Opendoor Labs is privately owned start up located in San Francisco operating in Arizona Texas and Nevada. Lennar invested funds into OpenDoor to expand (Opendoor started 3 years ago with angel funds, then mezzanine and needed $) Lennar uses the service to buy homes from people who want to puchase a new build Lennar Home. The person sells house in 3-4 days and gets a 6.5% credit for about market price. Lennar owns a title company, a solar company and a mortgage co (which I work for) they also own lots of land and are buying or shopping to build single family and multi family. A wonderful company to work for, Lennar is headquartered in Florida and quietly beats most of the nation's builders and mortgage companies. This year Lennar will combine it's mortgage operations under one name (dropping the Universal American brand names and branding soley under the Eagle name)  Buyers aren't forced to use Opendoor but because it allows them to have cash in hand in days it allows buyers to get in contracts without contingencies. Hope that clears the mystery

I did not but Caroline Gerardo certainly knows all about it!

In Florida, every RE entity has a finacial relationship with someone...it is unusual if they don't.

Most real estate offices have controlled business relationships with title companies who jam their affiliate on the buyer.  I have had several instances where the agent tries to kill the deal if we do not use their "partner" company.

Florida title companies have paid out millions in fines for illegal kickbacks, yet illegal kickbacks are alive and doing well. 

Sure go complain...everyone at the state level is too busy to bother and claim not to have the manpower.

Last time I bothered to complain to the state was about a mega broker who owned the title company.  At closing, they BLATENTLY paid me less and their brokerage more, contrary to what the contract stated.  The response from the state was that I was probably right but they were going to do nothing...

I think they were afraid of rocking the boat on a broker that had 5 offices.

Eve

No. I am impressed with the answer by Caroline Gerardo. 

Caroline Gerardo explained it well!

Thanks for sharing.

I didn't even know who OpenDoor was until I read some comments. Lennar is not yet in my marekt area.

I steer clear of anything L having been burned by them in years past. Sounds like a form of vertical integration.

Caroline is the brains of this outfit.

I don't... but I do sell a lot of Lennar homes. Closed on a new one last month. Have two new builds in contract.

I didn't know.

I did not but not surprised

Tony and Suzanne Marriott, Associate Brokers - wow! Good info from Caroline Gerardo.

No.

No. Big mahalo to Tony and Suzanne Marriott, Associate Brokers for the question and to Caroline Gerardo for such an informative answer. 

I did not

I am aware of Lennar but we don't have them in our area but thansk for the information.

I appreciate the explanation from Caroline Gerardo 

Tony and Suzanne Marriott, Associate Brokers I am not aware of it.

No idea!

I do not follow either company.

to answer your question, I do not know....not do I need to, I suppose...

Did not know this, but then there are plenty of relationships out there.

News to me ... I did not know that.  Yet, I am not surprised. 

This is news to me, Tony and Suzanne.  

I was not aware of that

I guess I don't know enough about either to understand the issue behind what you are exposing other than what you stated?

I've not heard of OpenDoor and will need to check them out.

Nope

Nope, seems odd they are partners.

Bloomberg Piece

No I did not know that.

Tony and Suzanne Marriott, Associate Brokers No, not familiar with either company.

No, I was not aware.

Others will provide to the homeonwer what our organizations prohibit.

It makes sense that a builder would create their own funnel. Smart.

news to me

No, but it is no surprise. Just another way to funnel business their way.

Had not heard of OpenDoor.

Wow, did not know that.

Tony and Suzanne - I had no clue, but now I do thanks to Caroline Gerardo.

I was not aware of this.  Thank you Caroline Gerardo for the detailed info.

Thank you for sharing, Caroline!

Great information from Caroline Gerardo!

Not a factor in any of my markets yet!

I didnot know about this financial investment connection between them