PHOENIX and SAN FRANCISCO, March 9, 2016 /PRNewswire/ -- Opendoor, the online consumer marketplace for homes, today announces the launch of Opendoor Trade-In. Opendoor Trade-In (https://www.opendoor.com/trade-in) eliminates the hassle and requirement of selling an existing house before buying a new home. The launch comes on the heels of closing Opendoor's Series C funding round – bringing total financing to $110 million.
Opendoor's new service transforms the process of buying and selling a home into one, simple transaction. Today, more than 50 percent of home buyers are required to sell their existing house before they can proceed with a new purchase. The alternative is that buyers are forced to carry two mortgages, a large financial burden that most cannot afford. With Opendoor's new service, families can move once – trading in their house for a new home – and save themselves months of hassle and thousands of dollars.
"It's totally hassle-free. It's one person to take care of everything. I didn't even feel like I was buying and selling, I didn't have to negotiate two times, I was just moving from one place to the next," said Nagarajan Murugan, one of the first buyers able to purchase a home because of the new service.
How does Opendoor Trade-in work?
When home shoppers find a new home, they simply go to Opendoor.com choose their close date and Opendoor handles the rest. Behind the scenes, Opendoor purchases their current home at the market price, funds the purchase of the new home and enables the customer to move on their preferred closing date in one simple transaction.
"We service thousands of home buyers and sellers, and the consistent feedback is that selling a home on the same timeline as buying a home is a nightmare," says Eric Wu, co-founder and CEO of Opendoor. "We believe 'Trade-Ins' are the way real estate should work, and we're proud to be the first company to make this a reality for homeowners."
Today, Opendoor also announces that it is transacting more than $25 million per month in residential real estate, making it the fastest growing real estate company in Phoenix. Opendoor's Phoenix office has grown to include more than 20 team members, who are helping hundreds of sellers and buyers a month transact. With the metropolitan Phoenix area's population and job growth causing a shift to a younger demographic, the market has proven ideal for an innovative, online experience to buy and sell homes.
Opendoor, the online marketplace for homes, removes all the headache, uncertainty and risk from buying and selling real estate. Headquartered in San Francisco with offices in Phoenix and Dallas, Opendoor was founded in March 2014 by Keith Rabois, an investment partner at Khosla Ventures, and CEO Eric Wu. For more information, please visit www.opendoor.com.