Opendoor Competitors: The Best Companies for Competing Offers

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By Thomas O'Shaughnessy Updated January 12, 2024

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Top competitors | Sell to an iBuyer | Trade in your home | Sell to a cash buyer | List with an agent | FAQ

Opendoor is an industry-leading iBuyer. It buys more homes than any other iBuyer by a wide margin — especially now that top competitors like Zillow Offers and RedfinNow have shut down. 

The company has a 5% service fee, is more widely available than other iBuyers, and typically makes reasonable offers. Opendoor also has an average customer rating of 4.3 out of 5 stars and generally has more positive reviews than other iBuyers.

However, you still have legitimate alternatives if you’re considering selling to an iBuyer. These options include other iBuyers as well as trade-in services and cash buyers.

Top Opendoor competitors at a glance

Company Customer Rating Type Service Fee Time to Close
Best overall
5/5 (3,162 reviews)
Cash offer network
None
Varies by offer type
Learn More
On listwithclever.com
4/5 (2,767 reviews)
iBuyer
5%
8–90 days (flexible)
Learn More
4.8/5 (834 reviews)
Home trade-in
2% + loan origination and realtor fees
Varies
Learn More
4.7/5 (2,323 reviews)
Home trade-in
1.9% service fee + 6% brokerage fee
14–60 days (flexible)
Learn More
4.5/5 (3,135 reviews)
Franchise cash buyer
None
7–14 days
Learn More
4.6/5 (1,178 reviews)
Cash offer network
None
As little as 10 days
Learn More

What is Opendoor?

Opendoor is an iBuyer, a company that uses data to make automated cash offers on homes. In exchange for a service fee, Opendoor allows home sellers to avoid many of the hassles of selling a home — including repairs, showings, and negotiations.

If you’re considering selling to an iBuyer, Opendoor is a good option:

  • Opendoor's 5% service fee is on par with what other iBuyers charge.
  • It generally pays a reasonable price for homes.
  • It has mostly positive online reviews.
  • It's available in more areas than competitors like Offerpad.

Opendoor falls a little short of competitors like Offerpad when it comes to closing scheduling options. But this is only a factor if you need to close in less than two weeks or extend your stay beyond two months.

⚡️ Quick tips

  • iBuyers aren't an option for most people. They’re only available in a handful of US cities and are very picky about the types of homes they’ll buy.
  • Selling with an agent will likely net you more money. And you can save even more by working with a full-service discount brokerage.
  • If you don’t qualify for an iBuyer sale but want to avoid the uncertainty or hassle of selling on the open market, consider a trade-in service like Knock or Orchard
  • If speed is your number one priority and you don’t qualify for an iBuyer purchase, consider a "we buy houses for cash" company. You’ll take a sizable hit on price but can typically close in one to two weeks.
  • You'll get the best outcome by getting multiple competing offers on your home. You can seek offers on your own, through a listing agent, or through a free service like Clever Offers.

Which home-selling approach is right for you?

Sell to an iBuyer

For sellers with eligible homes, iBuyers like Opendoor and Offerpad can be a simple, no-hassle alternative to a traditional, open-market home sale. However, you may sacrifice some money for this convenience, as selling on the open market usually (but not always) will earn you more money from your sale.

If your home meets an iBuyer’s purchase criteria, you’ll usually get an offer within 24–48 hours. Once you accept the offer, you can schedule your closing date as soon as a week or so — or request a closing date as far as three months away, depending upon your needs.

Before you close, the company will order a home inspection, often asking for a reduction in price based on necessary repairs. These repair costs can sometimes lower your final offer by tens of thousands of dollars. iBuyers also charge fees that are comparable to a traditional real estate agent commission. For example, Opendoor fees are 5% of the sales price.

The final offer will likely be less than you could get on the open market. iBuyers pay close to fair market value, but they also remove the competitive element of selling on the open market, which can result in multiple offers that bid your home price much higher than an iBuyer’s offer. But for some people, the certainty and convenience that iBuyers provide is worth leaving some money on the table.

» MORE: See how the leading iBuyer companies compare

Use a trade-in service

Trade-in services front you the cash to buy your new home before you sell your current one. You can avoid paying two mortgages at once and skip the stress of lining up the date of your sale with the closing date of your new home.

However, popular trade-in services like Orchard and Knock charge fees that could make your sale or new home purchase a bit more expensive. However, this cost may be worth it for people who have found their dream home but aren’t able to make an offer until their own home sells.

» MORE: Find out more about home trade-in services like Orchard and Knock

Sell to a 'we buy houses for cash' company

Companies that buy houses for cash give fast cash offers on less-than-perfect homes. If your home doesn’t qualify for an iBuyer or trade-in service because of age, serious structural issues, or financial issues, a cash buyer like the well-known We Buy Ugly Houses could be right for you.

Cash buyers will purchase homes with foundation problems, houses in high-crime neighborhoods, foreclosed homes, and inherited houses in disrepair — although different investors have different purchase criteria. A company representative will take a look at the home and, if they're interested, make an offer within 24–48 hours. You can close in as little as three weeks.

Selling your home as is to a cash buyer helps you avoid home showings, agent commission, and negotiations with home buyers. You won’t pay service fees, repair credits, or closing costs either.

However, a cash buyer’s offer for your home will be much less than fair market value. Cash buyers typically pay about 70% of the home’s after-repair value — though some investors pay more for homes under certain conditions. If your home has any selling potential, it might be worth talking to an agent before going to a cash buyer. But if the property requires extensive repairs just to get it ready for the market, a cash buyer might be the simplest solution.

Get competing cash offers — no fees or commissions

Compare offers from trusted cash buyers in your area against the sale price you'd get with an agent. Clever Offers is a free service for home sellers, and there's no obligation to accept an offer from our investors. Simply tell us about your property, and we'll do everything we can to get you the best possible price for your home.

List with an agent

When you list with a real estate agent, you’ll have to pay realtor commission. But hiring a professional gives you the best chance to earn the maximum amount for your home on the open market.

Selling your home with a listing agent means you have to stage your home to prepare for showings and open houses. Agent fees, closing costs, and other fees add up to 7–10%. And there's no guarantee your home will sell.

However, working with real estate agents gives you access to their knowledge of the local market and buyer preferences. If you are confident that your home has what buyers are looking for and think you can get a good price for it, going the traditional route of selling with an agent may be right for you.

💰 SAVE: Sell with a top local agent, save thousands on realtor fees

Top Opendoor competitors, reviewed

Best overall

Clever Offers

Learn More
On listwithclever.com

Customer Rating

5/5 (3,162 reviews)

Service Fee

None

Time to Close

Varies by offer type

Editor's take

Locations

Contact

Clever Offers is a free service that matches you with fully vetted cash buyers who place competing offers on your home. It's an especially good fit when you want to sell fast but don't have time to track down offers on your own. 

How it works: Complete a short online form, and a member of the Clever Offers team will reach out to gather information on your property and discuss your options. 

Once you're on the same page, Clever will match you with investors from its network. Each investor will submit a tailored offer on your home, ensuring you have multiple options to choose from. 

Clever can also match you with a local partner agent for a professional home valuation, so you can compare cash offers against a realistic sale price on the market.

Once you decide on an offer, Clever stays with you through the process to answer any questions and ensure the buyer follows through on their side of the deal.

Pros

  • You get multiple competing cash offers — for no added fees or commissions.
  • You only deal with legitimate investors. They have proof of funds and a track record of closed deals.
  • You have a dedicated point of contact to connect you with investors and walk you through the offer process.

Cons

  • Even though investors are vetted, Clever still recommends having contracts reviewed by an attorney.
  • Some deal types (like novations) may have longer closing times.
  • Cash offers will likely be less than what you'd get selling with an agent.

Clever Offers is available nationwide.

Website: listwithclever.com

Phone: (833) 225-3837

Most flexible closing date

Offerpad

Learn More
On listwithclever.com

Customer Rating

4/5 (2,767 reviews)

Service Fee

5%

Time to Close

8–90 days (flexible)

Editor's take

Locations

Contact

Offerpad is a decent choice if you need a fast cash offer and a specific closing date. Like it's main competitor, Opendoor, Offerpad makes offers slightly below market value in exchange for a hassle-free sale — meaning no repairs, showings, or negotiations.

Of all the iBuyers, Offerpad has the most flexibility when it comes to closing (8–90 days). It also provides some enticing perks, like free local moves and a free three-day extension on your closing date.

The potential downside is that repair costs can significantly lower your initial offer amount. When you accept an offer from Offerpad, the company sends out a representative to do a thorough inspection. After the inspection, you get a revised offer, which some customers complain is shockingly lower than the initial offer.

Pros

  • Offerpad offers appealing perks like free local moves and a free 3-day extended stay.
  • Offerpad offers more flexible options, like listing on the open market, getting a cash advance for repairs, and using its cash offer as a backup.

Cons

  • Offerpad's 5% service fee is similar to what you'd pay a traditional realtor, but your sale price will probably be lower.
  • Offerpad charges a 1% cancellation fee if you back out after accepting its final offer.
  • Repair costs can be as much as 5% of your home value, according to customers.

Offerpad is currently available in 24 major markets in AZ, CO, FL, GA, IL, IN, KS, MO, NV, NC, OH, SC, TN, and TX.

Website: offerpad.com

Phone: (844) 388-4539

Good for an older home

Knock

Learn More
On listwithclever.com

Customer Rating

4.8/5 (834 reviews)

Service Fee

2% + loan origination and realtor fees

Time to Close

Varies

Editor's take

Locations

Contact

Knock allows customers to purchase a new home before selling their old one. Through its HomeSwap program, Knock lets you borrow against the equity in your home to purchase a new home before you sell. Once you move into your new place, you'll sell your previous home on the open market with a traditional real estate agent.

As part of their program, Knock will cover your old mortgage until your old home sells — but you'll still eventually have to settle up, and costs can add up fast if your home sits on the market. The company charges a 2% contract fee on top of loan origination and realtor costs.

While somewhat expensive, Knock could still be a good option if you're selling a home that needs repairs — it offers up to a $35,000 cash advance for home improvements.

Pros

  • Knock gives sellers the flexibility to purchase a new home before selling their old one.
  • Knock can advance up to $35,000 for home improvements prior to listing.

Cons

  • To take advantage of the program, you need to have a fair amount of equity in your home.
  • Knock charges a 2% contract fee on top of the commission you pay to an agent. You may also be responsible for loan origination fees.

Knock operates in select cities in these states: AZ, CA, CO, FL, GA, IL, MD, MI, MN, NC, OR, SC, TN, and WA.

Website: knock.com

Phone: (866) 996-1695

Solid trade-in option

Orchard

Learn More
On listwithclever.com

Customer Rating

4.7/5 (2,323 reviews)

Service Fee

1.9% service fee + 6% brokerage fee

Time to Close

14–60 days (flexible)

Editor's take

Locations

Contact

Orchard Real Estate is a home trade-in service, meaning it can front you the equity from your current home to make a cash offer on a new house before you sell.

Once you're ready to move, an Orchard agent will take care of the entire listing process, including repairs and staging. If your old home doesn’t sell within 120 days, you can accept Orchard’s guaranteed cash offer as a backup.

Orchard's business model gives you the security of having a guaranteed offer if your home doesn’t sell on the open market. But Orchard’s cash offers tend to be low, and it has strict standards for the homes it accepts compared to traditional cash buyers. Homes valued under $200,000 or built before 1920 don't qualify for its program.

Orchard also charges high fees compared to competitors. To use its Move First program, you pay a 6% brokerage fee and a 1.9% program fee, plus traditional closing costs.

Pros

  • You can access up to 90% of your home's equity to make an offer on a new house before you sell.
  • If your home doesn't sell in 120 days, you can use Orchard's guaranteed cash offer as a backup.
  • Orchard offers interest-free funding for home improvements.

Cons

  • Orchard's 6% service fee is higher than what you'd pay an iBuyer or even a realtor in many cases.
  • Orchard's cash offer will be much lower than what you'd get on the open market.

Orchard operates in these locations:

  • Colorado: Denver
  • Georgia: Atlanta
  • Texas: Austin, Dallas–Fort Worth, Houston, San Antonio

Website: orchard.com

Phone: (844) 515-9880

Decent for an as-is home sale

We Buy Houses

Learn More
On listwithclever.com

Customer Rating

4.5/5 (3,135 reviews)

Service Fee

None

Time to Close

7–14 days

Editor's take

Locations

Contact

Working with We Buy Houses is similar to working with a local private real estate investor. The company vets all its investors and gives them an exclusive license to operate in its territory, so they have an incentive to work hard in order to maintain their advantage.

We Buy Houses doesn't control how much its investors offer, but it does reserve the right to rescind licenses if investors don't meet its ethical standards.

Pros

  • We Buy Houses vets investors before giving them a license.
  • You can get an offer in 24–48 hours and close quickly.
  • Customers across locations praise We Buy Houses' professionalism, communication, and smooth closing process.

Cons

  • Since each office is independently run, service and offer quality may vary by location.
  • A franchise like We Buy Houses may not offer different deal types available through private investors.
  • You won't get multiple offers unless you contact other companies.

We Buy Houses operates in 200 markets in over 30 states.

Website: webuyhouses.com

Phone: (877) 932-8946

Good for comparing offers

HomeLight Simple Sale

Learn More
On listwithclever.com

Customer Rating

4.6/5 (1,178 reviews)

Service Fee

None

Time to Close

As little as 10 days

Editor's take

Locations

Contact

HomeLight Simple Sale — sometimes called HomeLight Cash Offers — is a free service that helps you get offers from cash buyers in HomeLight's network. According to the company website, its cash buyer network includes more than 100 investors.

HomeLight generates an estimated offer based on local property data. Actual offers from investors can be significantly lower.

While reviews for HomeLight are generally positive, few reviews specifically mention its cash offer program (most refer to its agent matching program). However, a few customers complained that they were bombarded with calls from HomeLight agents after requesting a cash offer.

Other reviewers mentioned that they initially contacted HomeLight for a cash offer but ended up listing with an agent. HomeLight may use its cash offer program primarily to generate leads for its agent network.

Pros

  • HomeLight Simple Sale gives you a convenient way to compare options, including selling with an agent or getting a cash offer.
  • HomeLight reviews are generally positive (though reviews for its cash offer program are harder to find).
  • HomeLight gathers bids from its investor network within 48 hours, and you can close in under 2 weeks.

Cons

  • HomeLight's initial estimate may be higher than what its investors actually offer.
  • Customers complained about being bombarded with calls from HomeLight partner agents after requesting a cash offer.

HomeLight Simple Sale is available nationwide. In locations far from major metros, you may have fewer cash buyers to choose from.

Website: homelight.com/simple

Phone: (831) 498-1967

Opendoor competitor RedfinNow has shut down

Redfin shut down its iBuying program, RedfinNow, in November, 2022. At its height, RedfinNow operated in 31 markets across the US. If a home met RedfinNow’s purchase criteria, the seller could receive an offer within a few days without hiring an agent or showing their home.

However, the company's 5–13% service fees were higher than fees of better-known competitors like Offerpad and Opendoor. The service also had poor reviews from customers, with the Better Business Bureau rating it a C–.

Zillow Offers has also closed operations

On November 2, 2021, Zillow announced that it would permanently shut down its iBuying service, Zillow Offers. From July 2021 through September 2021, Zillow Offers lost more than $420 million, which is approximately how much the company earned overall in the 12 months before July.

On an earnings call with investors, Zillow admitted that its home-buying model was flawed and that it bought too many homes at too high a price. Today, Zillow partners with Opendoor in several markets so home sellers can see Opendoor's estimated cash offer alongside Zillow's Zestimate.

FAQ about Opendoor competitors

Is Opendoor too good to be true?

Opendoor streamlines the traditional home-selling experience, eliminating the need for home showings, negotiations with buyers, and the uncertainty of whether your home will sell. It does this for a 5% fee (on top of closing costs and repair credits), which many people think is worth it. However, you’ll almost always make more money by selling your home with a realtor on the open market. Find out more about how Opendoor works.

Does Opendoor pay a fair price?

Opendoor pays less than what you'd get on the open market with a real estate agent. The company used to make competitive offers on homes, but its offers have declined since 2022, according to analyst Mike DelPrete. Plus, Opendoor often significantly lowers its initial cash offer after it inspects a home and determines repair costs. See if Opendoor's offer is worth it.

Which is better, Opendoor vs. Offerpad?

Opendoor and Offerpad offer similar iBuying services. Both companies give sellers a fast cash offer on their home and the ability to close on a flexible timeline. They also both charge a 5% service fee. However, Opendoor generally charges less for repairs and is available in more markets, while Offerpad provides perks like free local moves and a three-day grace period if you need to stay in your house after closing. See how Opendoor and Offerpad compare.

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