Hi or bye to ibuyers? Algorithmic home sales, growing in popularity, hit early hurdles

Last spring, Duarte residents Marsha and Todd Johnson decided they were ready to exit the California dream.

They wanted to cash in on the meteoric rise in the value of their home and start retirement as they long planned, in Washington state, to be near family and the beach. But the couple, in their 50s and 60s, didn't want prospective buyers traipsing through their house in the middle of a pandemic, and dreaded the hassle of making repairs and managing offers, even with the assistance of a real estate agent.

So instead, they tapped the internet for help: On the website of a San Francisco company named Opendoor they filled out some "basic paperwork" and then completed a 15-minute video inspection through a smartphone. A few days later, a firm offer came through and they sold their home to Opendoor.

"The process was pretty pain free," said Marsha Johnson, who worked for L.A. County social services before moving out of state. "We got the money pretty quick."

A new way of selling homes is taking root on laptops and smartphones