Offerpad vs. Opendoor – How Do They Compare?
Do you want to spend these warm summer days trying to sell your home? Or did you score the job of your dreams and now need to sell your home lightning fast?
Isn’t there a better way to sell?
It is 2021; shouldn’t we be able to do it all online? Well, the good news is you have options!
iBuyers came onto the real estate scene in 2017. They are high-tech start-ups that use technology to make an offer on your home immediately! It is like selling your home the “smart way” with no staging, photos, or pesky open houses required!
With iBuyer.com, you can sell your home in as little as 24 hours. This website is a fantastic tool that accesses data from local and national iBuyers. You can get an accurate estimated value for your home in less than a minute. All you need to do is input your address, and iBuyer.com takes care of the rest.
Two of the largest iBuyer companies are Offerpad and Opendoor. How do you know if you should be using Opendoor or Offerpad?
Don’t worry; we will make it even easier for you by comparing Offerpad vs. Opendoor right now. You will be well on your way to making the sale of your dreams!
Offerpad
So what is Offerpad, and how does it work? Offerpad is a large iBuyer in Chandler, Arizona but operates in these cities nationwide. It is the second-largest instant buyer company in the nation! Offerpad also sells homes in various locations nationwide.
Offerpad works by utilizing industry data along with an automated algorithm. The combination of these factors decides the value of your home and makes you an offer instantly. They use data from recently listed and sold homes to calculate what your home is actually worth.
Offerpad will usually buy homes built after 1960, with an average value of less than $600,000 and less than one acre of land.
Some benefits of Offerpad include:
- Competitive pricing.
- Pays cash for your home in certain cities.
- Typically a cash offer is made in 24 hours in most cases.
- You can negotiate their offer, and they will make a second evaluation.
- Will purchase single-family homes, including townhomes and condos.
- Will sometimes purchase homes up to $1M, depending on the market.
- Offerpad will work with you even if your home is listed with an agent.
What fees does Offerpad charge?
- The fees for Offerpad range from 6% to 10% of your sale price.
- Offerpad fees exclude other costs with selling your home, such as taxes or commission for a buyer’s agent.
- Offerpad does not pay closing costs, as these vary by location.
- You are responsible for all title, insurance, escrow, and closing fees.
Other Important Information to Know!
- Free local moves are valid for 90 days after your home is purchased.
- The move must be local, within a 50-mile radius.
- Some services are not included, like packing materials, furniture disassembly, and moving live plants.
- Offerpad offers an option to close in just 24 hours, depending on your location.
- There is also an extended stay option where you can stay for 90 days.
- You have 48 hours to accept an offer for your home before it expires.
Opendoor
Opendoor is the largest iBuyer in the nation and largely built the iBuyer model as we know it today. Opendoor started in 2014 to solve the problem of TIME when it comes to buying a home.
Opendoor buys and sells homes and operates in cities nationwide, such as Atlanta, Austin, and Charlotte. You can look here to find out if the city you live in is included!
Opendoor will estimate your home is worth based on the location, age of your home, size, market conditions, and recent sales in your area.
Some benefits of Opendoor include:
- Opendoor will purchase single-family homes and townhomes. They will also purchase condos or duplexes in certain markets.
- You can get a cash offer.
- The maximum lot size is two acres.
- Opendoor will buy homes built after 1930.
- You can choose your own closing date.
- Opendoor will buy homes as high as $1.4M, but the usual range is between $100,00 to $600,000.
- If you list your house with Opendoor, you will pay one percent less than you would normally. Not to mention they will advance you $10,000 interest-free to make valuable upgrades.
What fees does Opendoor charge?
- Opendoor charges a five percent service charge of your sales price.
- There is a one percent fee charged for closing costs
- Opendoor will assess your home and give you an estimate of the cost of any repairs. You can deduct these costs from your total proceeds, and Opendoor will take care of all that work for you.
Other Information to Know!
- Opendoor also offers 15, 20, and 30-year fixed home loans.
- Refinancing is available.
- The average closing time takes between 14 and 60 days.
- You can negotiate the offer!
- Closing on time is guaranteed; otherwise, you get paid $100 a day towards your closing costs!
- No lender fees.
- You can also buy a home with Opendoor using a cash-backed offer.
Choosing Offerpad vs. Opendoor
Now that you better understand the Offerpad vs. Opendoor differences, you can get down to work and decide for yourself! Which one will it be?
Selling a house is usually a complicated process, but iBuyer.com makes this so much easier. In just a matter of minutes, you can have estimates for your home from iBuyers nationwide!
iBuyer.com is as hassle-free as buying a home can get and well worth looking into when you need to sell your home in a flash.
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