If you’ve thought about listing your home, you don’t have to do it the traditional way with a realtor. Opendoor has helped over 25,000 people sell their house or find their new house. Redfin Now will pay for your home inspection. By looking into Opendoor vs Redfin Now, you could be out of your home and into something new in no time.
Learn more about how these two services compare. You’ll be able to see which one is right for your needs.
Opendoor vs Redfin Now
When it comes to selling your home, both services offer something similar but very different. Depending on the time frame, fees, and if your home needs any repairs, this can all factor into the amount their willing to offer you.
Redfin Now has been around for over 18 years, and Opendoor has been around for seven years. Redfin Now specifically offers two different kinds of real estate services.
You can get an offer directly from Redfin Now, or you can choose to list your house with them. They’re a known broker, and your home will be placed on the MLS listing, where you’ll receive more views.
MLS is the popular website to which all realtors have access, and they can see all the homes listed for sale in a particular area. This is the fastest and easiest way to get your home some attention.
Moving back to Opendoor, this service only offers you an amount for your home. They send an inspector to come and look at your home so they can give you an offer. If your home needs any repairs, they’ll decrease their offer.
The only way potential buyers see your home is if they are using the Opendoor app. They do not have access to the MLS feature.
Home Seller Proceeds
Depending upon which service you use, you could be getting a little or a lot for your home. This is changing the real estate industry. Many services like this charge you fees for everything, but you can compare their offers to get the best deal.
Opendoor charges you all of your closing costs. There is no room for negotiation here. They then charge you another fee based on the value of your home. This varies from 8-13% of your home’s value.
For example, if your home is worth $130,000, you could be charged $8,000 as a fee. That’s 8% of your home’s value. On the other hand, if your home is worth $1,000,000, then you’re going to lose around $130,000 in fees.
Redfin Now works a little differently when it comes to getting a fair price. If you use their listing service, you’re going to pay a commission fee which starts at 1.5% of your home’s selling price.
After that, you’ll be paying around 3% to your buyer’s agent. This percentage amount also fluctuates depending on the value and how fast you’re going to sell.
Once your house is listed on MLS, Redfin Now subcontracts out to other agents to set up showings and interactions with potential buyers. The downside of this is that you are never going to work with the same person. You could interact with up to three different assistants.
If you choose to get a direct cash offer from Redfin Now, you’re going to pay around 7% in fees. This is similar to the way Opendoor sends you an offer, too.
When you request a cash offer from Opendoor, you’re going to receive the offer in your email inbox within 24 hours. In this process, you’re going to disclose the age of items in your home like the flooring, cabinets, and appliances.
If you decide to accept the offer, they will send someone to your home to look closer at the condition. If they find any needed repairs, they will estimate the cost and then subtract that from your offer.
Redfin Now can give you a cash offer, but this is going to take a few days. You have the option to upload some photos to show the value of your home.
After you receive your offer, a representative will give you a call to get your opinion. You have up to five days to decide if this is something you want to proceed with.
When using Opendoor, you have about 14-45 days to close on the house. You’re able to choose how much time you need. The closing costs that you’ll have to pay are about 2.5% of the sale of the house.
You’ll need to put money into an account for closing, and then your home will be appraised, and a repair list is populated (if you need any). You then confirm the repairs and then close on the home.
If you choose Redfin Now, your closing process can take 40-50 days to complete. You’ll need to make a “Good Faith Deposit,” which is about 1-3% of the sale of the house. This is used toward the closing costs.
Like normally selling a home, there will be an inspection and an appraisal. There is then the title and financing part and a final walk-through. Redfin Now is very similar to the normal home buying and selling process, like working with a realtor.
Opendoor and Redfin Now are only available in certain areas. Unfortunately, you can’t use these features just anywhere in the US.
Redfin Now is available in one city in Arizona, six cities in California, four cities in Texas, and in Seattle, Washington. Opendoor can be found in 31 cities all across the United States.
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Whether you’re looking to buy or sell your home, you can look to Opendoor vs Redfin Now for all your buying and selling needs. You can qualify for a discount if you sell and purchase your home through one company.
These iBuyers could help you buy or sell your home in as little as 60 days.