Before we buy a home, we typically send an Opendoor team member to assess its age, condition, layout, and features. Our home assessments are brief to give our customers a fast and convenient selling experience. For Opendoor, that means that we have limited information about a home before we acquire it.
The condition adjustment amount helps us cover expected and unexpected costs in preparing, maintaining, and reselling the homes we acquire. Expected costs can be estimated based on the limited information we obtain during our assessment. Other costs are unknown — like what unexpected repairs we may need to make while a home is listed for sale, or who a future buyer is and what they may ask for as a concession.
The adjustment we ask for is based on the age and condition of the interior, exterior and major systems of your home. We use the data we have collected from reselling thousands of homes to generate these estimates.
We may spend less or more to prepare and resell your home. It’s part of Opendoor’s business to take on the risks that come with limited information and cost estimates so that our customers can sell their homes right away.