Frequently Asked Questions
General FAQ
- There is no fee to join Exclusives, and no requirement that you’ve transacted with Opendoor in the past. All you need to do is join our email list, which you can do here. If you would like to sell your home through Exclusives, there’s no obligation to sell and you only pay a commission if your home is successfully sold.
Buying an Opendoor-Owned Exclusive
General FAQ
Opendoor-Owned Exclusives are homes owned by Opendoor that are offered exclusively to our customers for up to 14 days before we list them to the public. We have heard from our customers how hard it can be to purchase a home, and how stressful the process can be, so we decided to build something better.
We give our customers the opportunity to purchase these homes before anyone else and make the purchasing process simple and streamlined.
We’ve streamlined the process of purchasing an Opendoor-Owned Exclusive into 6 easy steps:
1. Tour the home
Any Opendoor-Owned Exclusive displaying the “Self tour instantly” button is open for self-tours 8am-7pm local time any day of the week. When you arrive at the home, you can either follow the instructions on the door or call (855) 476-0049 and we’ll give you access.2. Set up and sign your contract
Each Opendoor-Owned Exclusive has a no-haggle price, so you don’t have to agonize over what to offer or whether you’ll lose out to another buyer paying cash. We take a first-come, first-served approach—the first person to sign a contract will be under contract to purchase the home, no matter how you choose to finance the purchase. If you’d like to move forward with a contract, visit the property page for that Exclusive and click Buy. We’ll ask you for some information needed to generate a contract, and then we’ll send over a contract via email for you to sign. You’ll have 48 hours to sign the contract—during that time, the home will be reserved for you and nobody else will be able to purchase it. We use the standard real estate contract most commonly used by real estate agents in your state.3. Submit your earnest money deposit
After signing the contract, you’ll have 5 calendar days to submit your earnest money deposit. The deposit is set at 1% of the purchase price. We’ll send you full details on how to submit the earnest money deposit once you sign your contract. There is no option/due diligence fee required on Opendoor Exclusives.
With Opendoor-Owned Exclusives, you can back out of the purchase any time until closing and for any reason, and receive a full refund of your earnest money deposit.4. Submit your pre-approval letter
If you plan to finance the purchase of your Opendoor-Owned Exclusive, you’ll have 5 calendar days after signing the contract to submit your pre-approval letter. Your pre-approval must reflect credit verification.
If you decide to purchase the home with cash, you’ll need to submit proof of funds (e.g., a bank statement) within 5 calendar days of signing the contract.
If your purchase of an Opendoor-Owned Exclusive is contingent on the sale of another home, the home you’re planning to sell must already be in contract and any contingency periods must end no later than 5 days after the contract for the Exclusives home is signed. We’ll send you full details on how to submit these materials once you sign your contract for the Opendoor-Owned Exclusives home.5. Schedule inspections and finalize details with your lender
We encourage you to schedule a full home inspection so that you can feel comfortable with your purchase. We will work with your inspector to give them access to the home—just give us their details and desired inspection time, and we'll do the rest.
If you're financing the home purchase, you'll also work with your lender to finalize your loan. As part of that process, your lender will typically order an appraisal, which is an independent valuation of the home. One of the benefits of buying an Opendoor Exclusive is that it comes with an Appraisal Price Match Guarantee®.6. Close and get the keys!
You control your closing timeline—you can choose any close date, up to 35 days after signing the contract. You can also reschedule your close date without any penalties within that 35-day period if something unexpected comes up. If you love a home but are unable to close within a 35-day period, please give us a call to discuss your options.With Opendoor-Owned Exclusives, we went back to the drawing board to design a purchasing experience that’s simple, certain, streamlined and that puts you in control.
Here are some of the differences —1. No bidding wars. The price you see is the price you pay
Each Opendoor-Owned Exclusive has a transparent, no-haggle price. If you like a home, you can be under contract in a few clicks and without worrying about losing out to a higher bid.2. Opendoor-Owned Exclusives feature preferred pricing
We offer you exclusive pricing when you purchase an Opendoor-Owned Exclusives home. The Exclusives price is lower than the future public list price.3. Choose your own close date and how you want to pay
With Opendoor-Owned Exclusives, there is no advantage to paying with cash or closing sooner. We put all buyers on equal footing. You can use any lender and choose any close date up to 35 days out from signing the contract.4. Appraisal Price Match Guarantee
Buy with peace of mind. When you buy an Opendoor-Owned Exclusive, if the home appraises for less than the Exclusives price, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee®.5. Back out anytime and get a full refund of your earnest money deposit
If you change your mind at any point in the process before closing, you can back out with zero penalties. We want you to feel great about the purchase of your next home.6. Flexible self-tour schedule
Any Opendoor-Owned Exclusive displaying the “Self tour instantly” button is open for self-tours 8am-7pm local time any day of the week. When you arrive at the home, you can either follow the instructions on the door or call (855) 476-0049 and we’ll give you access.These are some of the differences—but other things haven’t changed! There are things we know you rely on to feel confident in a home purchase, and we’ve kept these consistent with a typical real estate transaction.
1. We use the real estate contract used by most local agents.
This is the same contract typically used for home purchases in state.2. You’ll have the ability to order a full inspection of the home.
We encourage you to schedule a full home inspection with a licensed inspector so you can feel comfortable with and informed about your purchase. You’re welcome to use an inspector of your choice, or you can contact us for a list of local options.Once the Exclusive period ends, the home is listed to the public, with a higher list price. You’ll still be able to buy it, but it will be publicly listed and exposed to more competition.
More details on the buying process
We release new homes daily. You can sign up to our email list to have new Exclusives delivered directly to your inbox.
By saving or subscribing to email updates for a home, you’ll be notified as soon as it becomes available to purchase. You’ll also be able to see a list of these homes under “Your homes” when you’re logged in to our website.
Any Opendoor-Owned Exclusive displaying the “Self tour instantly” button is open for self-tours 8am-7pm local time any day of the week. When you arrive at the home, you can either follow the instructions on the door or call (855) 476-0049 and we’ll give you access.
You can choose to buy any Opendoor Exclusive either with or without an agent.
If you choose to work with Opendoor directly, you’ll have access to our team via phone, email, text and chat 7 days a week from 8am-7pm local time. Contact us at (512) 706-9938, via email at [email protected], or via chat from our website.
If you choose to work with an agent, Opendoor will cover any commission you have agreed to pay your agent, up to 3% of the purchase price.
We use the official real estate contract adopted by the state Real Estate Commission or Bar Association. Setting up your contract is easy—just give us some details like your full name and when you want to close, and we’ll send over a contract you can sign electronically.
- You’ll need the following information to set up a contract:
- Every buyer/co-signer’s full name, email, and phone number
- Financing type
- Down payment amount
- Requested closing date (14-35 days out)
If working with an agent:- Agent’s full name, email phone number, license number/MLS ID
- The amount being paid to cover agent commissions
If you plan to finance the purchase of the home, you’ll have 5 days after signing the contract to submit your pre-approval letter. Your pre-approval must reflect credit verification.
If you decide to purchase the home with cash, you’ll have 5 days to submit proof of funds (e.g., a bank statement).
Some, but not all Opendoor-owned homes can be purchased using an FHA loan due to an FHA rule that requires the home to be owned by the seller for more than 90 days. If you need assistance choosing a different type of loan to finance your home purchase, please contact us for a referral or discuss with your lender.
Yes, you can use a VA loan to buy an Opendoor-Owned Exclusive!
We encourage buyers to order an inspection of the home by a licensed home inspector to evaluate the condition of the home. You should schedule the inspection early in the process (typically within the first few days after signing the contract). You are welcome to choose the inspection company of your choice.
If there is anything in your inspection report that gives you concerns about moving forward, please call us at (512) 706-9938.
Pricing and Perks
Opendoor-Owned Exclusives are offered at a transparent, no-haggle price—the price you see is the price you pay. To give you confidence in our pricing, we offer an Appraisal Price Match Guarantee®.
Opendoor owns Opendoor-Owned Exclusives, and we can avoid costs when we sell it before we list on the MLS.
Someone else may buy the home before then! Also, when you purchase an Opendoor-Owned Exclusive you get access to unique features like preferred pricing, our Appraisal Price Match Guarantee®, and the ability to back out anytime until closing without penalties.
When you buy an Opendoor-Owned Exclusive, if the home appraises for less than Exclusives price, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee®.
If you are financing the purchase of an Opendoor-Owned Exclusive and the appraised price of the property is lower than the Exclusives price, we will reduce the purchase price to the appraised price, up to a maximum purchase price reduction of $50,000, so long as: (a) your lender is a duly licensed residential mortgage lender, (b) you provide us with an appraisal for the property from your lender that is dated no earlier than the executed date of the purchase contract, and (c) your lender used an independent, licensed appraiser retained through an appraisal management company to generate the appraisal.
The Guarantee applies to the original Exclusive price, as shown on our website. If you choose to increase the price to finance some or all of your closing costs, the Guarantee would apply to the Exclusive price but not to the closing costs added.
If your purchase of an Opendoor-Owned Exclusives home is contingent on the sale of another home, the home you’re planning to sell must already be in contract and any contingency periods must end no later than 5 days after the purchase contract for the Exclusives home has been signed. We ask you to supply us with documentary proof of this (e.g., a purchase agreement with all relevant addendums) within 5 days after the purchase contract for the Exclusives home has been signed.
We’ll send you full details on how to submit these materials once you sign your purchase contract.
When you buy an Opendoor-Owned Exclusive, we want to give you the freedom and flexibility to make sure you’re making the best decision for you. If you change your mind at any point before closing, you can cancel and receive a full refund of your earnest money deposit. Just contact us to let us know, and we’ll take things from there.
If you choose to work with an agent, Opendoor will cover any commission you have agreed to pay your agent, up to 3% of the purchase price.
- You're welcome to finance your purchase with any lender, but let us know if you'd like to finance with Lower.com. As an Opendoor user, you may be eligible for a lender incentive when you finance with Lower.com.
In addition to homes you can’t find anywhere else, Opendoor Exclusives features homes owned by Opendoor which are publicly listed, and you can purchase from us directly. While you don’t have early access to these homes, there are still a number of great reasons to purchase them on Exclusives.
- When you directly purchase a publicly listed home owned by Opendoor via Exclusives, you get these same Exclusives benefits:
- If you choose to work with an agent and pay our no-haggle price, Opendoor will cover any commission you have agreed to pay your agent, up to 3% of the purchase price.
- No bidding wars with our transparent, no-haggle price
- Appraisal Price Match Guarantee®
- Choose your own close date up to 35 days out from signing contract
- Back out anytime without penalty
- Flexible self-tours
You’ll have access to our team via phone, email, text and chat 7 days a week from 8am-7pm local time. Contact us at (512) 706-9938, via email at [email protected], or via chat from our website.
- If you prefer to make an offer at a different price or terms, your agent can also submit an offer at opendoor.com/make-offer (but you won’t receive the above Exclusives benefits).
- Since these homes are publicly listed, you don’t get the same early access advantages.
- There is no 48 hour reservation period, the first buyer to sign the contract wins.
Buying a Exclusive owned by a private seller
Some homes on our website are not owned by Opendoor. For these homes we collect offers from buyers for a limited period of time and present them to the seller.
- You can request a tour by calling our team at (512) 706-9938 or by clicking “Request a tour” on the property description page on our website. In some cases, you can instantly reserve a touring slot. If you don’t have an agent, or if your agent isn’t available, one of our touring assistants can let you inside.
- Tour the home and decide to make it yours.
- Start an offer. You’ll see a range of suggested offer prices on the property detail page. Our team is available at (512) 706-9938 to help you submit your offer. The seller can choose to accept, deny, or counter your offer. If needed, you and the seller can negotiate. We’ll handle all the paperwork, which will take the form of a standard contract. You’ll also have access to one of our teammates to help explain each step of the process.
- Buyers typically request an Option/Due Diligence period. During this period, we encourage you to hire a licensed home inspector to evaluate the condition of the home. If there is anything that makes you uncomfortable, you can negotiate any repairs or credits to address those issues with the seller. If you decide to cancel the transaction within the Option/Due Diligence Period, you can do so and your earnest money will be refunded.
- You can also request a 21 day financing contingency period, during which you will have the opportunity to finalize your financing with a lender of your choice. If for some reason you are unable to obtain financing, you can cancel the transaction without penalty as long as you do so within 21 days and provide documentation from your lender.
- To help you feel more secure in your purchase, we offer an Appraisal Price Match Guarantee®.
Have any questions? Call us at (512) 706-9938 and we’d be happy to answer them.Click “Request a tour” on the property detail page. This will give you the option to instantly reserve a spot in any pre-scheduled Open Houses, or to request a new time.
If you’re requesting a new time, we recommend you select at least three time slots so there’s a greater chance of the seller being able to accommodate you. To give us time to contact the seller and schedule your showing, we require at least 2-4 hours notice for most new tours.
We’ll send you reminders leading up to the tour. If you don’t have an agent, or they aren’t available, we can send a tour assistant to let you into the home.
If you have any questions or would like to cancel your tour, please contact us at (512) 706-9938
If you are financing the purchase of the property, and the appraised price of the property is lower than the purchase price, Opendoor will cover the gap up to $50,000. This benefit applies so long as: (a) your lender is a duly licensed residential mortgage lender, (b) you provide the seller with an appraisal for the property from your lender that is dated no earlier than the executed date of the purchase contract, and (c) your lender used an independent, licensed appraiser retained through an appraisal management company to generate the appraisal.
You can choose to work with or without an agent. If you choose to work with us directly, you’ll have access to our team via phone, email, text and chat 7 days a week from 7am-7pm Central time, 8am-8pm Eastern time. Contact us at (512) 706-9938, email us at [email protected], or via chat from our website
If you choose to work with an agent, Opendoor will cover any commission you have agreed to pay your agent, up to 3% of the purchase price.
It’s up to you and the seller to determine a closing date that works for both parties. If you’re planning to finance the purchase of your home, your lender will typically need at least 25-30 days to close.
If you are planning to finance your purchase, we will ask you to submit a pre-approval letter (that reflects credit verification). If you are planning to purchase the home with cash, we will ask you to provide proof of funds.
We provide a range of suggested offer prices on the property detail page, with an associated offer strength rating. A “good” or “great” offer is more likely to be accepted by the seller, but we will present offers at any point in the range.
Sellers can accept, reject or counter any offer you submit. The stronger your offer, the more likely a seller is to accept it.