Founded in 2014, Opendoor operates as a tech-driven platform that buys homes, makes minor repairs and quickly resells them, charging sellers a commission — typically 1% higher than the market rate — for the speed and convenience of the process.
Buyers can view homes via a smartphone app, with or without an agent, and agents still receive the standard commission if involved. Sellers, meanwhile, can receive a cash offer within days by filling out an online questionnaire and uploading photos, bypassing the need for staging or open houses.
Home prices are set using algorithms, further streamlining the transaction process.
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