Selling your home to Opendoor is worth it for people looking for a more convenient sale rather than higher profits. The following pros and cons of using Opendoor will indicate if working with Opendoor is the right decision for you.
One thing you must understand when selling to Opendoor or any iBuyer company is that they are a business and are looking for profit. This means they have to buy your home for as little as possible.
This is unlike a Real Estate Agent whose goal is to secure you the highest price possible when selling your home. The Real Estate Agent does take a fee though the best Agents usually will net you a price far higher than their commission, making the return on investment more than worth it.
Opendoor charges a 7.5% fee for their services, at a minimum. Just to put that into perspective, a standard Real Estate Agent typically only charges a commision fee of 6%. There is also a disclaimer on Opendoor's website that states fees can vary from 6% to 14%, which is quite substantial. They base their fee off of how long it will take to sell your home, the comparable homes for sale in your area, and your home's features.