Selling a house by yourself is not an easy task. Between renovations, finding a real-estate agent, open houses, and all the other headaches that come with selling your home, the process can be very emotionally and physically draining.
Luckily, there are multiple platforms out there that will help you sell your home fast.
We’ll be focusing on Homelight vs. Opendoor in this article. Keep reading to find out which platform is best for selling your home!
What is an iBuyer?
Before discussing the different home selling platforms out there, let’s talk about what an iBuyer really is.
An iBuyer is a company that makes an instant offer on your home through an online platform. iBuyer platforms provide a quicker and less involved option for busy people trying to sell their homes.
While each iBuyer platform is slightly different, the main idea of all companies is to estimate the value of your home and then make an instant offer. The offer is not set in stone, though. This offer is usually contingent upon renovations.
Additionally, many of these companies charge fees to offset their agent referral fees.
If you want your home to be sold quickly and don’t mind paying a bit more for ease of use, then an iBuyer is the perfect option for you. Let’s talk about 2 of the most popular iBuyer platforms, Homelight vs. Opendoor, in more detail.
Homelight is a completely free platform that lets you find the best real estate agents in your area.
When customers submit their home information to the Homelight website, this info is matched with the top real estate agents in the area.
You can be sure that these are in fact the top agents in the area, as these agents cannot pay to be listed on the Homelight website. The agents that appear on the site get there through “better work for clients”, and all of their recommendations are based on performance data.
Homelight is very easy to use. Let’s break down the steps.
1. Identify Your Situation
Are you buying a property or selling a property? What kind of real estate are you looking to buy or sell? When are you looking to do that? These are some of the questions you will be asked at the beginning of the process.
2. Homelight Runs the Numbers
After you enter in your contact information, Homelight runs through its database of over 2 million agents to find you the right one.
3. Review Your Matches
Once Homelight finishes scanning the data, it will provide you with 3 different real estate agents that are best suited to help you. You can read the agent’s stats and even message them directly through the message box.
4. Talk to a Homelight Concierge
In addition to seeing your matches, you will also receive an email from one of Homelight’s Concierges. They will want to set up a phone call with you to go over details and clarify your search.
Once you’ve completed each of these steps, it is time to pick your match. This service is completely free, as Homelight makes it’s commission when the agent pays their referral fees.
Homelight is a great and free option for those looking to buy or sell their homes fast.
Opendoor is an online iBuyer platform that buys and sells your home directly.
After submitting your home on Opendoor, you can expect a cash offer on your home within 24 hours. This offer is highly contingent upon renovations, though.Additionally, Opendoor’s offers are only valid after a home inspection.
Your home must be built after 1960 and have a value between $125,000 to $500,000 to qualify for Opendoor’s services.
If your home fits these guidelines and you want a quicker way to sell your home, Opendoor is a perfect solution for you.
Similarly to Homelight, you will answer a few questions about your home before you receive an offer. Here are the steps you’ll need to complete:
1. Enter Your Home Address
Opendoor only buys in specific markets, so you’ll have to enter your home address before continuing with the application.
2. Opendoor Prepares an Offer
If your home qualifies, Opendoor will then begin drafting an offer. They look at the sale prices of homes like yours and fine-tune based on your home’s specific features.
3. Review the Offer
Within 24 hours, Opendoor will provide an all-cash offer with no risk of financing fall-through. Similarly to Homelight, you will have an advisor that you can talk to about the specifics of your home.
4. Opendoor Inspects Your Home
Once you have reviewed the offer, you will schedule a date for an in-person home inspection. If any repairs are needed, they will deduct the cost of them from your offer and complete the repairs for you, no sweat.
5. Pick a Closing Date
You have full control over your selling timeline, so you don’t have to worry about overlap or moving issues.
Now that you know the details of both platforms, let’s compare them.
Homelight vs. Opendoor
While both platforms offer perks for sellers, your home may be better suited for one over the other.
If you want a more hands-off selling experience with a quick turnaround (and your house falls within these guidelines), then Opendoor is for you. While you may receive a smaller offer (after renovations and fees), you don’t have to do much of the work.
If you have more time to sell your home, don’t fit in the guidelines listed above, and/or want a larger offer on your home, then Homelight is the best option.
Selling Your House Can Be Easy
Selling a home doesn’t have to be a daunting task. When it comes to Homelight vs. Opendoor, you’re safe in either of their hands. iBuyers make the selling process easier so you can move on to the next phase of your life.
Wondering what your home’s worth in the current market? Get a free online home valuation!
If iBuyers spark your interest and you’d like to learn more about selling your home to one, check out our website and get matched with the best iBuyer for your home!