3101 Hemlock Ln, McKinney, TX 75070

Opendoor-Owned Exclusives are homes owned by Opendoor that are offered exclusively to our customers for up to 14 days before we list them to the public. We have heard from our customers how hard it can be to purchase a home, and how stressful the process can be, so we decided to build something better.

We give our customers the opportunity to purchase these homes before anyone else and make the purchasing process simple and streamlined.

We’ve streamlined the process of purchasing an Opendoor-Owned Exclusive into 6 easy steps:

1. Tour the home
Any Opendoor-Owned Exclusive displaying the “Self tour instantly” button is open for self-tours 8am-7pm local time any day of the week. When you arrive at the home, you can either follow the instructions on the door or call (855) 476-0049 and we’ll give you access.

2. Set up and sign your contract
Each Opendoor-Owned Exclusive has a no-haggle price, so you don’t have to agonize over what to offer or whether you’ll lose out to another buyer paying cash. We take a first-come, first-served approach—the first person to sign a contract will be under contract to purchase the home, no matter how you choose to finance the purchase. If you’d like to move forward with a contract, visit the property page for that Exclusive and click Buy. We’ll ask you for some information needed to generate a contract, and then we’ll send over a contract via email for you to sign. You’ll have 48 hours to sign the contract—during that time, the home will be reserved for you and nobody else will be able to purchase it. We use the standard real estate contract most commonly used by real estate agents in your state.

3. Submit your earnest money deposit
After signing the contract, you’ll have 5 calendar days to submit your earnest money deposit. The deposit is set at 1% of the purchase price. We’ll send you full details on how to submit the earnest money deposit once you sign your contract. There is no option/due diligence fee required on Opendoor Exclusives.
With Opendoor-Owned Exclusives, you can back out of the purchase any time until closing and for any reason, and receive a full refund of your earnest money deposit.

4. Submit your pre-approval letter
If you plan to finance the purchase of your Opendoor-Owned Exclusive, you’ll have 5 calendar days after signing the contract to submit your pre-approval letter. Your pre-approval must reflect credit verification.
If you decide to purchase the home with cash, you’ll need to submit proof of funds (e.g., a bank statement) within 5 calendar days of signing the contract.
If your purchase of an Opendoor-Owned Exclusive is contingent on the sale of another home, the home you’re planning to sell must already be in contract and any contingency periods must end no later than 5 days after the contract for the Exclusives home is signed. We’ll send you full details on how to submit these materials once you sign your contract for the Opendoor-Owned Exclusives home.

5. Schedule inspections and finalize details with your lender
We encourage you to schedule a full home inspection so that you can feel comfortable with your purchase. We will work with your inspector to give them access to the home—just give us their details and desired inspection time, and we'll do the rest.
If you're financing the home purchase, you'll also work with your lender to finalize your loan. As part of that process, your lender will typically order an appraisal, which is an independent valuation of the home. One of the benefits of buying an Opendoor Exclusive is that it comes with an Appraisal Price Match Guarantee®.

6. Close and get the keys!
You control your closing timeline—you can choose any close date, up to 35 days after signing the contract. You can also reschedule your close date without any penalties within that 35-day period if something unexpected comes up. If you love a home but are unable to close within a 35-day period, please give us a call to discuss your options.

With Opendoor-Owned Exclusives, we went back to the drawing board to design a purchasing experience that’s simple, certain, streamlined and that puts you in control.
Here are some of the differences —

1. No bidding wars. The price you see is the price you pay
Each Opendoor-Owned Exclusive has a transparent, no-haggle price. If you like a home, you can be under contract in a few clicks and without worrying about losing out to a higher bid.

2. Opendoor-Owned Exclusives feature preferred pricing
We offer you exclusive pricing when you purchase an Opendoor-Owned Exclusives home. The Exclusives price is lower than the future public list price.

3. Choose your own close date and how you want to pay
With Opendoor-Owned Exclusives, there is no advantage to paying with cash or closing sooner. We put all buyers on equal footing. You can use any lender and choose any close date up to 35 days out from signing the contract.

4. Appraisal Price Match Guarantee
Buy with peace of mind. When you buy an Opendoor-Owned Exclusive, if the home appraises for less than the Exclusives price, we’ll reduce the price by up to $50,000 to match the appraised value under our Appraisal Price Match Guarantee®.

5. Back out anytime and get a full refund of your earnest money deposit
If you change your mind at any point in the process before closing, you can back out with zero penalties. We want you to feel great about the purchase of your next home.

6. Flexible self-tour schedule
Any Opendoor-Owned Exclusive displaying the “Self tour instantly” button is open for self-tours 8am-7pm local time any day of the week. When you arrive at the home, you can either follow the instructions on the door or call (855) 476-0049 and we’ll give you access.

These are some of the differences—but other things haven’t changed! There are things we know you rely on to feel confident in a home purchase, and we’ve kept these consistent with a typical real estate transaction.

1. We use the real estate contract used by most local agents.
This is the same contract typically used for home purchases in state.

2. You’ll have the ability to order a full inspection of the home.
We encourage you to schedule a full home inspection with a licensed inspector so you can feel comfortable with and informed about your purchase. You’re welcome to use an inspector of your choice, or you can contact us for a list of local options.

If you are financing the purchase of an Opendoor-Owned Exclusive and the appraised price of the property is lower than the Exclusives price, we will reduce the purchase price to the appraised price, up to a maximum purchase price reduction of $50,000, so long as: (a) your lender is a duly licensed residential mortgage lender, (b) you provide us with an appraisal for the property from your lender that is dated no earlier than the executed date of the purchase contract, and (c) your lender used an independent, licensed appraiser retained through an appraisal management company to generate the appraisal.

The Guarantee applies to the original Exclusive price, as shown on our website. If you choose to increase the price to finance some or all of your closing costs, the Guarantee would apply to the Exclusive price but not to the closing costs added.

When you buy an Opendoor-Owned Exclusive, we want to give you the freedom and flexibility to make sure you’re making the best decision for you. If you change your mind at any point before closing, you can cancel and receive a full refund of your earnest money deposit. Just contact us to let us know, and we’ll take things from there.

Opendoor-Owned Exclusives are offered at a transparent, no-haggle price—the price you see is the price you pay. To give you confidence in our pricing, we offer an Appraisal Price Match Guarantee®.

If you choose to work with an agent, Opendoor will cover any commission you have agreed to pay your agent, up to 3% of the purchase price.

We encourage buyers to order an inspection of the home by a licensed home inspector to evaluate the condition of the home. You should schedule the inspection early in the process (typically within the first few days after signing the contract). You are welcome to choose the inspection company of your choice.

If there is anything in your inspection report that gives you concerns about moving forward, please call us at (512) 706-9938.