[trixie_]

I'm hopeful that Opendoor can make home buying/selling as quick and easy as Carvana has made buying and selling cars.

I think key to that is to ensure they minimize the amount of time they hold any property. Don't try to make money on the long term movements of the market. Just buy the house at a slight discount by saving on realtor and closing cost fees and do the same on the buy side - turn it around fast, low profit margin, but at national scale.

That could be a recipe for success, but yea they need to be honest that there's no guarantee their offer is better than the open market because you never know. It's up to the seller to make that judgement call. I have many friends who were able to sell quick with Opendoor, full well knowing they were potentially losing some money in exchange for convenience. That's ok if we're all honest about it.

[dlandis]

Haha carvana is banned in Illinois and under investigation in a bunch of other states due to their shady practices.

[trixie_]

When you scale up you expose the inefficiencies of existing systems, like title transfers across states. Even if not statistically different from normal dealerships, the numbers are greater because Carvana sells so many more cars.

Anyways, looks like they're allowed to sell cars again as it gets figured out. Not shady at all when you actually understand what is going on. Just like this relatively small FTC fine for Opendoor. https://www.fox32chicago.com/news/carvana-can-do-business-in...