2807 Lost Field Ln
Richmond, TX 77406

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 more

6. 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 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.

You do not need to work with an agent!

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 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.

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.

• 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. Once we list the home on the MLS, the Guarantee no longer applies.

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 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.