You may already be familiar with some of the awesome benefits that coincide with selling your home to Offerpad. We could tell you all about how satisfying it is to quickly receive a purchase offer on your home or the freedom that comes with choosing your own closing date — but if you’ve experienced traditional real estate before, you get it. This quick guide will go a little more in-depth in terms of our valuation process and give you a better sense of what to expect when you move forward selling your home to Offerpad.
Q: What’s the benefit of requesting an offer from Offerpad?
Offerpad provides a convenient and hassle-free method to selling your home. Our streamlined process is designed to eliminate many of the common pain points involved with selling, giving you a strong offer in less time. For thousands of homeowners around the country, Offerpad has provided a flexible solution considered long overdue. To see a How-To video on how to request an offer, we recently posted about what items are asked about the property within the offer request form.
Q: How does Offerpad determine my offer?
So, how does it work? You request an offer on your home online by providing a few details about its key features and upload some photos of the interior/exterior — the process takes about three minutes. Once your offer request is submitted, we use we use our proprietary artificial intelligence technology, OfferComp, to analyze the details of your home along with the current forecast of your local real estate market to determine the initial valuation of your home. With the baseline value determined, we then rely on our internal team of highly experienced local real estate experts in each market to determine other key factors, including:
- Area monthly supply of homes
- Recently sold comparable homes
- Active listings of comparable homes
- Your home’s condition & finishes
- Your home’s location
In a nutshell, the offer you receive is a blend of Offerpad’s powerful technology and firsthand real estate experience. Using thousands of data points and advanced technology, we immediately calculate your home’s fair valuation — that figure is analyzed by our team of real estate experts who make sure our valuation of your home is at the highest competitive market value. This process, exclusive to Offerpad, allows us to provide our best offer from the get-go.
Q: When will I receive my offer?
As fast as we are to respond with an offer, you’ll generally receive an even faster response if you included photos with your request — often in as few as 24 hours. You’ll have the ability to close in as little as a couple weeks once you accept the offer. In addition to saving you time, our solution also helps you avoid the common expenses associated with maintaining your property as it sits on the open market. The ability to forego things like routine landscaping can end up saving you money over time.
Q: What fees are associated with my offer?
While our service fee typically averages around 7% it can range between 6-10% based on your property. Keep in mind, when we sell the homes we purchase, we still have to pay all the normal transaction costs associated with selling a home — this includes the buyer’s agent commission (3%), any concessions to the buyer, holding costs, maintenance fees, taxes and other listing related costs.
Traditional home sales generally include 6% agent commissions and seller concessions that can range around 2%. Working with Offerpad to buy your next home can also help you avoid the expensive costs associated with overlapping homeownership — juggling two mortgages can quickly add up.
Q: What happens after I accept my offer?
Should you choose to move forward and accept our offer, our team will schedule an on-site third–party home inspection — one that fits within your schedule — to make sure everything checks out. Our process is designed to limit the amount of back and forth in terms of the final offer, ensuring you know exactly how much money to expect at closing.
You can’t really put a price on eliminating many of the common hassles associated with selling your home — our solution irons out a laundry list of risks and headaches. Request a no-obligation offer from our team today or learn more about our unique process online. As always, contact us with any questions — we’re always here to help!
