More details about PayPal and Square exec Keith Rabois’ “big-data house-flipping” startup have bubbled up, offering a slightly more defined picture of who, what, where and when, VentureBeat reports.

OpenDoor has attracted attention in part because of the proven track record of its founders as innovators, but also for the boldness of their vision: a platform that will allow homeowners to sell their homes almost instantly with just a few clicks of a mouse, which the company will then flip.

The company’s website tells visitors that homeowners who use the service will “receive an instant offer online and funding in as soon as three days,” and may enjoy “full certainty on the price and close date.”

OpenDoor will base those offers on analysis of public and private data, and it guarantees sellers “full certainty on the price and close date” of a transaction.

After OpenDoor purchases a home, it will sell it to turn a profit. The startup reportedly thinks it can pull that off because, if all goes according to plan, it’ll be able to purchase homes at a discount that will be “much less” than the 8 percent car dealers expect on trade-ins.

Rabois, a partner with Silcon Valley-based venture capital firm Khosla Ventures, founded OpenDoor with Eric Wu, the former head of “geo products” at Trulia, and Ian Wong, a former data scientist at Square.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We are less than 1 week away from Inman Connect! Get your ticket for $99 before prices go up next week.GET YOUR TICKET×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription