20 min read Sep 30, 2022

Offerpad Reviews: 1% Cancellation & Lowball Offers in 202

Cover - Offerpad Reviews - 3 out of 5 stars

» Jump To: What is Offerpad? | Is Offerpad Legit? | Locations | Buying With Offerpad | How Does it Work? | Selling with Offerpad | Fees | Reviews | Alternatives | FAQs

Offerpad is the 2nd biggest iBuyer in the U.S. They make fast offers and close quickly. But with rising interest rates and declining home prices in 2022, iBuyers are making offers that are significantly below market. Offerpad is likely no exception.

Should You Sell to Offerpad?

  • Pros: Offerpad offers convenience with their cash offers and fast closings.
  • Cons: Strict eligibility criteria, limited coverage, and 1% cancellation fees make Offerpad less appealing. In 2022, all investors and iBuyers will likely offer much less for homes to budget for declining prices.
  • 👉 Our Take: We recommend you list on the MLS via Houzeo. Your property will be exposed to local and national cash buyers, including Offerpad. And you can choose the best offer you get.

What is Offerpad?

FeatureDescription
🏘 Service Fee6-11%
💰 Closing Costs1%
📆 Closing Date Flexible
🚚 Repair and Renovation FeeVariable
⛔ Hidden FeeNone
❌ Cancellation Fee1% (4 day window)
💸 Express Cash Offer24 hrs
💸 Flex Cash Offer60 days
🌍 Serviceable Markets24 markets

An iBuyer, Offerpad is a real estate company that makes almost instant cash offers on houses. Usually, iBuyers close the deals in two weeks or less. Offerpad claims to sell the houses in only 8 days.

Offerpad’s business model is backed by advanced technology, comprehensive data analytics, and a bunch of experienced in-house market experts. Reviews of Offerpad are a blend of smooth home selling experiences and questionable customer support.

Founded by Jerry Coleman and Brian Bair in 2017, Offerpad is the second-largest iBuyer by purchase volume. However, due to its strict purchase criteria, it purchases fewer homes than Opendoor, but still more than RedfinNow and other iBuyers.

If you’re looking to streamline the home selling services without the traditional hassles of listing – iBuyers like Offerpad could be a great option for you. But, the service fees and repair deductions charged by Offerpad can eat a substantial amount of your profits.

This of course leaves you with less money than you would likely get if you were to sell your house on the open market as For Sale By Owner.

🏡 All the Benefits and No Trade-offs



Listing on the MLS is the best way to maximise your cash offer, negotiate sales price, and avail the best offer terms.


START YOUR MLS LISTING NOW

 

Is Offerpad Legit?

Yes, Offerpad is a legitimate iBuyer company. Offerpad reviews on reliable websites like TrustPilot and Yelp support the legitimacy of this real estate company.

    💡 NOTE: Because Offerpad would profit from the sale of your home, the chances of its “reasonable” offer falling short are fairly significant. When compared to selling your home on the open market, where you can choose from a few competing offers, Offerpad will fall short of your expectations.

You will have only four days to decide whether or not to proceed with the deal after receiving the final cash offer and a necessary house inspection. If you wish to cancel the arrangement, Offerpad will charge you a 1% cancellation fee.

On the contrary, low commission real estate companies like Houzeo give your listing more visibility in exchange for a nominal flat fee. This not only increases the reach but also gives you the liberty to choose the best offer from multiple ones.

💰 Counter Offers Instantly!

Houzeo has harnessed cutting-edge technology to introduce the “Counter-Offer” tool. It enables house sellers to send counter-offer proposals to buyer agents and buyers.
START LISTING

Where is Offerpad Available?

Offerpad has homes for sale in 24 markets across America.

📍 Areas covered by OfferpadGA, FL, NC, TX, AL, CO, TN, SC, AZ, NV, CA, IN, IL

Offerpad Buying Criteria

What Type of Houses Does Offerpad Buy?

You must meet Offerpad’s strict criteria in order for them to buy your home. They are very particular about the homes they purchase to qualify.

  • Markets Covered: Has to be within the 24 markets Offerpad covers
  • Built: Should be built after 1960
  • Type of Homes: Residential homes – single-family homes, condos, and townhouses
  • Housing Prices of Property: Should be less than $1 million (varies according to market)
  • Plot size: Should be less than 1 acre of land

If your home faces a hurdle in the title or does not meet the above-mentioned criteria, Offerpad will not buy your house. Many Offerpad reviews state how home sellers have faced trouble due to these inflexible terms.

Buying a Home From Offerpad

Offerpad’s tech-focused platform provides a variety of benefits for homebuyers. Buying a home from Offerpad is a breeze. Aside from a flexible moving date, Offerpad provides a professional transaction manager to help you throughout the process. Their other features include:

Instant Access: Homebuyers may view and self-tour Offerpad houses whenever and wherever they want. You get additional benefits like making an offer and getting all property details upfront.

Agent on Demand: Buyers can also view homes in the area, offer feedback, and request an agent on-demand where an independent local agent assists them throughout the process.

Lastly, Offerpad does not charge any additional fees to the buyer. The only costs involved in your buying process include the closing costs, a down payment, the appraisal fee, and inspection fees depending on where the property is located.

How Does Offerpad Work?

Selling to Offerpad is very different from selling a house with a traditional realtor. Whether you’re a home buyer or a seller with Offerpad, you will work with their internal team and third-party vendors.

Offerpad employees rely on their professional experience and the company’s algorithm to evaluate homes listed online. This process determines cash offers based on fair market price and establishes a price for the homes available for sale.

While this process may sound like a cakewalk, it also involves you coordinating with several points of contact from Offerpad and third-party vendors. Again, the prices evaluated for your property are not provided to you, which means you may have no idea how and on what basis the price was set.

📝 Tip: Steer clear of Offerpad’s low-ball cash offers by calculating the closing costs of your property. Calculate Closing Costs for free NOW!

How To Sell To Offerpad?

Offerpad offers a range of tools catering to both home buyers and sellers. Here’s a quick analysis of scenarios where you should opt for Offerpad and where you should drop the idea of selling with this iBuyer.

Consider Offerpad if

  • You’re on a time crunch and selling fast is your priority than money
  • You want to avoid the typical home selling procedure and skip to the final part of the deal

Avoid Offerpad if

  • You’re looking for top dollar rate
  • Signing the agreement before knowing the final closing cost of your house makes you uncomfortable

Selling To Offerpad Express

Offerpad reviews suggest the process of selling your house to the iBuyer can be summed in 5 easy steps.

Step 1: Submit Your Information

You will have to submit an elaborate set of details to receive the initial cash offer. The website will take you through a brief questionnaire, asking for details such as:

  • Area of your property
  • The layout of the property
  • Year of build
  • Legal and Illegal home renovations
  • Countertops, appliances, floors, and landscaping
  • Closing date as per your convenience

Should your property check all the Offerpad criteria boxes, you can receive an initial cash offer within 24 hours.

They also have an option of submitting photos of your home – that is highly recommended. 95% of home buyers have started looking for homes on the internet and unprofessional pictures of your home could be a deal-breaker here. Not only this, but good real estate photography also helps Offerpad to determine an accurate price estimate.

🚩 Offerpad can back out of the deal

  • The deal can be revoked or tweaked ANYTIME! If you don’t agree with the changes, Offerpad can back out without any penalty.
  • For instance: the initial cash offer was $350,000 and then changed to $300,000, to which you might object – if not accept, Offerpad will walk away. It is a take it or leave it situation.

Step 2: Accepting the Offer

Once you receive the initial cash offer, you have 4 days to accept or reject it before it expires. You can renew the offer but with no guarantee of the offer being higher, lower, or the same.

When you accept the offer, Offerpad makes you sign a legally binding contract without knowing how much money you will ultimately receive from the sale. Without signing the contract, you cannot proceed to the next step.

🚩 Is Offerpad’s initial cash offer accurate?

  • No. Offerpad tries to quote an accurate cash offer from the start, however, they will charge a repair credit or adjust the cash offer post the house inspection.
  • When compared with other iBuyers, Opendoor will make you sign a contract after the inspection. You will also know how much money you will ultimately receive.

Step 3: Complete the Inspection

Once you decide to sell to Offerpad, they will schedule a house inspection with an Offerpad representative, typically, within 15 days. This part will be similar to the traditional sale. The process will last around two hours going through every inch of your property looking for issues such as water damage, structural problems, and general wear and tear.

One of the main Offerpad’s requirements for a home inspection is for the homeowner to be present during the process. This works in your favor so go along and ask questions to the inspector as he does his job. This will avoid any last-minute surprises.

📢 Things You Should Know About Home Inspections

  • Once the inspection is complete, you will get to know the repairs that are to be fixed.
  • You can either get the repairs done by yourself (which will add up to the timeline) or simply have the cost deducted from your final sale price.

Step 4: Receive an Updated Cash Offer

After the inspection, Offerpad will provide you with a list of repairs that are necessary along with the estimated cost to get them fixed. Now, Offerpad has the liberty to revise its cash offer or revoke it entirely if your house does not meet its criteria.

If you proceed as planned, you have two options to move to the next step:

  • Accept a credit against the estimated costs of repairs
  • Hire contractors to fix the repairs listed by the inspection team and make the house brand new

In case of pricey repairs, you will have to accept credit from Offerpad to make repairs. If you don’t accept the credit here, you won’t be able to proceed with the transaction.

Again, please note – that you have only 4 days to accept or decline their offer. Once the offer is expired, Offerpad will levy a 1% cancellation fee for not responding to their offer.

Offerpad reviews on trusted sources like Yelp and Sitejabber suggest confining the home seller within this arrangement is their biggest red flag.

With Houzeo, you can browse, register, and inquire without any obligations to proceed ahead. Houzeo eliminates all tight windows, thus allowing you to have a smooth and flexible home selling experience.

😰 No Offer From Any iBuyer?



No problem! Cash home buyers are always hunting for properties on the MLS, making it the best place to find your potential buyer.


START YOUR MLS LISTING NOW

Step 5: Closing

Offerpad stands apart from other iBuyers with their flexible closing timelines. With Express final sale, you can choose any closing date anywhere from 8 to 90 days after accepting Offerpad’s offer.

And with their Extended Stay program, you can extend your stay at your own house after the closing date.

Offerpad will schedule a visit two days before closing to inspect whether the repairs are fixed. Unfinished or unsatisfactory repairs can cause delays in closing. You can proceed ahead to close the deal once they give you a heads up. Having said that, you will be liable to pay the closing costs – which are typically 1% – 3% of the purchase price.

Offerpad will offer title services, depending on your state.

Type of Title CompanyName of the State
First American TitleArizona, Colorado, Florida, Indiana, Nevada, Tennessee
Statewide TitleAlabama
Law offices of McMichael & GrayGeorgia
Law offices of Hankin & PackNorth Carolina & South Carolina

Can I Back Out of Selling My House Before Closing?

Yes.

You have the right to cancel the sale if you change your mind after signing the purchase agreement.

However, if you cancel because you and Offerpad are unable to reach an agreement on repairs and home conditions, you will be required to pay a charge equal to 1% of Offerpad’s offer price. Neither party owes anything if the iBuyer decides to back out of the agreement.

Selling With Offerpad Flex

Step 1: Getting a Cash Offer

Offerpad Flex allows you to list your property with their partner agents and obtain a cash offer. You’ll start the procedure in the same way you did with Offerpad Express. i.e. by answering detailed questions regarding your property, you can find out how much the offer pad is willing to pay for it.

You have the flexibility of activating your offer for up to 60 days when listed on the market.

📢 Things You Should Know

  • If you want to list on Offerpad, you will work with a listing agent who is affiliated with them.
  • They also provide services like 3D tours, real estate photography, and other professional marketing features in an ala carte basis.

Step 2: Recommended Repairs

If you decide to sell your home on the open market, you’ll need to make all of the cosmetic improvements you can. Offerpad advances the funds you need to do the necessary modifications so you can offer your home for a better price.

The cost of repairs is then deducted from the sale proceeds. You’ll be allocated to an experienced project manager and have access to a large network of connections that can help you save money.

💰 Free Repair Services

  • Being one of the largest home renovation companies, Offerpad also offer a range of free services.
  • They include: Carpet cleaning, deep house cleaning, handyman  services, landscape cleanup, pool services.

Step 3: Sell To a Buyer

You are in complete control of how long you want your house to be on the market. If your conditions change or if you simply do not want to end showings and close on your timeframe, you can continue, however, you may not be eligible for the cash offer.

    🚩 NOTE: Although Offerpad promises to act in your best interest, they explicitly note in their terms and conditions that it does not take precedence over their own.

Step 4: Accepting a Cash Offer

If your open market listing fails, you have up to 60 days to change your mind and accept Offerpad’s initial offer.

👉 Note: Please review eligibility with your Offerpad representative as not every home or customer will qualify for the backup cash offer.

    📝 Quick Recap: Offerpad Express vs Offerpad Flex
    Offerpad Flex is ideal for those who want the security of the cash offer. At 6%, you can also put the house on the market to confirm its validity. Offerpad Express is your regular cash offer and costs 5% of the sale price.

Offerpad Fees

When you choose Offerpad over any Flat Fee MLS Websites, you will end up paying several additional fees which may not be competitive with a For Sale By Owner website in your area. Does Offerpad charge closing costs or a repair fee? Let’s break it down further.

Offerpad Express5%
Offerpad Flex6%
Closing Costs1% to 3%
Offerpad Repair Costs1% to 2%
🚩 Cancellation fee1% (if you cancel post the 4 day-cancellation windows)
Total Cost9% to 12%

If you calculate it correctly, you will pay between 9% and 12% of the purchase price of your property on service fees and closing costs.

Offerpad Hidden Fees

No, Offerpad does not charge hidden fees. However, it is not explicitly stated that they charge a 1% cancellation fee. You get a turnaround time of 4 days within which you will be allowed to back out of their initial offer without a fee.

When you opt for Flat Fee MLS websites over selling through iBuyers, you open the door for broader reach, flexible plans, a seamless home selling experience, and more savings. Real estate websites such as Houzeo have no hidden fees, thus giving you a transparent platform to list your home.

🔍 How to List on MLS: Read our Guide to List a House on MLS For Sale By Owner in 2022

Calculate Your Savings: Traditional Agent vs. Offerpad vs. Houzeo

Savings Calculator

Enter Your Home Sale Price

$ Please enter your home price
  • Listing Fee
  • Traditional Agent

    $15,000

  • idealagent

    $10,000

  • houzeo

    $295

houzeo

Your savings via Houzeo

$14,705

Houzeo saves you $9,705 more than Offerpad!

Start Your Free Houzeo Listing Now

Offerpad Reviews

The majority of Offerpad reviews are positive, with an average rating of 4.6 on Trustpilot. Some house sellers have been satisfied with their services, but others have severe complaints about this iBuyer, according to multiple reviews.

Offerpad Reviews: What Home Sellers & Buyers Liked

The common thing observed about positive Offerpad reviews is the flexibility in timelines and quick services.

Flexible Closing Date: With no showings and the convenience of choosing your closing date, Offerpad simplifies selling for cash offers. Sell your home in as-is condition for a decent cash offer.

Alan ⭐⭐⭐⭐⭐ 5/5

I’ve been thinking about selling for a while. When the market turned in my favor I solicited quotes from 3 to 4 companies and Offerpad was by far the best to work with. I got a great offer and they were very flexible on the closing date. The communication with the staff was super and they answer all my questions to my satisfaction. It was great to be able to sell without all the stress of showings and having strangers walking all over the house. With 3 grandchildren it would of been difficult to keep everything showroom ready. With Offerpad none of that matter, it was great! Oh by the way they moved me for free! Thank you Offerpad!

Source: Trustpilot

Professional Agent Support: In comparison to other Offerpad serviceable locations, some have a strong agent network. They are knowledgeable and will walk you through the process. When you work with experts, the process of selling your house becomes much easier.

Roderick ⭐⭐⭐⭐⭐ 5/5

Our whole experience from beginning to the end was awesome! Every person involved in the process were very kind and professional! I will recommend Offerpad to anyone who is trying to sell their home!

Source: Trustpilot

Offerpad Reviews: What Disappointed Customers The Most

Offerpad complaints are mostly about the final offers which are often below the market standards that collapse by thousands of dollars after the inspection and other charges.

Buying from Offerpad Reviews: Many sellers were being offered lower than the pre-deduction selling cost. Their commission fee of 6-10% is greater than a standard full-service agent’s fee of 6% (this includes the buyer agent commission). When you factor in closing fees, you’re selling your home at a loss in exchange for the convenience of cash investors and buyers. There will always be better cash buyers on the market with lower service fees.

Karen Medearis ⭐ 1/5

I was not happy with the six percent commission that I had to pay. Especially when Offerpad put my home on the market for 348,950.00 and gave me 248,750.00. I am going to file a complaint and seek council and hope to get reimbursed 3 percent of the commission I paid Offerpad because I didn’t hire a realtor.

Source: Trustpilot

Bad Customer Service: Condescending and unhelpful customer service can be a huge blow, especially in the home selling business. Many Offerpad reviews mention the unhelpful representatives or inexperienced agents that fail to guide or advise you throughout the process.

Cindy S. ⭐ 1/5

I referred a close family friend to OfferPad because he was in a crunch to sell his home so he could buy another. I regret my recommendation. He started the process on 7/7 and is supposed to close on 9/6. As of today, nothing is settled and closing is not confirmed. Additionally, there was a heavy mark-up on the repairs they state his home needs. He spoke with a representative to voice his concerns and was told, “if you don’t like it pay the 1% penalty and cancel the sale”. I am very disappointed in the process thus far and recommend buyers and sellers beware. I would recommend working with a real realtor that will work in your best interests.

Source: Yelp

Houzeo Reviews: Houzeo boasts 4.9/5 stars on popular social review sites Google and Trustpilot. Read some today!

Lack of Agent Competency: Although they provide professional agent support, many reviews of Offerpad, question their competency. In addition to limited coverage, customers have often complained about their agents not being serious about the deal and wasting the seller’s time. This could also be a result of a large number of clients a single agent deals with at any given moment.

Wendy P. ⭐ 1/5

Total scam. Made an appointment for someone to come – told them don’t bother unless they can make an offer – we don’t want to list it. We drove 30 minutes to meet them this morning at our former home. No one showed up. After another 30 minutes – finally got ahold of the person who was supposed to come and their response was “oh – sorry – didn’t see it on my schedule”. Nice waste of our morning… They wanted to reschedule – so I said ONLY if you can make an offer. Their response – oh – we aren’t making cash offers in your area. SCAM!!!!

Source: Yelp

Offerpad Pros and Cons: At a Glance

Offerpad Benefits

Advantages - At a glance
💸 Initial cash offer within 24 hours
🏡 No inconvenient showings or open houses
📅 Choose a flexible closing day
🚚 Enjoy a free local move

Disadvantages of Offerpad

Disadvantages - At a glance
⛔ High service fee commission + closing fees
🚫 No offer negotiation permitted
👨‍⚖️ Inexperienced agents
💰 Risky lowball offers

Offerpad Competitors

If reading Offerpad reviews has made you skeptical about the iBuyer, some alternatives offer better services and help you save a lot of time and money.

1. Houzeo vs Offerpad

Being a 100% online Flat Fee MLS company, Houzeo eliminates the manual hassles of a typical home listing. Offerpad, on the other hand, evaluates and examines homes listed on their websites by using its algorithm.

    💡 FACT: Home sellers on Houzeo have received offers from a variety of cash buyers, including iBuyers like Offerpad and Opendoor.

With Offerpad, you will work with their immediate team along with various third-party vendors. This entire process takes longer when compared to Houzeo since it involves the seller getting in touch with multiple points of contact.

🔥 BEST FLAT FEE MLS LISTING SERVICE

Houzeo.com

  • Listing Fee: $349
  • Available nationwide
  • 4.75 Stars 4.9/5 (3,280 reviews)

Houzeo, an online real estate tech company, provides an unbeatable combination of maximum savings, cutting-edge technology, and 5-star customer support.

💰 Save Thousands on Commission: Houzeo’s plans are typically a small flat fee. This will save you thousands. If your buyer is unrepresented, you save the buyer agent commission as well.

📣 Maximum Exposure: Listings get syndicated to the MLS, Zillow, Realtor.com, Redfin, Trulia, and hundreds of other websites. Houzeo also has nifty social media sharing tools. No other platform gives you this much exposure.

Fast Listing & Changes: Houzeo is 100% online. Listing is easy and changes are fast. So you can focus on what is most important – your sale.

⭐ 5-Star Customer Support: Home sellers across America have rated Houzeo 4.9 out of 5 stars on major review sites like Google and Trustpilot. There is comfort in the fact that when you call, there is a live person picking up the phone on the other line.

📱 Cutting-edge Technology: Houzeo is the most powerful real estate website. Its advanced features include:

  • IntelliList Listing Management System: Lets you manage your listing 100% online.
  • Houzeo Showings: Manage showing appointments online.
  • Houzeo Offers: All offers are summarized online. You can view and compare offers, or counter an offer. In a multiple-offer situation, you can also call for highest and best offers.
  • Buyer Search: Buyers can contact you directly on Houzeo.com instead of going through a real estate agent.
  • Houzeo Settlement Agent Platform: Guides you to your closing.

👉 Our Take: Houzeo.com is our top pick because it delivers an unbeatable combination of savings, tech features, and service of any flat fee MLS listing service website we’ve reviewed.

» Houzeo Reviews: Houzeo is 100% online. You can finish the listing formalities in less than 60 mins.

  • Nationwide coverage
  • Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
  • Quick listing (within a day with concierge)
  • Savings on commissions
  • 100% online – easy listing, fast changes, online showings, and online offers
  • Mobile app availability

Houzeo has a 4.9 out of 5 rating on Google & Trustpilot.

Houzeo is available nationwide.

2. Opendoor vs Offerpad

BIGGEST IBUYER

Opendoor

  • Service Fee: 5%
  • 📍 Coverage: 45 markets
  • Opendoor has 4.4 stars out of 5 4.4/5 (out of 2,897 reviews)

Opendoor is the country’s biggest iBuyer. They offer fast cash for homes and flexible closing timelines. Opendoor makes competitive offers, but these are far less than your property can get on the open market.

  • Service Fee: 5% of Home Sale Price
  • Typical Offer: 70% to 100% of Fair Market Value (FMV)
  • Types of Properties Purchased: Opendoor offers cash for houses only in desirable neighborhoods. If your property needs minimal repairs, Opendoor is an option for you. Otherwise, you may not even receive a preliminary cash offer from Opendoor.
  • Closing Date & Offer Terms: Opendoor provides a flexible closings, with dates up to 45 days out. Opendoor’s offers are not flexible, and final terms may change after home inspection.
  • Limited Coverage: Opendoor only covers 51 markets.

🚩 You Should Know: For the ease of a fast cash offer and flexible closing, you may pay up to 13% of your home’s sale price in service fees. Opendoor’s final cash offer is calculated after deducting home repair costs and closing costs.

👉 Our Take: Opendoor could be the best company to sell your house fast if they purchase properties in your zip code. Remember—an MLS listing on Houzeo.com will automatically put you in front of Opendoor and other iBuyers for an instant cash offer.

» Opendoor Reviews: Everything you need to know about America’s biggest iBuyer

  • Excellent for experienced home sellers with desirable properties
  • The repair cost breakdown isn’t disclosed in the offer
  • Not suitable for first-timers or FSBO sellers
  • The sales process may feel rushed, and the home seller has negligible control over the sale
  • The difference between Opendoor’s preliminary offer vs. final offer can be humongous
  • Home sellers receive cash offers within 24-48 hours, only on the properties that are in Opendoor’s coverage.

Opendoor has an average rating of 4.4 out of 5 stars on Reviews.io.

» Opendoor Review: Is Opendoor the best cash home buyer in 2022?

👎 Limited Coverage: Opendoor offers cash for houses only in 51 markets, and some of the top markets are Boston, Albuquerque, Cincinnati, Indianapolis, Birmingham, Modesto & Stockton, Galveston, Miami, San Francisco, San Jose, etc.

👍 Rankings of Local Cash Buyers: In case Opendoor doesn’t cover your zip code, you can consider local companies that buy houses for cash:

🏡 Offerpad vs Opendoor: Which is the Better iBuyer?

3. RedfinNow vs Offerpad

AS-IS IBUYER

RedfinNow

  • Service Fee: 5% to 13%
  • Closing in 10 days
  • RedfinNow has 2.5 stars on TrustPilot 2.4/5 (out of 8 reviews)

RedfinNow, the “as-is iBuyer,” is the extended iBuying arm of Redfin, America’s largest discount brokerage firm. Unlike the other iBuyers, RedfinNow also buys vacant homes, so almost every homeowner may get reasonable cash offers.

  • Service Fee: 5% to 13% of Home Sale Price
  • Typical Offer: 70% to 90% of Fair Market Value (FMV)
  • Types of Properties Purchased: RedfinNow offers cash for houses irrespective of their condition, and even distressed properties and vacant houses will get an offer.
  • Closing Date & Offer Terms: RedfinNow provides a flexible closing date, up to 45 days out, and sometimes even as early as 14 days. RedfinNow’s offer terms are rigid and can change significantly after the home inspection.
  • Limited Coverage: Redfin is the second-largest iBuyer by coverage & covers 30+ markets.

🚩 You Should Know: This iBuyer company makes fairly competitive cash offers, but RedfinNow’s service fees may go up to 13% of the home’s sale price, which is a considerable cost to pay for the convenience.

👉 Our Take: RedfinNow looks appealing, but the service fee is directly proportional to the condition of your property. Houzeo’s MLS listing increases your chances of getting a better cash offer because investors scouring the MLS usually don’t care about the property’s condition and can offer more cash than this iBuyer.

» RedfinNow Reviews: Is RedfinNow the Best Cash Home Buyer in 2022?

  • Purchases properties as-is, with more stringent formalities than other iBuyers.
  • 90-day flexible closure window
  • RedfinNow service fees might be as high as 13% of the home’s sale price.
  • No incentives even if you trade in your home.
  • As a “late checkout,” you can rent your house up to 14 days from the final offer acceptance date.
  • Best for home sellers looking for a fast, predictable cash sale
  • RedfinNow’s representatives evaluate your home and make a cash offer on your house based on Redfin’s home pricing formula.

RedfinNow has a poor rating of 2.4 out of 5 stars on TrustPilot.

» RedfinNow Review: Check out exclusive customer reviews of Redfin Now

Conclusion: Is Offerpad Worth Your Money?

The main attraction of Offerpad is its quick sales for qualified sellers. However, factors including eligibility, limited coverage, and cancellation fees make it a less appealing option. Most home sellers are unaware that listing a house on the MLS makes it easy to sell a house in competitive markets.

Even if you aren’t a licensed broker, flat fee MLS services like Houzeo allow you to list on the open market. When you list on the MLS with Houzeo, you get a personalized dashboard, a 100% online platform, and prompt customer service—all for a fixed fee. And you can do it all on your phone!

🚀 List on MLS with Houzeo: You can finish the listing formalities in less than 1 hour, start NOW!

Frequently Asked Questions About Offerpad Reviews

1. Does Offerpad Negotiate with Buyers?

No, Offerpad's first offer is a take-it-or-leave-it proposition. However, in the event of an error, you can request a revaluation.

2. Who is Better Offerpad or Opendoor?

Opendoor is better than Offerpad in terms of geographical coverage, overall customer reviews, and services.

3. Can you Negotiate with Offerpad on Repairs?

No, offerpad does not negotiate unless there are major discrepancies, You will have more opportunities to negotiate if your house is listed on the open market.

4. Is Offerpad a Ripoff?

Offerpad is a legitimate iBuyer present in over 1000 cities. It is also accredited by BBB since 2018.

5. Is Offerpad and Opendoor the Same Company?

No, they are different companies with a similar business model. Opendoor also charges a higher service fee than Offerpad. Learn more about which is the Better iBuyer

6. Does Offerpad Buy Damaged Homes?

According to their website, homes with substantial foundation, condition, or other structural difficulties will not be considered. This is because Offerpad is an iBuyer and not a flipper. Learn more about iBuyer business models.

7. Does Offerpad Make Reasonable Offers?

Offerpad's automated valuation technique may result in a lesser offer than you would receive on the open market. You should anticipate getting more than you would from a cash buyer but less than you would through a Realtor. However, you can negotiate their offer price and repairs.

8. How Does Offerpad Make Money?

Offerpad earns money by charging sellers service fees and profit on the property it sells.

9. Are Offerpad offers low?

Yes. Multiple reviews online mention their low ball offers. Because Offerpad stands to benefit from the sale of your home, the likelihood of their "acceptable" offer falling short is rather high.

related: offerpad homes for sale, offerpad review, offer pad reviews, offerpad.com, offerpad com, what is offerpad, offerpad listings, offerpad fees, offerpad solutions inc., reviews of offerpad, offerpad san antonio, offerpad logo, offerpad houses for sale, how does offerpad work,offerpad brokerage, offerpad reviews houston, offerpad moving, offerpad express, disadvantages of offerpad, offerpad, tampa reviews, offerpad tampa, where is offerpad available, offerpad llc, offerpad express homes for sale, offerpad indianapolis, offerpad flex, offerpas, offerpad houston, offerpad earnings, offerpad, reviews bbb, offerpad nashville, offerpads, offerpad for sale, offerpad news, offerpad phoenix

Sellers Guide

Leave a Comment

Your email address will not be published.

Save $20

On Silver & up plans

Use Coupon Code:

Copied
Need help? Call us on
(844) 448-0110