What happens if my buyer client needs to cancel after signing?

If your buyer client needs to cancel after signing, review their purchase agreement and contingency deadlines first. These terms determine their cancellation options and what happens to the earnest money deposit.

Does the Opendoor Guarantee apply?

Cancel Anytime under the Opendoor Guarantee applies to buyers who use Buy with Opendoor (Opendoor Checkout), a self-service path for buyers without an agent. It does not apply to agent-represented purchases. For your client, follow the cancellation and earnest-money terms in their purchase agreement.

Earnest money and contingency periods

The status of your client's earnest money deposit depends on their purchase agreement and when they cancel relative to their contingency deadlines:

• During an active contingency period — if your client cancels for a reason covered by an active contingency (inspection, financing, appraisal), their deposit is typically refundable under the purchase agreement.
• After contingencies expire — earnest money may be at risk. Once all contingency periods have passed, the seller (Opendoor) may be entitled to retain the earnest money deposit.

Common contingency periods

• Inspection contingency — protects the buyer if the home inspection reveals issues they are not willing to accept.
• Financing contingency — protects the buyer if their mortgage loan is not approved.
• Appraisal contingency — protects the buyer if the home appraises below the purchase price.

Important: Contingency deadlines vary by contract. Review your client's purchase agreement for the specific dates and terms that apply to their transaction.

How to initiate a cancellation

1. Contact Opendoor support at 888-352-7075 or email support@opendoor.com.
2. Submit a cancellation request through the Opendoor platform if your client has an active dashboard.
3. Confirm the cancellation in writing — Opendoor will send documentation for both parties to sign.

Either you or your client can initiate the process. As the representing agent, you can handle cancellation communications on your client's behalf.

Earnest money refund timeline

If your client cancels during an active contingency period and their earnest money is refundable, the deposit is typically returned within a few business days after the cancellation is finalized and all required documents are signed.

Your role as the agent

As the buyer's agent, you can help your client by:

• Tracking contingency deadlines so they understand when protections expire.
• Communicating with Opendoor on their behalf to initiate or complete the cancellation.
• Reviewing the purchase agreement to confirm refund eligibility before advising your client.

Tip: If your client is considering canceling, act before contingency deadlines pass. This gives them the strongest position for a full earnest money refund.