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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