SAN FRANCISCO–An online real estate firm has an eye-catching new offer: a “return policy” on homes purchased.
Opendoor, which launched in early 2014 to “change the way homes are bought and sold,” reported it will start giving homebuyers who use its service a 30-day window to return a home. The company said that homebuyers will be able to return the home and get a refund, minus closing costs, for any reason during the first month.
"Whether it's the noise, commute time, or your neighbors are different than you expected — you can return the home," said Opendoor CEO Eric Wu. "Every home buyer should love the home they just purchased."
Opendoor allows homeowners to enter in basic information about their home online and get an offer from the company, based on data it has collected, to purchase the home in a matter of minutes. In exchange for quick sale, homeowners were initially expected to sell for a discount. The company now, however, is seeking to offer at-market rates to sellers, whom it acknowledged that two-out-of-three sellers who do receive offers do not accept.
Opendoor collects a fee by charging sellers 6% to 12%. It then turns around and lists the homes it has purchased on its website.
In addition to the new 30-day money-back guarantee, Opendoor homes also include two-year warranties on certain items, such as major appliances and heating and air conditioning systems.