Opendoor has announced the launch of Cash Plus, a new addition to its product offerings for home sellers and agents that allows home sellers to unlock a majority of their home equity up front while still being able to test the market via a listing.
The offering merges Opendoor’s cash offer capabilities (home valuation insights, AI-enabled approach to home assessments and home repair capabilities) with its network of local agent partners. Agents using Cash Plus can provide certainty of a successful closing to their clients, Opendoor states.
“Cash Plus provides sellers the certainty of our Cash Offer and the opportunity to gain more by using a market listing,” says Opendoor Head of Agent Partnerships Nick Boniakowski. “Now, our local agent partners can offer even more home selling solutions, and make optionality one of their differentiators for clients. Cash Plus leverages what Opendoor and its trusted agent partners do best—and bridges the gap between cash offers and traditional sales.”
Here’s how Cash Plus works:
- Homeowners sell their home to Opendoor: Cash Plus provides cash for sellers in about 14 days. Sellers unlock a significant portion of their home value and bypass the processes of showings, repairs, maintenance, and negotiations.
- Opendoor brings the home to list-ready condition: sellers forgo having to cover upfront expenses out-of-pocket, and allow the team at Opendoor to handle the work of getting their homes list-ready.
- The home is sold on the open market: Opendoor works with local partner agents who list the home on the open market and aim to maximize the final home sale price with full market exposure.
- Homeowner receives potential additional proceeds: Opendoor distributes any additional proceeds with the seller once the home resells.
“We are relentlessly focused on our mission to reinvent real estate in the U.S. — and Cash Plus is the latest example of our commitment to increasing choice, certainty, and flexibility in the home selling process,” says Opendoor Chief Executive Officer Carrie Wheeler. “With innovations like Cash Plus, we continue our strategic evolution, giving customers and agents the control they need and powering sustainable growth for our business.”
Cash Plus is currently available to Key Connections agent partners in three markets — Dallas, Nashville, and Raleigh — with plans to roll out to all Opendoor markets.
To learn more about Cash Plus, click here.
