Opendoor.com Launches First Ever Money-Back, Satisfaction Guarantee for Homes.

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Jun 07, 2016, 09:00 ET

SAN FRANCISCO, June 7, 2016 /PRNewswire/ -- Opendoor, the consumer marketplace for homes, today launches Opendoor Guarantee, the first satisfaction guarantee for home buyers, aiming to eliminate the risk and uncertainty associated with buying a new home.

"Buying a home is life's most important purchase," says Eric Wu, CEO and co-founder of Opendoor. "We want every Opendoor buyer to love their new home and we are standing behind that promise."

If buyers are dissatisfied with their purchase for any reason -- from neighborhood noise to the traffic on the commute from home to work -- they can simply return the home, and Opendoor will repurchase it. The Opendoor Guarantee includes:

THE GUARANTEE

With all homes it sells, Opendoor includes a money-back, satisfaction guarantee that enables buyers to return the home within 30 days, subject to terms and conditions. This aims to ensure that buyers are completely satisfied with their purchase.

180-POINT INSPECTION

Opendoor provides home buyers a rigorous 180-point inspection report on the condition of the home, giving them complete transparency.

2-YEAR WARRANTY

Typical warranties only include 1 year of restrictive coverage. With Opendoor, home buyers get a free 2-year warranty from OneGuard Home Warranties that goes above and beyond what is typically covered so they can avoid unexpected out-of-pocket expenses.

Aaron Dean, one of the first buyers to participate in the Opendoor Guarantee program said, "With Opendoor's guarantee, I have peace of mind knowing that there won't be any surprises with my recent home purchase. You can't beat that."

"After speaking with thousands of home buyers, we found their two top concerns were uncertainty about the condition of their new home and the risk of moving into a house that ultimately wouldn't be a great fit," said Evan Moore, Vice President of Product. "Opendoor Guarantee solves both problems."

Founded in 2014, Opendoor is quickly reinventing the real estate transaction by removing all the hassle and uncertainty from buying and selling. For sellers, Opendoor offers a simple, instant sale online. For buyers, Opendoor offers on-demand home showings and a seamless purchase process. With the launch of Opendoor Guarantee, the company is taking major steps towards drastically simplifying the transaction.

Keith Rabois, co-founder and Executive Chairman of Opendoor said, "Our mission is to simplify the process of buying and selling a home. And we are going to fix every piece of the transaction."

To date, Opendoor has serviced thousands of buyers and sellers, transacting over 1,000 homes. The company has raised $110mm and currently has over 100 full-time employees. The Opendoor Guarantee is subject to terms and conditions. For full details, please visit www.opendoor.com/guarantee.

ABOUT OPENDOOR

Opendoor, the consumer marketplace for homes, removes all the headache, uncertainty and risk from buying and selling real estate. Headquartered in San Francisco with offices in Phoenix and Dallas, Opendoor was founded in March 2014 by Keith Rabois, an investment partner at Khosla Ventures, and CEO Eric Wu. The Opendoor Guarantee is subject to terms and conditions. For more information, please visit www.opendoor.com.

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SOURCE Opendoor