OfferPad is a tool a seller can use to sell their property without having to get their property in showing condition and without having to actually have showings. There are benefits and disadvantages to using this program. Some of the benefits are the seller does not have to prepare their house to sell and they will be provided with a cash offer. OfferPad allows the seller to determine when the closing will take place, they are willing to let them move out after the closing date, pay moving expenses (within certain perimeters) and also pay some of the closing fees.
Those are some pretty good benefits and could save a few thousand dollars. Now lets take a look at disadvantages. The biggest disadvantage of this service is it will actually end up costing the seller money. David used his property as an example to point out how even though it seems OfferPad is a good deal, in reality it is not good for all sellers. He recently refinanced and his property appraised at $475,000. He entered all of his property information into OfferPad and the offer that came back was $437,000 with real estate commission of 6% and another 2.5% fee for an OfferPad Experience fee. David was offered $38,000 less then what his house appraised for and still has to pay the full commission.
If a seller is trying to net the most money possible for their property, OfferPad might not be the best option. It is always good to talk to a real estate agent before doing anything to find out a more accurate value of a property and to find out what things need to be done to the property for it to sell at top dollar.
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