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Offerpad was founded in 2015 by Brain Bair and Jerry Coleman. Bair and Coleman have had a lot of experience in buying and selling homes in the country since 2009. However, they realized that being a successful seller can be overwhelming.
Sellers have to take care of a lot of nitty gritty work such as preparing for showing, closing and negotiating the deals and looking for movers. As a result, Bair and Coleman are now dedicated to using an innovative way to streamline the home sale process through Offerpad.
Offerpad is a tech-enabled platform that combines the duo’s industry experience with on-demand technology. Through this platform, buyers and sellers can get instant access to hassle-free offers. At the same time, your contract and closing can be handled there too.
Offerpad is identified as a company that meets the Standards of BBB Accreditation, meaning that it is committed to resolve customers’ complaints.
Offerpad aims to help users move away from the traditional process of buying and selling homes by offering an innovative platform. Selling your home on Offerpad gives you a hassle-free experience.
There will be no distribution caused by no showings or hosting open houses. Besides, there is a lot of flexibility by being able to pick your closing dates. The platform also offers a free local move.
For those who are trying to buy a home, the instant access to numerous Offerpad homes gives you a lot of flexibility in picking your dream home based on your schedule.
If you want to buy some time for moving after the sale, you may find it convenient that you can stay for 3 more days after the closing. Offerpad makes the process easier for the seller. When you use Offerpad, you do not have to worry about making your home market-ready.
Furthermore, you don’t have to pay concession to your buyers and you don’t have to worry about the extra ownership costs.
How Does It Work?
If you are trying to sell your home, you have to first provide some details about your homes’ upgrades and conditions. Then, Offerpad’s analysts will evaluate your information and send you an offer. You can then review, select your options and sign your contract online.
Offerpad will also perform a home inspection to verify the condition of the property before closing. If you are hoping to buy a house, you can visit any available Offerpad homes you like and follow the instructions at the front door.
By texting the code on the signs, you will instantly receive a unique code. Enter the provided code and unlock the door for instant access. Once you decide to make a purchase, you can contact Offerpad.
Cost and Price Plans
Offerpad does not charge any fees or commission to buyers. Hence, you will be paying the purchase price that you agreed to. Please note that there may be some costs that are associated with your purchase, such as down payment, inspection fee and closing cost.
If you are selling your home, you will be responsible to some closing costs as well, such as escrow fees, taxes and HOA transfers fees. Compared to the traditional selling process, these fees are similar and vary according to the market.
They typically range from 1% to 3% of the purchase price.
The customer satisfaction rating of Offerpad has reached 94% based on the company’s survey. 90% of their sellers claimed that they would recommend Offerpad to their friends and families. Many customers found that Offerpad is very supportive throughout the process.
While offering you a pain-free process in selling, the price offered by Offerpad is competitive and reasonable when compared to similar properties in the neighborhood. Offerpad’s customers also found that the process is quick.
Not only did the customers receive a quick turnaround time from the Offerpad team in the communication process, the selling and buying process do not take as long as the traditional one.
However, some users pointed out that Offerpad is unable to make an offer to all the requests. Also, a few customers noticed that the offer they got on Offerpad might be lower. As a result, it would be wise to do some more research and due diligence before closing a deal.
Competitors and Alternatives
Apart from Offerpad, there are some other companies in the market that you can explore as alternatives, such as Knock, Open Door and Realtor.com. If you compare Offerpad vs Knock, Knock is a company that pays for the necessary repairs of your home before the closing.
When comparing Offerpad vs Open Door, the latter is known for being able to close with a competitive price in a few days. As for Offerpad vs Realtor, Realtor has MRP certification, so they know how to work with veterans or military buyers and sellers.
Where to Buy?
If you are interested in purchasing from Offerpad, you can make a purchase on their official website at www.offerpad.com
Alternatively, you can visit one of their instant access enabled homes located in Phoenix, Atlanta, Tampa, Orlando, Las Vegas, Charlotte, Salt Lake City and more. For further inquiries, you can reach out to their customer service team at 844-388-4539.
Offerpad is a growing, innovative company that offers an alternative for home buyers and sellers to get the job done without going through the traditional process.
It provides a streamline process that gives instant access to home buyers, while sellers can pick the best deal and enjoy a free mover service. Many users are happy with the efficiency of this platform, which allows them to be flexible according to their own timeline.
6 ‘Offerpad’ Reviews
Offer pad home listings are not appraised.
Made an offer on a home owned by offer pad, and it had no comps, no reason for the high price and the appraisal came back in over 20k less than the listing price, after taking my 750$ in earnest money, 250$ in diligence, me paying 500$ for home inspection, and 100$ for termite inspection,
I won’t get back any money except the earnest money. All because they bought a house that they did not get appraised and paid way too much for and when my appraisal came back $27,000 less, they said that I would have to pay the rest out of pocket, we can’t reduce our price.
What a rip off! Make sure if you’re gonna make an offer, get the appraisal done first to find out if the listing price is even anywhere close to what the houses around it are going for these are known as “comparables”.
Listing a Home $27,000 above an appraisal is just insane nobody is going to pay $27,000 more for a Home that doesn’t appraise at the listed value! BUYER BE AWARE!
They took my Money and RAN!
Same scenario as the rest. Had the inspection, waited the 10 day waiting period, and now all the sudden they depreciate the value of the house by 10k. So now their 17k in fees, 10k in depreciation and 7k in repairs. That's crazy!!!!!!!! That's 34k dollars that would make right from the start. I am not opposed to them making, even more than usual money, but 34k is nuts!!!!!!!!!!!!!!
Got a mailer claiming that based on their market data, they could offer from $306k - 360k. Great! Filled out their online forms, and got a final offer of $183k, which was $32 BELOW tax value and would mean selling at a loss.
As a former real estate broker, I found this to be skirting a fine line between stupidity and dishonesty. It's clear that they're just looking to buy it on the cheap and then flip it. Based on comparables in the neighborhood, they would turn a HELL of a profit, as this is a home with no issues and loads of upgrades.
People like this make me want to wash my hands. I'd give it zero stars if I could.
Free move means they will only walk in your door and take your packed items to your new place. Anything else is extra. Their list that shows what they will move does not mean anything as it is for them to tell you that they won't move it.
I have a broken leg and this was a total shock to me as all the moves before they came in and packed all items and moved them.
they offer to buy your house AS IS then send their inspevtor over to pick apart your house and give you less money or you agree to make the repairs AS IS means in the condition its in your much better off with a real realtor these are scammers
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 selling; so we chose Offerpad. Initially, they offered us $125K (our pay-off was $100K) but there were $16,500K in deductions. In the end, we were left with enough to pay-off our mortgage, the credit card we used to do minor repairs before the inspector came and about $6K for our pockets. If you want to get out of your home and start a new life somewhere else, Offerpad is the way to go but if you want to maximize your home's value and leave with a lot more pocket change, be patient and sell it the traditional way.
Conclusion: what we liked most was that they paid off our mortgage and monies owed to us literally within an hour after closing; what we liked least was the 7% fee (most realtors charge 3%). One last thing, I got hit with a $500 "clean-up" fee after closing because I left trash in the backyard. My advice to you, when your home inspector and marketing consultant comes through, ask the consultant to do a "yard inspection" so they can identify anything that may leave you with less money. I hated being nickeled and dimed.