More builders turning to cash-for-homes company Opendoor to spur housing sales

CNBC

Everyone should be empowered with the freedom to move without being burdened by a double mortgage. This is why Opendoor has created an easy way for you to determine exactly what your home is worth and sell it to them in a matter of days. In one seamless transaction, we will arrange the purchase of your eligible existing home and upgrade your family to a brand-new Lennar home, using your earned equity as a down payment. See how new Opendoor partnerships provide consumers with more options in this recent CNBC article by Jesse Pound.

Homeowners dreaming of moving up from their starter home to a newly built, larger home are being offered more ways to make the move as quickly and effortless as possible.

A growing number of homebuilders have partnered with internet-based real estate companies, including Opendoor, to cut down on the hassle and uncertainty homebuyers often face when moving from one house to another. On Tuesday, Opendoor announced two more homebuilding companies with which it has signed partnerships: Texas-based Gehan Homes and Colorado-based Century Communities, which operate in nine states across the Southeast, Texas, Mountain and Western U.S.

One of the key hurdles to buying a new home can be selling an existing one, said Nate Harbacek, head of corporate and business development at Opendoor. To combat this, the company gives homeowners a cash offer for their house and a flexible closing date so customers don’t have to show their home. It also lowers the risk of a buyer backing out at the last minute. What’s more, the flexible closing date circumvents the need for temporary housing, storage and carrying two mortgages at the same time.

“I think that there’s an embedded procrastination on the part of many people who have already gotten to the point where they’ve outgrown the walls of their home,” said Stuart Miller, the executive chairman of Lennar, one of the country’s biggest homebuilders, which is an Opendoor venture investor and partnered with it to spur home sales in 2018. “Just the anxiety around having to engage in the selling process and bringing multiple prospects through their home — it’s a daunting task.”

Read the full article at CNBC.com

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