Dubbed ?iBuyers,? Opendoor and Offerpad will make an offer on your house within hours Moving into a new home can be a time-consuming, costly, and chaotic process. Selling your current home can drag on and on as brokers field offers, negotiate, and finally close. The closing date may not line up with the move-in date for the new home, leading to either two mortgage payments for the month or a gap in time that requires temporary housing.
But two tech companies, dubbed ?iBuyers,? are streamlining the home-selling experience in hopes of making the move-out and move-in process as seamless as possible. Opendoor and OfferPad can make an offer on your home in a matter of hours and can close within a week, giving movers the flexibility to move into their next home exactly when they want to. The concept has caught on, as both companies are expanding rapidly. Opendoor is currently in eight markets and plans on expanding aggressively in 2018, with hopes of eventually having a footprint everywhere in the country. Now valued at $2 billion, Opendoor is reportedly about to close on a $200 million round of funding, adding to the $320 million venture capitalists have already contributed to the company.
?When you talk about disruption, most of the disruption occurs in terms of [iBuyers] being buyers and consumers being sellers,? said Stephen Kim of the investment advisory firm Evercore. ?I think there is a potential that this can be somewhat disruptive. I don?t think it?s going to take ...