My Opendoor Experience!!!

Hey everyone, I did my own fair bit of research on Opendoor before using them, and Reddit posts helped me feel more confident in their process, so I hope my story will help as well!!!

A quick setup: We started looking for houses and immediately found the home we were searching for within a week, and of course with this market, we had 2 days to put in “best offer” and get ready to move on. We did not want to put “sale of our home” as a contingency, so we decided to go on Opendoor to see what they would offer so we did not have to get our home “show” ready. Their initial “estimate” range was between $385,000-$420,000 which already sounded good as our Redfin price showed $355,000.

After you go through the online process, you schedule a Zoom call with an Opendoor rep, where they have you walk around your home showing them all rooms (you don’t need to clean up or anything), and they then take that recording and send it off to their appraisers. Ours came back of an offer of $404,900 which was much higher than we expected, with repairs of about $3000 (old carpet, a couple broken tiles etc nothing major). This was perfect as their fees were 5% and closing costs 1%. This was exactly in line with my realtor’s 6% they charge in our area and even he recommended we go that route as he though we might get $410,000-$415,000 on the highest end if he listed it. We placed our offer on the house we wanted, and got it!

Then, once we accepted the Opendoor offer, there were some initial things to sign such as setting up our Escrow account that they started, and some disclosure agreements. You can also cancel at anytime before signing your closing documents!!!!! Literally didn’t have to do anything at that point except start packing! They can close anywhere between around 14 days and 90 days from the “acceptance”, however the soonest they had available for ours was 21 days, so you might not be able to close THAT soon depending on schedule is my guess.

When closing week came, we were able to sign our closing docs early via an online notary which was VERY easy. You do need to have two witnesses with you on the video call, along with their Drivers Licenses/ID.

The day of closing, the funds came over very quickly and we spent a total of about 15minutes closing on our new home as we pre-signed a ton of the docs electronicky the week prior.

We also got 7 days post occupancy at no cost so moving was so easy with extra time to prepare!!! They hold $2000 as a deposit after you close to make sure your move out does not do any damage to the property. They will send you a key lockbox for the front door as well. When your place is finally empty, you take pictures of every room, and upload them to be reviewed. Once accepted, the “deposit” will be released to the escrow company and sent to where you want it to go! (You can stay up to 21 days after you close, I believe the rate was around $100 a day after the first 7 days).

This has to have been the EASIEST experience I’ve ever had buying/selling a home and especially in this market when having any contingency on an offer puts you in a bad position to get the home you want!!!

If you have any questions further on the process, just ask away!!! I highly recommend them so long as their offer is “solid” for the market!

submitted by /u/obarry6452
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Hey everyone, I did my own fair bit of research on Opendoor before using them, and Reddit posts helped me feel more confident in their process, so I hope my story will help as well!!! ​ A quick setup: We started looking for houses and immediately found the home we were searching for within a week, and of course with this market, we had 2 days to put in “best offer” and get ready to move on. We did not want to put “sale of our home” as a contingency, so we decided to go on Opendoor to see what they would offer so we did not have to get our home “show” ready. Their initial “estimate” range was between $385,000-$420,000 which already sounded good as our Redfin price showed $355,000. ​ After you go through the online process, you schedule a Zoom call with an Opendoor rep, where they have you walk around your home showing them all rooms (you don’t need to clean up or anything), and they then take that recording and send it off to their appraisers. Ours came back of an offer of $404,900 which was much higher than we expected, with repairs of about $3000 (old carpet, a couple broken tiles etc nothing major). This was perfect as their fees were 5% and closing costs 1%. This was exactly in line with my realtor’s 6% they charge in our area and even he recommended we go that route as he though we might get $410,000-$415,000 on the highest end if he listed it. We placed our offer on the house we wanted, and got it! ​ Then, once we accepted the Opendoor offer, there were some initial things to sign such as setting up our Escrow account that they started, and some disclosure agreements. You can also cancel at anytime before signing your closing documents!!!!! Literally didn’t have to do anything at that point except start packing! They can close anywhere between around 14 days and 90 days from the “acceptance”, however the soonest they had available for ours was 21 days, so you might not be able to close THAT soon depending on schedule is my guess. ​ When closing week came, we were able to sign our closing docs early via an online notary which was VERY easy. You do need to have two witnesses with you on the video call, along with their Drivers Licenses/ID. ​ The day of closing, the funds came over very quickly and we spent a total of about 15minutes closing on our new home as we pre-signed a ton of the docs electronicky the week prior. ​ We also got 7 days post occupancy at no cost so moving was so easy with extra time to prepare!!! They hold $2000 as a deposit after you close to make sure your move out does not do any damage to the property. They will send you a key lockbox for the front door as well. When your place is finally empty, you take pictures of every room, and upload them to be reviewed. Once accepted, the “deposit” will be released to the escrow company and sent to where you want it to go! (You can stay up to 21 days after you close, I believe the rate was around $100 a day after the first 7 days). ​ This has to have been the EASIEST experience I’ve ever had buying/selling a home and especially in this market when having any contingency on an offer puts you in a bad position to get the home you want!!! ​ If you have any questions further on the process, just ask away!!! I highly recommend them so long as their offer is “solid” for the market! submitted by /u/obarry6452 [link] [comments]

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