OpenDoor started its operation in late 2014 by a former PayPal executive. It is a real estate startup that promises a better home buying and selling process: Sell your home at the click of a mouse, and buy with a money back guarantee.
Selling: Sell your house through the click of a mouse. Provide details on your home and they will send you a cash offer. Accept it and choose your closing date. Albeit at a slightly lower price as they have to make a profit. As simple as that. It significantly simplifies and shortens the selling process.
Buying: OpenDoor offers a 30-day money back guarantee on any homes purchased through OpenDoor. It further takes away most of the risk of buying home by providing an 180-point full inspection of every home it sells, and a 2-year warranty that covers up to 20 items.
OpenDoor currently operates in Phoenix and Dallas, USA.
Wall Street Journal estimates OpenDoor makes $10,000 to $15,000 profit on every home.
Is this a sustainable real estate business? Time will tell.