National house flipper Opendoor quietly fueling competitiveness in Richmond housing market

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Posted at 7:15 AM, Oct 16, 2023

RICHMOND, Va. -- For the past year, the Richmond region’s hyper-competitive housing market has been quietly fueled in part by a competitor out of Silicon Valley: Opendoor.

Founded in San Francisco in 2014, Opendoor is a digital house-flipping company. It touts itself as an easy option for sellers as it makes exclusively cash offers, allows sellers to pick their closing date, performs a digital walk-through in lieu of an inspection, and charges a 5 percent service fee without the need for agents.

Since expanding into the Richmond region last October, the company has purchased 14 homes in Chesterfield, Henrico and the city, according to a BizSense review of property records.

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