Offerpad is a real estate company that makes near-instant, all-cash offers for homes. They buy, renovate and resell them for profit. They use technology and systems to make this process easy for both sellers and buyers. Here are a few things you should know about Offerpad before getting started.
Unlike most iBuyers, Offerpad requires sellers to sign a purchase agreement. This is a binding commitment and allows Offerpad to make adjustments to the final offer, including repairs that need to be made before closing. If you decide to cancel after signing the agreement, you will pay a fee of 1% of Offerpad’s offer amount. This is less than some iBuyers’ cancellation fees, which are up to 3%, but it’s still a significant charge.
They also charge a 7% service fee, which is significantly higher than a traditional seller’s commission of 5 to 6 percent. This is partly because they’re in the business of flipping homes and making a profit, but it’s also due to their technology.
To get an offer, homeowners submit their information online and provide photos and/or videos of the home they want to sell. Offerpad uses a valuation model to determine the value of the home. It then makes a cash offer to the seller within 24 hours. Learn more https://www.kdbuyshouses.com/sell-my-house-fast-in-cheshire-ct/
Once a homeowner receives their offer, they have four days to accept it or it will expire. If they choose not to accept, Offerpad can re-offer the home and may increase the offer. Depending on the market and other factors, this can take longer.
They also require a home inspection and will fix any items that need to be repaired before closing. This can save sellers money on repair costs and allow them to sell the home quickly for a high price.
This is a great option for sellers who are in a hurry to sell their home and don’t want to wait for traditional listings. It also allows sellers to test the open market before listing with a realtor, which can help them get a better sale price.
The company works with a network of agents to list and find buyers, so you’ll be working with an experienced real estate professional. They also offer a variety of services, such as a free local move, a discount for selling and buying a new home at the same time, and more.
During the home-buying process, Offerpad will work with a mortgage lender to assess your qualifications and recommend a loan. You’ll also be able to set your own closing date up to 90 days after accepting an Offerpad offer.
They offer a variety of services to their customers, and they have a strong track record in the industry. In addition, they have a team of real estate experts and use technology to ensure that they’re offering you a fair deal.
There are two ways to sell your home with Offerpad: Express and Flex. Express is all about speed and convenience, while Flex is perfect for testing the market and obtaining a backup cash offer.