Are you looking to sell your home quickly? Do you want a quick sale where you get cash in the hand? If so, then you can consider using the services of an iBuyer company. An iBuyer or instant buyer is a real estate company that buys properties for instant cash. They would pay lesser than the market value but would close the deal quickly.

The company would then sell the property to others after refurbishing. If you are looking for a quick cash deal, then you can get in touch with an iBuyer. If you search online for we buy houses Atlanta, then you can find many iBuyer companies. One prominent iBuyer company is Offerpad.

If you are interested to work with them, then we provide you with complete details about Offerpad, and their pros, and cons with other details. Our Offerpad reviews share the pros and cons of the website and also let you know the alternatives to Offerpad. After reading the review, you can decide whether to work with Offerpad or choose an alternative.

All you want to know about Offerpad

1) What is Offerpad?

Offerpad is an iBuyer. They are a real estate company that is known for making cash offers for buying houses. The company claims to close deals within 8 days. Offerpad makes use of technology to help sellers sell their houses seamlessly. The company is the second-largest iBuyer when it comes to the number of homes purchased.

The company operates in 22 different markets across the US. The company buys homes and then makes changes to them as needed. They do not offer the market price but offer a lesser amount since they close quickly for cash. They then sell the homes for a higher price and make a profit on the deal. It is an ideal site for those who want to sell their home quickly for cash.

2) Services offered by Offerpad

Offerpad uses technology for sellers to register their property and share its details. Once this is done, Offerpad would make an offer. They would also let you know if any repairs are needed. This will let you know the total costs involved.

You can accept the offer within 60 days. Once the offer is accepted, the deal can be closed in anywhere from 8 to 90 days. You can get cash payment after deduction of all costs. Offerpad has an Extended Stay Program where you can continue to stay in the house for some time even after the deal is closed.

When you work with Offerpad, you can also choose to list with an agent. You can also try to get an offer from the open market. If you don’t get an offer or are not satisfied, you can then decide to help Offerpad for cash.

3) Pros and Cons of Offerpad

Before finalizing any real estate company, you need to understand its pros and cons. This will help you make a call on whether to use their services or not.

The pros of working with Offerpad are:

  • The quick speed at which they close deals is their major advantage. They make a cash offer and if you accept, they can close within days.
  • The agents working for Offerpad are professionals. They offer quality service to ensure the deal happens smoothly.
  • With an iBuyer, there is no need for showings, open houses, or following up with buyers.

While the pros of Offerpad are attractive, there are many cons to their services you need to know about.

  • While you will get an offer, the offer will not be as much as you would get through a regular agent. Offerpad would offer 80% to 100% of the fair value of the home.
  • While the deal closes quickly, and you get cash, there are many charges involved. Most of them are hidden charges that you will come to know only later. The total costs would range from 8% to 12% of the sale price. This includes the service fees, closing costs, and repair costs. This is a significantly large amount that can reduce the final amount you get.
  • There is no possibility of negotiation. It is a take-it or leaves to offer.
  • Some agents assigned may not be experienced. Customer reviews have spoken about their incompetence.

4) Alternatives to Offerpad

1. Houzeo

Houzeo is a technology company that makes buying and selling homes easy. They have a flat fee MLS model that allows homeowners to list their property for just $349. If you want to get the best savings, then you can work with Houzeo. Listing on their site will ensure many iBuyers would see your listing and get in touch with you.

This will allow you to get the best cash deal for your site along with huge savings on commission. Houzeo uses technology to help sellers manage their listings effectively. They have an excellent customer rating of 4.9/5, which is a testament to their quality customer service. Also, you can check out Houzeo reviews to learn more about them.

2. Opendoor

This company is the largest iBuyer in the US. They are a pioneer when it comes to buying homes for cash. They offer anywhere from 90 to 100% of the home’s fair value. If you choose to work with them, you can close the cash deal within 14 days, which is a great feature.

This does not come for free. 5% of the final sale price is charged as a service fee. They also charge for repairs, which can be up to 7%. So, the overall savings for the seller is very less. They have a customer rating of 4.4/5. For more information, you can check out the Opendoor reviews.

3. Redfin Now

Redfin is the iBuyer division of Redfin, a well-known brokerage company. Based on your listing, Redfin Now can make an offer within 24 hours and the sale can be closed within 14 days. This is a good way to get cash quickly and close the deal. There are costs involved that can be quite steep. They charge anywhere from 5% to 13% of the sale price. Apart from that, there is a 1% closing fee plus costs for repair that can go up to 3%. The overall charges can be very high.