UPDATED JANUARY, 2021:
Myth — a widely held but false belief or idea.
When you’re in the process of redefining an industry like real estate, there are bound to be a lot of misconceptions about how we’re doing things differently – and better. So we want to put your mind at ease by dispelling some of the most common myths you may hear about selling your home to Offerpad.
At least one thing will always hold true: helping people is a great feeling.
Since we created Offerpad just five short years ago, we’ve helped thousands of people take the stress out of buying and selling a home. The highly successful model we’ve pioneered was the beautiful marriage of firsthand real estate experience and industry-defining technology.
We now operate in more than 830 cities and towns across the country and, on average, receive new offer requests from homeowners every 90 seconds throughout any given business day. Many people are still a little hazy, though, about what we do and how we do it, so we’re going to bust the top myths about Offerpad’s services and help clear away confusion.
MYTH #1: “Offerpad is for people who want to sell quickly or are in a distressing situation.”
Offerpad is for homeowners who want to sell their home on their own terms—whether that’s a few weeks or a few months. You’re in control! Did you know that most of our customers have bought or sold a home the traditional way 2-3 times before discovering Offerpad? That’s why we’re doing our best to make Offerpad the first choice for all homeowners looking to sell with more control and certainty.
We give customers options, like selling your home instantly to Offerpad – the perfect solution for those who seek a competitive cash offer with the convenience and control that comes with no showings and ability to select your own closing date — or partnering with Offerpad to list your home, the best choice for sellers who want to explore the opportunity to maximize their home’s value.
While Offerpad can no doubt provide an expedited selling experience for those who want it, programs like our Homebuilder Alliance program allows sellers working with new-home builders to take up to 270 days to close, helping them avoid overlapping mortgages on their way into a new–construction home.
MYTH #2: “Offerpad flips homes.”
Have you heard that Offerpad flips houses? Busted! Actually, our business model is the complete opposite. Whereas traditional home flippers come in with a low offer and make significant renovations to a home with the goal of turning a hefty profit, Offerpad provides competitive offers while managing key repairs to relieve sellers from the burden of ensuring their property is buyer ready. Our success is driven by a high volume of transactions and a very low margin per home. Our goal is to provide home buyers with a move-in ready home without adding personal renovation costs on top of the home sale.
MYTH #3: “Offerpad doesn’t know local markets as well as a traditional agent.”
Oh, but we do. Simply put, traditional real estate is in our DNA—our company was founded by some of the most highly respected and prolific real estate professionals in the country. We offer instant home sales and enhanced home listing services (with our own local Offerpad agents and real estate experts).
At Offerpad, our cash offers are carefully evaluated using our proprietary home buying technology that provides real-time data and LOCAL real estate experts who specialize in our respective markets. For instance, if your home is in Tampa, it will be assessed by an Offerpad expert in our Tampa office.
MYTH #4: “Offerpad and similar companies charge a 10-12% commission.”
While sellers may experience 8-12% with other companies, Offerpad’s average service fee is 7.5%. That’s because we don’t charge a traditional commission or inflate costs. And there are no hidden fees at Offerpad.
MYTH #5: “Offerpad will leverage repairs against you.”
At Offerpad, you’re in control when it comes to dealing with any home repairs needed to sell your home. Whether you want to manage things yourself or have us take the burden off your hands, we’ll follow your lead. In fact, 85% of sellers who receive one of our reasonable repair requests proceed with the sale of their home to Offerpad. In most cases, sellers elect to issue us a credit instead of handling repairs themselves, saving them time and out-of-pocket expenses.
MYTH #6: “Offerpad makes money on your repairs.”
We’re on the same team when it comes to selling your home. The efficiency and convenience you value are among our top priorities. We don’t nickel and dime you with repair requests and slow things down; in fact, we don’t profit from repairs whatsoever. If issues arise over the course of your free home inspection, you have flexible options to address them.
If you elect to issue a repair credit to Offerpad, we’ll only charge what it would cost for us to manage the repair at-cost with our own renovations department. You can actually save money here. Due to the high volume of homes we purchase and our vendor relationships, we’re typically able to manage repairs at a significant discount.
MYTH #7: Offerpad Only has One Solution
Most people know us for our direct-selling solution where we give you a cash offer for your home. But, we have so much more to offer home buyers and sellers. Just earlier this year we launched our Real Estate Solutions Center, with even more innovative ways and features to provide you with the best way to buy and sell a home.
You can sell your home directly to Offerpad (our iBuyer offering), or you may choose to have us list your home to sell it. When you list with Offerpad, you’ll partner with one of our experienced and licensed real estate agents who will provide one-of-a-kind customer benefits and tons of free services. Buying a home? You can choose from our own inventory of gorgeous homes for sale right here on Offerpad.com.
Did you know there are big differences between cash buyers?
Offerpad has purchased thousands of homes from local cash buyers all over the country. That’s right! After they buy a home (or right after they put it under contract), they turn around and ask US, Offerpad, to buy it! This means the seller has potentially lost thousands of dollars to a middleman. If you’re considering any other cash buyer, first ask them how many homes they’ve purchased in your market with their own cash (and not assigning your contract to another organization).
You’re in control when you sell to Offerpad. After accepting our offer and following the home inspection (which typically takes less than 10 days), you’ll always have an opportunity to review our findings. Upon both you and Offerpad agreeing to the inspection results, you’ll officially be ready to close on the date you selected with ZERO last-minute price changes, cancellations, or surprises!
Seeing is believing: Offerpad provides a better solution with a 94% customer satisfaction rating!
Simply put, we provide the best solutions and options for selling your home. Don’t take our word for it – see what other people are saying about their experience with Offerpad.
If you’re thinking about buying or selling a home, we’d love to chat. Contact us or request a no-obligation offer on your home to see our process in action. To see more about how it all works, click here.