Opendoor has been on an acquisition spree lately. First, the company announced it would be providing home loans to its homebuyers and most recently, Opendoor announced it acquired the Georgia-based OS National title and escrow company as a wholly owned subsidiary.
These recent purchases enable Opendoor to move towards its goal of creating an end-to-end, streamlined, easy and time certain real estate experience. Currently, Opendoor buyers in six markets across Arizona and Texas will be able to obtain home loans at competitive rates. Escrow and title services will become available to all of the company’s clients.
Eric Wu, Opendoor’s co-founder CEO, said, “Rather than being confused at the status of the close and timeline, overwhelmed by hundreds of documents to understand and sign and frustrated by delays due to multiple parties (being involved in the transaction process), our goal…is to make (home loans,) title and escrow services feel less like barriers to the home purchase process and more like a welcome mat at the front door of your dream house.”
Opendoor currently operates “…three title agencies through a joint-venture with OS National…across our various online markets,” said Wu. “These relationships will remain critical to our execution strategy and as we continue to scale.”
To help accomplish the goal of “scale,” Opendoor intends to hire an additional 500 employees, swelling the ranks of its already 1,300 staffers to some 1,800 people.
Charles Chacko, OS National’s CEO, said, “The real estate industry is being transformed before our eyes and we have a unique opportunity to be in the front seat of change and be able to drive that change forward.”
Thanks to InmanNews’ Jim Dalrymple for source data.O