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.
Buying an Opendoor-Owned Exclusive
General FAQ
Opendoor-Owned Exclusives are homes owned by Opendoor that are offered exclusively to our customers for 14 days before we list them to the public. We have heard from our customers how hard it can be to purchase a home in this market environment, and how stressful the process can be, so we decided to build something better.
We can give our customers an 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-8pm local time any day of the week. Just call us at (855) 476-0049, complete a short verification process, and we’ll give you access to the home. You can complete the process when you arrive at the home or up to 24 hours in advance.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 locked for you and nobody else will be able to purchase it. If you and all co-signers sign the contract within the allotted time window, we’ll continue to lock this home for you while we review your information, after which we will contact you with next steps. We use the real estate contract adopted by the Texas Real Estate Commission, which is the same contract you will often see used in Texas.3. Submit your earnest money deposit
After signing the contract, you’ll have 5 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 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 submit your pre-approval letter to us within 5 days of a fully signed contract. Your pre-approval must reflect credit verification.
If you decide to purchase the home with cash, you’ll submit proof of funds (e.g., a bank statement) within 5 days of a fully signed 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 to sell. Additionally, any contingency periods for the sale of your previous property must end no later than 5 days after the contract for the Exclusives home is fully signed. You’ll supply us with a purchase agreement or other proof within 5 days after the contract for the Exclusives home is fully 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. Learn more.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, and 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. You don’t need to agonize about losing out to a higher bid. The first person to sign the contract will be in contract to purchase the home.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 purchase price on your contract, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee. Learn more.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-8pm local time any day of the week. Just call us up to 24 hours before visiting at (855) 476-0049 to complete a verification. You can visit as often as you like to get comfortable with the home.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 Texas real estate contract adopted by the Texas Real Estate Commission.
This is the same contract typically used for home purchases in Texas.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.During the 14-day Exclusive period, Opendoor-Owned Exclusives are available only on our website. If a home is unsold after that period, you’ll be able to find it on the Opendoor app, the MLS, and other real estate websites you might use.
Once the 14-day Exclusive period ends, the home is listed to the public and is no longer an Opendoor Exclusive. You’ll still be able to buy it, but you’ll no longer have access to the unique benefits of purchasing an Opendoor-Owned Exclusive, like no-haggle pricing, Appraisal Price Match Guarantee, preferred pricing or the ability to back out anytime until closing without penalty.
More details on the buying process
We release any new Exclusives every day. You can sign up to our email list to have new Exclusives delivered directly to your inbox and be the first to tour.
For Opendoor Exclusives that aren’t yet available to purchase, you can subscribe to the watchlist for email updates for that home. You’ll receive updates about when the home is available to purchase.
Any Opendoor-Owned Exclusive displaying the “Self-tour instantly” button is open for self-tours 8am-8pm local time any day of the week. Just call us at (855) 476-0049, complete a short verification process, and we’ll give you access to the home. You can complete the process when you arrive at the home or up to 24 hours in advance.
You do not need to work with an agent!
Opendoor Exclusives is designed to be a self-service product and enable buyers to purchase directly from the seller. You’ll have access to our specialists 7 days a week to answer your questions about the process. You can call us at (512) 706-9938, email us at exclusive@opendoor.com, or chat with us on the Exclusives website 7 days/week from 8am-8pm local time.If you prefer to work with an agent, you can do so. However, any commissions paid to your agent would be your responsibility.
We use the real estate contract adopted by the Texas Real Estate Commission. 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
- (Optional) The amount being paid to cover agent commissions (see If I’m working with an agent, how are they compensated? below)
If you plan to finance the purchase of the home, you’ll submit your pre-approval letter to us within 5 days after fully signing the purchase contract. Your pre-approval must reflect credit verification.
If you decide to purchase the home with cash, you’ll submit proof of funds (e.g., a bank statement) within 5 days after fully signing the purchase contract.
All homes are subject to the FHA’s 90-day “flip rule,” which restricts a buyer from obtaining FHA financing unless a home is owned by the seller for more than 90 days. Given that a vast majority of homes on Opendoor-Owned Exclusives have been owned by Opendoor for less than 90 days, they are ineligible for FHA financing. If you need assistance choosing a different type of loan to finance your home purchase, we are happy to connect you with our affiliated mortgage broker, Opendoor Home Loans.
Yes, you can use a VA loan to buy an Opendoor-Owned Exclusive!
However, please be aware that VA rules limit the fees that a veteran can pay to obtain a loan. Lenders must strictly adhere to the limitations on borrower-paid fees and charges when making VA loans.
Fees or commissions charged by a real estate agent or broker in connection with a VA loan may not be charged to or paid by the veteran-purchaser; as such, if you plan to Finance Agent Commissions in conjunction with obtaining a VA loan, please contact us.
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 don’t list it on the MLS, including commissions and additional holding costs.
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. Once we publicly list the home, it may be subject to bidding wars that drive up the price.
When you buy an Opendoor-Owned Exclusive, if the home appraises for less than the purchase price on your purchase contract, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee. This expires once the home is listed publicly. Learn more.
If you are financing the purchase of an Opendoor-Owned Exclusive and the appraised price of the property is lower than the purchase 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. It does not apply to the increased price in the event you choose to Finance Agent Commission (See below for details).
The Guarantee is only available while the home is an Exclusive.
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 to sell. Additionally, any contingency periods for the sale of your previous home must end no later than 5 days after the purchase contract for the Exclusives home has been fully 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 is fully signed.
We’ll send you full details on how to submit these materials once you sign your purchase contract.
In many home sales, a buyer will lose their earnest money deposit if they do not cancel within a certain period of time and for a specific reason (e.g., an inspection contingency or a loan contingency).
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.
Opendoor Exclusives is designed to be a self-service product that enables buyers to purchase directly from Opendoor.
That said, we understand that some buyers prefer to work with an agent and you are welcome to do so, though any agent commissions are your responsibility.
If you choose to work with an agent, you have two options for paying your agent’s commission:- You can pay them out of pocket, or
- For Opendoor-Owned Exclusives we offer the option to Finance Agent Commission, subject to lender approval.
If you Finance Agent Commission, Opendoor will increase the sales price of the home by the commission amount, which would allow you to pay the amount over time as part of your mortgage.
For example: If the Exclusive price is $200,000 and you choose to add 2.5% ($5,000) to cover your agent’s commission, we would increase the sales price of the home to $205,000 and include a seller credit to you in the amount of the agent commission ($5,000). (This would be reflected in Par. 12A1b of the TREC contract.) You would then use that seller credit to pay your agent at closing.
Some lenders or loan types may not permit you to use the Finance Agent Commission option. Opendoor’s ability to provide you a credit could also be subject to lender restrictions. If you have questions about whether the Finance Agent Commission option would be available for your transaction, please ask your lender.
If you choose to Finance Agent Commission and the home appraises for less than the contract price, our Appraisal Price Match Guarantee will cover up to $50,000 of the gap, but would not cover any agent commissions. In the above example, if the home appraises for $190,000, we would cover the $10,000 gap to the $200,000 Exclusive price, but you would be responsible for the $5,000 you agreed to pay your agent. Remember, you can always choose to cancel your contract before closing and receive a full refund of your earnest money deposit.
- You're welcome to finance your purchase with any lender, but let us know if you'd like to finance with Lower. For a limited time, they're offering a lender credit of $1,500. Learn more
Customer-Owned Exclusives
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.
- These homes will have open houses during times selected by the seller. You can add a home to your watchlist to get notifications for these open houses.
- Tour the home and decide to make it yours.
- Start an 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 Texas Real Estate Commission contract. You’ll also have access to one of our teammates to help explain each step of the process.
- If the seller accepts your offer, you will have a 7-day inspection contingency period. During that time, 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 those 7 days, you can do so without penalty and your earnest money will be refunded.
- You will also have 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, up to $50,000. To learn more about this, review our Appraisal Price Match Guarantee FAQ.
Have any questions? Call us at (512) 706-9938 and we’d be happy to answer them.- If an existing Open House has already been scheduled for the home, you can:
- Look through the open spots available to see the dates & times for existing tours
- If any of those dates & times suit your schedule, you can click to reserve the tour spot
- We’ll send you reminders leading up to the tour and you can cancel anytime!
- If you have any questions or would like to cancel your tour, please contact us at (512) 706-9938
If no Open Houses have been scheduled for the home, you can:- You can schedule a new tour for a home by requesting a new time from the seller
- Once the calendar pops up with potential dates and times, please select at-least 3 time slots so there’s a greater chance of the seller being able to accommodate you.
- The timings marked “Preferred” are the times that are most convenient for the sellers of the home you’re looking to tour.
- Once you request your tour, please check your email for confirmation details. If that time works for the seller, you’ll eventually receive another email confirming the date & time.
- 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, the seller 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 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.
Don’t worry about an upset seller, we will step in and give a credit to the seller for the total amount that was reduced.
You do not need to work with an agent!
Opendoor Exclusives is designed to be a self-service product and enable buyers to purchase directly from the seller. You’ll have access to our specialists 7 days a week to answer your questions about the process. You can call us at (512) 706-9938, email us at exclusive@opendoor.com, or chat with us on the Exclusives website 7 days/week from 8am-8pm local time.If you prefer to work with an agent, you can do so. However, any commissions paid to your agent would be your responsibility.
Customer-Owned Exclusives have a standardized 35 day or less closing window, which was chosen to give both the buyer and seller enough time to complete all aspects of the transaction and prepare for the move. If this timeline doesn’t work for you, please reach out to us to explain the situation - it’s possible the seller may be able to provide some flexibility.
If you are planning to finance your purchase, you do need to submit a pre-approval (that reflects credit verification) to be included with your offer. If you are planning to purchase the home with cash, you need to provide proof of funds to include with your offer.
Sellers have the option to choose whether or not they’ll accept any contract.
Publicly Listed Opendoor-Owned Exclusives
In addition to homes you can’t find anywhere else, Opendoor is also allowing customers to purchase publicly listed Opendoor-Owned homes via Exclusives. This allows customers to take advantage of Exclusive benefits on a larger group of homes!
Exclusives unlocks a new home buying experience that’s simple, certain, streamlined, and puts you in control. Some of the key advantages of purchasing a home this way are:
1. No bidding wars. The price you see is the price you pay
Each Opendoor-Owned home has a transparent, no-haggle price. You don’t need to agonize about losing out to a higher bid.2. Preferred pricing
The Exclusives price is lower than the current public list price.3. Purchase priority over other offers
It’s like a “fast pass” that gives Exclusives buyers priority over other buyers. Sign your contract and submit your pre-approval before anyone else has agreed to buy the home and it’s yours! No going back and forth or losing out to a higher bid.4. Choose your own close date and how you want to pay
With Exclusives, there is no advantage to paying with cash or closing sooner for Opendoor-Owned homes. 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.5. Appraisal Price Match Guarantee
Buy with peace of mind. If the home appraises for less than the purchase price on your contract, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee. Learn more6. 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.7. Flexible self-tour schedule
Homes with the “Self-tour instantly” button are open for self-tours 8am-8pm local time any day of the week. You can visit as often as you like to get comfortable with the home.Those 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 Texas real estate contract adopted by the Texas Real Estate Commission.
This is the same contract typically used for home purchases in Texas.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.We’ve streamlined the process of purchasing a publicly listed Opendoor-Owned home into 6 easy steps:
1. Tour the home
Homes with the “Self-tour instantly” button are open for self-tours 8am-8pm local time any day of the week. Just call us at (855) 476-0049(855) 476-0049, complete a short verification process, and we’ll give you access to the home. You can complete the process when you arrive at the home or up to 24 hours in advance.2. Submit your pre-approval letter
If you plan to finance the purchase of your home, you’ll need to submit your pre-approval letter to us when the contract is signed. Your pre-approval must reflect credit verification. If you decide to purchase the home with cash, you’ll submit proof of funds (e.g., a bank statement) when you sign your contract. If your purchase is contingent on the sale of another home, the home you’re planning to sell must already be in contract to sell and past any contingency periods. We’re here to help if you have any questions or need a referral to a lender.3. Set up and sign your contract
We take a first come, first served approach. If you’d like to move forward with a contract, call us at (512) 706-9938. We’ll ask you for some information and then send over a contract via email for you to sign. As long as the contract is signed by you before we’ve come to terms with another buyer, you will win the home. We use the real estate contract adopted by the Texas Real Estate Commission, which is the same contract you will often see used in Texas.4. Submit your earnest money deposit
After signing the contract, you’ll have 5 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 fee required and you can back out of the purchase any time until closing for any reason, and receive a full refund of your earnest money deposit.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 via Exclusives is that it comes with an Appraisal Price Match Guarantee of up to $50,000. Learn more6. 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.- Purchasing via Exclusives means you get 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 of up to $50,000.
- We offer “fast pass” purchase priority for Exclusives buyers. Sign the contract and submit your pre-approval before any other buyer has agreed to buy the home and it will be yours, regardless of what the other offers are. As long as we haven’t reached an agreement with another buyer already, we’ll prioritize Exclusive buyers above everyone else, even if they offer a higher price or all cash!
- You can! However, you need to purchase the home directly on Exclusives to receive all of the benefits described in this FAQ.
You do not need to work with an agent!
Opendoor Exclusives is designed to be a self-service product and enable buyers to purchase directly from the seller. You’ll have access to our specialists 7 days a week to answer your questions about the process. You can call us at (512) 706-9938, email us at exclusive@opendoor.com, or chat with us on the Exclusives website 7 days/week from 8am-8pm local time.If you prefer to work with an agent, you can do so. However, any commissions paid to your agent would be your responsibility.
- When you buy Opendoor-Owned homes on Exclusives, we are able to avoid some costs and pass savings on to you!
When you buy an Opendoor-Owned Exclusive, if the home appraises for less than the purchase price on your purchase contract, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee. This expires once the home is listed publicly. Learn more.
- You're welcome to finance your purchase with any lender, but let us know if you'd like to finance with Lower. For a limited time, they're offering a lender credit of $1,500. Learn more
We use the real estate contract adopted by the Texas Real Estate Commission. 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.
- Any Opendoor-Owned Exclusive displaying the “Self-tour instantly” button is open for self-tours 8am-8pm local time any day of the week. Just call us at (855) 476-0049, complete a short verification process, and we’ll give you access to the home. You can complete the process when you arrive at the home or up to 24 hours in advance.
- All homes are subject to the FHA’s 90-day “flip rule,” which restricts a buyer from obtaining FHA financing unless a home is owned by the seller for more than 90 days. If Opendoor has owned the home for more than 90 days, it is eligible for FHA financing.
- Yes, you can!
- 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.
If you are financing the purchase of an Opendoor-Owned Exclusive and the appraised price of the property is lower than the purchase 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. It does not apply to the increased price in the event you choose to Finance Agent Commission (See below for details).
The Guarantee is only available while the home is an Exclusive.
Opendoor Exclusives is designed to be a self-service product that enables buyers to purchase directly from Opendoor.
That said, we understand that some buyers prefer to work with an agent and you are welcome to do so, though any agent commissions are your responsibility.
If you choose to work with an agent, you have two options for paying your agent’s commission:- You can pay them out of pocket, or
- For Opendoor-Owned Exclusives we offer the option to Finance Agent Commission, subject to lender approval.
If you Finance Agent Commission, Opendoor will increase the sales price of the home by the commission amount, which would allow you to pay the amount over time as part of your mortgage.
For example: If the Exclusive price is $200,000 and you choose to add 2.5% ($5,000) to cover your agent’s commission, we would increase the sales price of the home to $205,000 and include a seller credit to you in the amount of the agent commission ($5,000). (This would be reflected in Par. 12A1b of the TREC contract.) You would then use that seller credit to pay your agent at closing.
Some lenders or loan types may not permit you to use the Finance Agent Commission option. Opendoor’s ability to provide you a credit could also be subject to lender restrictions. If you have questions about whether the Finance Agent Commission option would be available for your transaction, please ask your lender.
If you choose to Finance Agent Commission and the home appraises for less than the contract price, our Appraisal Price Match Guarantee will cover up to $50,000 of the gap, but would not cover any agent commissions. In the above example, if the home appraises for $190,000, we would cover the $10,000 gap to the $200,000 Exclusive price, but you would be responsible for the $5,000 you agreed to pay your agent. Remember, you can always choose to cancel your contract before closing and receive a full refund of your earnest money deposit.