Dealing with repairs is stressful, and the questions are endless: should you replace your aging roof, or sell your home “as is”? Do you really need to invest in fresh paint and new carpet to get a strong offer?
Opendoor buys and sells thousands of homes per month. We’ve simplified the repair process so home sellers have more certainty and control.
Here’s what we’ll cover:
- How repairs work in a traditional sale
- The Opendoor home condition assessment
- Get started working with Opendoor
How selling to Opendoor compares to a traditional sale explained in two minutes
How repairs work in a traditional sale
When you sell your home the traditional way, you’ll usually do two rounds of repairs. The first round happens before you put your home on the market—you’ll invest in repairs to get your home “show ready” for open houses and showings.
Round 1: Home preparation
This typically involves fixing visible defects that might deter a buyer from making an offer. Some home sellers even opt to pay for a home inspection before listing. Others take on larger renovation and remodeling projects in hopes of increasing their home value; however, not all home improvement projects are created equal.
Round 2: Buyer home inspection
The second round of repairs happens after you’re in contract with a buyer. Your contract will likely include a “repair contingency,” or a written agreement between you and your buyer on how any needed repairs will be handled. The terms of the contingency vary, but in general, the buyer will have a specified amount of time to conduct a home inspection.
In the traditional process, if repair requests arise from the buyer’s inspection, you have three options:
- Make the repairs yourself
- Give the buyer a credit to cover the costs
- Refuse to do the repairs
If you refuse the repairs, most contracts will allow the buyer to walk away from the sale without a penalty. This is why there’s often pressure for sellers to compromise because it means they’ll have wasted not only their time but all of the effort, and costs, that went into getting an offer.
Keep in mind, buyers are often suspicious of homes that have long days on market or get re-listed after a deal falls through. This can signal that the home needs work.
→ See how the costs of selling to Opendoor compare to a traditional sale.
The Opendoor home condition assessment
When you sell to Opendoor, you only have to deal with repairs once because you get the certainty of an all-cash offer.
You don’t need to spend time and money worrying about the fresh paint, new carpet, and curb appeal you’d normally invest in without the guarantee of an offer. We’ve also made the process easier.
Here’s an overview of how Opendoor handles repairs:
1. Schedule a free assessment online
After signing your purchase agreement, you’ll schedule a free home assessment at a time that works best for you.
2. Our team will meet you at your home
On the day of the assessment, an Opendoor Estimator will visit your home. He or she may also be accompanied by a few specialists. The purpose of the assessment is to verify the condition of your home and identify if any repairs are needed. The Estimator is only there to collect information—they will analyze their findings later. You’ll have the opportunity to review your purchase contract with your Home Advisor following the home assessment.
3. View your assessment results online
5-7 days after the 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’ll know the amount of money you pocket at the end of the sale before you close.
4. Skip the work and relax
You get to relax and focus on your next home. We handle the repair work after you move out so you can skip the headache and move on your timeline. If you disagree with our repair asks or think it’s too high, you can cancel your contract with no penalty prior to closing.
→ Also buying a home? Learn about trading-in to save money and control the timeline.
What are we looking for during the home assessment?
We verify the home information you provided when you requested an offer, and we also look for items that are broken, in poor condition, or can affect the safety, structure, or functionality of the home.
We are not looking to charge you for upgrades. Instead, examples of things we might look for include issues with the roof, windows, foundation, flooring, electrical, plumbing, HVAC (heating, ventilation, and a/c systems), and major appliances. Here’s a list of common repair items our Estimators find.
“We aren’t there to uncover every deficiency in your home to lower the offer. We are there to make sure the house is safe, and functional. This is the standard we provide to the next family that moves in. The things we’re looking for are likely the same things you look for when buying your next home.”
Unlike a flipper who makes money buying homes “as is” and renovating heavily to mark up the home price, we buy homes in good condition and make minor updates. Our business model is to make a competitive offer and charge a fee for our service, not to buy below market and sell high.
→ Curious about our business model? Learn how Opendoor makes money.
So what are the benefits of Opendoor’s simplified repair process?
You skip the hassle.
Avoid managing repairs like searching for contractors, managing timelines, doing the work yourself, and all the stress that goes with it.
We do the work. You think about repairs only once.
When you take on repairs yourself, there are often unforeseen costs that affect your wallet and timeline. For example, what if a pipe bursts or maybe that HVAC repair uncovers faulty electrical. With Opendoor, if there are unforeseen circumstances, we eat the costs. We don’t charge you after the fact. At this point, you’ve already moved into your next home because you had the certainty of dealing with repairs once and only once.
No out of pocket costs.
You don’t have to pay for any repairs out of pocket. We deduct the costs from your net proceeds.
Getting started is easy
Start by requesting an offer, the process is simple and takes about ten minutes. After you tell us about your home online, our goal is to have a competitive, all-cash offer in your inbox within 24 hours.
If you like the offer, you can then schedule the home condition assessment when it’s convenient for you. You’ll also have the opportunity to speak with a dedicated Opendoor Home Advisor one-on-one. And if you’re working with a listing agent, then your agent will be your primary point of contact about our process and repairs. We respect the agent-client agreement.
By Joseph Gomez