In a traditional sale, buyers often ask sellers to cover costs such as inspection fees, processing fees, transfer taxes and even agent commissions. We give you a competitive, all-cash offer based on the important factors: comparable home sales, your home’s features, and current market trends. When you sell to Opendoor, there are no staging, storage or prep costs. This includes cleaning and decluttering your home, paying storage fees for furniture you need to hide away, and any cosmetic touch-ups like fresh paint, new carpet, or updated fixtures and appliances. Paying to stage your home isn’t required, but it’s often recommended. In a traditional sale, you’ll typically need to make your home “show ready” to attract buyers. Read more: How much are closing costs for the seller? Home prep and staging You’ll see your estimated closing costs when you receive your offer. They typically range from 1% to 4% of the purchase price based on the different fees and legal requirements for each state and municipality.Ĭlosing costs are part of every home sale, including selling to Opendoor. Closing costs cover items like title insurance, escrow fees, and HOA transfer fees.

Closing costsĬlosing is the final step of selling a home when money and documents change hands in order to transfer ownership of the property to the buyer. If you disagree with our repair ask, you can cancel anytime before closing without a penalty. This way, you avoid any out-of-pocket repair expenses that you might encounter in a traditional sale.įinally, we’ll do the repair work after you move out, so you can move on your timeline. If our assessment turns up any needed repairs, we’ll ask for a credit and deduct the costs from your net proceeds. The purpose of the walkthrough is to verify the condition of your home and identify if any repairs are needed. Instead, you simply request an offer and then complete a video walkthrough – either over a video call with an Opendoor representative or through our self-guided process. When you sell to Opendoor, you don’t need to list your home to get an offer, so you don’t need to invest in repairs or get your home “show ready”. Negotiating repairs can be a headache, and the costs are difficult to predict upfront because every buyer is different. Buyers may ask you to make any repairs yourself, or they might request a credit equal to their expected costs of making the repairs. In a traditional sale, after you’ve agreed to an offer, the buyer will typically have the home inspected for any defects. When you receive an Opendoor offer, you know exactly how much your fee will be. Our current service fee is no higher than 5%, but it is subject to change. When you sell to Opendoor, instead of agent commissions, we charge a service fee that covers the cost of buying, maintaining, marketing and selling the home. According to the National Association of Realtors, 88% of buyers have an agent.

Traditional commission is 6% of the sale price, which is split between the listing agent and the buyer’s agent (3), but this can vary and is negotiable.Įven if you’re planning to save money by selling your home without an agent, you’ll likely need to pay a commission fee of about 3% to the buyer’s agent. In a traditional sale, the seller pays commission fees for both their agent (the “listing agent”) and the buyer’s agent. Service charge is subject to change, and has historically been as high as 14%. * Beginning on September 30, 2020, for new offers, Opendoor’s service charge will be no more than 5%. Less timeline control means more potential costs Avoid costs by lining up your closing dates

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