Opendoor, With $20M In Hand, Hopes To Remake Phoenix's Real Estate Market

Can a Silicon Valley startup--with $20M in hand--remake the Phoenix real estate market, and take that model to the rest of the nation? San Francisco-based Opendoor said this morning that it is purchasing at least a home a day in Phoenix, its first market, as it looks to ramp its online, real estate marketplace nationwide. The company said today that it raised $20M in funding for its service, which provides an instant, online sales process to residents in Phoenix. Opendoor's service lets homeowners input their address, and instantly receive a purchase offer from Opendoor for their home--based on a comparative market analysis and details input by homeowners. The startup--after a home inspection--then purchases the home based on a homeowner's desired closing date, and then is reselling those homes. The company says it takes less than 3 minutes to sell a home. More information »