Home builders are partnering with cash-for-home companies like Opendoor in hopes of unshackling potential clients from their old homes. By offering money to homeowners for their houses, companies like Opendoor eliminate the unknowns of selling a home.
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 12 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.