Selling to OpenDoor, closing in 6 months, getting nervous

Title pretty much says it all. We contracted with OpenDoor a few months ago, we’re building another home in another state. They have a program where you can set your closing date to coincide with your new home build’s closing date. So we’ll be closing in December-ish.

The problem is, it looks like things are starting to cool and the Fed is doing some crazy shit based on outdated data. I’m not too worried that they’ll come back and try to lower the price, I’m more worried that they’re going to panic and run right before we close on the new house and then we’re fooked.

Anyone been in a similar situation and can advise? The only thing that happens to them if they breach the contract is that they’re out the earnest money. Which, conveniently for them, is only $2,500. So not really much consequence for them to bail.

submitted by /u/cybergandalf
[link] [comments]

Title pretty much says it all. We contracted with OpenDoor a few months ago, we’re building another home in another state. They have a program where you can set your closing date to coincide with your new home build’s closing date. So we’ll be closing in December-ish. The problem is, it looks like things are starting to cool and the Fed is doing some crazy shit based on outdated data. I’m not too worried that they’ll come back and try to lower the price, I’m more worried that they’re going to panic and run right before we close on the new house and then we’re fooked. Anyone been in a similar situation and can advise? The only thing that happens to them if they breach the contract is that they’re out the earnest money. Which, conveniently for them, is only $2,500. So not really much consequence for them to bail. submitted by /u/cybergandalf [link] [comments]

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