Opendoor's new 'Trade-In' lets you buy and sell a home instantly

  • Homeowners are supposed to be able to use "Trade-In" to schedule a time to sell their home to Opendoor and buy a new one on the same day.
  • The service, which makes 'instant offers' to sellers, can benefit a buyer the most if she uses Opendoor's preferred lender and purchases a home used by Opendoor.
  • Well under 2 years old, Opendoor has raised $110 million. It bought 500 homes in its first year.

One big hurdle for homebuyers is that they often have to sell the home they live in before they can purchase a new one. Opendoor, an exceptionally well-funded startup that makes “instant offers” on homes and then flips the properties of sellers who accept the offers, has unveiled a service designed to solve the problem.