- Opendoor, one of the fastest-growing online real estate marketplace companies simplifying the way people buy and sell homes, announced that it has acquired OS National, LLC. These are the details around the deal.
Opendoor — one of the fastest-growing online real estate marketplace companies simplifying the way people buy and sell homes — recently announced that it acquired OS National, LLC (OSN). OSN is a national title and escrow company, which has been one of Opendoor’s trusted partners since 2016. Going forward, OSN will join Opendoor as a wholly-owned subsidiary.
This acquisition will enable Opendoor to deeply integrate title, escrow, and closings into its online buying and selling experience. Plus it will enable the company to build the most streamlined and easiest closing experience. And OSN’s national footprint and operational excellence will help Opendoor reach more customers faster as it expands.
“Moving into a new home should be one of the most delightful and memorable moments in life, yet the closing process gets in the way,” said Opendoor co-founder and CEO Eric Wu. “Consumers are confused about the status of the close and timeline, overwhelmed by hundreds of documents to understand and sign, and frustrated by the delays due to multiple parties coordinating. Our goal with this acquisition is to make title and escrow feel less like a barrier in the home purchase process and more of a welcome mat at the front door of your dream home. I couldn’t be more excited to have OSN join us on our mission to empower everyone with the freedom to move.”
OSN is based in Duluth, Georgia — which is near Opendoor’s engineering hub in Atlanta. And Opendoor will be joined by OSN’s 500 dedicated team members in offices across the country.
“We are very excited to join the Opendoor family,” added OS National CEO Charles Chacko. “We share many core values like placing the customer first, appreciation for their employees, and like us they want to be the very best at what they do. The real estate industry is being transformed before our eyes and we have a unique opportunity to be in the front seat of the change and be able to drive that change forward. We are confident that both our organizations will be stronger together.”
This acquisition further establishes Opendoor as a company that provides an end-to-end experience where consumers can buy, sell, or trade-in a home online in just a few clicks. Recently, the company also announced the launch of a home loan business in Texas and Arizona. Now homebuyers in those states can secure a home loan directly from Opendoor Home Loans and in the Opendoor app — which provides even more convenience, ease, and certainty. And in addition, Opendoor recently surpassed 50,000 home transactions and announced plans to launch into three new markets Boise, Salt Lake City, and St. Louis by early 2020.
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