As the largest iBuyer in the United States, Opendoor makes selling a house much easier for homeowners because it eliminates the need to:
- Open the home for showings
- Shop around for agents
- Negotiate with buyers
- Make repairs before selling
In exchange for this convenience, you'll pay a 5% service fee, plus repair costs, which can vary. You should also be prepared to get less for your home than it's really worth.
However, Opendoor isn’t the only company that streamlines the home selling process.
Cash home buyers, buy-before-you-sell companies, and other iBuyers offer unique ways to sell your home. And while Opendoor may have the most brand recognition, opting for a competitor may save you money through a better offer, fewer repair deductions, or simply availability in your area.
Best Opendoor competitors
- Best for finding the best cash offers, fast: Clever Offers
- Best if you want flexible closing & perks: Offerpad
- Best for getting cash upfront, plus more when you list: Homeward
- Best if you need to buy before selling: Knock or Orchard
- Best if you'd prefer to work with a realtor: HomeLight Simple Sale
- Best if your home needs repairs: We Buy Houses
Clever Offers: Best overall
How it works: Clever Offers is an offers marketplace that lets you compare multiple cash offers from investors, iBuyers, buy-before-you-sell services, and more. Perks of choosing the matching platform include:
- No service fees
- Multiple offers
- Vetted buyers
Getting multiple offers increases competition for your home and gives you a better chance at making the most on your sale. You can also explore a 7-day MLS listing advertising your house as-is and targeting cash offers. The increased exposure from the MLS could result in a much higher payout than a typical cash offer, without the hassle or commitment of a typical listing.
To get started with Clever Offers, you submit a quick form with details about your home. Then, let Clever's team find the best cash offer options available in your area.
Best for: Clever Offers is best for sellers who want to compare multiple offers without obligation. The platform is free, and you’re not locked into using it if you don’t find the right fit. The company has excellent customer ratings on BBB, Google, and Trustpilot, and their team stays in touch throughout the transaction to ensure you're satisfied with the results of your home sale.
Opendoor vs. Clever Offers: Clever Offers lets you evaluate multiple competing offers, giving sellers a simplified way to shop around. By contrast, Opendoor gives customers a straightforward take-it-or-leave-it offer.
Offerpad: Flexible closing options
How it works: Offerpad is a nationwide iBuyer with a flexible closing timeline (8-90 days). The company is known for competitive offers compared to other cash-for-homes companies and has unique perks, like:
- Free local moving assistance
- A 3-day grace period after closing
You can also sell through an Offerpad partner agent with the potential of falling back on the cash offer if you don’t sell quickly. However, you’ll pay close to standard realtor commissions with Offerpad’s transaction fees and probably earn below market value if you accept a cash offer.
Best for: Offerpad works best for sellers who want an iBuyer with flexible moving options. With a wide closing window and a 3-day grace period, you’ll gain peace of mind as you sell your home and purchase another.
Opendoor vs. Offerpad: Both iBuyers follow a similar model and offer the option of a cash offer or listing with partner agents. Offerpad wins if you need more time to close (90 vs. 60 days), but Opendoor offers may be slightly higher.
Homeward: Cash upfront + more when home sells
How it works: Homeward gives sellers up to 89% of their home’s value upfront, then lists the home on the market for maximum profit. The initial cash deal makes it possible for homeowners to:
- Make an attractive cash offer on a new home
- Close quickly
- Avoid sacrificing potential resale value
However, this convenience comes with a higher-than-average 7% service fee, and customers are responsible for covering Homeward’s holding costs until the old property sells. You’ll also be responsible for any other brokerage fees and closing costs.
Best for: Sellers who want to make an attractive cash offer on their dream home without rushing the process of selling their old home.
Opendoor vs. Homeward: Opendoor charges lower fees and has a simpler process than Homeward, but Homeward’s model could help homeowners sell for closer to full-market value.
Knock: Buying before you sell
How it works: Knock makes it easier for homeowners to sell their homes and buy a new one through a bridge loan (up to $35,000). These loans leverage your current home’s equity to help cover a down payment and moving costs. The loan structure also handles the expenses you need to float while listing your old home, such as:
- Mortgage payments
- Homeowner’s insurance
- Repairs and updates
When your old home sells, you keep any additional profit over the cost of your bridge loan, but you also have to pay a 2.25% service fee (on the home’s listing price) and an $1,850 loan fee on top of your realtor fees.
Best for: Knock is a great option for homeowners who want to buy a new home before selling their current one. This model is especially beneficial for sellers who need to relocate quickly and can’t wait for their old home to sell before moving.
Opendoor vs. Knock: Knock helps homeowners buy before you sell, something Opendoor doesn’t offer. However, Opendoor’s quick turnaround on closing cash offers may work better for some.
Orchard: Get a equity advance to secure your next house
How it works: Orchard’s buy-before-you-sell model offers homeowners an interest-free equity advance on their current home, giving you the capital you need to make an attractive, non-contingent offer on a new home. Pros include:
- Stronger, more attractive offers on a new home
- Professional photography and home prep services
- A backup cash offer if your old home doesn’t sell quickly
Selling through Orchard will cost you more than a traditional realtor, though. The company charges an extra 1.9% service fee on top of a 6% brokerage commission.
Best for: Homeowners with significant equity in their current home who want to upgrade or downsize.
Opendoor vs. Orchard: Opendoor doesn’t offer equity advances or buy-before-you-sell options, limiting some sellers' flexibility. But selling through Orchard comes with close to 8% in fees, which could offset some of the profit you make on the open market.
HomeLight Simple Sale: Fast cash offers
How it works: Homelight Simple Sale connects homeowners with investors and agents to help you make the best decision when selling. Benefits of going with a cash offer through HomeLight include:
- No service fees
- Quick closing time (10-30 days)
HomeLight customers should expect offers around 70-80% below market value, which is typical for working with real estate investors. If you want more for their sale (and don’t mind taking more time), connecting with a HomeLight agent may be the best option.
Best for: Sellers who want to see how quick-sale options stack up against working with an agent.
Opendoor vs. HomeLight Simple Sale: Simple Sale helps homeowners sell faster than with Opendoor and lets you compare local investors. However, Opendoor’s iBuyer model may help homeowners net more cash when selling.
We Buy Houses: Homes that need repairs
How it works: We Buy Houses is one of the most well-established cash-for-homes networks, with more than 200 franchises across the United States. The company specializes in as-is purchases, which makes it attractive for older or distressed homes. Perks include:
- Fast cash offers, often within 24 hours
- No additional fees or agent commissions
- No need to make repairs before selling
Since We Buy Houses works as a real estate investor, offers are typically 70-80% of full-market value. If you want to maximize profits on your home or only need a few repairs, you may want to look elsewhere.
Best for: We Buy Houses works best for people with distressed properties or urgent selling needs. The company can close in as few as 7-14 days.
Opendoor vs. We Buy Houses: Cash buyers like We Buy Houses offer quicker sales and purchase properties outside Opendoor’s scope. That said, homeowners may make more through Opendoor if their property meets the requirements.
Opendoor vs. a competitor: Which is right for you?
Working with Opendoor may be a good fit for sellers who want a quick, straightforward selling process. With Opendoor’s cash cash offer, you can bypass the traditional listing process altogether.
However, working with Opendoor comes with higher fees than other companies (5% plus around 1% closing costs), and offers often fall below market value. The iBuyer also has stricter purchase criteria than cash deal competitors.
Opting for an Opendoor competitor may work best for you if:
- You prioritize profit over a quick sale
- You have a distressed property or an older home that needs significant repairs before selling
- You want a more flexible approach than accepting a cash offer or working with a company-appointed realtor
It’s best to weigh the pros and cons of working with Opendoor against your priorities list to make sure the iBuyer meets your selling requirements. Shopping around to compare Opendoor competitors or choosing a matching platform like Clever Offers will help you find the best fit for your needs.
FAQ
Does Opendoor pay a fair price?
Generally, Opendoor pays close to market value but deducts repair costs, a 5% service fee, and 1% in closing costs. After factoring in these extra fees, Opendoor’s offers could be lower than other companies.
Is Offerpad better than Opendoor?
Offerpad offers more flexibility, but both companies have similar pricing structures. Choosing between the two often depends on which company’s buying incentives work best for your unique needs.
What happened to Zillow Offers?
Zillow shut down its iBuyer program in 2021. Opendoor is now Zillow’s official cash-buying partner.
How do 'We Buy Houses' companies compare?
They offer the fastest sales but the lowest prices. Cash buyers act as real estate investors, typically offering close to 70-80% of a home’s full market value.
