Opendoor sellers now have another option to complete their cash-offer inspections, thanks to the launch of self-guided virtual walk-throughs in all 41 of the iBuyer’s markets.
“A home inspection can take between two to four hours, and can require the seller, and buyer, in addition to the inspector, to be present,” Senior Director of Product Brian Tolkin explained in a blog post on Tuesday. “Plus, there’s added stress and uncertainty of potentially dealing with repairs or contracts falling through due to inspection contingencies.”
“We decided to make the process better and faster while maintaining the certainty of selling to Opendoor,” he added.
After accepting a preliminary instant offer based on home sales, market trends and home details, homesellers will be given the option of scheduling a 30-minute video walk-through with an Opendoor representative or conducting a self-guided virtual walk-through with photos and video.
Sellers who choose the self-guided option will receive a step-by-step guide detailing how to upload the required photos and videos of their home’s interior. From there, an Opendoor will confirm the uploads and schedule an in-person assessment of the home’s exterior.
Within 72 hours, an Opendoor pricing expert will review the self-guided virtual tour uploads and the notes from the exterior assessment to provide a final all-cash offer. “Regardless of whether you walk-through with a representative or self-guide, the pricing expert review process is the same,” Tolkin explained. “Plus, unlike a traditional sale, you don’t sign a contract with us until your assessment is done and you know the results.”
“And, even once you do, you can still cancel any time before closing,” he added.
Over the past three quarters, Opendoor has made several moves to streamline the homeseller evaluation process and supercharge its homebuying capacity as it inches toward its 42-market goal.
The iBuyer adjusted its purchase requirements in April to include pricier and older homes and homes in age-restricted and gated communities. They also rolled out preliminary offers, which cut the offer timeline down from 24 hours to three minutes.
“We’ve built a system that combines the best of human local expertise and sophisticated machine expertise,” Opendoor Investment Strategy, Operations, and Analytics Senior Director Amit Arora told Inman.
Opendoor isn’t slowing down anytime soon, as evidenced by the company’s 59 percent quarter-over-quarter revenue growth in Q2 2021. In an earnings call, CEO Eric Wu said homesellers “crave what we’re offering” and homebuyers are rapidly adopting the company’s buyer services.
“[Our] strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering,” Wu said.