Home Buying at the Tap of a Button
Few things compare to the feeling of walking into a home for sale and deciding you want to make it your own. It can be an emotional experience, filled with anticipation and optimism. You can imagine yourself there for years to come: backyard BBQs, firstborns, first dates. This is how home buying should feel. And if you fall in love with a home, you should be able to make it yours without any stress, complexity and hassle.
When buyer Amanda M., an Opendoor customer, was ready to purchase a new home in Humble, Texas, she didn’t get those warm feelings while looking at houses. Instead, she faced what most American home buyers do today: uncertainty, hassle and lack of control over the process. These are pain points we have set out to solve since we founded Opendoor, first for home sellers and now for home buyers. We see a future where people can buy and sell a home at the tap of a button — to make it as easy as hailing a ride or buying a plane ticket.
Today, we’re launching Opendoor Exclusives, a first-of-its-kind one-tap buying experience for home buyers. With Opendoor Exclusives, we are making home buying an e-commerce-like experience in order to streamline an existing process that creates far too much friction and cost and make homeownership more accessible.
Now available in Austin, Houston, and Dallas-Fort Worth, Opendoor Exclusives is a home shopping marketplace that lets buyers go instantly into contract at a no-haggle price when they find a home they love. No bidding wars, no hassles, no uncertainty.
“Our experience with Opendoor Exclusives could not have been better,” said Amanda M. “Home prices and interest rates were climbing and we couldn’t keep up. After getting word that we had been passed over on another home that we had fallen in love with, and our two backup homes were now off the market, I decided to open the email from Opendoor Exclusives and see what it was all about. I felt like I was shopping for a home on Amazon. It was great! It was ours and we didn’t have to compete with anyone.”
With Opendoor Exclusives, home buyers can:
- Pay with peace of mind. Our homes are available on Opendoor Exclusives for 14 days before we list them on a Multiple Listings Service. And while on Exclusives, they are offered at a price that’s less than what we’ll list the home for. Should you buy an Opendoor Exclusive home that appraises for less than the purchase price, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee. This gives you more confidence that you aren’t overpaying for a home.
- Avoid bidding wars and price negotiations. Our Exclusive price means no haggling, no lack of transparency, and no more love letters to sellers. With Opendoor Exclusives, you’re in control. Find a home you love, be the first to sign the contract, and you can make it yours. It’s that simple.
- Back out anytime and get a full refund on your earnest money deposit. There are no penalties if you change your mind at any point before closing.
- Experience a fully-digital checkout. We’ve digitized the checkout flow, making a home purchase as simple as any other e-commerce transaction.
Between rising interest rates and low housing stock, it’s a challenging time to buy a home. Ask first-time home buyers who struggle the most during bidding wars and negotiations to win their dream homes. In May, first-time buyers accounted for 27% of existing home purchases — nearly 15% below the historic average. In a competitive environment with high mortgage rates, aspiring homeowners feel frustrated, anxious and defeated after losing out on bids. We built Opendoor Exclusives to make home buying more certain and hassle-free.
To explore and shop for our Opendoor-owned homes, you can visit the Opendoor Exclusives site, tour any home displaying the “self-tour instantly” button, and complete a short verification process. If you want to proceed with the purchase, it’s as simple as clicking the “buy” button. You’ll then sign a contract, submit an earnest money deposit, schedule inspections and finalize lender details (including an appraisal). With Opendoor Exclusives, we’re empowering home buyers and reimagining the antiquated process of finding the home you love.
Merav Bloch is a Vice President and the General Manager of Opendoor Exclusives.