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.
- 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.