Offerpad Review iBuyer program information
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Offerpad opened its doors in 2015 and is now the second largest national iBuyer in the country. Started by a group of real estate professionals with a vision to reduce the stress and uncertainty of selling your home, Offerpad's mission is to help you move freely.
How It Works
Getting a cash offer for your home doesn’t have to be complicated. To get started, all you need to do is fill out the simple online offer request form. It usually just takes a few minutes to fill out and you’ll often get an offer within 24-hours! The form verifies that your home is within Offerpad’s service area and provides the information required to provide you with your options. Feel free to provide photos, in fact, send as many as you have.
Offerpad’s offers are not computer-generated or based solely on a particular algorithm, so your pictures are great for giving Offerpad’s team a better idea of your home’s condition. Once you approve the offer, Offerpad takes all the hassle. No showings and no open houses necessary. Plus, you can pick your closing date and Offerpad provides free local moving services for up to 50 miles.
Accepting the offer is easy. The agreement is sent to you via email to sign electronically. Simply look for an email from HelloSign. Open the agreement and go through to the Review Agreement screen. Select your name from the list of signers, and then you can simply draw or type your signature and initials. Once you have digitally signed the agreement, you can click “I Agree” and you’re good to go!
How Long Does the Entire Process Take?
When you list your home on Offerpad, you decide when you move according to your needs. While many of Offerpad’s clients get offers in just a few days, you’re never under any obligation to accept them. Sellers typically receive an offer within 24 hours, and these offers expire after 4 days. However, the renewal process is easy and reflects the rapidly changing real estate market.
Offerpad Real Estate Markets
Offerpad is currently buying and selling homes in the following markets:
- Sacramento, CA Median home value $460,329
- Salt Lake City, UT Median home value $536,909
- San Antonio, TX Median home value $262,402
- San Diego, CA Median home value $893,457
- Santa Ana, CA Median home value $732,643
- Santa Barbara, CA Median home value $1,607,903
- Sarasota, FL Median home value $461,217
- Scottsdale, AZ Median home value $753,075
- Sugar Land, TX Median home value $424,442
See what an iBuyer would pay for your home
What Kinds of Homes Does Offerpad Buy?
With a large sales network in multiple states and towns, Offerpad’s coverage is constantly expanding. When you sell with this service, you’ll never need to worry about minor repairs or upgrades like you would with a traditional selling process.
Offerpad buys a variety of homes including:
- Single-family residential homes
- Homes in gated communities
- Homes in age-restricted communities (our maximum purchase price is typically $350,000)
On the other hand, there are certain types of homes Offerpad does not buy. These include:
- Homes outside of our service areas.
- Manufactured, prefabricated, or mobile homes.
- Homes that are not vacant as of the closing date (or after an extended stay, if applicable). No leasebacks after closing are permitted.
Typically, your home will also fall out of Offerpad if it falls within these conditions:
- Built before 1950
- On lots with more than 1 acre of land
- Value of more than $1 million
- Significant foundational, structural, or other conditional issues present
- You do not have clear ownership
However, keep in mind that you may still be able to sell your home by listing with Offerpad.
What Fees Are There?
Offerpad gives its sellers two types of listing options: Express and Flex. With the express option, sellers have more control over their schedule. It includes a 5% service fee, a low closing cost (estimated around 1%), and repairs based on inspection. The flex option includes a 6% commission, seller concessions, and closing costs around an estimated 1% each, and repairs based on inspection. This option includes more help from local experts and free show-ready services to sell your home at a higher price, even if it takes a bit longer.
Offerpad also offers home loans through their mortgage service, Offerpad Home Loans. They specialize in offering financing for first-time home buyers who may want down payment assistance or otherwise have a hard time qualifying. This service also works well for people who want to sell before they buy or who are worried about interest rates. You can find your rate and keep it for up to 90 days while you shop for a home. Plus, with Offerpad, you can save money by only paying for a 10% down payment without mortgage insurance. Qualification is easy, just provide bank statements. Overall, this option is great for people with a good credit score who want to get a mortgage with less paperwork.
Offerpad prides itself on delivering an exceptional customer experience. Check out these customer reviews below that showcase the highlights and shortcomings of the Offerpad experience.
"This was the easiest process from start to finish. Within 3 weeks we had the inspection and closing with no issues at all. The offer … "
"Venturing into the process of selling my home with Offerpad was an exceptional experience, right from the beginning to the end!!! … "
"Our experience with Offerpad was wonderful. We were looking to skip the traditional real estate process of selling our home … "
"Offerpad sale was very easy. Price was lower than market value but it was offset by no showings, no realtor fees, no cleaning, … "
"I would use Offerpad again. This is the easiest most seamless way to sell your home. It is very little you have to do. The reason … "
"My wife wanted to be closer to her job; neither of us liked our neighborhood and we didn't want to go through the rigmarole of … "
Pros and Cons
Curious about the main pros and cons of the Offerpad iBuyer Program? Here are some key points to consider before choosing to use Offerpad.
Offerpad gives its buyers cash officers, which brings several benefits to the table. Cash offers are faster, and there’s no need to wait for the buyer to secure a loan. This can take just a few days, rather than the typical 30-60 days.
Little Time to Consider Offers
Offerpad’s buying offers expire in 4 days, so you have to decide quickly if you want to accept their price. While you can renew your offer after 4 days, it may be less than the original offer.
Moving on Your Schedule
Offerpad makes it easy to relocate on your schedule and will provide a free truck move if you’re staying in town.
Selling Traditionally Can Fetch A Higher Price
In a market characterized by high demand and limited housing inventory, sellers often have the upper hand. Multiple buyers may compete for the same property, and this competition can drive prices up. In such situations, buyers using an iBuyer program like Offerpad may not always secure a discount, as mortgage buyers may be willing to pay a premium to secure the home they desire.
Offerpad’s timeline for sale is highly expedited compared to traditional real estate. When you sell through this program, the Offerpad agents will help you sell your home in as few as 10 days — with no additional fees, agent commission, or prep work.
Potential Extra Fees
Seller fees can increase due to things that may be overlooked, such as items left in the yard or uncompleted repairs. While Offerpad will schedule repairs on your behalf, it will be taken out of your payout.
Traditional mortgage deals typically come with a host of fees like loan origination, appraisal fees, and more. Offerpad allows you to skip these costs altogether, ultimately increasing your net profit from the sale.
When you sell through Offerpad, you sell through a team– not a single agent, like you would traditionally. This can be an adjustment for sellers and buyers used to the traditional real estate market.
Offerpad is a large national iBuyer, or instant buyer. The Offerpad iBuyer program is the second largest in the nation and offers competitive pricing to purchase your home for cash, sight unseen.
Offerpad works by way of industry data and automated algorithms that enable them to value your home and make you an instant offer.
Offerpad assesses recently listed and sold properties in your area to determine what they believe your home is worth, without even seeing it. They then present you with a cash offer for your home, usually within 24 hours.
If you choose to accept their offer, you then get to decide the closing date of the sale. Offerpad will then arrange a house inspection and prepare the paperwork for your closing.
Offerpad's head office is located in Chandler, AZ, though their iBuyer program is now practically nationwide.
Offerpad is currently offering cash for homes in the following cities: Phoenix, AZ, Tucson, AZ, Birmingham, AL, Jacksonville, FL, Orlando, FL, Tampa, FL, Atlanta, GA, Las Vegas, NV, Charlotte and surrounding areas, NC, Raleigh, NC, Austin, TX, Dallas-Fort Worth, TX, Houston, TX, and San Antonio, TX.
That depends on what Offerpad estimates your home is worth. To find this out, Offerpad uses predictive market analysis and competitive offer information, which is then assessed by a team of real estate experts.
To get an instant estimate of what an iBuyer like Offerpad would pay for your home, simply enter your address in our iValuation tool.
Yes, Offerpad offers fair and competitive pricing, based on comprehensive pricing analysis.
Offerpad charges a service fee, usually between 6% and 10% of the sale price. Offerpad fees exclude normal transaction costs involved with selling a home, such as commission to a buyer's agent, holding costs, and taxes.
Offerpad is the second largest iBuyer in the USA, after Opendoor, and has purchased thousands of homes to date.
Offerpad typically purchases single family residential homes, including condos and townhomes, that were built after 1960, have less than one acre of land, and are valued under $600,000.
Offerpad will usually make you a cash offer within 24 hours.
No, Offerpad does not pay closing costs or include them in their fees, because closing costs can vary significantly based on your location.
Yes, while Offerpad ensures that the price they offer is fair and competitive, they are open to hearing your feedback. If after hearing from you they feel they may have missed something that adds value to your home, they'll re-evaluate your property.
Yes, Offerpad also sells homes and currently offers the perk of a flexible move-in date when you buy a home from Offerpad.
What's great about Offerpad is they let you choose the closing date. Depending on which state your house is in, there will be a minimum closing time of approximately 8 to 15 business days, after which you can select any date you prefer up to 90 days from the date you accept their offer.