OpenDoor App / Home Flipping
Has anyone used or heard of this app? Opendoor
Here is a summary from wiki about the business model:
"Property owners bid to sell their properties on the online platform. When a bid is accepted, Opendoor purchases the property as-is, charging a fee comparable to the commissions real estate agents collect in return for the convenience of closing a sale quickly without home showings.[4]
Opendoor then makes necessary repairs before relisting the property. By following this process, the company is known as an "iBuyer” in the real estate industry.[5] Through this process, Opendoor carries an inventory of homes. In 2019, the company reported that the average time a property is held by the company is 90 days.[6] The company has considered renting properties to make use of excess inventory.[7]"
https://www.wsj.com/articles/h...
There was a WSJ article on it.