A Startup That Will Pay Cash For Your House. Today.

February 12, 2016 in Daily Bulletin

homeRolfe Winkler wrote about a startup that could change how people sell houses:

  • OpenDoor Labs pays cash for homes that people quickly want to sell, and then goes onto sell the same home a few weeks later for a fat profit of about $15,000 a house.
  • After users enter their address they’re presented with an estimate. Then an inspector comes over to look at the condition of the house and provide an updated offer.
  • The startup aims to make selling homes easier by helping homeowners use the internet, and avoid the headache of a broker.
  • OpenDoor prides itself on the strength of its algorithms to accurately price homes.
  • The startup then offers 24-hour open houses by having doors that unlock via text and security cameras to monitor visitors.
  • Since OpenDoor actually owns the homes it’s possible the startup will fail the next time a housing crash rolls around.

Read more here.

Source: The Wall Street Journal

Via: Marginal Revolution