An Easier Way to Buy & Sell A Home
Since 2017, Opendoor has been shaking up the residential real estate market in Central Florida, putting more power than ever into buyers’ and sellers’ hands.
Have you heard about the new way in which people are buying and selling houses? Dubbed “iBuying,” many people on both sides of the equation are forgoing the traditional real estate experience for one that allows them more control and more convenience. The first company to enter this scene, thus paving the way for the technology that makes the whole process possible, is Opendoor, an online platform that gives people a simple and convenient way to buy, sell, and trade-in homes.
Like many entrepreneurs who grew up watching others in Silicon Valley hit their stride and find success via the tech boom, Opendoor was founded in 2014 by Eric Wu and Keith Rabois, when they noticed an opportunity to fill a void. Watching as consumers started to place more trust in the hands of technology, and ultimately, themselves, they considered the implications of a collision course between “D.I.Y.” and “tech-enablement” of the residential real estate market. And thus, Opendoor was born.
Today, Opendoor has expanded operations to more than 20 cities, and last year alone, there were more than 800,000 visits to Opendoor homes, averaging approximately 2,000 home visits daily. In addition, the company added more than 800 employees to its growing pool of talent. Launching in the Orlando area in October 2017, Opendoor has served more than 1,700 local buyers and sellers, and the numbers are continually growing. Opendoor has also infused more than $9 million into Orlando’s small business community through work with local contractors and tradespeople on home repairs.
So, what exactly goes into selling a home via Opendoor? This blog aims to dive into just that, but come back to find a second article here in a few weeks that will demystify the buying process via Opendoor.
The first step a prospective seller takes when looking to work with Opendoor is completing an online questionnaire – including details such as location, age of home, number of bedrooms and baths, and other unique features – giving Opendoor the initial information they need to share a competitive offer on eligible homes. With deep experience in residential real estate and a thorough understanding of each market's comps, conditions, and trends, Opendoor aims to make a fair-market, cash offer to home sellers within 24 hours.
Once a seller agrees to this initial offer, Opendoor conducts a free home assessment to determine if any repairs are needed before the sale is finalized. The types of costs associated with selling a home to Opendoor are similar to are those affiliated with a traditional home sale through a realtor: you’ll pay for any needed repair costs, closing costs (such as title insurance, escrow, and recording and notarization), and a fee. Instead of the traditional real estate commission, Opendoor charges a service fee (to help cover the costs of holding and reselling a home, such as property taxes, insurance, maintenance, and utilities).
As one might imagine, the simplicity of the process really comes into play when you consider that there are no listings, showings, staging or any of the accompanying stress that comes along with a traditional home sale. A home that is listed via the traditional real estate process is, on average, on the market for approximately 62 days here in Orlando. Opendoor flips that traditional method on its side and allows sellers to close in as little as 14 days, should they wish to. If the home assessment turns up needed repairs, Opendoor will provide the seller with an itemized list with costs and sellers can either choose to handle the repairs themselves, or Opendoor will simply deduct the full amount at closing. So, sellers can wave goodbye to the headache of needing to be home to supervise any and every repair.
In addition, sellers can close on their own timeline and will receive payment from Opendoor in cash. With an Opendoor transaction, there is no risk of a financing fall-through, so sellers can turn their focus to purchasing their next home. And speaking of buying with ease, for those customers who are looking to sell one home while buying another, Opendoor is able to line up both the purchase and sale in one simple, seamless trade-in transaction. But more on how simplified Opendoor has made the buying process in the next article, which will post in just a few weeks. Be sure to check back!
To learn more about Opendoor and the homes available in the greater Central Florida region, visit https://www.opendoor.com/homes/orlando.
Featured Central Florida Homes
Several amazing homes that are currently on the market in Central Florida are listed below, but there are many more accessible online and via Opendoor’s mobile app (Android, iOS) that will help you find the perfect home for your next adventure.
This amazing (and quite large) open floor plan, bespoke by dazzling hardwood floors in the heart of Lake Mary is available!
Enjoy the convenience of a townhome in lovely Maitland! This two-story, two-car attached garage townhome includes access to the community pool!
This gem in Dommerich Estates boasts an open concept floor plan with bright living areas, and even includes an enormous pool in the backyard.