Opendoor: What to Know

Opendoor, which pioneered iBuying in 2014 and is the largest iBuyer, buys and sells homes in more than 50 markets and charges a 5% selling fee.
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Opendoor, the largest iBuyer in the United States by volume, uses technology to help people buy and sell their homes quickly for cash.

Founded in 2014, Opendoor introduced the world to iBuying when it bought its first home. In the second quarter of 2022, the company says, it purchased 14,135 homes.

Opendoor debuted its services in Phoenix and now operates in more than 50 markets in two dozen states, including Florida, Texas, Nevada and North Carolina.

What is Opendoor?

Officially known as Opendoor Technologies Inc., the company offers a suite of services that allows customers to quickly buy, sell or “trade in” their homes, including:

  • Selling a home directly to Opendoor.

  • Listing a home with Opendoor.

  • Purchasing a home owned by Opendoor.

  • Buying any home available for sale (not just on Opendoor).

To streamline the home buying and selling process, Opendoor also provides these services:

  • Opendoor Home Loans: Helps customers with financing to buy a home or refinance a mortgage; it boasts no lender fees and a credit of up to $1,000 toward closing. (The $1,000 incentive is not available in all states.)

  • Opendoor Cash-Backed Offers: Allows buyers to compete in hot housing markets by backing their offers with cash.

  • Opendoor Complete: Lets people who want to buy and sell a home at the same time manage the entire process from beginning to end on one platform and in a single transaction.

  • Streamlined digital transactions: Opendoor’s subsidiary OS National simplifies the closing process by providing fully digital title and escrow services.

Opendoor’s full array of services isn’t available in every state; here are the areas it serves.

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5.0

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620

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on NBKC

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on Rocket Mortgage

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5.0

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Min. credit score 
580

Min. down payment 
3.5%

Check Rate

on Rocket Mortgage

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on Better

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4.5

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Better - PURCHASE logo

4.5

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Min. credit score 
620

Min. down payment 
3%

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on Better