Should You Sell Your House with Offerpad?

Written by Banks Editorial Team
3 min. read
Written by Banks Editorial Team
3 min. read

You want to purchase a new home soon, but worry it’ll take too long to sell your current home. The good news is you can get a cash offer for your home in just 24 hours and take the stress out of relocating. 

How so? Consider an iBuyer company, like Offerpad, to alleviate the stress of selling your home. You’ll get a competitive cash offer, or you can sell your home through the online platform with assistance from local experts. 

Keep reading to learn more about Offerpad’s services and how you can leverage them to simplify the home-selling process. 

Sell or Buy a House with Offerpad

Is Offerpad Legit?

Yes. Offerpad is a direct home buyer that has served thousands of homeowners and buyers since its inception in 2015. 

It features two ways for homeowners to easily sell their home – Offerpad Express and Offerpad Flex. Here’s a closer look at how they work:

  • Offerpad Express: With this service, homeowners get cash for their homes directly from Offerpad. There are no listings or showings, and you can select a closing date that works for you.  
  • Offerpad Flex: List your home to test the market with Offerpad Flex. You’ll get access to free services to prepare your home for showing, along with funds advanced to you to make home upgrades. And if the offers you receive don’t quite work for you, there’s still an option to accept the initial cash offer from Offerpad. 

How Does Offerpad Make Money?

Offerpad’s business model makes money from service fees homeowners pay when they accept cash offers as well as profits on the homes they buy and sell. 

What is The Process of Selling Your House with Offerpad?

If you plan to use Offerpad Express to sell your home, here’s a step-by-step guide of what to expect: 

  • Step 1: Get a cash offer in minutes by answering a few questions about your property and submitting photos. (Quick note: offers are generally sent within 24 hours, but Offerpad will wait an additional 24 hours if pictures aren’t forwarded with the initial request). 
  • Step 2: Analyze your options to decide if you want to accept the cash offer or list your home instead. 
  • Step 3: Review and accept your offer within four days. (If the offer expires, you can reach out to Offerpad to renew your offer, but the figure could change due to market conditions). 
  • Step 4: Select your preferred selling method if you don’t want to accept the cash offer. You can list with Offerpad or independently. 
  • Step 5: Get a home inspection if you decide to accept the cash offer. Offerpad will set it up to be completed by a licensed property inspector, team member or both. 
  • Step 6: Finalize the transaction by scheduling a closing date that works for you. 

Prefer to list with Offerpad? Simply enter your property address into the online form to get started. 

Sell or Buy a House with Offerpad

How Much Does It Cost to Sell Your House with Offerpad?

You’ll pay a service fee of 5 percent to sell your home to Offerpad. Also, be mindful of closing costs you’ll be responsible for as the seller. 

Can You Negotiate with Offerpad?

Offerpad doesn’t negotiate with sellers, per se, as they only make competitive offers that are in line with market conditions. But if you disagree with your initial cash offer and would like a re-evaluation of your property, a Solutions Advisor can assist. 

Advantages and Disadvantages of Selling Your House with Offerpad

There are both pros and cons of selling your home with Offerpad. 

Key Benefits: 

  • Cash offers: You can get a competitive cash offer for your home in just 24 hours. 
  • Cost-savings: It’s possible to save thousands of dollars through bundle rewards when you sell your current home and buy a new one with Offerpad. Plus, there are in-house mortgage services to help you get the financing you need. 
  • Complimentary services: Homeowners who list with Offerpad get free deep house cleaning, handyman services, carpet cleaning, pool cleanup services and landscaping cleanup services to make the home shine. 
  • Advance funds: Offerpad may advance funds to you to complete much-needed upgrades that will increase the value of your property. 
  • Extended stay: Stay an extra three days after closing for free when you sell your home to Offerpad. 
  • Free relocation assistance: Homeowners who sell to Offerpad may also get free moving services if relocating within 50 miles (weight restrictions apply). 

Key Drawbacks: 

  • Service fees: The steep service fee coupled with closing costs could drastically reduce your proceeds from the home sale. 
  • Limited availability: Offerpad is only available in select markets. 

When You Should Consider Offerpad to Sell Your Home

Offerpad Express is ideal for homeowners with demanding schedules who value convenience. Most are looking to sell their home quickly as it allows them to move on to their new home without the stress of carrying two mortgages at once, financing issues or overlapping closing dates. 

However, you should consider Offerpad Flex if you want to attract high offers for your home and don’t mind showing it off to prospective buyers. It’s also ideal for homeowners who wish to list and could use assistance getting the property market-ready (including making some repairs), so it stands out amongst the competition.

How to Get Started with Offerpad

Before you get started with Offerpad, confirm your home is eligible for purchase. It should meet these criteria: 

  • Be a single-family residential home, townhome or condominium that was built after 1960 and sits on a lot that doesn’t exceed one acre 
  • Have a market valuation that doesn’t exceed $1,00,000 (exceptions apply in some markets) or $325,000 (age-restricted communities only) 

You also want to ensure your home is located in one of these markets

  • Birmingham, AL
  • Phoenix, AZ
  • Tucson, AZ
  • Denver, CO
  • Jacksonville, FL
  • Orlando, FL
  • Tampa, FL
  • Atlanta, GA
  • St. Louis, IL
  • Indianapolis, IN
  • Kansas City, KS
  • Kansas City, MO
  • St. Louis, MO
  • Las Vegas, NV
  • Charlotte, NC
  • Raleigh, NC
  • Columbus, OH
  • Charlotte, SC
  • Columbia, SC
  • Nashville, TN
  • Austin, TX
  • Dallas-Fort Worth, TX
  • Houston, TX
  • San Antonio, TX

If so, you can request a cash offer for your home by completing the online form. It won’t take up more than five minutes of your time, and you’ll have a cash offer and other viable options in 24 hours or less.

Offerpad

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