In 2014, real estate company Opendoor opened up shop, radically simplifying the selling process for homeowners across the country. Opendoor aims to cut out some of the steps (and subsequently a lot of the money, time and stress) that comes with selling or buying a home.
The company was co-founded by Eric Wu, Ian Wong, Justin Ross and Keith Robois. Wu was only in college when he started in the real estate industry, having purchased 20 Arizona properties with saved scholarship money. Wu, along with his other co-founders, have come a long way since then, having served over 40,000 customers with a more than 1300 employee workforce.
For home-sellers, Opendoor is able to directly purchase your home, taking a third-party investor or buyer out of the equation, making for a streamlined and quick experience. For people looking to buy a new home, Opendoor offers an enormous range of homes from twenty different cities, including Atlanta, Austin, Charlotte, Dallas-Fort Worth, Denver, Houston, Jacksonville, Las Vegas, Los Angeles, Minneapolis-St.Paul, Nashville, Orlando, Phoenix, Portland, Raleigh-Durham, Riverside, Sacramento, San Antonio, Tampa, and Tucson.
While Opendoor, unlike other iBuyers, really want to try and take real estate agents out of the picture, it’s recommended that you still have an agent to evaluate and assess the offer you are given. You’ll have to dish out on a little commission, but a small price to pay to get the best price on your home. Opendoor itself charges an average of 8% service charge, but that’s pretty much everything to it. No seller concession, no showings and no stress.
Customers of Opendoor are able to access their services using their website and also their mobile app, available for download on Google Play and the App Store for free.
How does Opendoor work?
There’s not really all that much to buying with Opendoor. It’s as easy as browsing for homes using their website or mobile app, scheduling a visitation, closing a deal and moving in. Simple as that! Some home owners decide to purchase home warranties so they can minimize out-of-pocket expenses in case certain systems or appliances that come with the property fail in the future. In that case, it’s best to bring this up with your Home Advisor and they can help you find the best option to suit your needs. Many of their listings have a 30-day satisfaction guarantee, which allows buyers to return their home within thirty days after closing (following Opendoor’s terms and conditions) if they aren’t satisfied with it.
If you’re looking to sell your property, but want it done quick and simple, Opendoor’s services are for you. Here’s a quick guide to selling your home with Opendoor:
Get an offer on your home – Like most iBuyers, it’s as simple as checking if your property is in a neighborhood they support and typing in your property’s address. You’ll be able to get an offer from anywhere between a few minutes to a few days, two days max.
Reviewing your offer – As previously mentioned, you might want to get your real estate agent’s help with this. However, If you have any previous experience in selling a house, or if you happen to have a good picture of your home’s expected value, you could easily do this on your own. Whether you decide to get help from an agent or not, take your time with this step. This is going to be a big turning point in the process, should you choose to accept the offer or not.
Scheduling a home assessment – If you decide to go with Opendoor’s offer on your property, you can schedule your free home assessment with the Home Advisor that’s been assigned to you. During the visit, they’ll be able to see if your house requires any repairs or upgrades before they put it on the market. No need to shell out any extra fees for this, as the cost will simply be deducted from your proceeds. As for the actual repairs, Opendoor will take care of the whole process after closing, there’s no need for you to get your hands dirty.
Closing the deal – Once a final closing price has been settled on, you can get paid and ready to move in to your next home, while Opendoor will handle all the repairs needed to get the home in market-ready shape.
While Opendoor’s methods really get the job done fast and easy, you can’t be sure that they’re giving you the best offer there is. The downside to them being the sole buyers is that they can only give you a price that’s just right. Just enough that you’ll walk away from the close satisfied and just enough that they’ll be able to turn a profit. We can guarantee to do more than that.
When you work with us at Housing Solutions, we can give you the absolute best and highest cash offer for your home. Our reach goes beyond companies like Opendoor, allowing us to bring you up to eight different offers from reputable buyers at just one request.
Not only that, but since we’re local, we can meet you face-to-face and walk you through the whole process of selling your home. Our program comes with many other benefits, like our 30-day Extended Stay. Contact us now to learn more or take a minute to fill out the input form on our home page.