So-called iBuying companies continue to rack up major losses, with the two largest companies in the industry, Opendoor and Zillow, losing a combined $607 million from their business of buying up homes and selling them in 2020. That’s according to the latest research from the real estate technology industry strategist Mike DelPrete, who revealed that
Opendoor says it will help buyers make cash offers
March 8, 2021 by
iBuying company Opendoor is responding to a slump in its business by helping customers who need to secure financing to buy a home make cash-backed offers that can improve the chances of their bid on a home being accepted. The company said that in order to take advantage of the offer, buyers will first need
iBuyer revenues slump amid high market demand
January 15, 2021 by
iBuying companies are experiencing a slump in sales during a time when many thought the opposite might happen, as they provide a contactless way to sell a home. Opendoor, the biggest iBuying company, has seen its revenue fall by almost half in the past year, and said it doesn’t expect its business to recover properly
The FTC is investigating Opendoor over its advertising practices
October 12, 2020 by
iBuying company Opendoor is under investigation by the Federal Trade Commission over its advertising practices and the way it presents its real estate offerings to consumers. HousingWire reported last week that the FTC’s investigation was revealed by Opendoor’s S-4 statement, which revealed how the firm intends to go public via a merger with a special
Opendoor announces it’s going public via a merger
September 18, 2020 by
iBuying company Opendoor is going public. It’s planning to merge with Social Capital Hedosophia Holdings Corp. II in a deal that will see it become a public company, with a value of $4.8 billion. Opendoor is going public via a special purpose acquisition company, according to Bloomberg. SPACs provide startups with a faster route to
More iBuyers resume operations
May 11, 2020 by
Just days after Opendoor said it was resuming buying activity in some U.S. markets, several of its competitors have announced they too are making a comeback. The re-emergence of iBuyers comes just weeks after analysts said the model was likely to be one of the first major casualties of the COVID-19 pandemic within the real
Opendoor resumes iBuying after pause due to COVID-19
May 1, 2020 by
iBuying giant Opendoor says it plans to resume making instant cash offers in select markets, after pausing acquisitions in late March due to the COVID-19 pandemic and consequent economic slowdown. Opendoor also laid off around a third of its staff in March, but has now resumed operations in Phoenix, starting this week. The company will
Report: iBuyers shut up shop as coronavirus fight continues
March 24, 2020 by
Some of America’s biggest iBuyers – or companies that make instant cash offers on people’s homes – are said to be suspending their services due to the coronavirus outbreak. The companies include Opendoor, the largest iBuyer in the U.S., as well as the iBuying businesses of brokerages such as Redfin and Realogy. Realogy said it
Opendoor moves into Los Angeles, will now spend up to $800K on a home
November 18, 2019 by
Leading iBuying company Opendoor says it’s expanding into Los Angeles for the first time with a new maximum offer of up to $800,000 for homes situated in the city. Previously, the most Opendoor would offer for a home was up to $600,000. The move comes at a time when iBuying firms are increasingly boosting their
Opendoor buys OS National to offer escrow, title services
September 9, 2019 by
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
