Opendoor | Sell your home the minute you're ready. (2023)

Opendoor | Sell your home the minute you're ready. (1)

If you’re a first-time home seller, the closing process may seem overwhelming. You just want to sell your home quickly, but there’s a long list of steps to take (and expenses to incur) before the deal is official.

If you know what to expect, you can close the sale of your home in a timely manner with as few surprises as possible. Here’s what you need to know about the home closing process, from start to finish.

In this article, we’ll cover the following topics:

  • What is a home closing?

  • What are the steps within the closing process?

  • What should you bring on the closing date?

  • How long does the closing process take?

  • What are the seller’s responsibilities during a home closing?

  • What are the buyer’s responsibilities?

  • How much are closing costs?

  • Takeaways

What is closing of a house?

Closing is the phase in the home selling process when money and documents are transferred in order to transfer ownership of the property to the buyer.

The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it’s an exciting moment. The home closing process is all of the steps that are outlined in the sale contract that must happen from the time you accept the buyer’s offer to the closing date.

What are the steps to closing on a house?

You’ve finished negotiations and accepted an offer from a buyer. Congratulations! Now, there are a few things to take care of:

Do a title search and obtain title insurance

Your closing agent will order a title search, which is a review of public records to make sure you’re the legal owner of your property. If there are any claims or judgments against the property, the title search should uncover them. These issues must be resolved for the sale to move forward.


Opendoor | Sell your home the minute you're ready. (2)

Unlike homeowners insurance which helps protect against future events like a fire, title insurance helps protect against past events affecting your home. For example, if you later found out the home you purchased has a lien for unpaid bills, title insurance would typically have you covered.

→ Want to get a competitive cash offer and choose your close date? Learn how selling to Opendoor works.

There are generally two types of title insurance in a home sale: a policy for the new owner and a policy for the lender. The party responsible for paying each policy varies by state and even county, according to Bankrate. In some cases, buyers and sellers can haggle over who pays each cost.

Complete the home inspection

A home inspection isn’t required, but many buyers insist on it to ensure there are no hidden problems with the property. The inspection will take place shortly after you accept the buyer’s offer.

Opendoor | Sell your home the minute you're ready. (3)

If your home is in need of any repairs, let your agent know if you haven’t already done so. They may recommend that you make these repairs before the home inspection to avoid any potential issues.

An inspection will typically examine the safety, functionality, and quality of the home’s features. Here are some of the most common items our home assessment team looks for.

Depending on the contingencies outlined in the sale contract, the buyer can ask you to remedy any major repairs before closing or ask for a price reduction to cover the costs of making the repairs. When you sell to Opendoor, you can choose to skip the work and have us handle any repairs after you move out. We’ll ask for a credit to cover the costs, which are often lower than engaging repair vendors yourself because we can pass wholesale savings on to you. Alternatively, you can choose to do the repairs yourself and send us photos and documentation after they are complete. Learn more about how our home assessment and repair process works.

Don’t forget lender appraisal

If the buyer is borrowing money for the purchase, the mortgage lender will arrange for a professional appraisal. This is done so the lender can be confident that the amount of money it’s lending to the buyer is in line with the market value of the home in case the lender needs to repossess the house. The appraisal is based on the estimated value of the home’s individual features, as well as comparable homes that have sold recently nearby.

Opendoor | Sell your home the minute you're ready. (4)

If your home appraises below the sale price, lenders are unlikely to approve a loan to the buyer for that amount. If this happens, you will either have to ask the buyer to make up the difference, lower the sale price, or challenge the appraisal. Your agent or attorney can guide you through this process. One of the advantages of selling to Opendoor is you don’t have to worry about a buyer qualifying for financing; you get the certainty of a competitive, all-cash offer.

Final walk-through

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The final walk-through typically occurs 24 hours before closing. The buyer and their agent will walk through the property one last time to make sure everything is in order.

They will check that all required repairs have been made, that the property is clean and damage-free, and that all of your possessions have been removed unless you’ve arranged for certain items to stay. If the buyer discovers anything problematic, you’ll need to address it or the closing might be delayed.

Finalizing the sale on the closing date

The closing date is when the sale transaction is officially completed. You will sign a lot of paperwork, including signing the deed to the property over to the buyer. Don’t be afraid to ask your attorney or escrow agent about any documents you don’t understand. You have the right to know what you’re signing.

Opendoor | Sell your home the minute you're ready. (5)

The closing will take place at the office of your escrow agent, title agent, or attorney. Depending on your state, you might not be required to attend the closing. Ask your real estate agent or attorney if your attendance is mandatory, or if you may sign the paperwork ahead of time. If so, your agent or attorney will provide it at the closing.

Once all paperwork has been signed and funds have been disbursed, the buyer is officially the new owner of the property.

What should you bring on the closing date?

You don’t need to bring much to the closing: usually just a government-issued photo ID, the keys to the property, and any outstanding documents and paperwork your attorney or escrow agent instructs you to bring. These may include documents showing you’ve completed all repairs requested by the buyer.

How long does the closing process take?

The full closing process, from the initial offer acceptance to the closing date, takes an average of 50 days, according to If you sell to Opendoor, you can close on your timeline, whether it’s 14 days or 60 days.

In a traditional sale, the buyer’s lender will be originating and underwriting the loan. This is a time-consuming process the lender undertakes to determine if the buyer qualifies for the loan. The underwriting process is one of the major things that can delay a closing.

The National Association of Realtors reports that nearly one-third of all closings are delayed, so be prepared for that possibility. Common issues that delay closing beyond buyer financing issues include title issues, home inspection issues, and home appraisal issues.

Opendoor | Sell your home the minute you're ready. (6)

What are the seller’s responsibilities during closing?

Both parties have obligations to fulfill under the sales contract. During the closing process, you’ll typically be required to:

  • Remove all your possessions from the property, unless they’re specified to stay under the contract. Major appliances, for instance, are sometimes negotiated into a deal.

  • Make any repairs you have agreed to make.

  • Clean the home right before the closing date. A good rule of thumb is to leave it as clean as you’d like to find it if you were the buyer. (Typically required unless the home is sold in as-is condition.)

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These items aren’t typically required but they’re either a good idea to consider or a nice gesture for the new owner:

  • Notify subscription services, creditors and acquaintances of your new address and set up mail forwarding.

  • Collect any manuals and warranties you have for items in the home, such as the HVAC system and any appliances you’re leaving behind. Leave them on the kitchen counter for the buyer, along with any spare keys and garage door openers.

  • Shut off water valves to prevent any leaks between the time the buyer takes possession and the time they actually move in.

Some states and municipalities have additional requirements, so check with your real estate agent or attorney. For example, your state may require a septic system inspection, or a smoke and carbon monoxide detector certificate.

Opendoor | Sell your home the minute you're ready. (7)

What are the buyer’s responsibilities during closing?

During the closing process, buyers are typically required to:

  • Make an “earnest money” deposit into an escrow account, where funds allocated for closing costs will be held by a third party until the closing date.

  • Provide any documentation and information requested by the lender in the loan underwriting process.

  • Obtain homeowners insurance. Many mortgage lenders require evidence of coverage to approve the loan.

  • Arrange for utilities to be transferred into their name effective on the closing date.

  • Perform a final walk-through.

How much are closing costs – and who pays them?

Closing costs range between 1 percent to 7 percent of the sale price of the home, split between both parties. Home sellers usually pay between 1 percent to 3 percent of the final sale price, according to

For more in-depth information, read our comprehensive post titled “How much are closing costs”. In this article, you will learn

  • What closing costs are

  • What types of fees they include

  • What fees typically home sellers pay

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  • What fees home buyers pay

  • How you can calculate closing costs.


  • The closing process is everything that happens from when you accept an offer until the close date, the date when ownership of the home is officially transferred to the buyer.

  • Closing costs can add up to a significant percentage of the sale. Fortunately, many of the costs that you’ll incur as a home seller are deducted from your proceeds from the sale. As long as you have sufficient equity in the home, you likely won’t need to come up with cash out-of-pocket.

  • There can be a lot of steps to the closing process, which may take an average of 50 days. Selling to Opendoor gives you control over the timeline. You can also avoid many of the risks of a deal falling through like a buyer not qualifying for financing.

By Paula Pant

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.

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How do you get a higher offer on Opendoor? ›

How to negotiate with Opendoor as a seller
  1. Providing Opendoor with receipts for renovations and repairs. Proof of improvements you've made to your home increase the chance that Opendoor will raise its offer.
  2. Requesting offers from other iBuyers in your area. ...
  3. Getting a comparative market analysis (CMA) done on your home.
Feb 2, 2023

Can you stay in your home after selling to Opendoor? ›

We offer a Late Checkout program that allows you to stay in the home for up to 17 days after you close.

Are Opendoor preliminary offers accurate? ›

Opendoor's preliminary offer is usually 2-5% higher than the company's final offer, so it's good to think of your preliminary offer as an estimate. That's because the "instant" cash offer is an estimate based on information you provide Opendoor about your home's size, age, and features.

Does Opendoor do a final walkthrough? ›

One of the advantages of selling to Opendoor is you don't have to worry about a buyer qualifying for financing; you get the certainty of a competitive, all-cash offer. The final walk-through typically occurs 24 hours before closing.

Can I negotiate my Opendoor offer? ›

Yes, Opendoor will negotiate offers. Our counteroffers do come by email and we will negotiate by email and/or phone until an agreement is reached.

Can Opendoor cancel offer? ›

We know that plans change and life happens. That's why you can cancel your home sale any time before closing without cost or penalty. If, for whatever reason, you need to walk away from your sale, contact your Customer Experience Partner to let them know.

Do you have to clean your house Opendoor? ›

Clean out the home

Don't worry about deep cleaning—broom-swept is fine. Built-in appliances, extra keys, and remotes can stay in the home. Anything attached to the house should remain with it, unless your contract specifies to take it with you. If you'd like, you can leave extra paint, tiles, or flooring.

Is it better to use a realtor or Opendoor? ›

If you want to get the most money for your home and have it marketed to the right buyers, you need to hire a traditional real estate agent. Opendoor is only a good option if you need to unload your property super-fast and you're willing to sell it for much lower than the fair market value.

How long do you have to move out Opendoor? ›

You'll need to move out (along with all your belongings) by 11:59 PM the day before your close of escrow date. If you've opted into our Late Checkout program, you'll need to move out (along with all your belongings) by 5:00 PM on the last day of occupancy you selected in your Late Checkout agreement.

Does Opendoor do an inspection after final offer? ›

The inspection usually takes place a few days after the offer has been sent if sellers choose to move forward with Opendoor. Sellers in a rush and do not have time to sell their homes themselves may benefit from Opendoor (if they have prior real estate experience).

Do home sellers always pick the highest offer? ›

But do sellers always accept the highest offer? The short answer is no. While the offer price is certainly one of the main things the seller will look at, it's not the only thing that matters. Savvy sellers (and sellers with smart Realtors) know that they need to consider the entire offer, not just the price.

How do you know what your first offer on a house is? ›

How to determine what to offer on a house
  1. What have similar homes sold for? That's right! ...
  2. How long has the home been on the market? The amount of time a home has been on the market is a factor you should consider when setting your offer price. ...
  3. What's the condition of the home? ...
  4. How flexible are you on price?
Aug 15, 2019

Can I move in on closing day? ›

How Long Does It Take to Move Into a House After Closing? You might be able to move into your new house as soon as the closing appointment ends—unless the seller asked to stay in the house for a length of time after closing (as with a rent-back agreement).

Are there hidden fees with Opendoor? ›

Transparent pricing, no hidden fees. Whether you're working with Opendoor to sell or buy a home, we'll help you understand the costs up front.

What not to do after closing on a house? ›

7 things not to do after closing on a house
  1. Don't do anything to compromise your credit score.
  2. Don't change jobs.
  3. Don't charge any big purchases.
  4. Don't forget to change the locks.
  5. Don't get carried away with renovations.
  6. Don't forget to tie up loose ends.
  7. Don't refinance (at least right away)
Aug 12, 2022

How do I get out of Opendoor contract? ›

If things change and they no longer want to proceed with the sale, just send an email to your dedicated experience partner letting us know you need to terminate the contract. You'll see their contact information at the bottom of your offer.

What happens when you sell to Opendoor? ›

Enter your address at, and tell us a bit about your home. If your home is eligible, you'll then receive an all-cash offer. Your offer will lay out our offer price, service charge, and estimated closing costs. You'll also have an estimate of the net proceeds you can expect to take home after closing.

Can you negotiate repair costs with Opendoor? ›

If they feel repairs are needed, they will deduct the estimated cost of repairs from your offer. Once the net proceeds have been updated with repair deductions, you accept or decline the offer. There is no negotiating, but if you think the repair estimate is too high you can ask for a re-assessment.

Which is better Zillow or Opendoor? ›

Remember: Zillow is optimized around home buyers, while Opendoor is optimized around home sellers. The bottom line: With similar conversion rates, neither company has built a better mousetrap, but Zillow's mousetrap is exponentially larger.

What is the difference between preliminary offer and final offer on Opendoor? ›

Additionally, you also get a preliminary cash offer within 24 business hours. But this price does not include repair costs, service fees, or closing costs. Opendoor deducts a service fee of 5% from the final cash offer once you accept its preliminary offer. 💡 DID YOU KNOW?

Can I change my closing date with Opendoor? ›

Not a problem. You can change your close date right from your dashboard. Depending on how close you are to your existing close date, you may need to request a Late Checkout so you can stay in the home after your sale. If you need help, feel free to connect with your Customer Experience Partner.

Can I take my fridge with Opendoor? ›

To keep moving convenient for you, feel free to leave your fridge, washer, and dryer behind. If you live in one of the cities below, we, unfortunately, can't accept your washer and dryer and ask that you take it with you: Los Angeles.

What not to fix when selling a house? ›

Fixing cosmetic damage

Sure, peeling paint, a weathered back door and scuffed floors may make things look a little run-down, but if you are looking to save some cash on repairs and renovations, you'll rather want the money to be put to good use.

What should sellers leave for buyers? ›

This means window treatments (think: hardware, curtains, shutters and blinds), bathroom mirrors, shelving, door hardware, kitchen hardware and light fixtures. Unless you made an exception for these items in your contract, make sure to leave these home features behind for the new owners.

Why do people sell to Opendoor? ›

Sellers choose Opendoor for the simplicity, certainty and convenience. When you sell to Opendoor, you get the simplicity of an online platform, the certainty of a competitive offer and the convenience of skipping repairs and showings and choosing your moving timeline.

Is Opendoor a Chinese company? ›

Opendoor Technologies Inc. San Francisco, California, U.S.

Which is better Opendoor vs Offerpad? ›

Offerpad shares a similar business model to Opendoor. Aside from Opendoor being a significantly larger company, the main difference between Offerpad and Opendoor is the former typically charges a higher 6-10% service fee whereas the latter charges a more affordable 5% flat service fee.

Can you walk away from a house after closing? ›

The underwriter may not approve the loan or something could change with your credit or employment situation. If a financing contingency is included in the contract, you can usually walk away with your deposit.

How does Opendoor late checkout work? ›

After you sell to Opendoor, you can utilize a “late checkout” option that allows owners to remain in the home for a maximum of 21 days after closing, as long as you put down a security deposit and pay the daily rate.

What is 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.

What are the issues with Opendoor? ›

The FTC alleged Opendoor pitched potential sellers using misleading and deceptive information, and in reality, most people who sold to Opendoor made thousands of dollars less than they would have by selling their homes using the traditional process.

Why is home inspection after offer? ›

When an offer to purchase is made to a seller, it often includes an inspection clause. This is an important stage in the process: it means you can do a visual inspection of the home to identify defects before finalizing the purchase.

How do you counter offer after inspection? ›

How to a Counteroffer After a Home Inspection
  1. Closely assess the home inspector's report. ...
  2. Consider the associated costs of repair. ...
  3. Determine the state of the real estate market. ...
  4. Look at comparable properties. ...
  5. Communicate and collaborate with the buyer and their agent.
Jun 15, 2021

What is a strong offer on a house? ›

Here are the elements that make up a very strong offer: Highest offer of all buyers. Offers short contingency periods. All-cash buyer. Down payment of at least 20% of the purchase price.

Is first offer on house usually the best? ›

Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”

What makes the best offer on a house? ›

Offer to top the highest bid by $1,000 up to a certain amount. This way, you run less chance of being outbid by anyone. Pay for the house in cash. This reduces closing costs and brings closing day faster—which is probably in the seller's best interest if they're trying to buy another home at the same time.

How many times should you see a house before making an offer? ›

Either way, buying a home is a major decision, and it's one you'll want to be sure about. How many times should you visit a house? Experts say you should visit a home 3-6 times before making an offer. It may not always be possible to visit numerous times, especially in hot markets, but if you can, you should.

Is it OK to offer under asking price? ›

As a home buyer, you have every right to offer less than the asking price if you feel it's too high. On the other hand, the seller has every right to reject your offer, if they feel it's too low. So be sure to do your homework and tread carefully.

Should I accept the first offer I get? ›

It really depends. Some people feel you should take the first offer if you're happy with it. Never negotiate just for the sake of negotiating. Other people disagree with that position and believe anytime you're given the chance to negotiate, you should.

What should you not do before closing day? ›

5 Things NOT to Do During the Closing Process

What is the best day to close on a house? ›

This delay in itself will not cost you extra money, but if the 3-day delay pushes the repayment of the old loan too close to the weekend, you could end up with a longer overlap in interest payments. You will ideally want to sign your documents on a Tuesday or Wednesday to avoid this issue.

What happens the day of closing? ›

What Happens at Closing? On closing day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name.

Who gives me the keys to my new house? ›

The listing agent (the seller's agent) will have possession of the keys to your new home. He or she can do the hand-off in a number of places: at the property, at his or her office, at a Starbucks — whatever. If you have a hard time getting a hold of the agent, get your agent involved.

What to do immediately after closing on a house? ›

Here's a post-closing checklist of what to do after you move.
  1. Safely store closing documents. ...
  2. Change the locks. ...
  3. Set up utility services. ...
  4. Change your address. ...
  5. Update your drivers license. ...
  6. Schedule a deep cleaning. ...
  7. Create a home maintenance to-do list.
Aug 8, 2022

Can I spend money after closing on a house? ›

All advice aside, remember that once you've closed on a house, it's yours! And you're free to spend money on it however you wish. As long as you've ticked off the legal and administrative duties, don't hesitate to move forward as you see fit.

How do you get the highest offer? ›

How to Win “Highest and Best Offer” Situations
  1. Offer More Money. ...
  2. Pay in Cash. ...
  3. Get Pre-Approved. ...
  4. Add an Escalation Clause. ...
  5. Minimize Contingencies. ...
  6. Be Flexible on the Closing Date. ...
  7. Write a Personal Letter. ...
  8. Work with an Experienced Realtor.
Sep 27, 2022

Does Opendoor give competitive offers? ›

Opendoor isn't a house flipper and doesn't seek out undervalued properties. It pays close to fair market prices. This means in sellers markets, where there are more buyers than homes to buy, Opendoor will make even more competitive offers.

Is it worth it to sell to Opendoor? ›

Opendoor is a profitable organization because they buy your home at a discount, mark it back up to its fair market value price and sell it. This allows Opendoor to make money on both sides of the transaction through the fees/built-in equity when purchasing and the increase in total sales price when the home closes.

How do you make a strongest offer on a house? ›

Here are some things you can try:
  1. Offer to top the highest bid by $1,000 up to a certain amount. ...
  2. Pay for the house in cash. ...
  3. Increase the amount of your down payment and/or the earnest money percentage.
  4. Remind the seller why you love their home. ...
  5. If you've been preapproved for a mortgage, mention it again.
Sep 23, 2022

How do I convince a seller to accept my offer? ›

To have the best chance at getting your offer accepted, check out these 5 must-do tips.
  1. Get pre-approved & provide proof with your offer. ...
  2. Offer more earnest money. ...
  3. Discover seller's motivation to help structure your offer. ...
  4. Shorten the due diligence period. ...
  5. Make the offer as "clean" as possible.

Is it better to sell to Zillow or Opendoor? ›

Remember: Zillow is optimized around home buyers, while Opendoor is optimized around home sellers. The bottom line: With similar conversion rates, neither company has built a better mousetrap, but Zillow's mousetrap is exponentially larger.

Is Opendoor ethical? ›

At Opendoor, we are committed to doing business with fairness, integrity and honesty. We maintain our advantages over competitors through the superior performance of our products and services, not through unethical or illegal business practices.

What is a weak offer on a house? ›

As a rule, anything below 10 percent of the initial asking price is considered a lowball offer. A lowball offer for a house listed at $500,000 would fall around $450,000.

What is a good starting point when making an offer on a house? ›

As with all negotiations, when you are making an offer on a house, start low. A good rule of thumb though is to offer 5% to 10% lower than the asking price. Don't forget that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept.

Why do sellers wait to accept offers? ›

They Received A Better Offer

In today's market, chances are you aren't the only person looking at the home. The seller may receive a handful of offers at the same time. Sellers have just as much time in their day as you do, so they may prioritize the offers, responding only to those they want to counter or consider.


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