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What is the Offerpad, and How Does it Work?

When you decide to list your house, you have better seen many companies providing listing services. You gather knowledge about that listing services and read reviews of them. Offerpad is also one of the legitimate listing companies, or you can also call it a buyer company.

Offerpad was established in back 2015 in Arizona, and its founders are real estate agents Jerry Coleman and Brian Bair. The purpose of establishing these Ebuyer listing companies is to simplify the home selling process. Many offerpad reviews are positive, and they claim that 94% of people are satisfied with their services. Still, there are several buyers too that are not satisfied with their services.

If you are still not aware of the offerpad services, let me give you a quick review of it.

What is an offerpad?

Offerpad is an ibuyer listing company that will simplify the selling process of your house. This real estate company is supported by modern technical technology; it works on human and computer efforts. They have both resources the data analytics technology, and in-house listing experts. The combination of two significant resources makes them work faster and efficiently. If your property is listed at a reasonable price, then they claim that they will close your listing in 10 days.

Isn’t it a great idea to sell your property within ten days? But offerpad is a little bit expensive compared to traditional listing services as offerpad works with advanced technology, so the company charges a hefty amount. Usually, you pay 6% of the commission to the listing provided company or agents, but you charge up to 7% or sometimes more than it, so you have less earning profit. If you are comfortable earning less and want to sell out your property right away, it would be an excellent listing service for you.

Let’s discuss the working process of the offerpad. The offerpad divided the working process into five steps that are as follows.

Request offer

You have to request offers on the offerpad main page. They will ask you to fill the questionnaire where the essential details of your listing are required. Such as Your property’s area in sq. ft, When the house was built, the layout of the house, Flooring details, Landscaping, Appliances, Permitted and unpermitted additions, Closing date (not necessary as per your choice), Whether you’re working with an agent or not, Repairing and renovation details, and High pixel Photographs of your house.

Calculation

The next step is the calculation. All the data you added to the questionnaire will be evaluated through the advanced software’s that is AVM automated valuation model. The software’s algorithms will set the price for your listing that has two options either you can accept it or not reject it. You can’t set it on your own.

Accept offer

The offerpad will make the offer that you have to accept because you don’t have any option. This part of the process will be a little bit trickiest for you because you have to make a firm decision. Whether you want to have this offer or don’t have to accept it, the offer will be valid for four days. After that, the offer will be expired. If you say yes, then offerpad will ask you for closing that your extent up to 60 days, and if you say no, then your process is completed. Your offer will be deleted, and there will be no charges for this.

Inspection

The offerpad in-house expert will inspect your home if there will be necessary maintenance, they will recommend you. If you agree, they will ask you for receipt, and if you will not be done, 1% cancellation is charged, and if you do not agree, it will be added to your listing charges.

Closing

The last step is closing, which is a most exciting step. You will set your closing date as per your choice. You have to set it for more than ten days, and according to that closing date, they will set the date of your listing title transfer so one day, you can perform all tasks. You will sign the title paper and closing paper on a particular day.

Conclusion

I hope I have cleared many of your concepts related to the offerpad real estate company, and the working process is also visible to you.

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