BrokerageTechnology

Opendoor’s money-back offer cures homebuyer’s remorse

Deep-pocketed real estate startup rolls out another one-of-a-kind product
  • Homebuyers who purchase properties from Opendoor can now return their homes for their money back for any reason.
  • The real estate tech startup will try to persuade agents to refund the commission they collect on a buyer client's purchase of an Opendoor home if the buyer returns the home to Opendoor, or offer to represent the buyer in another purchase free of charge.
  • Opendoor is reportedly paying real estate agents for broker price opinions on properties.

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One reason Mike Nonhof recently wound up buying a home from the real estate tech startup Opendoor is that the San Francisco-firm promised to buy back the property it would sell to Nonhof if he and his wife didn’t like the home, for any reason at all. Opendoor -- an exceptionally well-funded startup that makes “instant offers” on homes and then flips the properties of sellers who accept the offers -- introduced a “money-back” guarantee today that promises homebuyers who purchase a home owned by Opendoor that they can return the home to Opendoor for virtually a full refund if they discover they don't like the property within a month of purchasing it. 'No buyer's remorse' Mike Nonhof and his wife “There was no buyer’s remorse because we know if something pops up … in a month from now, we still have the option” to sell the home back to Opendoor, said Nonhof, who said he sold his old home and purchased his new one on June 3, a closing date he purposeful...