Anyone who has ever bought or sold a home can agree: There's got to be an easier way. That's what Eric Wu and Keith Rabois thought when they founded Opendoor in 2014, and now tens of thousands of homeowners — including thousands of Dallas-Fort Worth residents — have benefited from their game-changing real estate service.
Opendoor streamlines the selling process, removing the uncertainty of how long it will take to sell, and eliminates the stress and hassle of pre-listing repairs and needing to be "open-house ready" at all times. If you're a buyer looking for a new home, use the app to find and visit for-sale homes on your own schedule. How does it work? Let us walk you through it.
For sellers
The minute you're thinking of selling your home, visit Opendoor.com. Answer a few questions about your home's condition, features, and upgrades, and you'll get a guaranteed offer in 24 hours. Opendoor uses hundreds of data points, local market expertise, and your home’s unique features to generate an accurate, market-value offer — meaning there's no back-and-forth or negotiating to wait out, nor do you have to vacate your life several times a day, for potentially weeks or months, for showings. The offer stays active for five days.
Once you accept, Opendoor will arrange a free inspection for you, on your schedule. If repairs are needed, you can do them yourself, or deduct the costs and Opendoor will do the work. Once the contract is signed, you get to pick the closing date: anywhere from three to 60 days, so you can line it up perfectly to the purchase of your new home so you don’t have to move twice. When the closing is completed, you get your money in a matter of days and can move on to your next adventure.
For buyers
At any given time there are hundreds of DFW homes available for sale, all of which you can view on the Opendoor website or mobile app. Simply head to the house you want to see and follow the instructions to access the door code. Every home is open to tour daily from 6 am-9 pm. Want to come back and bring your best friend for a second opinion? Measure for furniture? See what the neighborhood's like at different times of day? Visit as many times as you like.
If you've found your new dream home, it's just like a traditional sale, only quicker and easier. You can submit an offer yourself, or even work with a real estate agent, if you prefer, and your agent will get a 3 percent commission. Every home comes with a warranty and a 30-day satisfaction guarantee — how many other home sales can offer that?
A little more about Opendoor
The company started in Phoenix, and has since grown to include DFW, Las Vegas and Atlanta. The typical price range of homes it focuses on is $100,000-$500,000, which tends to be the sweet spot for first-time buyers or those looking to upgrade from their starter home.
Opendoor is all about customer service, which is why it pairs customers with a dedicated local Experience Manager to help with the transaction from start to finish. Think the company is in the business of buying ugly houses? Think again. The teams carefully evaluate any necessary repairs and upgrades so that the homes they purchase and sell are in line with the neighborhoods they inhabit. Rather than looking to make a quick profit, Opendoor instead takes on the burden of maintenance, showings, and selling, which allows homeowners to get on with their lives.
Gene and Dot Bear in Fort Worth recently sold the 11th home they’ve owned to Opendoor.
"This was absolutely, unequivocally, the smoothest home sale we've experienced," says Gene. "Nothing has been smoother in my lifetime."
