If you are looking for the best real estate websites New York, and considering Offerpad as one of the options, then it is important to know all about this company.
Offerpad is an iBuyer that was started in 2015. The company specializes in buying and selling homes in several areas within 11 states. They are more prominent in the southern half of the United States. As per the news, the company created a new record by purchasing 2,025 homes and selling 1,259 homes in the second quarter of 2021.
Here, let us delve deeper and know about this iBuyer company such as who are they, what they do, how does the company work, offerpad reviews, and more.
Offerpad Home buying
The home needs to match certain standards if you want to sell your home to Offerpad. The conditions depend on the market, but Offerpad generally buys homes that fulfill the following criterion:
- The house has to be single-family residential home-like condos and townhouses.
- The house should not be more than 70 years old.
- The area should be 1 acre or less.
- The house must have less Offerpad’s maximum value for their market.
Offerpad may not be interested in homes that are more than 70 years old, are manufactured, or modular. does not have a clear title, and have grave issues like foundation problem or structural issue.
If your property does not match the Offerpad guidelines, then you may get an option of listing the home with an Offerpad real estate agent. Local agents can help you determine the value of your home.
Where is Offerpad located?
One of the best real estate websites, Offerpad buys and sells homes in 11 states in the metro areas like Birmingham, Phoenix, Tucson, Denver, Jacksonville, Atlanta, Indianapolis, Las Vegas, Charlotte, and the areas of South Carolina, Raleigh, Nashville, Austin, Dallas or Fort Worth, Houston, and San Antonio.
The iBuyer company provides three main services to home buyers and sellers in the property market.
- The first service includes selling the home. You can take the services of Offerpad Express, in which the company offers you to buy your home for cash. The company buys homes directly from you as per a fair standard norm. Their offering also includes perks such as free local moving services, the ability to rent your home till 90 days after the closing date, and more.
- Coming to the second service, Offerpad allows you to list your home on their platform. You can view all the offers you get from home buyers on the open market along with what Offerpad’s cash offer is. You are able to work with one of Offerpad’s partner agents too under the service name – Offerpad Flex. Within 90 days you can take your home off the market and seek Offerpad’s cash offer then.
- Last but not the least, you can buy a home from Offerpad. The listed properties on the Offerpad are the ones that they have purchased. iBuyer offers perks to the home buyers who contact their partner or real estate agents and work on the deal.
If you want to sell your home on the Offerpad, then iBuyer will ask you to sign a binding purchase agreement. The agreement is based on its initial offer. Once you sign with Offerpad, you need to pay a cancellation fee which is 1% of the offer amount, if you don’t want to pursue the sale anymore.
How does Offerpad work?
As stated earlier, Offerpad offers Offerpad Express and Offerpad Flex. The latter is a hybrid between selling with an agent and selling to an iBuyer. Here are the details
To work on the Offerpad Express, here is what you need to do:
- In the first step, you need to answer some simple questions about your home. You need to provide your contact details. You can also upload photos of your home in the form. You are allowed to set a convenient time to do a virtual walkthrough by using the services of the Offerpad representative.
- Next, Offerpad will send you a cash offer for your home on your email within 24 hours. The offer will be valid for four days. You can ask to renew the expired offer but the amount may be lower than the first offer.
- There are chances that the offer will be amended later, but you need to accept Offerpad’s initial offer. For doing so, sign the purchase agreement and go ahead with the sale. This is quite different than other iBuyers in which the initial offer is just the preliminary offer and not binding. You can choose a closing date within 90 days from the offer acceptance date.
- After signing the buying agreement, you will have to get the home inspection done. Offerpad sends a representative who visits your home for a two-hour inspection. The results of the inspection will be shared with inclusions on the needed repair. Then, elect Offerpad to complete the repairs and the costs will be deducted from the final buying amount. You can also get the repairs done yourself. If you do not want to get the repair done or do not agree with the deducted amount, you can cancel the sale without paying the cancellation fee.
- Offerpad will schedule the final walkthrough and initiate closing. You can use Offerpad’s “Extended Stay” option and let your house remain for a longer time.
Offerpad Flex gets you a cash offer but you can list the property with Offerpad’s real estate agents and get offers directly from home buyers. To work with Offerpad Flex, here is what you need to know.
- Like Offerpad Express, describe your home and get a cash offer. But if list your home and do not accept the offer, you will get a local listing agent or Offerpad partner. They provide services like professional photography, online extras, digital marketing, etc.
- Make repairs and necessary upgrades to get a better offer. Consider painting, upgrading appliances, changing flooring, home staging, removing junk, basic cleaning, basic repairs, etc.
You can buy a home from Offerpad. A local agent will become your buyer’s agent.
Offerpad reviews include:
- Most of the Offerpad customers have positive reviews about them with an average rating of 3.7 out of 5 stars.
- On Reviews.io the company has a 2.7 rating and 11 reviews
- On Trustpilot, it has a 4.6 rating and 164 reviews
- On BBB the company has a rating of 2.53 and 47 reviews
- On Yelp, it has a rating of 1.5 with 46 reviews.
- Offerpad reviews state that the deals are closed quickly. The reviewers also comment that they have a fast turnaround, inspection, and closing time.
- However, the customers complained about Offerpad’s low sale prices, low offer price, and overpriced repairs.