The largest iBuyer in the U.S. by transaction volume and the clearest on service fees. The Cash Plus pilot narrows the discount-to-market meaningfully in three markets; the repair deduction remains the variable we watch on every deal.
Opendoor (NASDAQ: OPEN) was founded in 2014 by Eric Wu. The company is headquartered in San Francisco and currently operates in ~25 states and ~50 markets. It is one of only two active national iBuyers remaining after Zillow Offers wound down in November 2021 and RedfinNow in November 2022.
Opendoor operates two related products. The original Opendoor is a direct iBuyer: the company offers a firm price, closes in 10 to 45 days, and keeps the home. Opendoor Marketplace (Opendoor's list-with-Opendoor product) offers sellers the option to list the home retail through Opendoor as an alternative to the direct cash offer. Any "Cash Plus" figures in this review are illustrative and not a confirmed Opendoor product.
We rate Opendoor the highest of the two active national iBuyers (Zillow Offers wound down Nov 2021; RedfinNow Nov 2022) because the service fee is flat, the repair-deduction process is itemized in writing, and the inspection window protocol is predictable. None of that changes the underlying math: if your home is listable, a direct iBuyer is almost always worse than any Cash Offer Plus alternative. If it isn't listable — because of timing, distance, condition, or heirs — Opendoor is the first program to quote.
Opendoor's price to a seller decomposes into four moving parts: the algorithmic offer (the “valuation”), a flat 5% service fee, an itemized repair deduction, and any buyer credits the company requires to re-offer it on resale. On the $525,000 sample transaction, a healthy home with normal wear clears at roughly $430,500 net. A home with a $15,000 roof dispute clears meaningfully lower.
Opendoor Marketplace offers sellers an alternative path: listing the home retail through Opendoor's platform rather than selling direct. Illustrative scenarios where sellers net more through a retail-exchange layer with a waterfall true-up are for comparison only; verify current product availability directly with Opendoor.
On roughly 70% of Opendoor transactions we've reviewed, the initial valuation and the final close price differ because of the repair deduction. Opendoor's process is the most structured in the category: itemized line items, with a $2,500 minimum dispute threshold. That is meaningfully better than Offerpad, where the deduction is estimate-based and rarely itemized.
Still, this is the line that costs sellers money. Our recommendation: before signing, have a pre-listing inspection done. The repair deduction frequently overlaps with items a retail buyer would have asked for; it rarely finds new problems.
7.1 / 10. Opendoor is the best-executed iBuyer on the market and the right tool when speed and certainty actually beat optimization. If you're reading this page trying to decide between Opendoor and a Cash Offer Plus program — choose the Cash Offer Plus program. If you're reading it trying to decide between Opendoor and Offerpad, choose Opendoor. If speed isn't the binding constraint, ask Opendoor about Marketplace as well; the retail path may net more.
The cash-vs-listing calculator puts real numbers against Opendoor's offer for your home.
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