Opendoor acquires homebuying platform

by Francis Monfort13 Sep 2018

Online real estate marketplace Opendoor has announced its acquisition of Open Listings, a platform that aims to make finding, touring, and buying any home easier and more affordable.

Opendoor said the acquisition allows it to create an end-to-end marketplace for buying, selling, and trading-in homes. The company has already begun integrating Open Listings services, which are live in Dallas-Fort Worth today and will soon be rolled out across Opendoor’s markets.

Opendoor already offers home sellers who are also looking to buy a home the certainty of an offer on their existing home. With the transaction, customers will be able to line up their home sale with the purchase of any home on the market in a simple, trade-in transaction. Buyers who use Open Listings will also receive a discount on the home purchased through a commission rebate of up to 50%.

“Opendoor modernized how people sell their homes by making it simple and instant and we are excited to now bring that same simplicity to buying a home,” Opendoor founder and CEO Eric Wu said. “By integrating Open Listings’ online buying experience with Opendoor, we’re putting customers in control of the entire process so they can buy, sell, or trade-in their home seamlessly be it for retirement, up-sizing for a growing family, or moving for a dream job.”

The acquisition will allow customers to use a mobile phone or computer to tour and submit an offer a home, secure an offer on their existing home, and align the timing of both. With Open Listings integrated into the mortgage, title, and home services of Opendoor, the company said buying, selling, or trading-in a home will be as easy as hailing a ride, booking a flight, or shopping online.

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