Opendoor iBuyer Program Information

Opendoor works by first determining the current market value of your home and then offering you cash to buy your home. If you choose to accept their offer, you can then decide your closing date and close on the sale within 60 days. If you prefer to list your home on the open market, Opendoor will help you do that instead.

Opendoor is the nation’s largest iBuyer and is currently buying and selling homes in the following cities: Atlanta, GA, Austin, TX, Charlotte, NC, Dallas-Fort Worth, TX, Denver, CO, Houston, TX, Jacksonville, FL, Las Vegas, NV, Los Angeles, CA, Minneapolis-St. Paul, MN, Nashille, TN, Orlando, FL, Phoenix, AZ, Portland, OR, Raleigh-Durham, NC, Riverside, CA, Sacramento, CA, Salt Lake City, UT, San Antonio, TX, Tampa, FL, and Tucson, AZ.

Opendoor was founded by two entrepreneurs, Eric Wu and Ian Wong, and is still operated by the founding duo.

It depends what Opendoor estimates your home is worth, and that estimate is based on the location, size, and age of your home, as well as comparative sales and current market conditions. To determine your home value, Opendoor uses industry data and assessment algorithms.

To get an instant idea of what an iBuyer like Opendoor would offer in cash for your home, simply enter your address in our iValuation tool.

If you’re wondering how much commission Opendoor charges, it’s roughly the same as a traditional real estate agent’s commission. Opendoor fees are currently 6.8% of the sale price of your home.

To date, Opendoor has purchased tens of thousands of homes and their annual purchase rate is expected to continue to grow as they expand into new markets across the country. In fact, they claim to receive a new inquiry for a cash offer every 60 seconds.

The scale of the Opendoor iBuyer program enables them to purchase homes in a wider price range than some of the other, smaller iBuyers. That said, Opendoor still gravitates towards single family homes that are priced between $300,000 and $600,000.

Opendoor typically responds within 24 hours with a cash offer. If they have additional questions, they might contact you for more information before providing a cash offer to buy your house.

No, as is standard in the industry, closing costs are an extra fee, just like taxes, that you are required to pay with the sale of your home.

Yes, you can negotiate with Opendoor just like you would with a traditional real estate agent.

Opendoor lets you close on the sale fast. Their average closing time is between 14 and 60 days.