The goal of the closing process is to transfer money to the seller and give the buyer the keys plus legal ownership of the home. In the traditional process, this typically takes between 40-50 days. With Opendoor, you choose your closing date so it can take anywhere from 14-60 days–the timeline is up to you. Similar to a traditional sale, your closing costs will usually be about 1-3% of the sale price, and your offer will break these down.
We’ll connect you with a dedicated Closing Manager—they’ll be your main point of contact to make sure your closing process is as smooth as possible. Here’s what each step will look like:
- Schedule and Sign
Once you’ve signed the Opendoor purchase agreement, we’ll contact you to schedule a time for a free home condition assessment. The title and escrow company will send you a “Welcome packet” so you can fill out all of the information they require in one place. You’ll then return this packet to them. The sooner they receive it, the sooner you can close.
- Review estimated net proceeds
Shortly after your home condition assessment, we’ll let you know if repairs are needed. If they’re needed, we’ll ask for a credit and deduct the costs from your net proceeds. You get to skip the headache of managing repairs, and you won’t have any out-of-pocket repair costs. We’ll do any needed repair work after you move out.
Before closing, you’ll have an opportunity to review your estimated net proceeds (the amount you’ll pocket at the end of the sale) with your Home Advisor one-on-one. If you change your mind or disagree with our repair ask, you can cancel your contract anytime before close without a penalty.
- Close and receive your funds
Ask the title and escrow company about your:
- Settlement statement
- Signing of final paperwork
- Wiring of funds
Ask Opendoor about everything else!