The hurdles of buying and selling a home have become insurmountable for many buyers, from a finance perspective and because of the arduous process. Opendoor has disrupted the process and made it possible for close to 4,000 home buyers. How? By skating around the system. They purchase the homes directly from the owners with the weight of their credit backing, which makes the selling process seamless.
A seller doesn't have to have their house on the market or live through open houses or surprise Realtor visits. Then, Openhouse sells the house keeping all the typical service fees and transactions out of the process.
The popularity of the system in its first markets is driving growth to ten more markets in 2017.
Opendoor, a San Francisco startup that buys and sell homes, has raised $210 million in a new funding round led by Norwest Venture Partners, with NEA, Khosla Ventures, GGV Capital and others also participating. The new funding comes just over a year after the company raised $80 million, bringing its total funding to $320 million. The company declined to disclose its valuation.
Opendoor, which currently operates in the Dallas Fort-Worth area and Phoenix, says it will use the new funds to expand to 10 cities in 2017. It currently buys about $60 million worth of homes per month.
