iBuying company Opendoor has made another acquisition, this time buying a national title and escrow service provider called OS National. Opendoor will now be able to integrate that firm’s title, escrow and closing services into its online home buying and selling platform, it said.
Opendoor is the trailblazer in the iBuying industry, in which it makes instant cash offers to sellers so they can sell their homes faster, instead of going down the traditional listing route. Sellers often pay a slightly higher commission for the convenience offered.
The acquisition of OS National is therefore another piece of the puzzle as Opendoor attempts to take care of every aspect of home buying transactions.
“Title and escrow has always been a major pain point in the home buying and selling process,” Opendoor told CNBC, which first reported the acquisition. “This acquisition will enable us to start mitigating that pain point with deeper integration with OSN.”
“Consumers are confused about the status of the close and timeline, overwhelmed by hundreds of documents to understand and sign, and frustrated by the delays due to multiple parties coordinating,” added Eric Wu, co-founder and CEO of Opendoor, in a statement.
Opendoor currently operates in 20 markets. It’s looking to expand into Boise, Idaho; Salt Lake City; and St. Louis by next year, CNBC reported.