San Francisco-based online residential real estate marketplace, Opendoor, launched a new service that allows homebuyers to trade-in their home for a new home in a single transaction.
Through the new program, homebuyer’s set their close date for their home while Opendoor buy’s the home at market price, allowing the buyer to get the funds required to purchase their next home.
This lets homebuyers avoid the possibility of having two mortgages while also letting them choose when they want to move out of the home.
Opendoor launched in 2014, originally only having a seller’s marketplace for folks who wanted to sell their home online without much hassle. Six-months ago, Opendoor launched its buyer marketplace, and is now combining both worlds with its new trade-in program.
The firm’s Phoenix offices been conducting $25 million in residential real estate transactions a month, and has 20 employees.
This new service lets planning for the logistics of buying a new home go a lot easier while giving them certainty as to how much liquidity they will have for their next home, said Eric Wu, co-founder and CEO at Opendoor.
Once a homebuyer decides where they want to move the typical 90 day process can be streamlined into a day, with only one transaction taking place, he added.
Nagarajan Murugan, who was one of the first people to use the trade-in service, said the trade-in service is hassle free, because there is only one person taking care of everything.
“I didn’t even feel like I was buying and selling, I didn’t have to negotiate two times, I was just moving from one place to the next,” Murugan said.
