive editor of HomeLight.com. He works with an experienced content team that oversees the company’s blog featuring in-depth articles about the home buying and selling process, homeownership news, home care and design tips, and related real estate trends. Previously, he served as an editor and content producer for World Company, Gannett, and Western News & Info, where he also served as news director and director of internet operations.
In today’s housing market, 90% of home sellers use a real estate agent, while about 6% sell by owner. Somewhere in the remaining 4% are homeowners who sell to iBuyers for a fast, easy sale, the largest of which is Opendoor. But is Opendoor worth it? Will the offer be fair, or will the convenience come at a cost?
In this guide, we’ll break down how Opendoor works, what fees to expect, and whether this iBuyer option makes sense for you.
iBuyer vs. Top Agent: Compare Your Options
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Will Opendoor offer a fair price for your home?
To answer the question, “Is Opendoor worth it?” you have to look at both ends of the value scale: proceeds vs. speed and convenience. Opendoor’s core home-buying model eliminates showings, open houses, and back-and-forth negotiations so you can sell quickly. However, it charges a fee, and your offer will likely be less than market value. Depending on your situation, the benefits of a fast, smooth sale can outweigh the loss of some proceeds, which means its offer could be “fair” for your needs.
If you were selling to a smaller “We Buy Houses For Cash” investor-style group, you could expect an even lower offer because fix-and-flip companies use a different model to make money. As Opendoor explains on its website, “We don’t try to make ‘low ball offers’ because, unlike a home flipper, our business model isn’t based on buying low and selling high. The way we make money is by charging a fee for our service.”
If you’re hoping to get top dollar, you may be better off listing traditionally or comparing other cash offer platforms. (We’ll share a cash offer example in a minute.)
How does Opendoor work?
Here’s a simplified breakdown of how Opendoor’s process works:
- Request an offer: You enter your home’s details online and get a preliminary cash offer, typically within 24–48 hours. The key word here is “preliminary.” Initial offers expire after seven days unless you schedule a call with Opendoor.
- Home assessment: If you accept, Opendoor will send someone to evaluate your home in person, taking photos and videos and identifying any needed repairs.
- Offer adjustment: You will receive a finalized offer that includes a “Condition adjustment.” This deduction from your initial offer helps Opendoor cover costs in preparing, maintaining, and reselling your home. This final adjusted offer is typically good for 14 days.
- Close on your schedule: If you accept the final offer, you choose your closing date — usually in as few as 15 days or up to 60 days. Once closing tasks are completed, you can receive payment in as little as 24 hours.
Selling to iBuyers and other house-buying platforms like Opendoor provides a mostly hands-off, quick alternative to traditional selling. However, deciding if Opendoor is worth it means taking a close look at the final proceeds and how the process and timeline fit your selling goals.
How much are Opendoor fees and repair costs?
Opendoor charges a 5% service fee. Home sellers must also pay traditional closing costs (e.g., title fees, transfer taxes, and property taxes), which typically range from 1% to 3%. Closing costs are not paid to Opendoor, but its representatives can help you estimate these additional fees.
In select markets, Opendoor also offers “Opendoor Exclusives,” which allows homeowners to list on a private marketplace, potentially attracting offers higher than the company’s own cash offer.
Whether you accept Opendoor’s direct cash offer or its in-network buyer offer, there is still a 5% service charge. However, you are under no obligation to accept any Opendoor offer. As with all cash-offer platforms, you can explore your options at no cost. In fact, it’s wise to request and compare multiple cash offers.
Late checkout program: Opendoor offers a late checkout program that allows homeowner sellers (not tenants) to stay in their homes for up to 17 days after closing. This program requires a security deposit and a daily fee.
Opendoor home purchase offer example
Let’s say you own a home in Phoenix, Arizona, and it’s worth around $410,000 on the open market (based on recent comparable sales). You request a direct cash offer from Opendoor and receive an initial offer of $390,000.
After a home assessment, Opendoor identifies $7,500 in needed repairs. Here’s how the math could break down:
- Opendoor purchase offer: $390,000
- Service fee (5%): –$19,500
- Repair costs deducted: –$7,500
- Estimated closing costs (1%): –$3,900
- Net proceeds to seller: $359,100
In our example, you would walk away with about $50,900 less than your home’s open-market value, but you can sell in weeks rather than months — without prepping, showings, or dealing with negotiations. In addition, had you used a real estate agent, you would have likely paid between $10,250 and $24,600 in real estate agent commissions (2.5%–6%, depending on if you also paid the buyer’s agent fees.)
In this scenario, is Opendoor worth it?
For some sellers, the speed and convenience might be worth the trade-off. For others, it may feel like leaving too much money on the table.
Pros and cons of selling a home to Opendoor
Pros:
- Fast and flexible closings: You can sell in as little as two weeks or choose a later date that fits your move.
- No showings or open houses: Skip the hassle of staging, cleaning, and having buyers walk through your home.
- All-cash offer: Opendoor pays in cash, reducing the risk of buyer financing delays or fall-throughs.
- Streamlined process: Most of the paperwork is handled online, making it a convenient experience.
Cons:
- Lower offers than market value: With Opendoor and other house-buying companies, you will typically receive fewer proceeds than you would from a traditional home sale.
- Repair deductions can be high: After the home assessment, repair costs can significantly reduce your net proceeds.
- Service fee and closing costs still apply: Even with no agent commissions, fees can add up.
- Limited availability: Opendoor doesn’t operate in every city or buy every type of home.
What types of homes does Opendoor buy?
Unlike fix-and-flip investor buyers, Opendoor is more selective about the homes it purchases. Here’s a look at what the company will and won’t buy:
Homes Opendoor will buy:
- Single-family, townhomes (duplexes and condos in some areas)
- Valued between $100,000 and $600,000 (can vary by market)
- In reasonably good condition
- Sitting on a maximum lot size of 1-2 acres (can vary by market)
- Built after 1930
- Within its service areas
- In age-restricted communities (in some areas)
- In gated communities (in some areas)
- Owner-occupied or vacant
Homes Opendoor will not buy:
- Prefabricated or mobile houses
- Tenant-occupied
- Significant foundation issues
- Flood, fire, or natural disaster damage
- Within flood zones
- Has unpermitted additions
- With a well or septic system
- Active organic growth
- Being sold as a short sale or foreclosure
- Owned by banks, government agencies, or insurers
If your home falls outside these parameters, you may not receive an offer — or the offer could be lower to account for perceived risk.
How Much Is Your Home Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
Does Opendoor serve your area?
Opendoor currently only makes cash offers for homes in select metro markets within 25 states and the District of Columbia. We’ll provide a list of the states below. See Opendoor’s location page link below for specific cities in each market.
| Alabama | Michigan | Oklahoma |
| Arizona | Minnesota | Oregon |
| California | Missouri | South Carolina |
| Colorado | North Carolina | Tennessee |
| Florida | New Mexico | Texas |
| Georgia | Nevada | Utah |
| Indiana | New Jersey | Virginia |
| Kansas | New York | Washington, DC |
| Massachusetts | Ohio | See location page |
If you don’t live in one of Opendoor’s listed service areas, enter your address in the homepage offer request field. It will allow you to provide contact information to request a notification when (and if) the company has expanded into your market.
Opendoor alternatives
Below is a list of additional companies that provide all-cash offers for homes:
- Offerpad: iBuyer services are available in 9 states.
- Simple Sale: Largest network of cash buyers nationwide.
- We Buy Houses: Branded investors in 50 states and DC.
- Clever Offers: Provides quotes in 50 states and the DC.
- HomeGo: Services are available in select metro markets in 21 states.
- Homeward: Services are available in select markets in 13 states.
- Orchard: Services are available in select markets in seven states.
- Mark Spain: Services are available in select markets in six states.
- Sundae: Services are available in select markets in California.
- ExpressOffers: Services are available in select markets in Ohio and Florida.
How does HomeLight Simple Sale work? HomeLight’s Simple Sale is an all-cash offer platform that takes the stress and uncertainty out of selling your home. It’s a fast, free, and trusted online tool that provides a no-obligation cash offer to buy your home. Simple Sale also compares your cash offer amount with an estimation of what you would likely receive if you decide to list your home on the market instead.
Bottom line: Is Opendoor worth it?
Opendoor can be worth it if you need speed, simplicity, and a hands-off process — and you’re OK with leaving some money on the table. If your home is in good condition, this major iBuyer will likely pay more than a “We Buy Houses” flipper buyer. You may find that it’s a fair deal because it’s a solution that best fits your needs.
However, if you want to get the most profit or avoid deductions for repairs, a traditional agent-assisted sale may be the better path.
If you’re curious how Opendoor compares to other cash sale options in your area, it’s smart to gather multiple quotes. No-obligation tools like HomeLight’s Simple Sale can help you compare offers side-by-side with what an agent might be able to get for your home. If you’d like to just consult with an agent first, try HomeLight’s free Agent Match platform.
FAQs about using Opendoor
Opendoor generally doesn’t negotiate its offers in the same way a traditional buyer might. However, you can request a free reevaluation by submitting more details or evidence (such as recent upgrades or neighborhood comps) that support a higher price. That said, most sellers report only minor changes, if any.
Once you accept an offer, Opendoor says you can close in as little as 14 days. That timeline can stretch depending on repairs, title checks, or your preferred schedule. But in the end, it’s usually much faster than a traditional listing.
No, sellers are still responsible for typical closing costs, which usually range from 1% to 3% of the home’s sale price. These are deducted from your proceeds at closing.
The preliminary offer is just a starting point. It’s based on publicly available data and doesn’t include repair costs or adjustments that may be made after the home assessment. While it gives a ballpark figure, it’s not guaranteed. Many sellers find the final number to be lower.
When requesting an Opendoor offer online, you’ll be asked to enter your home’s address. Then, the system will walk you through a questionnaire asking for details about your property. The order and nature of the questions will look something like this:
- Number of bedrooms
- Full and partial bathrooms
- Square footage (above the ground)
- Floors (above the ground)
- Whether you have a basement
- The year the home was built
- Pool, hot tub, or other amenities
- Garage or carport
- Kitchen countertop material
- Describe each room (fixer-upper, dated, standard, high-end, luxury)
- Describe the home’s exterior
- Whether your home is in an HOA, gated or age-restricted community
- Other details (e.g., horse property, septic system, solar panels, foundation issues, asbestos siding, water, flood or fire damage)
- Your selling timeline (ASAP, 2-4 weeks, 4-6 weeks, 6+ weeks, just looking)
Yes, Opendoor sells the homes it buys through its cash-offer program. Opendoor makes any needed repairs and relists the properties. Homebuyers can submit an offer online.
Editor’s note: The details of Opendoor’s home-buying program can change over time. Please visit the company’s website for the latest information.
Header Image Source: (Matt Hardison / Unsplash)
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