Offerpad competitors include:
- Zillow Offers
Offerpad is an "iBuyer" (short for "instant buyer") of single family homes. iBuying is a new home sales model where you receive a cash offer to sell your home fast. While there is an incredible convenience factor in play, the iBuying model comes with some drawbacks that we feel are important to know. If you're looking to sell your home fast and looking for Offerpad competitors, this article aims to detail your options.
Offerpad provides some benefits to its customers, including a trade-in program, moving services at a 50-mile radius, and flexibility in moving times, giving owners up to 3 extra days to move.
Things to know about the iBuyer model
- Service is available in limited markets
- Not all houses receive an offer
- You will receive a lower offer than you would in a competitive sale.
- You will pay service fees of 6% - 10% (not including repairs)
- Your offer will be contingent on an inspection and you will either need to pay for repairs or accept a revised, lower offer.
Offerpad in more detail
Offerpad, like most iBuyers, provides offers below open market prices and does not let owners negotiate. However, Offerpad is open to a second review if the owner believes that some detail was missed.
- Offerpad’s services are limited to certain cities in Alabama, Arizona, Florida, Georgia, Nevada, North Carolina, South Carolina and Texas.
- Service is limited to houses that cost less than $600,000 and have no structural problems
- Offerpad can perform required repairs and deduct the cost from the final offer. Offerpad customers have expressed that Offerpad overcharges for repairs.
Offerpad vs OfferMarket
|Service fee||0%||6% - 10%|
|Repairs||$0 (as is)||paid by Seller|
|Closing timeframe||15 - 45 days||8 - 30 days|
|Markets||Nationwide||Limited cities in AL, AZ, FL, GA, NV, NC, SC, TX|
At the end of the day, how much money do you receive?
|Net Proceed Analysis||OfferMarket||Offerpad|
|Closing costs (transfer tax, recordation)||$1,500||$1,500*|