FAQ
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General Questions about OfferPad
Pricing Information
Requesting and Accepting Your Offer
Inspection Process
Closing and Moving
What is OfferPad?
OfferPad is a direct home buyer. Our mission is to empower homeowners and provide the ultimate home selling experience: convenience, control and excellent value. We eliminate the stress, uncertainty and inconvenience of the traditional real estate process, and, we make you a competitive purchase offer to make sure you get all the value you can from your biggest investment.
Why was OfferPad created?
OfferPad started in 2015 with a simple goal: to provide a better way for homeowners to sell their homes. Make the process easy, hassle-free, and be ready to move as fast as homeowners need. If you are thinking of selling over the next couple months, or as soon as next week, our team of real estate experts are dedicated to helping you every step of the way.
Where is OfferPad currently buying homes?
OfferPad is currently buying homes in Phoenix, Tampa, Las Vegas, Orlando, and Salt Lake City. OfferPad is only available in the markets we know best. Our decades of experience in these cities makes it possible for us to buy quality homes, offer competitive prices, and deliver homeowners the ultimate home selling experience.
What types of homes does OfferPad buy?
Today we're purchasing homes that fit the following criteria:
- • Family residential homes, including condos and townhomes
- • Homes in age-restricted communities (max purchase price up to $325,000)
- • Homes in gated communities
- • Homes that are site-built (not manufactured, pre-fabricated, or mobile)
- • Homes located in our service areas
- • When the seller has clear ownership of the property (no double escrow)
- • Homes built after 1960
- • Homes where our valuation is up to $500K
- • Homes that sit on at maximum of one acre of land
- • Homes that are owner-occupied or vacant, not leased, at the time of closing (no lease backs after closing)
- • Homes that don’t have any significant foundation issues
- • Homes located in the metro areas of: Phoenix, Tampa, Las Vegas, Orlando, Salt Lake City
How quickly can we close and move?
It’s your choice! You get to pick the day—anytime within 5 and 90 days. We are ready to move as fast as you need.
How long do I have to move out after closing?
With our Flex Close option, you can move out up to 3 days after closing. To qualify for the OfferPad Flex Close, the seller must complete a Post-Possession Addendum. This is a free service, but please note that OfferPad will hold back $3,000 as a deposit that the seller will receive once they vacate their home on the 3rd day.
What if I have a listing agent?
Although you do not need a real estate agent to sell your home to OfferPad, if you have an existing listing agreement with an agent, we’re required to communicate our offer directly to your agent. The real estate commission will be deducted by the title company from your net proceeds at closing. You should refer to the terms of your listing agreement to confirm what those amounts are. OfferPad’s brokerage affiliate will receive the agreed upon buyer broker commissions. Please be sure to note in your request that you have a real estate agent. In the online request form, select “Yes” that you agree and understand that we will send your offer directly to your agent, and then input your agent’s contact information inside the noted area.
What do you do with my house after I move?
We develop a repair and renovation plan to get the home in show-ready condition to list it on the market.
How do you keep my information secure?
For all document signings, we use DocuSign, an approved third-party application. All escrow payments and paperwork are handled by a trusted title company, securing all financial management and payments. The security of your information throughout the entire process is part of our promise of a better experience with OfferPad.
How does OfferPad determine my home’s purchase price?
Our team of experts have purchased tens of thousands of homes over the past 10 years, providing us a unique insight the needs of homeowners. We calculate your home’s market value by analyzing all possible data sources (i.e. neighborhood comps, recent sale prices, local market condition), and evaluates the property specifics provided in your offer request. From that, we provide you with a competitive, trusted offer within 1 business day.
If you’re thinking of selling, use our calculator to see how selling to OfferPad compares to selling traditionally.
How much of the purchase price do I need to credit back to OfferPad at closing?
OfferPad fees are as close to the same percentages you would typically pay at closing during a traditional real estate transaction. Average real estate fees are typically 6% and approximately 3% additional for closing and processing fees.
Who pays for my Title & Escrow in an OfferPad transaction?
OfferPad pays your title and escrow fees at closing. Any additional closing costs or taxes will be paid by the seller, similar to a traditional transaction.
How will I receive my offer?
After you submit your request, we will email you a competitive purchase offer within 1 business day. The email has a link to view your online offer, as well as our Customer Success Team contact information if you have any questions.
How long is my offer valid?
Every offer is active for 48 hours. You will find an expiration date at the bottom of your offer. You can always request a new offer by clicking the Renew My Offer link in your OfferPad email we send you and we will provide an updated offer as quickly as possible.
What happens after I accept my offer?
After you accept your offer, each individual homeowner will receive an email from DocuSign with the purchase contract attached and an email from OfferPad with a brief overview of our process and next steps.
When do I select what day I want to close?
When you view your offer, you can choose your closing date within 5–90 days. This date will then be indicated in the final purchase contract you will receive via email the same day. If something changes and you need to make a slight change to your close date, let us know and we’ll do our best to make the adjustment.
Is the transaction final after I accept my online offer, or is there something else I need to do?
To finalize your offer, you must sign the purchase contract. This DocuSign contract will be emailed to each individual homeowner after you select your close date.
What happens after I sign the purchase contract?
Once the contract is digitally signed, OfferPad will open escrow at a title company and deposit the earnest money, usually the next business day. We will be in contact with you to schedule your home inspection.
When does my home go into escrow?
Your home will go into escrow as soon as the purchase contract has been signed between you and OfferPad.
Why do you do an inspection?
Just like the traditional experience, we have a third-party inspector visit the home to make sure the condition of the home is consistent with what was presented in the original offer request.
When does the inspection period begin?
The inspection period begins the day after the purchase contract has been signed by both parties. If OfferPad signed the contract on a Monday and you signed and returned the contract on Tuesday, the first day of the inspection period would be Wednesday.
Do I need to set up my own home inspection?
We’’ll handle all of that for you. We will contact you shortly after signing the purchase contract to schedule the date of our home inspection. All you need to do is be home during the inspection, which typically takes less than 2 hours.
Who does the inspection?
At no cost to you, OfferPad uses independent third-party home inspectors to perform the formal inspection.
What is the inspector looking for?
The inspector will look closely to make sure everything is up to code, ensuring no issues that any seller would have to get repaired if selling traditionally. Some of the items may include A/C, electrical, foundation, roof, termite issues, broken or damaged flooring, windows, cabinets, appliances, plumbing issues, water damage, large drywall repairs, damaged exterior paint and pool & spa issues.
Please note that non-standard colored walls, materials, and carpet may require adjustments on the Credit & Repair Addendum. Examples of non-standard colors are (but not limited to) bright colors, blacks, neon colors, rooms that are entirely one color other than white, beige, light grey, tan, or similar color palettes. Examples of non-standard materials are (but not limited to) wall paper, stickers, wall borders, and faux finishes. Examples of non-standard carpet are (but not limited to) outdoor carpet used indoors, bright colors, neon colors, irregular patterns, and visual wear patterns.
How do I find out about the inspection results?
OfferPad will send you an email within 1 to 15 days, summarizing any required repair credits.
What happens if the inspector finds something?
If the inspector determines repairs are required, we will provide you a complete list of repairs, and ask for a credit to cover the difference after inspection. We will ask you to sign an addendum to the contract that will explain any required repairs or credits needed before closing. If repair credits are required, you have the choice to accept the credit addendum, make required repairs yourself, or cancel the transaction all together.
What are my choices if repair credits are required after the inspection?
You have 3 options if the inspector determines repairs are required:
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The easiest option is to let OfferPad do the repairs by agreeing to credit the repair expenses to OfferPad at closing. In most cases, due to our volume and in-house resources, we’re able to keep required repair credits to a low and reasonable price point. We simply ask for exactly what is needed to get the home ready for acquisition. To move forward with this option, you would sign an addendum to the contract that defines the required repairs and costs. This solution means no money out of pocket, or work done by you.
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You can pay to have a licensed contractor make all the required repairs before closing. OfferPad will provide the list of required repairs, and it would be up to you to ensure all are completed to current building codes. OfferPad will need proof of the work being completed, contractor name and license number, before and after pictures, receipts, and visible approval by OfferPad during the final walk through.
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If you don’t agree to the required repairs, you can choose to not move forward with the purchase contract, at no cost or no obligation. Keep in mind, these repairs will most likely have to be addressed regardless if you sell to us or try to sell traditionally. A traditional buyer will typically want these same issues fixed (or credited) before they agree to purchase your home.
When is the final walk through of my home?
Your OfferPad Homeowner Consultant will contact you several days before your close date to schedule the final walk through. The walk through typically happens one to two days before closing. The purpose of the walk through is to verify the home is still in the same condition, and to check on agreed repairs if you decided to handle them independently.
When do we sign closing documents?
A few days before your agreed-upon closing date, an escrow agent from the title company will contact you to finalize the day and time you will sign the final closing documents. You will receive your final purchase payout check at this time.
When do I get my mortgage payoff?
Right after we open escrow, the title company will be contacting you to assist with the mortgage payoff for your home.
Who pays for my Title & Escrow in an OfferPad transaction?
OfferPad pays all of the seller’s title and escrow fees. Any additional closing costs or taxes will be paid by the seller, similar to a traditional transaction.
What do I need to leave in my home when I move?
As a general rule, you need to leave any built-in appliances. This includes, but is not limited to: your dishwasher, built-in microwave, stove, oven, cooktops, ice machines, trash compactors, water softeners, built-in refrigerator, R/O systems, window treatments, central vacuum and hoses, garage door openers and remotes, pool equipment, built-in BBQs, built-in fire pits, ceiling fans and light fixtures, pool fencing, pool cleaning systems, exterior landscape lighting and surround sound speakers.
What can I take from my home when I move?
In most cases you can take anything that isn’t built into your home. Appliances that you can take vary by state. See below for appliances you can take by state:
Arizona: washer, dryer, and the refrigerator
California: washer, dryer, and the refrigerator
Florida: washer and dryer
Nevada: washer, dryer, and the refrigerator
Utah: washer, dryer, and the refrigerator
How do I qualify for the OfferPad Free Local Move?
To be eligible for Free Local Move program, OfferPad requires a minimum of 21-day notice prior to the close of escrow. OfferPad’s Free Local Move is only valid for customers who have closed escrow and transferred ownership of a home to OfferPad.
Why only 2,800 square feet and 13,000 lbs.?
We’ve built this service around the majority of our clientele's needs. If your home is larger than 2,800 sq. ft., or have more than 13,000 lbs. to move, please contact your OfferPad Homeowner Consultant to understand your options.
Didn't find an answer to your question?
Feel free to give us a call at 844-388-4539, or submit your question below and we'll get back to you very soon. We look forward to working with you!