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Of course, out-of-towners looking for investment properties — especially in hot markets like New York City and Los Angeles — have long bought homes sight unseen.
Opendoor, which we profiled last year (FORBES, Dec. 20, 2016), relies on a complex algorithm to bid for homes sight unseen, and it can then close deals in as little as three days.
Uses data and algorithms to value and buy homes (sight unseen) in 20 cities, delivering cash to seller in a matter of days, minus a service charge averaging 7%.
Representatives from the Vision Fund often talk of having the ambition and the patience to transform entire industries, and Opendoor is trying to upend the traditional home-buying process by bidding on homes sight unseen, agreeing to buy them, then — contingent on an inspection to verify the quality of the home —selling them, charging an average fee of 6.5percentt.
Opendoor bids on homes sight unseen, agrees to buy them, then — contingent on an inspection to verify the quality of the home ("sometimes customers aren't aware of things like foundation issues," explains Wu) — it sells them, charging a fee of "about 6percentt," he says.
The roughly 100-employee company currently buys homes sight unseen when a home seller visits its site, asks for a quote, and accepts Opendoor's bid, which the company comes up with based on public market information about historical home sales and its own proprietary data about market conditions.
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"We would ask if we could leave our business card because we had a client who would buy their home sight unseen.
We've seen people, in our own little town in Ecuador, for instance, rent an apartment or home sight unseen before their arrival.
Music was her passion, and she played the piano fairly well, it would seem, given the home sight-reading sessions she describes in her letters.
STRUCTURES MONTANARI HOUSE : Home Sights : Residence has a look all its own and a view that won't quit.
We rented two homes online, sight unseen, and one of them turned out to be foreclosed.
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