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Opendoor offers an online platform which buys the home from customers without the hassle of finding a buyer. The sellers have to provide some information regarding their homes and they instantaneously receive an offer based on comparative market analysis. A home inspection is later done for verification purpose and to decide on the final price. The company recommended repairs can be carried out by the owners or the company, depending upon the agreed contract. The seller receives the proceeds from their homes sale based on the chosen closing date, which is usually much shorter than the average amount of days it takes to sell a property. Recently, Opendoor was named in the 2019 Forbes FinTech 50 startups list.
The online platform of Opendoor helps sellers to receive an offer without listing or showing their home and buyers to browse for homes on sale and instantly unlock them using the company's application, enabling customers to buy and sell properties in a hassle-free way.
$3.8 B in 2019
After the latest funding round, the company's valuation is at $3.8 billion. (Mar. 2019)
The company has 36k customers to date. (Mar. 2019)
In 2018, the annual acquisition run rate was $3.8 billion and more than 800,000 people toured Opendoor homes. Also, the company plans to expand services across the nation by the end of 2020. (Feb. 2019)
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