Opendoor is the largest US iBuyer: enter your address, answer questions about the home, and get a cash offer with a flexible closing date. It charges a 5% service fee, buys homes as-is after an assessment, and remains the only national player since rivals exited.
Opendoor buys houses. You enter your address on its site, answer questions about the home's condition and finishes, and get a preliminary cash offer — no listing, no showings, no waiting for a buyer's financing to clear. Founded in 2014, it effectively invented the iBuyer category, and after Zillow Offers shut down in 2021 and RedfinNow followed in 2022, it's the only national company still doing this at scale.
The model is pricing at volume: Opendoor's algorithms, with human review layered on top, estimate what your home will resell for, and the company offers you that minus its costs and margin. It charges a 5% service fee, deducts repair costs identified during an assessment (often done by video walkthrough), and lets you pick a closing date that fits your move. The company operates across most of the US and, after years of heavy losses, has been signing hundreds of purchase contracts a week in 2026 under CEO Kaz Nejatian, with management targeting profitability by the end of the year.
The preliminary offer arrives quickly, sometimes within a day. If you continue, Opendoor assesses the home's condition and returns a final offer with any repair deductions itemized — you can accept, negotiate the repair list, or walk away free. Accept, and you choose a closing date weeks or months out, sign, and get wired the proceeds. There's no financing contingency to fall through, which is the entire point: certainty and speed in exchange for price.
Opendoor also resells the homes it buys, so buyers can tour its inventory with app-based self-guided access, and sellers who want to test the open market can list with a partner agent while keeping the cash offer as a backup.
People whose timeline is worth money: relocating for a job, closing an estate, splitting assets in a divorce, or buying their next home contingent on selling this one. If your house is in decent shape in a mainstream suburban market — the homes Opendoor prices most confidently — the offer will be at its most competitive. Unusual, luxury, or poor-condition homes tend to get lowball offers or none at all.
We think Opendoor is the real thing for the job it does: the offers are legitimate, closings happen on schedule, and the convenience is not hype — skipping a month of showings while living in the house is worth actual money to plenty of sellers. Surviving the shakeout that killed Zillow Offers and RedfinNow also says something about its pricing discipline; it's the one iBuyer whose model didn't blow up.
But be clear-eyed about the math. Between the 5% fee, repair deductions, and an offer calibrated below likely resale value, sellers typically net meaningfully less than a well-executed traditional listing — commonly several percent of the sale price, which on a $400,000 home is real money. The repair-credit stage is the sore spot in reviews we've read: the deductions arrive after you're mentally committed, and they're negotiable but opaque. Our advice: get the Opendoor offer, get a listing agent's honest net-proceeds estimate, and pay for convenience only once you know its price.
