Offerpad Review 2024
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In this review we evaluated Offerpad’s features, plans, pricing, and other important aspects to help our readers make a more educated purchase decision.
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What Is Offerpad?
Offerpad is an iBuyer company that helps people sell and buy homes fast and online.
The platform is one of the earliest iBuyers, having started in 2015, and operates in major cities across eleven states.
Offerpad uses powerful algorithms to generate cash offers for sellers within 24 hours. The company also promises to close in as little as eight days.
What Is Offerpad Used For?
- Fast cash offers — Offerpad allows home sellers to access an initial cash offer within 24 hours of providing the property information. The company then makes a final cash offer after inspection (usually lower than the initial offer).
- Simultaneous buying and selling — With Offerpad, you can sell your current property as you buy your next home. This program eliminates the need for multiple moves and closing dates.
- Access to real estate agents — Offerpad has agents in all the markets in which the company operates. Although not all Offerpad programs require the use of a realtor, a few will require you to work with an Offerpad agent.
- Home loans — Buyers that use Offerpad can access loans (through Offerpad Mortgage LLC) to finance their home purchases.
- Agent partnership program — Real estate agents can join Offerpad as partners and earn referral fees when they bring in clients. Other services agents enjoy in the program include lead generation, the ability to list and market Offerpad-owned homes under their signage, free access to Offerpad events, and certified training.
Offerpad Users Breakdown by Specialty
Is Offerpad Legit?
Yes. Offerpad is a legitimate iBuyer company that has been serving home sellers and buyers since 2015.
The company has grown to become one of the largest and most recognizable brands in real estate, with offices in three locations and a valuation of over $1 billion.
In 2021, the company went public on the New York Stock Exchange with a value of more than $2.7 billion.
Offerpad was also started by an established real estate entrepreneur who had started and managed other renowned investment companies prior to starting Offerpad.
Brian Bair, the Offerpad founder, started Bair Group Real Estate, a successful company that has acquired over 950 homes and deployed more than $95M in hedge fund investment.
When it comes to data security, Offerpad has employed industry-standard technical, administrative, and physical measures to keep user information safe.
Another reason we believe Offerpad is legit is the overall positive reviews the company has received online.
Still, some users have called the company a ripoff due to its low offers and exaggerated repair costs.
Altogether, we found enough evidence indicating that Offerpad is not a scam.
Offerpad Customer Reviews
Offerpad Pricing
Sellers
There are no upfront costs when selling your house to Offerpad. Instead, the real estate iBuyer company makes money by deducting service fees and commissions from offers to lower the final cash offer.
Having purchased the home for cheap, Offerpad Company renovates it and sells it for profit.
There are two pricing models for homeowners looking to sell on the platform:
- Offerpad Express: In this program, you can sell your house to the company directly for cash. The Offerpad service fee is 5% and is deducted from the final offer price the company makes. You will also be charged repair fees and about 1% in closing costs. The Express program is great for those who want to sell fast.
- Offerpad Flex: Here, once you receive the company’s initial offer, you can list your house on the open market with the help of an Offerpad agent who will guide you through the entire process. To sell through Flex, you will pay 6% in agent commissions, 1% in closing costs, and 1% in estimated seller concessions.
Buyers
When buying a home from Offerpad, you aren’t charged fees for using the platform.
However, there are typical costs associated with purchasing a home, including inspection and appraisal fees and closing costs.
Agents
Real estate agents can work with Offerpad by joining the company’s agent partnership program. There are currently three plans that partner agents can enroll in:
- Core — This entry-level plan is free for agents, and no sign-up is required. As a Core agent, you will earn 2% in referral fees when your client sells to the company for cash. You also get access to the company’s renovation service for your clients.
- Pro — The Pro plan provides agents with more services and perks, including 3% for referrals and an additional 1% for relisting and selling, as well as certified Offerpad training and designation, among other features. The Pro plan is priced at $99/month, but Offerpad often has promotions where the program is entirely free to join.
- Max — Offerpad’s invite-only program is aimed at real estate agents with significant influence and reach. Here, you get access to all the perks in Pro and more, including bonus-earning opportunities, about 30 leads per zone per quarter, and continuous training and support.
Offerpad Coupon & Promo Codes
Offerpad Features
Offerpad Express
The Express program helps you sell your house fast. Here, Offerpad sends you a cash offer within 24 hours of providing information about your property.
The company uses proprietary algorithms to assess the value of your home based on the information you provide, the local market situation, and property images.
If you accept the initial offer, Offerpad will schedule a home inspection to evaluate the condition of the house and provide an inspection report.
If you accept the inspection results, Offerpad will deduct the repair costs from the final offer.
Offerpad Flex
Offerpad is a registered real estate brokerage firm with a network of agents operating in several states.
The Flex program is Offerpad’s listing service. It allows you to list your house traditionally with an Offerpad agent while still having Offerpad’s cash offer as backup. Here’s how the Flex service works:
- Provide the required information about your property and request a cash offer from Offerpad. After you receive the offer, you can proceed to list the house.
- Offerpad will then connect you to an agent who will handle home staging, showings, and professional home photography to make the house more appealing to potential buyers.
- Offerpad provides the option to cover renovation costs on your behalf if you need to repair the house to attract better offers — the costs will then be deducted from the final selling price.
- If you find a buyer, your agent will work with the buyer’s agent to finalize the transaction. Agent commission and service fees will be deducted from the final sale price. Offerpad gives you 90 days to accept their initial offer if you fail to find a buyer.
Sell and Buy Service
This program allows you to sell your house on Offerpad as you simultaneously purchase your next home.
To enroll in the program, provide the property information and either sell your house directly (Express) or by listing (Flex). Use the proceeds of the sale to finance the home purchase.
Offerpad offers home loans for the sell-and-buy program through Offerpad Mortgage LLC.
However, the service is only available in the states where their lender company (Offerpad Mortagage LLC) is licensed to operate.
Agent Partnership Program
Offerpad offers one of the best referral programs for real estate agents.
The company’s partnership program lets agents join and receive referral fees when they bring in motivated home sellers. Some of the benefits for member agents include:
- Up to 4% in referral fees, depending on the membership level
- Ability to list and market Offerpad-owned homes under your own brand
- Training and designation
- Free access to networking events
- Ongoing training and support
Mobile App
Offerpad has a mobile app for both iOS and Android mobile devices. The app is an all-in-one solution that includes all the functionalities of the main web app platform.
Offerpad Pros and Cons
Pros
- Offerpad Flex. The Flex program offers flexibility and allows sellers to get a better offer for their home than the initial cash offer.
- Flexible closing dates. Offerpad allows you to choose a closing date that works best for you.
- Fast sales. The quick sale process enables you to sell and close in a few days or weeks.
- Offerpad home loans. The company offers financing options for users looking to buy a property.
Cons
- Low offers. If you compare selling via Offerpad vs realtors listing and marketing your house traditionally, Offerpad cash offers are much lower. Also, the platform has received many negative reviews complaining about unreasonable repair estimates, which is also a deduction from your final offer.
- Limited markets. The company operates in few markets compared to competitors like Opendoor.
- Mandatory binding agreement. Offerpad requires you to sign a binding agreement on the preliminary offer before proceeding to the next step of the process. If you later decide to back out of the deal for reasons other than the repair costs, the company charges a 1% cancellation fee.
Offerpad Integrations
Offerpad Achievements
Awards & Recognition
Best iBuyer Company (Awarded by Real Estate Bees)
Press & Media
- One of the top 100 companies changing real estate home sales (2024)
- Won 3 Stevie Awards for sales and customer experience (2024)
- One of the top 100 businesses in Chandler, Arizona (Chandler Chamber of Commerce, 2024)
Offerpad FAQs
How does Offerpad work?
The Offerpad business model is similar to other iBuyer platforms. It’s registered as a brokerage and combines services for different client categories: property sellers, buyers, and real estate agents.
Property sellers are the main client category for the company. Here is how the process of selling to Offerpad works:
- Property review: Provide your property address and answer the application questions. You’ll also be required to provide general information about the house, such as the number of rooms, year of construction, amenities available, condition, and estimated value.
- Preliminary offer and listing option: Send photos of the house, and after 24 hours, Offerpad will send a preliminary offer based on your responses. The company uses proprietary tools and expert analysis to generate the offer. You have 4 days to accept or decline it. However, this isn’t the final offer, as Offerpad still has to send a property inspector to assess your house’s condition in person. Here, if you are looking for the benefits of using a realtor to sell your home, you have the option to list your house through the Offerpad Flex program so you can access better offers.
- Inspection: If you accept the preliminary offer, the selling process moves on to house inspection. Offerpad sends an inspector for an in-person assessment of the house. The company may reduce the offer if the repairs estimate is higher than anticipated, presenting you with a final cash offer. If you accept the offer, you can move on to the next step.
- Closing: Once you accept the offer, Offerpad will send representatives to confirm that the renovations and repairs are satisfactory. If everything is fine, you can move out, with the company covering the moving costs of up to 13000 lbs of your belongings, provided you’re moving within 50 miles. For those who need more time, Offerpad has an Extended Stay program at an additional fee.
Homebuyers can also find and purchase homes on the company website. To buy a home, they will be connected to an Offerpad agent who will guide them through the purchase process. Offerpad-owned homes are move-in ready.
Does Offerpad have hidden fees?
Although most of Offerpad’s service fees are indicated on the website, the company isn’t transparent about its cancellation charge. There’s a 1% cancellation fee when you back out of an Offerpad deal.
Here’s how the hidden charge works: If you accept Offerpad’s preliminary offer, you have to sign a sale agreement before the in-person inspection.
After inspection, the company makes the final offer that you have to accept or reject within a four-day window. If you back out after the four-day window, you will be charged the 1% cancellation fee.
Does Offerpad charge you for repair costs?
Yes. Once Offerpad inspects your house, the company makes a final cash offer.
The final offer is usually lower than the preliminary offer since Offerpad deducts repair costs, Offerpad commissions and fees, and closing costs from the initial offer after inspection.
Offerpad also lets sellers make the repairs as long as they provide receipts.
That said, there have been several user complaints that Offerpad inflates repair costs to lower cash offers and that it may be cheaper to renovate your house yourself to get the most out of the deal.
Does Offerpad require an inspection?
Yes. After you accept the initial offer, an Offerpad representative will visit the property for an onsite inspection.
Where are Offerpad’s headquarters?
Offerpad’s main office is in Chandler, Arizona, at 2150 E Germann Rd, Suite 1, Chandler, AZ 85286. Other Offerpad office locations include:
- 1420 N West Shore Blvd. #500, Tampa, FL 33607
- 5901 Peachtree Dunwoody Rd NE, B-200, Atlanta
Does Offerpad give good offers or does it lowball?
As an iBuyer, Offerpad gives sellers lower offers than they would get when selling traditionally through an agent listing on MLS, which significantly reduces their net proceeds.
Additionally, several customer reviews online indicate that the final Offerpad cash offer can be up to 20% lower than the initial offer, further reducing your net earnings.
How much does Offerpad pay for homes?
Offerpad iBuyer offers are generally significantly lower than what you would get by selling in the open market.
Additionally to this, you should expect to pay a service fee and get your initial offer reduced by repair costs.
Does Offerpad buy mobile homes?
No. Offerpad does not buy mobile homes or prefabricated homes. The real estate company also doesn’t purchase homes with significant foundational or structural issues.
Additionally, Offerpad buys homes that meet the following criteria:
- Built after 1950
- Property should be on a lot not exceeding 1 acre
- The house should be valued at $1 million or less
- The owner must have clear ownership
- Property should be located within Offerpad markets
- The house should be vacant by the closing date
Does Offerpad work with realtors?
Yes. Offerpad works with local brokerages and agents across the country to provide buyers and different types of motivated sellers with realtor services when required.
Buyers who want to purchase an Offerpad-owned home, for instance, are connected to an agent who supports them through the Offerpad process of home buying.
Who owns Offerpad?
Offerpad is a public company, and as a result, there are several shareholders, including members of the general public, private companies, and real estate private equity firms.
However, the company was started by real estate entrepreneur Brian Bair, who serves as Offerpad CEO.
How many clients does Offerpad serve?
Offerpad has been used to buy and sell more than 77,000 homes across the country, which indicates the platform’s wide reach.
Who founded Offerpad?
Offerpad was started in 2015 by Brian Bair, a successful real estate innovator and entrepreneur with a robust background as a real estate investor.
Prior to starting Offerpad, the founder had started and managed other successful real estate investment firms, including Bair Group Real Estate and Lexington Financial.
The Offerpad owner also serves as company CEO and chairman of the board.
What is Offerpad’s customer service number?
Offerpad clients and prospective users can contact the company at (844) 388-4539 any day and within working hours.
For written inquiries, email Offerpad at [email protected] (or [email protected] if you’re a buyer).
What is the Offerpad cancellation and refund policy?
The Offerpad cancellation policy states that you will be charged a 1% cancellation fee if you back out of the sale agreement.
Offerpad does not provide refunds because of its business model — there are no upfront payments; fees are deducted from the cash offer.
What awards and recognitions has Offerpad received?
In 2024, Offerpad was recognized as one of the top 100 companies changing real estate home sales. The home buyer company also won three Stevie Awards for sales and customer experience.
That same year, the Chandler Chamber of Commerce recognized Offerpad as one of the top 100 businesses in Chandler, Arizona.
Offerpad Tutorials & Training
Selling to Offerpad: How It Works
How to Request an Offer & Sell Your House to Offerpad
Is Offerpad Worth It?
Offerpad is a legitimate company that offers a functional solution for homeowners looking to sell a house fast and for cash.
Offerpad’s powerful algorithms have streamlined the entire buying and selling process, making it easy and convenient to use the platform.
Still, the company has received a high number of bad reviews for lowering their offers by counting in unreasonable costs for repairs. On top of that, it charges fees associated with using the platform.
Offerpad Contacts
- Website: Official website
- Phone: (844) 388-4539
- Email: [email protected]
- Address: 2150 E Germann Rd, Suite 1, Chandler, AZ 85286
- Socials: Facebook, Instagram, Twitter, YouTube, LinkedIn
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About the Author:
Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.