Open Door is a private company that specializes in iBuying. If you are a homeowner, companies like Open Door will purchase your home and they can offer a quick closing.
What is the catch?
iBuying comes at a price. iBuying companies are not charities; they need to make money. Due to that, iBuying companies will purchase your home at a discount. Although sellers might benefit from a shorter closing, sellers are leaving money on the table. If you do not list your property, you will never know what the true market value is.
Another downside to iBuying are the higher fees. When you list your home, your Realtor will charge you a commission. This is negotiable, but most commissions are between 5-6%. According to a study by Collateral Analytics, iBuying sellers pay 13-15% more in fees in than sellers who traditionally list their home. Ouch...
Technology has improved the real estate industry. However, iBuying does not factor in the human element to buying and selling a home. This primary means having an experienced Realtor you can trust.