Streamlining the Real Estate Process with Opendoor
Are you looking for a new home? Or better yet, looking to sell your current one? The Opendoor startup can help you do both with ease
For all those house buyers out there who are suffering from a chronic case of buyer’s remorse, there is now a solution to put your mind at ease. Opendoor is a startup real estate company that has been making the news recently for its calculated, and highly effective house selling procedures.
Opendoor is based in San Francisco, and is staffed with data scientists who claim they can conduct the entirety of the sales process for homes and cars online. They are attempting to streamline the process of buying and selling a house by making every step more accessible, from selling to touring to buying, with faster results guaranteed.
Is It Risky?
Opendoor actually owns all the houses it lists for sale, so if the economy takes a turn for the worst, the value of those houses could plummet. After all, since the company’s procedure is based on reselling houses quickly, if the market price in real estate drops, Opendoor may be unable to sell recently purchased homes for a profit.
However, because Opendoor owns all the properties it sells, it can still be a great deal for those trying to sell their homes quickly. A seller only has to fill out a form online, and the company will use the software they’ve created to make an offer. The seller can then receive cash for their quickly sold home from the start up.
After purchasing a home, Opendoor flips it, often within a few months, and resells it for more money. By effectively buying and selling houses quickly, Opendoor is both decreasing the risk of the market crashing while they own these homes, and streamlining the process of buying a house for those involved on both sides. They give home sellers a quick, and lucrative way to get a property off their hands, and give home buyers an equally effective way to purchase a fully prepared home.
Why Is It Making the News?
As of June 7th, Opendoor has promised to buy back a sold property if the new owner is dissatisfied. If the buyer changes his or her mind within 30 days of purchasing the house, Opendoor will buy it back for the full price.
Along with this money-back guarantee, Opendoor has also created a two-year warranty that claims that any damage done within two years of purchase will be fully compensated! These promises have made house buying safer than ever before, and hint at a future real estate world that is far more technologically-oriented, and far less risky!
What do you think of Opendoor? Think you’ll give it a try? Let us know in the comments below.