For sale only on Opendoor Exclusives
16522 Rainbow Lake Rd
Houston, TX 77095
- 2,496 sqft
- Lot size
- 8,143 sqft
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Exclusive benefits for this home
Only on Opendoor ExclusivesLearn more
Buy instantly on Exclusives - no bids or offersLearn more
Exclusive PriceLearn more
Self tour everyday from 8AM - 8PMLearn more
Appraisal Price Match GuaranteeLearn more
Back out anytimeLearn more
The Exclusives team is here to help
Contact us with any questions you have about this home.
LocationSee in Google Maps
Features of this home
single family home
# of bathrooms
# of bedrooms
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.
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. Once we list the home on the MLS, the Guarantee no longer applies.
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-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 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.
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.