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 10-60 days–the timeline is up to you. No matter how you choose to buy a home, your closing costs will usually be about 2-5% of the sale.
You’ll have a dedicated Closing Manager as your main point of contact each step of the way. Here’s what the process will look like:
Earnest money deposit and inspection
Your escrow company will reach out to you to open escrow within a few business days of going into contract. You’ll need to make the “earnest money deposit” within a specified number of days per the Purchase Agreement Contract. It’s best to do this as soon as possible. The earnest money deposit is a standard deposit (usually 1-2% of the purchase price) that shows you are committed to completing the sale so the seller can unlist the home. It’s not an added cost because it gets applied to your down payment and closing costs, and when buying from Opendoor, it’s refundable if you cancel within the option period.
We recommend that every buyer schedule an inspection of their new home as soon as possible. Once you have scheduled the inspection, you’ll want to give the inspector of your choosing our contact information so they can gain access to the home. They can reach out to our Support Team at firstname.lastname@example.org.
Appraisal and repair request
If you are financing your purchase, the lender will need to order an appraisal of the property so they can be sure the amount they’re lending matches the value of the home. The appraiser can contact our Support Team for access to the home. After signing your contract, you will also need to send your Experience Partner your list of any requested repairs. We want to deliver a clean, safe, and functional home so we’re amenable to requests that ensure the home meets this standard. Most buyers send us a list of the top 10 most important repairs to them. Your Experience Partner will let you know how much time you’ll have to hand this list over to us.
Confirm repairs and close!
After our estimation team takes a look at your repair requests, you’ll work with your Experience Partner to confirm the repairs that Opendoor will complete or credit. You’ll then work with your Experience Manager and the escrow company to finalize the sale and move into your new home. One of the main advantages of buying an Opendoor home is you get a 90-day buyback guarantee after you move in—we want to make sure you love your new home.