Technology

Opendoor tightens grip on transaction

Another step toward the iBuyer’s goal of simplifying ‘every step of buying and selling a home’

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Opendoor, an "iBuyer" that uses technology to quickly buy and resell homes, has launched a title services arm. Complementing its mortgage brokerage, "Opendoor Title" allows the company to exercise possibly unprecedented control over the transaction experience because the company directly buys and sells homes. Some large real estate brokerages operate mortgage and title arms to try to serve up a seamless transaction. But unlike Opendoor, they don't actually buy and sell homes, so a lot of what happens during the purchase and sales process is out of their hands. Using Opendoor Title "is not a requirement or condition of sale" for its customers, said Opendoor spokeswoman Heather Staples. "However, it does help ensure a great end-to-end customer experience." Perhaps only Redfin can claim the same breadth of services as Opendoor, since Redfin also operates an iBuyer (Redfin Now) in addition to brokerage, mortgage and title services. Opendoor has a bare-bones website for ...