Featured News

Opendoor launches new mortgage offering

iBuying giant Opendoor announced last week it’s planning to enter the mortgage game. The company says it won’t just restrict its services to making instant cash offers on seller’s homes, but will now issue loans for buyers of its homes as well.

The company said the idea is to speed up the time it takes to complete its transactions to less than a month. The new mortgage division, called Opendoor Home Loans, will debut in Arizona and Texas before rolling out nationwide.

Opendoor said the program has already been running as a pilot in Texas for the last few months, and has shown that it can help cut closing times by roughly half, from an average of 45 days to just 27 days.

It said the loan program takes it “one step closer to providing an end-to-end experience where you can buy, sell, or trade in a home in just a few clicks.”

Opendoor’s business revolves around targeting homeowners who want to sell their properties fast. It makes instant cash offers at what it says is a “fair market price”, meaning sellers can bypass the traditional route of listing their home for sale on an MLS and waiting for any offers.

Opendoor said its mortgages will be made available to any buyer, not just those looking at its properties. And there’s no requirement to use an Opendoor mortgage if a buyer does decide to buy one of its homes – they can always go with a different provider, it said.

Opendoor is trying to become a one-stop shop in a real estate transaction. It also has partnered with several title insurers across the country and even homebuilders in offering a home trade-in program. Buyers of a new home who need to sell their home before purchasing a new one can do so without having to sell their old home under one of its programs.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

Recent Posts

How to Make Your Real Estate Content Stand Out When Everyone is Using AI

Tips to make your real estate content stand out when you use AI-powered content generation…

7 hours ago

House Hacking: 7 Real Estate Strategies

Free housing seem too good to be true? Not necessarily. There are many ways to…

9 hours ago

Pros and Cons of a Real Estate Transaction Coordinator vs. Virtual Assistant

In the dynamic world of real estate, efficient and organized operations are essential for success.…

21 hours ago

Navigating Real Estate Challenges: The Rob Deaton Properties Approach

In the world of real estate, success often boils down to effective teamwork and adaptability.…

23 hours ago

Unlocking the Potential of Short-Term Rentals as a Profitable Side Hustle: Tips From Avery Carl, CEO of The Short-Term Shop

For those taking their first dip in the deep waters of real estate investing, the…

23 hours ago


Four of the major diversity organizations within the real estate industry have joined forces to…

23 hours ago