Opendoor is digging into the new-home market through a partnership with Builders Digital Experience (BDX), the owners of the new-home search platform NewHomeSource. Starting Thursday, homeowners can request an Opendoor Trade-In offer through a widget on NewHomeSource’s listing pages.
Derek Schairer | Credit: LinkedIn
“We hear every day from consumers that selling their existing home in order to buy the next home is a painful experience,” Co-General Manager of Homebuilder Partnerships Derek Schairer said in a blog post on Thursday. “Second, we believe that every consumer should have the opportunity to move seamlessly without managing two separate transactions.”
“The future of the home move is simple, certain and fast, and Opendoor continues to be at the forefront of this broad shift in the housing industry,” he added. “Our partnership with BDX is another way we’re providing more choice to home sellers and buyers around the country.”
To request an Opendoor offer, NewHomeSource users must enter their address on an Opendoor widget located on the right side of the page. If Opendoor determines they can make an offer on the home, they’ll be routed to Opendoor’s seller questionnaire and receive a preliminary all-cash offer.
The Opendoor widget on NewHomeSource.
After accepting the offer, homesellers will complete a video walkthrough to identify any necessary repairs. Sellers can choose their own closing date and can decide to reject the offer any time before closing. They also have the option of listing their home on the open market through Opendoor, which includes a $10,000 interest-free advance for repairs and a 5 percent flat fee.
Opendoor will work with homeowners to close on both homes on the same day when their construction is complete.
Drew Leakey | Credit: LinkedIn
“Buying a new home is one of the most important and exciting decisions that someone will make in their lifetime and our goal on NewHomeSource.com has been to make that process as easy as possible and eliminate the friction points along the way,” BDX VP of Digital Operations Drew Leakey said in a prepared statement. “Partnering with Opendoor helps us accomplish this goal and will simplify the home shopping process.”
“Not only will this partnership bring our visitors one step closer to new-home ownership it also helps our builders sell more new homes, faster,” he added.
The partnership with NewHomeSource is the latest addition to Opendoor’s string of new partnerships, acquisitions and platform updates to expand its buying and selling power.
Over the past seven months, the iBuyer has released cash-backed offers for buyers, preliminary offers and self-guided inspection tours for sellers, doubled its market reach and acquired home renovation platforms Pro.com and Skylight to bolster its home repair process.
“Our mission is to empower everyone with the freedom to move, so, over time, we expect to be able to service consumers in every U.S. market,” Opendoor President Andrew Low Ah Kee told Inman in a previous article. “We also know that two-thirds of sellers are also buying, so we continue to invest in stitching together an end-to-end consumer experience.”