Opendoor—a digital “iBuyer” platform that makes cash offers on homes, does repairs, then sells the homes direct to buyers online—just launched something new in Dallas-Fort Worth. And frustrated home buyers who’ve lost out in bidding wars recently may be glad to hear about it.
The San Francisco-based company has launched Opendoor Exclusives in Dallas-Fort Worth. The service offers homes exclusively online for 14 days on a “first-come, first-served” basis at an exclusively offered price.
After 14 days, the company will list the homes on a Multiple Listings Service, raise the price, and put them on the open market.
Opendoor previously launched the service only in Austin and Houston. Currently, the three Texas metros are the only ones in the U.S. offering it. Opendoor plans to expand the program to all of its 50 markets nationwide.
Listed at an ‘exclusive’ off-market price
During the 14-day window, Opendoor Exclusives are listed at an “exclusive” off-market, “no-haggle” price that will be less than the listing once they hit the public market, the company says.
‘Appraisal price match guarantee’
Under the Opendoor Exclusives program, the company is also offering what it calls an appraisal price match guarantee. “Simply pay the off-market exclusive price for the home,” the company says. “If it is appraised for less, we’ll match it.”.
If a property’s appraised value turns out to be lower than the exclusive off-market price, Opendoor says it will provide a maximum purchase price reduction of up to $50,000, under certain conditions. The guarantee only applies to the exclusive listings, and no longer applies once a home is listed on MLS after the 14-day window.
How it works
Any Opendoor Exclusive displaying a “Self-tour instantly” button is open for self-tours from 9 a.m. to 7 p.m. seven days a week. Buyers call the company, complete a short verification process, then are given access to tour the home by themselves.
The first person that clicks “buy” on the home’s property page and signs a contract will then be under contract to purchase the home, however they choose to finance their purchase. Like any other home purchase, they must then submit an earnest money deposit before scheduling an inspection and finalizing details with their own lender. Then it’s a matter of closing within 35 days after signing the contract, and getting the keys.
Opendoor says customers can back out anytime before closing, and still get 100% of their earnest money deposit back.
Currently offering 361 homes in Dallas-Fort Worth, Austin, and Houston
As of this writing, Opendoor Exclusives is currently offering 361 homes in the Dallas-Fort Worth, Austin, and Houston markets. Just like a listing on eBay, each property listing shows how many more days the exclusive price remains available.
According to the Zillow Q1 2022 iBuyer Report, Dallas was the No. 3 metro in the U.S. in the first quarter for home purchases through iBuyer companies like Opendoor, with 1,116 homes purchased. Only Atlanta (1,628) and Phoenix (1,232) saw more homes sold this way. Houston came in at No. 4 with 844 iBuyer home purchases.
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