If you’ve ever bought and sold a home the traditional way, you know how stressful the process can be. Lining up timelines for selling your current home and buying a new one is a tricky process, and may often leave you with double mortgages or living in temporary housing.
It was for this reason that when a local resident was ready to sell his LA home and move out-of-state, he was determined to find a better way to do it than his previous experiences. So when he came across Opendoor, a leading digital real estate platform that makes it possible to buy and sell a home in one fully digital transaction, he was intrigued. “Opendoor’s tech-driven approach was efficient, the team was attentive, and the company provided me with a seamless experience from start to finish. From browsing homes to signing paperwork—everything was conducted online. I was able to move on my own timeline, and I never felt rushed or worried about paying two mortgages,” he beams.
Selling and buying a home entirely online, like this customer did, may sound too good to be true—yet a recent Opendoor survey showed that 73% would consider buying with a real estate tech company. Opendoor has successfully helped over 140,000 customers move to date. And now, with Opendoor Complete, Angelenos can sell and buy a home in one cohesive transaction. Here’s how it works:
Line up moving timelines
When selling your current home and buying a new one at the same time, the traditional process makes it tough to line up your closing date with your next home move-in date. Timelines are often contingent on financing, inspections, and other factors outside your control. Andy Swanton, Opendoor Regional General Manager, explains: “You may be able to negotiate with the buyer of your current home for a later closing date, and push your lender to work fast to prevent any lag time between sales. However, this rarely works. You may end up living in temporary housing while you move out of your current home and wait for a new one.” Additionally, when you apply for a new mortgage, a lender typically won’t release the funds you need until your current home is sold. This means you may be stuck paying two mortgages at once.
With Opendoor Complete, two separate transactions become one. You’re empowered to choose your own closing date when selling your home, which can also be changed if needed later on. Once your current home is sold and the buying offer on your new home has been accepted, you can access the Opendoor Complete online dashboard to choose your close dates and easily line up your moving dates. Plus, with the ability to line up timelines, you won’t have to worry about a lender not approving you for a second mortgage, and you’ll completely avoid paying double mortgages.
Unlock buying power with a cash-backed offer
Median home prices are up 11.7% year over year in Los Angeles and buyers are facing bidding wars. While there are many things that you can try to give yourself a leg-up on the competition, cash remains king. In general, buyers who present an all-cash offer are 2x more likely to win a bidding war. “Most sellers often prefer all-cash offers because they offer certainty and can speed up a transaction,” Swanton says.
But not everyone has the kind of cash on hand to win the home of their dreams in a competitive housing market. With Opendoor, buyers can give sellers the same certainty as an all-cash offer. Opendoor-backed offers are free of financing, appraisal, and home sale contingencies, making it very appealing to sellers. Plus, to make the offer even more competitive, Opendoor will be ready to step in to buy the home for you if there’s any issue with your financing or if you need more time, so no one else gets it. Then, Opendoor will sell it back to you for the same price.
Move from state to state with no issue
Are you hoping to sell your home and buy one in another state? If so, you may have additional factors to consider when using the traditional real estate process. For example, working with two different realtors in two separate states—one to help sell your current home, and the other to help you find a new one. Additionally, if you sell your current home, but aren’t able to buy a new home right away, you’ll likely need to factor in the cost of renting a home and storing your furniture while you continue your home search.
Through Opendoor Complete, which is available in 16 markets, there’s no need to worry about coordinating with multiple parties in different local markets or regions. Opendoor’s team of experts is there with you every step of the way, no matter where you’re buying or selling a home.
Save time and stress with Opendoor’s fully-digital process
Selling a home through the traditional real estate process calls for prepping your home, making repairs, and having to leave your home for showings. On top of that, you’ll spend countless hours searching for a new home. If you’re buying in a different city or state, you may have to carve out extra time to visit and tour homes to determine which neighborhood is right for you.
Save yourself the hassle, and try Opendoor Complete instead! As a seller, you won’t have to worry about staging your home, or making any repairs. Plus, you can utilize Opendoor’s completely digital self-guided home walkthrough tool in Los Angeles to conduct a home inspection on your own timeline. As a buyer, you can opt to tour homes virtually through Opendoor—a particularly helpful tool if you’re searching in a different state.
Are you ready to sell your home and find your next one? Request an offer and get started today at Opendoor.com/buy-and-sell.