Opendoor Launches Program to Help Phoenix Buyers Compete with Cash Deals | Featured Articles
PHOENIX (3TV / CBS 5) – If you are thinking of buying a home in the Phoenix subway area, be prepared to buckle up for a bumpy ride. The number of homes for sale is lower than it has been in years, driving up prices and creating chaotic competition, making it extremely difficult for buyers to get the home they want.
Valley real estate agent Shelley Sakala of My Home Group said she has never seen the housing market as crazy as it is now.
“There is a house that came on the market this morning and my clients wanted to see it,” Sakala said. “I made a request to show it, I contacted the agent, and she already had several offers, and it just happened today.”
Sakala said one of the biggest challenges buyers face is competing with “all-in-cash” offers.
This is when someone submits a cash offer to buy a house instead of going through a bank loan or financing. A new program launched by Opendoor on Wednesday seeks to level the playing field. Opendoor will now provide all the money a buyer needs to buy a home, greatly increasing the chances of their offer being accepted.
“Even if sellers receive multiple offers, there is always a chance, if there are any financing or evaluation contingencies, that the sale will fail,” said Michelle Meyers of Opendoor. “So this gives sellers some degree of certainty that they will be able to move forward in their new home.”
Opendoor’s Guaranteed Offers Program requires buyers to be pre-approved. The cost is free, but OpenDoor will collect the commission fee from the real estate agent on behalf of the buyer after the sale is completed. Buyers will have 120 days to repay the money or set up a mortgage through Opendoor or their own lender.
“We want to be there to help them get into the homes they so desperately want,” Meyers said.
For more details on the Opendoor program, visit their website.
Jason Barry is best known for his Dirty Dining Report which airs Fridays at 6:30 p.m. on CBS 5. He is also the storyteller behind CBS 5’s Pay It Forward which airs every Thursday at 6:30 p.m.
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