It can be a hassle to sell your home, particularly if you’re in a hurry to get it off your hands and relocate. Fortunately, there are iBuyers, like Offerpad and Opendoor, that simplify the process by offering cash for your home or a platform to list it and get maximum exposure. Keep reading to learn more about the key similarities and differences between Offerpad vs. Opendoor and how to decide which is best.
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What is Offerpad?
Offerpad is an innovative digital platform that simplifies the selling process for homeowners without using a real estate agent. Prospective homebuyers can also use Offerpad to easily purchase the home of their dreams.
It was founded by Brian Bair in 2015 and has served thousands of homeowners to date.
How Offerpad Works
Offerpad helps you sell your home fast with these options:
- Offerpad Express: Get an instant offer for your home in just 24 hours and sell without listing or showing the property. Plus, you can pick a closing day that accommodates your busy schedule, get free moving services if you relocate within a 50-mile radius (weight restrictions apply) and a complimentary extended stay.
- Offerpad Flex: List your home with Offerpad to test the market. You’ll get a cash offer just in case you decide not to sell using this option. The Offerpad Flex program also includes free services and advance cash to prepare your home for the market and make renovations that increase your home’s market value. Plus, you’ll get assistance from a Solutions Expert to find the perfect home for you and your family and get competitive financing if you’re looking to purchase another property.
Pros of Selling Your House with Offerpad
- Competitive cash offers in just 24 hours
- Complementary services to make your home shine
- Access to advanced funds to make much-needed repairs and upgrades
Cons of Selling Your House with Offerpad
- Homeowners pay a fee between 4 and 7 percent when they sell to Offerpad
- You could get well below market value for your home
When to Use Offerpad
You can use Offerpad if you want to sell your home quickly and move on to your next property with ease. It’s also ideal if you want to test the local market to see what offers you get but still have the option to accept the all-cash offer from the platform.
What is Opendoor?
Like Offerpad, Opendoor also prides itself on providing a seamless experience for homeowners looking to sell, buy or both, and prospective homebuyers. The platform was founded in 2014 and boasts an array of impressive reviews from past and current customers.
How Opendoor Works
Homeowners have the option to list or sell to Opendoor. If you choose the latter, here’s how it works:
- Step 1: Request a preliminary offer on your home. It’s simple and only takes a few minutes of your time.
- Step 2: Record a video walkthrough and send it to Opendoor to get a final offer in just 24 hours. You’ll have five days to accept or reject the offer.
- Step 3: Select your closing day and get cash for your home. Choose any date that falls between 14 days and 9 months from the original contract date.
If you’re already working with an agent, you can still sell your home through the online platform. Opendoor will coordinate with your agent to arrange the transaction and communicate essential information that should be passed on to you every step of the way.
Prefer to list with Opendoor? Then, you can put your home on the market with the help of the Opendoor team and accept the offer most appealing to you.
You can also purchase your next home on Opendoor, and financing is available in select states.
Pros of Selling Your House with Opendoor
- You’ll get a cash offer in as little as 24 hours. Upon acceptance, you’ll also get paid swiftly so you can move forward with the purchase of your next home.
- There are no showings, so you won’t have to worry about spending money on making costly home repairs or improvements.
- You can set a closing date that fits your schedule.
Homeowners who want to sell their current home to purchase the home of their dreams can also capitalize on exclusive home builder partner benefits. Opendoor coordinates with the homebuilder (if they’re in the network) to ensure there’s no conflict with the closings. You’ll also get two days following closing to vacate the property.
Cons of Selling Your House with Opendoor
- Opendoor charges a 5 percent fee if you accept their cash offer.
- Homeowners don’t have much negotiating power if they do not like the initial cash offer.
When to Use Opendoor
You can use Opendoor to alleviate the stress that comes with listing and selling your home. It’s also ideal to list with Opendoor if you want to test the market to determine how much you can possibly get for your home.
Offerpad vs. Opendoor: Which Is Better?
It’s a matter of personal preference. Both iBuyers charge transaction fees, but Offerpad goes the extra mile by offering complementary services to tidy up your home, monetary advances to make much-needed home improvements and free local moving services.
You’ll get an extended stay with Offerpad and Opendoor. However, you’ll only get 2 days following closing with Opendoor, compared to three extra days available through Offerpad.
Weigh the benefits and drawbacks to decide which option is best. It’s equally important to read reviews from past and current users to make an informed decision.
Submit an online application form to inquiry about Angel Oak Mortgage Solutions financing options.
Older homeowners can get peace of mind and added financial security with a reverse mortgage from AAG.
Buy a home or refinance your existing mortgage with Zero Mortgage.
Offerpad vs. Opendoor: Key Differences
Fees and Costs
Offerpad charges a 4 to 7 percent fee if you accept a cash offer and 6 percent to cover real estate commissions if you list your home. You’ll pay 5 percent in fees to sell or list with Opendoor.
Selling Process
Both platforms feature a simplified selling process. However, they are variances between the following:
- Offer acceptance: 4 days with Offerpad and 4 days with Opendoor
- Property value limits: up to $1 million with Offerpad and between $100,000 and $600,000 with Opendoor (exceptions apply in select markets)
- Maximum lot size: Limited to one acre or less with Offerpad and up to two acres with Opendoor
- Age of the property: homes built after 1960 with Offerpad and 1930 with Opendoor
You should also know that Opendoor offers digital checkout, so you’ll have a seamless move-out. And you can rent your home back for up to 14 days if you need additional time (beyond the three-day extended stay) to vacate the property.
Availability
You can sell your home to Offerpad if you live in any of the following cities:
- Birmingham, AL
- Phoenix, AZ
- Tucson, AZ
- Denver, CO
- Jacksonville, FL
- Orlando, FL
- Tampa, FL
- Atlanta, GA
- Indianapolis, IN
- Charlotte, NC
- Raleigh, NC
- Las Vegas, NV
- Nashville, TN
- Austin, TX
- Dallas-Fort Worth, TX
- Houston, TX
- San Antonio, TX
Opendoor currently purchases and buys homes in these markets:
- Asheville, NC
- Atlanta, GA
- Austin, TX
- Birmingham, AL
- Boise, ID
- Charlotte, NC
- Chattanooga, TN
- Cleveland, OH
- Columbus, OH
- Corpus Christi, TX
- Colorado Springs, CO
- Columbia, SC
- Dallas-Fort Worth, TX
- Denver, CO
- Greensboro-Winston, NC
- Greenville, SC
- Houston, TX
- Indianapolis, IN
- Jacksonville, FL
- Kansas City, KS
- Killeen, TX
- Knoxville-Morristown, TN
- Las Vegas, NV
- Los Angeles, CA
- Miami, FL
- Minneapolis-St. Paul, MN
- Nashville, TN
- Northern Colorado, CO
- Oklahoma City, OK
- Orlando, FL
- Phoenix, AZ
- Portland, OR
- Prescott, AZ
- Raleigh-Durham, NC
- Reno, NV
- Riverside, CA
- Sacramento, CA
- Saint Louis, MO
- Salt Lake City, UT
- San Antonio, TX
- San Diego, CA
- Tampa, FL
- Tucson, AZ
- Washington, D.C.
Reviews
Here’s what past and current customers are saying:
- Offerpad was the easiest experience I’ve had. It was so simple from start to finish, and I’d definitely recommend this service to anyone looking to sell fast.—Randy and Delia M.
- There were no showings, stagings, agents or buyers to deal with. The offer we received was fair, and Offerpad made the process so easy for us. I highly recommend Offerpad if you want to sell your home without all the hassle.—Mark and Tammy S.
- I got a new job, and Offerpad helped me relocate in a short window without worries. The offer I received was good, and it didn’t take long to sell my house and move to a different state. Thanks, Offerpad! —Altragracia G.
How to Get an Offer from Offferpad to Sell Your Home
You can request a no-obligation offer from Offerpad in minutes and get a response within 24 hours. Simply use the online form or call 844-388-4539 to get started. Offerpad will also send you other options to sell your home if the cash offer doesn’t quite work for you.
