Offerpad is one of the many companies that buy houses for cash and can be a solid solution for those who need to sell fast. Homesellers can choose between Offerpad Express or Flex. The Express option gives sellers a standard cash offer, whereas the Flex option allows sellers to first list their home on the open market with the option of accepting a backup cash offer.
However, sellers who choose Offerpad or similar companies will likely end up leaving thousands of dollars on the table. If you’re considering using Offerpad, here’s everything you need to know first.
Offerpad is an iBuyer real estate company based in Chandler, Arizona. Like all iBuyers, Offerpad uses a proprietary algorithm and other digital technology to buy and resell homes quickly. Once a homeowner accepts Offerpad's instant offer, they can choose their closing date and receive payment within a few days. In exchange for a streamlined process, sellers often get less for their home than they would selling on the open market.
Offerpad operates in several states across the United States, including Alabama, Arizona, Colorado, Florida, Georgia, Indiana, Nevada, North Carolina, Texas, Tennessee.
In addition to its iBuyer service, Offerpad also offers a range of other products, like home improvement for sellers and homebuying help.
Offerpad buys a variety of types of houses, including single-family homes, townhomes, and condos. They typically focus on homes that are in good condition and don't require extensive repairs or renovations, but they do work with some homes in need of minor to moderate repairs or updating. So if you’re selling your home as-is, Offerpad may only be an option for you if your house is in moderate to mint condition.
Yes, Offerpad is a legitimate real estate company that provides a viable option for homeowners who are looking to sell their homes fast.
While Offerpad may not be the best option for every homeowner, it provides a real service. As with any real estate transaction, it’s important for homeowners to do their due diligence and carefully research their options before deciding to work with Offerpad or any other real estate company, including power buyers and iBuyers.
If you’re on the fence about whether or not to use Offerpad, try looking at some online reviews from real customers. Reviews can provide insight into the process and outcome of working with Offerpad, and give you a better sense of whether or not you’d like to work with them.
Here’s what customers are saying:
While reviews are a reliable way to evaluate a company, it's important to keep in mind that reviews are subjective and may not provide a complete picture of the company's services and performance. Take a holistic view instead of fixating on a few strongly worded entries. Here are some tips for how to get the most out of online reviews:
Offerpad may be a good option if you need to sell your home quickly and want to avoid the hassle and uncertainty of the traditional home selling process. Offerpad can give you a cash offer within 24 hours and close the sale in as little as 10 days, which is significantly faster than the traditional closing process.
However, it's important to note that Offerpad may not always offer the highest price for your home compared to what you could potentially get on the open market. Additionally, there are a variety of other companies that offer similar or better services at comparable prices. Here’s how Offerpad stacks up:
Offerpad and Opendoor are two iBuyers that provide similar services with a few key differences. First and foremost, Opendoor has a wider national reach than Offerpad. And while both companies charge service fees and commissions for their services, Offerpad's fees tend to be slightly lower than Opendoor's.
Lastly, though both Offerpad and Opendoor offer home preparation and repair services, Opendoor tends to be more involved in the process and may require more repairs or upgrades before purchasing a home.
The choice between Offerpad vs. Opendoor will depend on the homeowner's specific needs, preferences, and location.
If you’re looking for a streamlined closing but don’t want to leave money on the table, Orchard may be a better option than working with an iBuyer like Offerpad. Orchard is a different kind of real estate company focused on empowering homeowners through a streamlined buying and selling process.
We’ll give you a guaranteed offer on your current home in the form of an equity advance that you can use to purchase your new home before listing your current home on the market. That means you only have to move once and you can skip the showings. Once you’re moved into your new home, Orchard’s Concierge service will make value-boosting improvements to your home at no upfront cost to you. If your home doesn’t sell within 120 days, you can accept Orchard’s guaranteed offer or choose to keep it on the market. Either way, we’re focused on keeping the most money in your pocket while providing you with the most simple and stress-free way to buy and sell your home.
Ready to learn more? Get started with a free home valuation — our estimates are more accurate than the rest.
Here are some more more commonly asked questions about working with Offerpad:
You start by requesting an offer by filling out a form on Offerpad’s website or by calling them directly. Once Offerpad has received your request, they will typically provide you with a cash offer within 24 hours. If you decide to accept the offer, you can sign the purchase agreement and schedule a closing date. Offerpad can typically close the sale in as little as 10 days, which is faster than the average time it takes to sell a home through a real estate agent.
Offerpad typically pays cash for the homes they purchase. It's important to note that Offerpad may charge fees such as a transaction fee or a convenience fee, which could reduce the net proceeds you receive from the sale of your home. Additionally, if you have an existing mortgage on your home, Offerpad will typically pay off the remaining balance of your mortgage from the proceeds of the sale.
While you can negotiate with Offerpad, don’t expect to have the same reciprocity as in traditional real estate.
You can request a revised offer or ask for more information if you feel the offer is too low. However, they likely won’t be able to increase their offer by a significant amount since the offers are based on a statistical model that prioritizes volume — they can’t get caught up negotiating every offer. You’d likely have more leverage negotiating on the open market.
If you want to maximize your home sale proceeds or if you have a unique house, you probably shouldn’t use Offerpad. Although you may close faster the company typically prioritizes traditional homes and offers sellers less than what they’d make on the open market.
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On top of Orchard’s Home Sale Guarantee, we list, prep, and show your old home after you’re all moved out.
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