FlipSplit vs OpenDoor: How Do They Compare?

Reviewed by: Brandon Brown

When you’re preparing to sell your house and put it on the market, there’s a lot to consider. There are the repairs—maybe we should redo the cracked shower tiling first. There are the renovations—this kitchen window could use an upgrade to bring in more light. And naturally, there are the realtors, the staging, and the rest of the leg work.

What if you could skip all this (even the realtors) and sell your home as-is for cash quickly?

Enter FlipSplit and OpenDoor—two quick-turnaround, cash-offer companies that allow homeowners to bypass the traditional selling avenues.

If you’re ready to speed up the closing process, let’s compare these two options in terms of:

• Offers

• Home inspections

• Fees

• Home condition & renovations

• Profits

For a similar comparison between FlipSplit vs. Sundae, make sure to check out our blog to see how these two partners differentiate.

Part 1: Comparing the Offers

Fast cash is one of the biggest draws for homeowners when it comes to iBuyer services. Unlike the traditional real estate market where you put your home up for sale and wait for potential buyers to come to you, buyer services like FlipSplit and OpenDoor let you sell your home as-is directly to them. 

Here’s how their offering process works:

• FlipSplit – Easily request an offer online by providing basic property details, including the number of bedrooms and bathrooms, year build, and condition. After providing photos or videos or an in-person walkthrough, you’ll receive a fast, fair offer in 24 hours.

• OpenDoor – The offer request process for OpenDoor is similar to FlipSplit, except you receive a preliminary offer in 48 hours and then send a video walkthrough to confirm your home’s condition after you accept the offer. 

Part 2: Comparing the Home Inspections

Selling your home through the traditional retail market usually includes a thorough home inspection, allowing the potential buyers to contractually request repairs or back out of a sale if any glaring structural issues are brought to light. Here’s how going through an iBuyer handles inspections differently: 

• FlipSplit – The post-offer inspection process is used to confirm the disclosed home condition. From homes that would be categorized as an extreme home makeover (aka a fixer-upper) to homes that simply need a few cosmetic touch-ups—the inspection ensures you’re receiving a fair price for your home. 

• OpenDoor – After you accept an offer from OpenDoor, they’ll conduct a home inspection to assess any necessary repairs required for resale. OpenDoor can deduct the estimated cost from your initial offer if they deem it worse than they originally suspected. 

Part 3: Comparing the Fees

Home buying and selling often comes with hidden fees, from commissions and inspections to closing costs and buyer clauses. How does the iBuyer market stack up when it comes to sneaking in extra percentages? 

• FlipSplit – With FlipSplit, there are no hidden fees. Put simply, what you see is what you get. Transparency is key when it comes to the home-selling process, that means a fair, all-inclusive price that is wired to you within days of the sale. 

• OpenDoor – OpenDoor operates on a fee-based model, charging an average of 5-8% of your sale offer, depending on the market and area. They’ll also deduct an estimate for potential renovations that need to be done to make the home sellable. 

 

Part 4: Comparing the Home Condition & Renovations

If you don’t want to deal with that leaky faucet you’ve been meaning to fix for the last five years, that’s okay. You can skip the mounting list of home repairs that need to be addressed before your house hits the market and sell your home as-is. 

So, how much work is too much work when it comes to the condition of your home?

• FlipSplit – As professional house flippers with over 20 years of experience, FlipSplit will tackle even the most dilapidated or out-of-date homes. As the seller, you’ll receive a fully transparent breakdown of estimated upgrades and repairs alongside the projected post-renovation sale price. You’ll also be informed of the final renovation costs once the project is complete. 

• OpenDoor – OpenDoor is pickier with the homes they will purchase, and their requirements vary by market and location. They’ll make upgrades necessary for safety and structural integrity, but don’t typically take on major overhauls of a property. 

Part 5: Comparing the Profits

In real estate transactions, it’s important for both parties to come out of the deal feeling happy about the process. How do both the seller and buyer benefit from the home sale? 

• FlipSplit – FlipSplit gives the seller a fair market cash value that factors in renovations and resale, with a target sale price included in the initial purchase offer. Any excess profits are split 50/50 with you, the seller. The potential profit –split is an extra post-sale bonus for you without having to do any of the tedious work. 

• OpenDoor – OpenDoor operates on a fee-based profit model, so they recoup their costs by charging a fee plus any renovation costs, as well as pocketing any profits from the resale of the home. They do not include any post-sale profit sharing, so once you sell your home, the cash price minus fees is what you get. 

 

Sell Your Home Fast And Fair With FlipSplit

At FlipSplit, we buy houses in California. We’re committed to full transparency from start to finish, so you get the highest value for your home and the potential for a post-renovation profit split after the final sale. No extra fees, no fine print, just a commitment to do right by the homeowner in a mutually beneficial way. 

FlipSplit is also here to help you out with any potential questions that may arise in the home selling process, so whether you’re wondering why your house isn’t selling, what the differences between under contract vs. pending are, or what the US housing market forecast looks like, FlipSplit is here for you.

Do you have plans for downsizing, upsizing, or moving cross-country? If you’re ready to sell your home with minimal hassle and maximum potential, reach out and request an offer to get the wheels moving on your next move. 

Sources: 

1. Frequently Asked Questions. Open Door. https://www.opendoor.com/w/faq
2. Pergula. FlipSplit: The New Win-Win Way To Sell Your House For Cash. https://purgula.com/real-estate/flipsplit-all-cash-offers/