Startup Opendoor Lets You Return Your Home In 30 Days If You Aren't Happy
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]