Like other iBuyers, Opendoor purchases homes in as-is condition, pays in cash, and allows you to choose your own closing date — making it a great option for homeowners who need to sell quickly to a proven buyer.
But for sellers who prioritize getting the highest possible dollar amount for their home, listing with a real estate agent may be a better choice.
Our analysis of more than 200 properties bought and sold by Opendoor in the past two years found that Opendoor sold homes for an average of $23,000 more than it paid for them — that's money that could've gone directly into sellers' pockets.
In addition, Opendoor charges a 5% service fee, plus variable repair and closing costs.
If you're considering a cash offer from Opendoor, we strongly recommend getting competing cash quotes and knowing your home's potential sale price before making a decision.
With Clever Offers, you can compare multiple offers from leading cash buyers to the sale price you'd get with an agent. Tell us about your home, review legitimate offers with no obligation to move forward, and sell on your timeline for the highest possible price. No added fees or commissions.
Simply fill out this form to receive multiple cash offers and sell your house fast.
Pros and cons of selling to Opendoor
Pros
- Hassle-free home sale — no need to vacate for showings or inspections
- Skip the repairs and sell your house as is
- Offers are much closer to market value than a traditional investor's
- Pick your closing date within a flexible 15–60 day window
Cons
- You'll sacrifice some profit potential in exchange for the convenience factor
- Opendoor won't accept homes in poor condition
- Unpredictable repair costs can take a big bite out of your proceeds
- Opendoor charges a 5% service fee on top of repair and closing costs
Does Opendoor pay a fair price?
As a general rule, Opendoor offers significantly more than what a typical investor would pay for your house. But most sellers will earn a lot less from Opendoor than they could from a traditional listing.
Our analysis of roughly 200 homes bought and sold by Opendoor between December 2022 and September 2024 showed that Opendoor sold properties for an average of 5.64% more than it originally paid, or roughly $23,000 per home. Factoring in Opendoor's 5% service fee, sellers paid an average premium of more than 10% for the convenience of selling to Opendoor. That's on top of repair deductions and closing costs.
However, we also found evidence that Opendoor paid more than market value for certain homes. Roughly 1 in 5 properties (22%) we analyzed sold for less than Opendoor's original purchase price — although, when looking specifically at homes bought and sold in 2024, that number dropped to 15%.
Before deciding whether Opendoor's offer is worth it, we recommend having a realistic idea of your home's fair market value to compare with its offer. To get the most accurate home value estimate, connect with an experienced local realtor for a free home valuation report. There's no obligation to hire the realtor after receiving the report.
Average purchase price-to-resale price for recent Opendoor listings
| Avg. Opendoor purchase price | $538,832 |
| Avg. list price | $592,401 |
| Avg. resale price | $561,729 |
| Avg. price difference | $22,895 |
| Avg. % made by Opendoor | 5.64% |
| Source: Internal analysis of 200 homes bought and sold by Opendoor between December 2022 and September 2024. Data sourced from Bright MLS and public property records. | |
How much does Opendoor's charge in fees?
Opendoor charges four types of fees:
- Service fees: 5% of the final offer price
- Standard closing costs: Vary by home
- Repair deductions: Vary by home
- Late checkout fees, if applicable: Vary by home
Opendoor's 5% service fee is on par with competitors like Offerpad and Homeward, and is slightly less than the average realtor commission of 5.32%. However, it's more than you'd pay with a discount broker offering a more competitive commission rate.
On top of Opendoor's service fee, you'll also pay standard closing costs such as title, attorney, and HOA transfer fees. Closing costs generally add up to about 1% of your home sale price, but could be more or less depending on the specifics of your transaction.
One of the less predictable expenses when selling to Opendoor is the amount it will deduct for repairs following a home inspection.
For Bradley Carpenter, who talked to us via Zoom about selling his home to Opendoor in 2022, the company charged $7,000 for repairs — just over 3% of the sale price. However, other home sellers claim to have been charged as much as $50,000 for repairs.[1]
Finally, if you need extra time to vacate the house past your closing date, Opendoor will charge a daily Late Checkout fee. While Opendoor doesn't specify the exact rate it charges, sources we've found cite figures ranging from $115 per day[2] all the way up to $750.[3]
Does Opendoor negotiate?
While Opendoor's offers are generally take-it-or-leave-it, some sellers have had success negotiating with Opendoor by leveraging a competing offer.
For example, home seller Bradley Carpenter was able to negotiate $3,000 off Opendoor's initial repair estimate by asking them to match an offer he'd gotten from competitor Offerpad.
Opendoor's offers are valid for seven days. If you're considering an Opendoor offer, we strongly recommend using that time to weigh your options.
If there are other iBuyers in your area, compare their offers to Opendoor's. You can also ask a local realtor for a comparative market analysis showing what your home is likely worth relative to comparable listings in the area.
Compare up to 10 cash offers from trusted home buyers in your area, plus get an expert's opinion of your home's fair market value. Clever Offers is free, and there's no obligation to move forward with an offer. Simply tell us about your selling situation, and we'll do everything we can to get you the best possible offer on your home.
Get Cash OffersHow quickly will I sell my home with Opendoor?
Opendoor's speed is a major advantage over the typical home sale process. Opendoor can make an offer on your home in less than 24 hours and close in as few as 15 days. That's much faster than the average time to close, which is 86 days as of 3/1/2024.
The benefit of Opendoor’s quick closing times isn't just speed for speed’s sake. In real estate, time really is money.
The time between reaching an agreement and closing a sale is often a difficult period when appraisals and contingencies can jeopardize a traditional sale. And as you wait to close, you still have to pay carrying costs — like your mortgage, insurance, and maintenance expenses.
Is Opendoor worth it?
Opendoor offers the speed, simplicity, and convenience of an all-cash offer — allowing sellers to avoid repairs and showings, and move on their own timeline.
Compared to other iBuyers, Opendoor is more widely available and charges comparable fees. The company also offers significantly more than the average house flipper, but it in most cases, it's still a lot less than market value.
If price is your main concern, you're likely to get more money for your home by listing it with a real estate agent — preferably from a brokerage that charges a lower-than-average commission.
FAQ about Opendoor
Are Opendoor's cash offers legit?
Yes, Opendoor is a legitimate company. Although Opendoor may not pay your home's full market value, it makes all-cash offers that allow you to close on your sale in as few as 15 days. Read our full Opendoor review to learn more!
How much will Opendoor pay for my house?
Opendoor typically pays much less than what your house could sell for on the open market, and it usually won’t negotiate. But since you have no obligation to accept an Opendoor offer, you can walk away if you decide it's not worth it.
Is Opendoor too good to be true?
Opendoor has a lot of pros compared to other iBuyers. It has reasonable fees (a 5% service fee) and operates in more markets than other cash buyers. However, Opendoor could be considered too good to be true due to its drawbacks. When you sell with this company, there's very little room to negotiate, and you'll likely receive less money than you would by selling your home on the open market.
Is an Opendoor offer guaranteed?
For sellers: The all-cash offer is unlikely to fall through, although it's not guaranteed. Some reviews mention Opendoor canceling offers at the last minute, leaving sellers in difficult situations..
For buyers: Opendoor offers a 90-day buyback guarantee, which allows you to return a home that you purchased under certain conditions. If your home qualifies, you'll need to pay a 3% return fee, and Opendoor will refund the purchase price of your home minus any seller concessions, commission refunds, and repair costs.
Are there any lawsuits against Opendoor?
Opendoor faced disciplinary action from the North Carolina Real Estate Commission in March 2022 due to broker misconduct in three different residential transactions. According to the commission, Opendoor brokers failed to disclose outstanding issues on the properties and, in some cases, falsely advertised certain features of the homes. The commission gave Opendoor 18 months of probation, along with 12 months probation to the two brokers involved in the violations.
In August 2022, the Federal Trade Commission took action against Opendoor for "cheating potential home sellers by tricking them into thinking they could make more money selling their home to Opendoor than on the open market" with a realtor. As part of its FTC settlement, Opendoor agreed to pay a $62 million fine.
Does Opendoor pay closing costs for the buyer?
Opendoor doesn't pay closing costs for the buyer or the seller. Learn more about how closing costs work with Opendoor.
