Instead of hiring someone to stage your home, scheduling showings, and lighting one of those candles that smells like baking cookies, Opendoor takes the hassle out of selling. It offers to buy your home, as is. Once you enter your address and a few details about the condition of the house the service emails you an offer a few minutes later. Based on the local market, historical data, and other details about the home, Opendoor determines the price. Homeowners can then set the their move-out date, and so it goes.
“We’re changing the way people sell their home by removing the uncertainty and stress involved in a typical real estate transaction,” said Opendoor co-founder Keith Rabois. It’s especially useful for those who are moving for a new job, for example, and want the process to move as quickly and painlessly as possible.
More than just algorithms determine the price. The company’s employees do a little sleuthing, checking out photos and Google Street View to make sure the property is up to snuff, according to Re/code. Opendoor also conducts an inspection after the offer is put forward to make sure the interior hasn’t fallen into disrepair.
The service fee is 5.5 percent, similar to a real estate agent’s commission. While the company will spruce up the house a bit after you’ve moved out, it insists it’s not into flipping homes. Instead, it wants homes in good condition, and sellers who are in a pinch, instead of dire straits.
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