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Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

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Real Estate

Opendoor expands suite of services in multiple states

Offerpad also announced plans to expand in early 2021

Opendoor announced last week that it has expanded its iBuying services in Provo and Ogden, Utah; Rochester, Minnesota; Lakeland, Winter Haven, Sarasota, Deltona, and Ormond Beach, Florida; and Oxnard, Thousand Oaks, and Ventura, California.

The iBuyer also said that homebuyers in Tucson, Arizona; Charlotte, North Carolina; Houston; San Antonio; and Austin, Texas, can tour and purchase any home on the market, via Opendoor.

This means that for homes that aren’t owned by Opendoor, a tour assistant can meet the buyer to let them in to tour the home in-person. Opendoor can also conduct a virtual tour in any home. Then, once a buyer wants to make an offer, they are connected with an Opendoor agent to represent them.

“We’ve built a buying experience that bypasses the traditional hassle and uncertainty of the process to help buyers house hunt with ease and make the most competitive offer, safely and conveniently,” the blog post said.

The option to finance a home via Opendoor Home Loans has also been expanded, according to the blog post. Financing options are now available in Arizona, Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Tennessee.

Opendoor added that it has also launched a refinancing product and have incorporated FHA and VA loans into its offerings. The blog post ended with “More to come!”

In October, Opendoor filed its announcement to go public after announcing its merger with Social Capital Hedosophia Holdings Corp. II in September. The filing also revealed that the company is under investigation by the Federal Trade Commission over its advertising practices. Opendoor is set to debut on the stock market on Dec. 21.

In other iBuyer news, Offerpad announced its plans to expand into the Denver and Nashville metro areas in early 2021.

Last week, Offerpad became a partner of New Home Star, a national real estate sales and consulting firm that works with homebuilders to provide new home sales, marketing and technology solutions. This partnership is within Offerpad’s Homebuilder Alliance division, which works with builders in markets across the U.S.

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