Opendoor can be convenient for homeowners looking for a fast, hassle-free sale. The company buys homes in as-is condition, pays in cash, and allows sellers to choose their closing date. For those who value speed and simplicity over maximizing profit, Opendoor might be a good fit.
But for sellers focused on getting the highest possible price, Opendoor is likely not worth it. Its offers often fall short compared to what they could earn through a traditional real estate listing. Our analysis of more than 200 properties revealed that Opendoor resold homes for an average of $23,000 more than it paid, and sellers also face additional fees and repair deductions.
If you’re considering Opendoor, it’s essential to weigh the convenience against the potential financial trade-offs and explore competing cash offers to ensure you’re getting the best deal.
Clever Offers, for example, gives you the best of both worlds: speed and value. Compare cash offers for up to 100% of your home’s value or explore our 7-Day Sold program to attract serious buyers and maximize your profit. Sell on your timeline and on your terms—get started today and take control of your home sale.
Pros and cons of selling to Opendoor
Pros
- Hassle-free process: No showings, inspections
- Skip the repairs and sell your house as is
- Competitive offers for an investor
- Flexible closing dates (15–60 days)
Cons
- Offers often below market value
- 5% fee plus repair and closing costs
- Poor-condition homes may be ineligible
- Unpredictable repair costs
Opendoor is often praised for its simplicity and speed, but sellers' experiences can vary significantly. Insights from Reddit threads and other online reviews reveal a mix of positive and negative experiences.
The positives: Convenience and fair offers
Many sellers appreciate Opendoor's streamlined process and competitive offers, especially in hot markets.
One Reddit user shared their positive experience, saying, “We sold our house to Opendoor and got more than we expected. The process was seamless, and they offered a fair price without requiring significant repairs. It was a relief not to deal with staging and showings.”
Another commenter echoed this sentiment, emphasizing speed as the main advantage: “We needed to sell fast to secure our dream home. Opendoor’s offer was slightly below market value, but it allowed us to close in just 14 days and move forward without the hassle of showings.”
The negatives: Fees and repair costs
Despite its advantages, several users flagged issues with Opendoor's fees and repair deductions.
One user noted, “Opendoor offered $370,000 but reduced it to $350,000 after repair costs. While the process was fast, the fees and deductions increased quickly.”
Others raised concerns about transparency and potential lowball offers. For instance, a commenter said, “They initially offered $505,000 but later dropped it to $450,000, citing market conditions. Their repair deductions seemed excessive, and I felt their final offer was unfair.”
Take control of your home sale
If you’re considering Opendoor for a fast sale but want to explore all your options, Clever Offers can help. Compare cash offers for up to 100% of your home’s value or explore our 7-Day Sold program, which markets your home on the open market to attract serious buyers quickly. Fill out this quick form to find the best fit for your timeline and goals!
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 the iBuyer 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. For the most accurate home value estimate, connect with an experienced local realtor for a free home valuation report. After receiving the report, you are not obligated to hire the realtor.
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.
In addition to Opendoor's service fee, you'll also pay standard closing costs such as title, attorney, and HOA transfer fees. Closing costs generally amount to about 1% of your home sale price, but they 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 successfully negotiated with Opendoor by leveraging a competing offer.
For example, home seller Bradley Carpenter negotiated $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 for 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's convenience worth the risks?
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.
However, CoreLogic data highlights that iBuyers like Opendoor represent a small fraction of the overall investor market (less than 0.5% of all purchases), which remains dominated by buy-and-hold investors seizing strong rental demand.[4]
The declining market share of iBuyers like Opendoor could be a red flag for sellers. It might mean the company faces challenges, like operating less efficiently or focusing on other priorities, which could result in lower offers.
With fewer homes being bought and sold, Opendoor may also be more cautious about the prices they’re willing to pay. Sellers should carefully consider whether the convenience of Opendoor outweighs the potential risks of getting a lower offer.
Convenience vs. profit potential
While Opendoor’s model works well for homeowners who prioritize convenience, Clever's Real Estate investor survey reveals that sellers may leave significant money on the table.
House flippers, including iBuyers like Opendoor, reported median profits of $50,000 or more per flip, with nearly a quarter (22%) earning $100,000 or more. By listing with a traditional agent, you could potentially capture some of these gains yourself, especially if your home has unique or high-value features that appeal to buyers.
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.
