What is the Opendoor addendum?

If a seller accepts an online offer from Opendoor, the firm sends home inspectors to verify the home’s condition before closing. Depending on the results of the inspection, Opendoor might ask a seller to sign an addendum to the offer stipulating that the seller cover the costs of repairs in a credit at closing.

Can you use a Realtor with Opendoor?

To purchase a home owned by Opendoor If you are currently working with a real estate agent, we can work with your agent to help you purchase an Opendoor home. You can use our app to browse Opendoor homes in your area and instantly self-tour homes (no appointment needed).

How does the closing process work when you sell to Opendoor?

What types of homes does Opendoor purchase? How does the closing process work when you sell to Opendoor? Can I sell to Opendoor if I’m already working with an agent? How do I request a cash offer from Opendoor?

How does Opendoor work as a home Flipper?

Is Opendoor a home flipper? In what cities does Opendoor buy and sell homes? What types of homes does Opendoor purchase? How does the closing process work when you sell to Opendoor? Can I sell to Opendoor if I’m already working with an agent? How do I request a cash offer from Opendoor?

Do you need a lockbox to use Opendoor?

You don’t use lockboxes. My client wants to buy an Opendoor home. What’s next? Have more questions?

Can you put in an offer on a home with Opendoor?

I’m ready to put in an offer on a home. What’s next? I need to buy and sell at the same time. Can I do that with Opendoor? I’m an agent. How do I work with Opendoor?

What’s the law on Spot delivery in Arizona?

Arizona law provides that you may reject the change in terms and the dealership must return your trade-in to you. It may not be made clear why the dealer needs you to “re-sign” documents. Pay close attention to any change in the contract or financing terms. Arizona’s spot-delivery law may be found at A.R.S. § 44-1371.

How long does it take for OpenDoor to set up a contract?

Once the seller accepts the offer, OpenDoor says it will set up a contract within 3 days and the seller is asked to sign within another 4 days. The seller can then choose a moving date within the next 60 days. OpenDoor charges a 6% resale fee along another 0-6% for market risk and/or needed repairs and maintenance.

What happens if Opendoor goes out of business?

If everything checks out, OpenDoor will repurchase the home for the original price minus any transaction costs – including commissions, closing costs paid by the seller, or repair costs beyond normal wear and tear. Some real estate experts say the company could get itself in trouble if there’s another economic downturn.

What are the rules for buying a house on Opendoor?

Among the requirements: OpenDoor only buys single-family homes built after 1960 in its service areas. They cannot be pre-fabricated and the seller has to have clear ownership. They can’t be in age-restricted communities and must assess between $125,000 – $500,000.