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Comparison

FLYP vs. Opendoor — how much equity is the iBuyer keeping?

Short answer: Opendoor is the largest iBuyer in the United States — an "instant buyer" that uses an algorithm to make a same-day cash offer on your home. They typically offer 85–92% of fair market value, then add a 5–13% service fee on top. After repair credits and closing costs, most sellers net 70–80¢ on the dollar. FLYP runs the same kind of light renovation Opendoor would do — but the homeowner stays on title and keeps the upside. On a typical Pacific Northwest home, FLYP nets the seller $100K–$200K more than an Opendoor offer.
Choose FLYP when…
  • You want to maximize sale price and have 8-14 weeks for the process.
  • The home needs cosmetic or value-add work to hit top-of-market.
  • You'd rather keep the renovation profit than hand it to an iBuyer.
Choose Opendoor when…
  • Speed matters more than dollars — must close in 14-30 days.
  • Home is severely distressed and needs structural work FLYP can't underwrite.
  • You're an estate or relocation case where convenience is worth the cost.

Side-by-side comparison

FLYP
Opendoor
Offer relative to fair market value
100% — listed on open market post-renovation
60-75% of FMV typical
Service fee
Renovation cost only, paid at closing
5-13% iBuyer service fee
Repair credits / deductions
Renovation handled before listing
Often deducted from offer
Close timeline
8-14 weeks total
10-60 days
Showings required
Yes, after renovation
None
Typical net to seller (PNW $500K home)
~$495K after renovation cost
~$310K-$340K after iBuyer fees
Out of pocket from homeowner
$0
$0
Risk if home doesn't sell
$0 owed
Sold the day Opendoor accepted — not applicable
The bottom line

Opendoor's offer is the easy answer, not the best answer. The convenience premium they charge — sometimes $150K-$200K on a Pacific Northwest home — is exactly the renovation upside FLYP captures and returns to the homeowner. Choose Opendoor when speed truly is the constraint. For everyone else, FLYP is the better trade.

Frequently asked questions

Why do iBuyers offer so much less than market value?

iBuyers run a flipping business. They buy at a discount, do the same kind of cosmetic renovation FLYP does, and resell at full market value. The discount is their profit margin and their risk premium. The renovation upside they capture is the upside FLYP returns to the homeowner.

How does FLYP's net compare to Opendoor on a typical home?

On a Pacific Northwest home appraised at ~$485K as-is, the typical Opendoor offer is around $340K. After Opendoor service fees and repair credits, the homeowner nets roughly $310K. The same home renovated through FLYP and listed often sells for $620K, netting the homeowner roughly $495K after renovation cost and standard closing costs. The delta is around $185K.

What if I need to close fast and can't wait 8-14 weeks?

Then Opendoor is genuinely the right answer. FLYP's structure requires 4-8 weeks of renovation plus listing time. If your situation requires closing in under 30 days, take the iBuyer offer.

Does Opendoor still operate in Washington?

iBuyer operations have contracted significantly across markets in recent years. Verify current Opendoor coverage in your market before assuming an offer is available. FLYP operates throughout Washington state.

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