Anyone use OfferPad.com to sell their home?

[Tampaite]

Originally Posted by Nikkihicks82

Well for one, if you are under contract “under normal circumstances” the sellers should not be given the right to accept another offer. They should only have the right to accept backup offers in case your deal falls through.

Could this be like eBay bidding? where you make an offer but until the listing ends - someone else can pop-in and make a higher offer or at the end of the listing period(30-day), if you are the only bidder, you get to close on it ?

Again, I suggest reading the fine print in contracts.

[bentlebee]

Maybe some have seen "Redfin" which is also a program like many of these new options out there for selling/buying.

Redfin has 1% for sellers to pay with 3% to buyers agent BUT read the fine print as they have a minimum flat fee which comes down to an average home seller to still pay 3% as the flat fee minimum is not equal to 1% and that is only helping higher end sellers.

In the end you have to sell mostly yourself with the pitfalls for any seller that is not experience enough to do it themselves.

So you give up professional help for paying the same and doing it yourself. So read and decide if you want to pay the same for doing it yourself unless your home price is higher than an average sales price.

For that reason Redfin stocks took a dive after their quarterly numbers came out this morning. Very interesting to read how their model works and it seems the bottom line is not that great

[TooTechnical]

After seeing more than a dozen commercials while watching the early morning news, I was curious about Offerpad and what they would offer me for my home. I'm no fool. I wasn't expecting a golden ticket. I purchased a new construction 6 months ago. Knowing that new homes need quite a few years to increase in value, I went ahead and requested a quote figuring the price I would receive would be perhaps $10k less than what I paid. Wow! They came in $30k less. Obviously they had to take into consideration realtor fees and a profit for themselves.

I cannot condemn them as they did exactly as they advertised. However, it is obvious that this service would benefit those who have owned a home for quite a few years. Those needing to make a quick sale for whatever reason, Offerpad is more than likely a great service. After all, they are taking a huge risk that they will sell their inventory.

Bottom line; If you are in a rush, and can afford paying not only the commission but also a profit to Offerpad, then go for it. If however, you have the time, you can probably do better with FSBO. Even if you sell for a bit less, chances are you can do better than Offerpad. Even handing over your sale to a realtor would benefit you more than Offerpad, but again, if you have the time. Time and money is what it's all about - right...

Interestingly, after I emailed them declining their offer, they sent me another email telling me I have an offer waiting to be viewed. Going to look, I came to a page indicating there might be something wrong and to try again. Going back to the original email, again I came to the blank page. What they probably did was to take away their offer with a follow up email that caused a little confusion. Eh - I'm sure they still have growing pains...

[bev1521]

I currently have a contract with Offerpad waiting for me to send in. You get your cash for your home at closing. Their commission is 7%. They pay closing costs except for doc stamps. They will move you up to 50 miles but any heavy moving is extra. Also I don't think they pack your stuff. If your move is over 50 miles they will pay for the first 50. Closing date is very flexible, you can push it back if you're not ready or move it up if you want to close sooner. They have made us an offer that is much higher than any other home investor. We have been told by several realtors that we should take the offer but other realtors said a little fixing up and we could sell it for more. Our situation is different than most sellers. The house was my father's and he recently passed away at the age of 89. He was in that house since it was first built in 1955 when he and my mom got married. It's in an older neighborhood where some people have kept their homes nice while others have not. The Offerpad people haven't been out to see the house yet so their offer could change after they look at it. You sign the contract before they look at it but we were told if the offer goes lower then the contract will no longer be binding. They actually increased their offer from the original one. So we haven't sold a home with them yet but we have seen the contract.

[bentlebee]

Originally Posted by bev1521

I currently have a contract with Offerpad waiting for me to send in. You get your cash for your home at closing. Their commission is 7%. They pay closing costs except for doc stamps. They will move you up to 50 miles but any heavy moving is extra. Also I don't think they pack your stuff. If your move is over 50 miles they will pay for the first 50. Closing date is very flexible, you can push it back if you're not ready or move it up if you want to close sooner. They have made us an offer that is much higher than any other home investor. We have been told by several realtors that we should take the offer but other realtors said a little fixing up and we could sell it for more. Our situation is different than most sellers. The house was my father's and he recently passed away at the age of 89. He was in that house since it was first built in 1955 when he and my mom got married. It's in an older neighborhood where some people have kept their homes nice while others have not. The Offerpad people haven't been out to see the house yet so their offer could change after they look at it. You sign the contract before they look at it but we were told if the offer goes lower then the contract will no longer be binding. They actually increased their offer from the original one. So we haven't sold a home with them yet but we have seen the contract.

We are dealing right now with offer pad on behalf of a buyer and dealt with them for a seller who is related to someone we know and has a lien on their home.

The amount offered is great for someone who has no penny to make a home list ready with the bare minimum requirement as the offer is pretty low, and one has to pretty desperate to take that low amount, instead of being able to make a profit.


OfferPad charges 7% while not one realtor I know charges 7%!


OfferPad installs a lock that half the time is very difficult to access and it takes days to get answers. As expected the property didn't appraise out and quick flips don't work anymore as it worked in the past.


Getting OfferPad to conduct repairs (basic repairs that are required for insurance) is a hassle and it took 2 weeks for just an answer.


Good luck to any buyer that is not represented and not experienced...any buyer who is experienced to handle stuff themselves like some people have become their own kids teachers (home schooling), others who fix their own cars, others who handle their own legal issues, etc. We have people who can handle it all, for all others I would advise "buyer beware"!


Oh one last thing....closing for OfferPad is in Riverview and the house is 2 hour drive from there...no mobile closer or mail away as title company explained. Ridiculous and the closing fees are very high compared to other title companies. However, Offerpads title company of choice has offices every where but they don't use them for closing for OfferPad...how great is that!

[Gulf coast jon]

Sounds like you are talking about your experience buying from Offerpad.

Actually, I don't understand the original post. I thought Offerpad buys your home. You don't use them to sell your home. I think they buy your home and then sell it on their own behalf.

I had a bad experience with Offerpad when they first started in Tampa. Wasted my time, and when I finally got someone on the phone, they told me that (at the time) they were overwhelmed by people looking to sell to them.

Originally Posted by bentlebee

We are dealing right now with offer pad on behalf of a buyer and dealt with them for a seller who is related to someone we know and has a lien on their home.

The amount offered is great for someone who has no penny to make a home list ready with the bare minimum requirement as the offer is pretty low, and one has to pretty desperate to take that low amount, instead of being able to make a profit.


OfferPad charges 7% while not one realtor I know charges 7%!


OfferPad installs a lock that half the time is very difficult to access and it takes days to get answers. As expected the property didn't appraise out and quick flips don't work anymore as it worked in the past.


Getting OfferPad to conduct repairs (basic repairs that are required for insurance) is a hassle and it took 2 weeks for just an answer.


Good luck to any buyer that is not represented and not experienced...any buyer who is experienced to handle stuff themselves like some people have become their own kids teachers (home schooling), others who fix their own cars, others who handle their own legal issues, etc. We have people who can handle it all, for all others I would advise "buyer beware"!


Oh one last thing....closing for OfferPad is in Riverview and the house is 2 hour drive from there...no mobile closer or mail away as title company explained. Ridiculous and the closing fees are very high compared to other title companies. However, Offerpads title company of choice has offices every where but they don't use them for closing for OfferPad...how great is that!