Real Estate With A 30-Day Money-Back Guarantee? You Bet.

Suburbia

Buyer’s remorse can plague homebuyers. Maybe there’s too much noise or they could have gotten a better deal if they just did a bit more homework. Startup Opendoor wants to take that sting out of the equation with a 30-day return window.

Under the policy, buyers would get a full refund (less closing costs) if they are dissatisfied for any reason, according to Recode. Returns are a rarity in the real estate sector, but CEO Eric Wu says Opendoor wants to make homebuying a better experience.

Opendoor started in 2014 and raised $110M in venture funding. The company hopes to streamline the residential real estate buying and selling process—it wants to eliminate the real estate agent from the equation. While Opendoor takes less of a transaction fee than the typical broker, sellers can expect to get less for their properties in exchange for a faster closing. The startup does this by directly purchasing the property and then reselling the home.

The first generation of online real estate applications were all about collecting information. Experts at Bisnow's real estate tech panel said the future was in owning and streamlining the transaction process while removing tedious paperwork from the deal. [Recode]

Continue reading this story with a free account

Log in or register
Related Topics: Opendoor
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Lone Star JV Spends $1.2B On 2M SF R&D Portfolio In Silicon Valley

In Booming Silicon Valley, Architecture Firm Revel Meets Clients Where They Are

Bluerock Affiliate Acquires Sunnyvale Office Hub For $330.7M

Chicago Firm Proposes 40-Story Apartment Tower In Mid-Market

Why The Boardroom Is Finally Demanding ROI On Artificial Intelligence

Revolution Medicines Nearing Agreement For 700K SF Lease In Redwood City

JLL Lists 2M SF Maritime Campus: The San Francisco Deal Sheet

Power Availability Becomes New Requirement For Shifting Bay Area Industrial Base

Loud And Clear: Why Aiphone Thinks Intercom Ownership Is Best For Multitenant Buildings

Builders Turning To Prefab Solutions As Speed To Delivery Becomes Critical Consideration

Maturing Debt Triggers Wave Of Distressed Hotel Sales Across California

Making The Case For Preconstruction As Risk Management