Knock vs. Opendoor vs. Offerpad: 2026 Comparison

Opendoor and Offerpad are direct iBuyers (instant buyers) that purchase your home for cash and resell it on the open market. Knock is a bridge loan program, not a cash buyer. Knock never makes an offer on your home. Instead, it advances funds based on your existing home equity so you can buy your next property before you sell your current one.

That category difference shapes everything in this comparison. A February 2026 Clever Real Estate analysis of 409 Opendoor and 123 Offerpad transactions found Opendoor’s offers averaged 8.79% below eventual resale value, while Offerpad’s averaged 13.89% below. On a $350,000 home, that difference equals roughly $17,000 before service fees are applied. Knock, because it never buys your home, lets the open market determine what you earn.

This guide covers how each company works, a full iBuyer comparison table, a breakdown of iBuyer fees for each program, net proceeds on a $350,000 home example, market availability in 2026, and customer reviews for all three.

What Are Knock, Opendoor, and Offerpad?

The three companies belong to fundamentally different categories. Treating them as the same type of service can cost sellers tens of thousands of dollars if they apply the wrong one to their situation.

Opendoor and Offerpad: Direct cash buyers

Opendoor and Offerpad are iBuyers that use automated valuation models to make near-instant cash offers on homes. They buy the property directly, then resell it on the open market at a markup. Both companies charge a service fee and typically offer below market value in exchange for speed and certainty.

Opendoor operates in 50+ markets across 26 states and Washington D.C. as of May 2026. Offerpad covers approximately 16 metros in 2026, a footprint that has contracted from earlier peaks. Both companies make money from the spread between their purchase price and resale price, plus their service fees.

Knock: A bridge loan, not a cash buyer

Knock is a licensed mortgage lender offering a product called Knock Home Swap. It is a bridge loan program. Per how bridge loans work on the CFPB’s website, a bridge loan is short-term financing that bridges the gap between buying a new home and selling your current one.

Knock never purchases your home. It advances up to 80% of your current home’s equity so you can make a non-contingent offer on a new property. You then list your current home with a real estate agent and sell on the open market. Knock earns revenue from a 1.25% convenience fee, a $1,450 processing fee, and bridge loan interest. It operates in 25 states and D.C. with agent relationships across 75 markets.

Quick Comparison: Knock, Opendoor, and Offerpad

This iBuyer comparison table covers 12 key factors sellers use to evaluate these programs. For context, national median days on market data from NAR puts traditional home sales at 30 to 45 days, a useful benchmark when reviewing the close timelines below.

Feature	Knock	Opendoor	Offerpad
Product type	Bridge loan program	Direct iBuyer	Direct iBuyer
How it works	Fronts equity to buy next home; you sell current home on open market	Buys your home for cash	Buys your home for cash
Service fee	1.25% convenience fee + $1,450 processing fee	~5% of sale price	5, 8% of sale price
Closing timeline	You choose new home close date; current home sells within ~6 months	14 to 60 days, buyer-selected	8 to 90 days, seller-selected
Markets available	75 markets, 25 states + D.C.	50+ markets, 26 states + D.C.	~16 metros
Extended stay option	N/A (you set your own timeline)	Up to 17 days for a daily fee	3 days free post-closing
Free local move	No	No	Yes, within 50 miles
Offer vs. market value	N/A (open market sets price)	Avg 8.79% below eventual resale	Avg 13.89% below eventual resale
Repair deductions	None (you manage repairs before listing)	Post-assessment deductions apply	Post-assessment deductions apply (higher reported)
Avg customer rating	4.78/5 (961 reviews)	Higher avg than Offerpad	Lower avg than Opendoor
BBB rating	A+	A+	A+
Best for	Buyers who need to purchase before selling	Fastest close, widest market coverage	Close up to 90 days or free local move

Based on company-published data and a February 2026 Clever Real Estate analysis. Verify current fees and availability before transacting.

How Each Company Works

How Opendoor works

1. Submit your home address and basic details on Opendoor’s website.
2. Receive a preliminary cash offer within 24 to 48 hours based on Opendoor’s valuation model.
3. Schedule an in-person or virtual home assessment.
4. Receive a revised final offer with any repair deductions itemized.
5. Choose your close date between 14 and 60 days out.
6. Close and receive payment, less the service fee and assessed repair credits.

The preliminary offer is not final. Repair deductions assessed after the inspection frequently reduce the net figure sellers actually receive at closing.

How Offerpad works

1. Submit your home address and condition details on Offerpad’s website.
2. Receive a cash offer, typically within 24 hours.
3. Complete an in-person inspection.
4. Review the final offer with itemized repair deductions.
5. Select a closing timeline between 8 and 90 days.
6. Optionally use Offerpad’s free local move within 50 miles and 3-day post-close extended stay.

Offerpad’s closing timeline is its clearest practical edge. Sellers who need more than 60 days to find a replacement property will find Offerpad’s 90-day window more accommodating than Opendoor’s 60-day maximum.

How Knock Home Swap works

Knock Home Swap operates as a buy before you sell program built on a bridge loan. Here is the sequence:

1. Qualify for Knock’s bridge loan (requires sufficient home equity, qualifying credit, and eligibility in one of 25 states).
2. Knock advances up to 80% of your current home’s equity toward the down payment on your new home.
3. Make a non-contingent offer on the new property and close.
4. Move into the new home, leaving your current property vacant.
5. List your current home through a real estate agent and sell on the open market.
6. Repay the bridge loan from the proceeds of your current home’s sale.

Knock covers carrying costs on the old home during the interest-free window, which typically lasts up to six months. Review recent Knock Trustpilot rating data to see how customers describe the process firsthand.

Offers and Fees: What You’ll Actually Pay

iBuyer fees are not all stated the same way. Knock’s bridge loan fees look small on paper, but total transaction costs rise once you add agent commissions on both homes. Opendoor and Offerpad both charge upfront service fees, then apply repair deductions after their inspection that reduce the final check further.

Opendoor’s fees and offer range

Opendoor’s service fee is approximately 5% of the sale price. Sellers also pay closing costs of 1 to 3%. The preliminary offer reflects Opendoor’s automated model; the post-assessment final offer subtracts repair credits for work Opendoor plans to complete before resale. Total effective cost typically runs 8 to 11% of the sale price once all deductions are included. On a $350,000 home, a 5% service fee alone equals $17,500.

Offerpad’s fees and offer range

Offerpad’s service fee ranges from 5% to 8% of the sale price. Closing costs add 1 to 3% more. Multiple seller reviews report that post-inspection repair deductions with Offerpad are among the highest in the iBuyer industry. Some sellers report effective total costs of 12 to 15% or more when the higher service fee range combines with significant repair credits. Request an itemized final offer before signing; the initial number and the closing number can differ significantly.

Knock’s total transaction cost

Knock’s direct fees total the 1.25% convenience fee plus the $1,450 processing fee. Because you still complete a full open market sale of your current home and a full purchase of your new one, agent commissions on both transactions add roughly 5 to 6%. Knock does not control the sale price of your current home; a buyer on the open market does. Total transaction costs through Knock typically run 7 to 10% across both homes when all fees are included.

How repair deductions reduce your final check

Both Opendoor and Offerpad issue a preliminary offer before any in-person review, then lower the final offer after their inspection to reflect repair costs they plan to absorb before reselling. This post-inspection revision is the most common complaint in iBuyer reviews for both companies.

Sellers who receive a reduced final offer can request the itemized repair list and compare each line item against independent contractor estimates. Some credits are negotiable; the service fee itself rarely is. Treat the preliminary offer as an estimate and plan for the final number to be 5 to 15% lower if your home has any deferred maintenance.

Who Pays More, Opendoor or Offerpad?

Opendoor generally pays more than Offerpad. A February 2026 Clever Real Estate analysis of 409 Opendoor transactions and 123 Offerpad transactions found Opendoor’s offers averaged 8.79% below eventual resale value, compared to 13.89% below for Offerpad. That is a 5.1-percentage-point gap per transaction.

On a $350,000 home, that gap equals roughly $17,000 more from Opendoor before fees are applied. The question of who pays more, Opendoor or Offerpad, has a consistent answer in this data: Opendoor outperforms Offerpad by a meaningful margin. On a $500,000 home, the difference widens to approximately $25,500 based on the same percentage spread.

Offerpad’s service fee range of 5 to 8% can also exceed Opendoor’s standard 5%, further widening the net proceeds gap. Offerpad has sold homes at a loss more often than Opendoor, a pattern that suggests its lower offers reflect a more conservative acquisition model rather than a benefit to sellers. Per home value data by market from Zillow Research, local appreciation rates affect both companies’ offers, so sellers in fast-rising markets may see smaller discounts than the study averages suggest. Per the February 2026 iBuyer offer analysis from RealEstateWitch, which independently reports the Clever Real Estate study findings, the data covers transactions from May 2023 through June 2025.

The opendoor vs offerpad offer gap extends beyond the initial discount. Even if both companies offered the same gross number, Offerpad’s higher service fee ceiling means Opendoor would still produce more at closing in most scenarios.

Net Proceeds on a $350,000 Home

The worked example below applies published fee ranges and study averages to a $350,000 home. Figures are estimates based on published fee ranges and Clever Real Estate study averages. Your actual net proceeds will vary based on your home’s condition, location, and repair deductions assessed after inspection.

What Opendoor would net you

Opendoor’s average offer discount of 8.79% applied to a $350,000 home yields an initial offer of approximately $319,235. After the 5% service fee ($17,500) and 1% closing costs ($3,500), estimated net proceeds before repair deductions come to roughly $298,235. Repair deductions commonly reduce this by an additional $5,000 to $20,000 depending on property condition, putting the realistic range at $278,235 to $293,235 for a home with noticeable deferred maintenance.

What Offerpad would net you

Offerpad’s average discount of 13.89% applied to $350,000 produces an initial offer of approximately $301,385. Using the midpoint service fee of 6%, the fee equals $21,000. After 1% closing costs ($3,500), estimated net proceeds before repair deductions come to roughly $276,885. Because Offerpad’s repair deductions are reported as higher than Opendoor’s, real net proceeds on a $350,000 home with any deferred maintenance commonly fall below $270,000.

What Knock costs vs. a traditional sale

Knock does not set a purchase price. Your net proceeds depend on what a buyer on the open market pays. On a $350,000 sale, Knock’s direct fees include the 1.25% convenience fee ($4,375) and the $1,450 processing fee. Agent commissions on the old home sale (estimated at 3%) add $10,500. The effective Knock-related cost on the old home alone runs approximately $16,325 combined, not counting commissions on the new home purchase.

A traditional listing on the same $350,000 home with 6% agent commissions and 2% closing costs yields an estimated net of approximately $322,000 if the home sells at or near list price.

Cost Element	Opendoor	Offerpad	Knock	Traditional Listing
Starting offer / sale price	~$319,235 (8.79% discount)	~$301,385 (13.89% discount)	Market price	$350,000
Service / convenience fee	$17,500 (5%)	$21,000 (6% midpoint)	$4,375 (1.25%) + $1,450 flat	$21,000 (6% agent commissions)
Closing costs	$3,500 (1%)	$3,500 (1%)	Varies	$7,000 (2%)
Est. net proceeds (pre-repairs)	~$298,235	~$276,885	Market-dependent	~$322,000

Figures are estimates based on published fee ranges and February 2026 Clever Real Estate study averages. Repair deductions can reduce iBuyer net proceeds by $5,000 to $20,000 or more.

Where Each Company Is Available in 2026

Market availability changes frequently for all three companies. Verify your zip code on each company’s website before investing time in any application.

Opendoor locations

Opendoor operates in 50+ markets across 26 states and Washington D.C. as of May 2026. Its footprint concentrates heavily in Sun Belt metros but extends to markets in the Midwest and Pacific Northwest. Opendoor’s broader coverage is a material advantage for sellers outside major coastal cities. Arizona has been one of Opendoor’s most active markets since its launch. For context on how iBuyer activity plays out in Phoenix and surrounding metros, see the iBuyer market in Arizona.

Offerpad locations

Offerpad covers approximately 16 metros as of 2026, primarily in Arizona, Texas, Florida, Georgia, and the Southeast. Its footprint has contracted from earlier peaks. The opendoor vs offerpad coverage gap is significant: Opendoor serves more than three times as many markets, making Offerpad unavailable to most sellers outside Sun Belt states.

Knock locations

Knock’s bridge loan is available in 25 states and D.C., with agent relationships across 75 markets. Knock availability means bridge loan eligibility, not that Knock will purchase your home. Sellers who are in an eligible state but do not meet the equity or credit requirements for the bridge loan will not qualify regardless of location.

Customer Reviews and Reputation

Is Knock a reputable company?

Yes, Knock is a reputable company. It holds an A+ BBB rating and a 4.78/5 weighted average across 961 reviews on BBB, Trustpilot, and Zillow as of 2026. See Knock’s Better Business Bureau rating for its full complaint history and resolution record.

Knock was founded in 2015 by co-founders of Trulia and is licensed as a mortgage lender in 25 states. Positive reviews consistently cite customer service quality and the convenience of a non-contingent offer. Negative reviews point to limited geographic availability and the qualifying requirements for the bridge loan.

Review Source	Knock	Opendoor	Offerpad
BBB Rating	A+	A+	A+
Trustpilot Score	4.3 to 4.8/5	Higher avg than Offerpad	Lower avg than Opendoor
Total Reviews Tracked	961 (BBB, Trustpilot, Zillow)	Thousands	Hundreds
Weighted Avg Score	4.78/5	Higher than Offerpad	Lower than Opendoor

Based on review platform data as of June 2026. Scores fluctuate as new reviews post.

Opendoor reviews and complaints

Opendoor earns higher average customer satisfaction scores than Offerpad across major review platforms. Positive reviews emphasize the speed and certainty of the process. The most common complaints center on the gap between the preliminary offer and the final, post-assessment number. Sellers who treated the initial figure as firm frequently report disappointment when repair deductions reduce their net proceeds at closing.

Opendoor’s scale (50+ markets, thousands of transactions annually) gives it a more statistically meaningful average than Offerpad. That volume may also contribute to a more refined valuation model, which partly explains why its offers tend to be closer to market value.

Offerpad reviews and complaints

Offerpad’s satisfaction scores trail Opendoor’s across major platforms. The most frequently cited complaints involve post-inspection repair deductions that sellers describe as substantially higher than expected. Some reviews describe the experience as a bait-and-switch because the initial cash offer and the final offer after inspection differ by a large margin.

Offerpad’s perks, including the free local move within 50 miles and the 3-day post-close extended stay, generate positive mentions in reviews from sellers who used them. Sellers focused primarily on maximizing net proceeds tend to rate Offerpad lower than Opendoor.

Which Company Is Right for You?

The right choice depends on your specific situation. Reviewing iBuyer fees and offer ranges side by side before committing is the most reliable starting point for this decision.

Choose Opendoor if…

• You want the fastest close with the widest market coverage available.
• You are in one of Opendoor’s 50+ markets.
• Minimizing the gap between your offer and market value is your top priority.
• You need to close within 14 to 60 days.
• Higher average customer satisfaction in the iBuyer comparison between the two direct buyers matters to you.

Choose Offerpad if…

• You need up to 90 days to close, more flexibility than Opendoor’s 60-day maximum.
• You want a free local move within 50 miles included in the transaction.
• You want a 3-day post-close stay at no charge.
• You are in one of Offerpad’s approximately 16 active metros.
• You have compared the opendoor vs offerpad offers for your specific property and Offerpad’s number is competitive.

Choose Knock if…

• You have sufficient home equity and qualifying credit.
• You are buying in a competitive market where a contingent offer would put you at a disadvantage.
• You are in one of Knock’s 25 eligible states.
• You want to sell on the open market rather than accept a below market value iBuyer offer.
• The buy before you sell structure fits your timeline and your financial situation.

When none of the three fits

If Opendoor does not serve your market, Offerpad’s net is too low, and Knock’s bridge loan requirements do not match your financial profile, the next step is requesting competing offers from multiple buyers at once. Read about how iBuyer programs work before narrowing your options to understand the full landscape of instant-offer programs beyond these three.

Alternatives to All Three

Other iBuyer companies

Several other programs compete in this space. Orchard combines a buy-before-you-sell bridge structure with a guaranteed backup offer, similar to Knock but with an iBuyer floor price included. HomeLight Cash Offer is an agent-backed program available in markets where Opendoor and Offerpad are absent. For a closer look at how HomeLight compares to Opendoor or the Opendoor vs Compass positioning, those guides cover the overlap in detail.

Traditional listing with an agent

A traditional listing on the open market typically yields the highest gross sale price. Agent commissions of 5 to 6% and closing costs of 2 to 3% total 7 to 9% of the sale price, comparable to what Opendoor charges in fees alone, but applied to a closer-to-market-value number. The tradeoff is time: traditional listings average 30 to 45 days to close per NAR data, with no certainty of sale at the listed price.

Cash buyer marketplaces

A cash buyer marketplace lets you submit your home details once and receive competing cash offers from multiple vetted buyers, rather than approaching each company individually. Local and regional cash buyers alongside national iBuyers may all appear in the results, giving you a broader range of offers than any single program can provide. This approach is especially useful for sellers who want to verify whether any one company’s offer is competitive before committing.

Alternative	Best for	Typical fee
Orchard	Buy-before-you-sell with a guaranteed backup offer	~6% total
HomeLight Cash Offer	Agent-backed cash offer in select markets	Varies by market
Local cash investors	Any-condition homes, fastest close	10, 30% below market value
Traditional listing	Maximum sale price, flexible timeline	5, 6% commissions
Cash offer marketplace	Comparing multiple buyers in one step	No marketplace fee
FSBO	Sellers handling their own transaction	1, 3% closing costs

Alternatives vary by market. Research current availability and fee structures independently before pursuing any option.

Opendoor and Offerpad each give you one offer. If that offer is below what you need, your only recourse is to walk away and start the process over with a different company. iBuyer.com works differently: submit your home details once and receive competing cash offers from multiple vetted buyers. You compare the numbers, choose the offer that works for you, and close in as few as 7 days. No agent commissions, no repairs required. See what competing buyers will pay for your home today.

Frequently Asked Questions