OfferPad is a tool that sellers can use to sell their homes without having to get their property in showing condition and without having to actually have showings. Some of the benefits are: 1) the seller does not have to prepare their house to sell, 2) they will be provided with a cash offer, 3) the seller can determine when the closing will take place, 4) Offerpad is willing to let them move out after the closing date (within three to seven day), 5) Offerpad will pay moving expenses (within certain parameters), and 6) Offerpad will pay some of the closing fees.
Those are some pretty good benefits that could save a few thousand dollars in closing costs. Now, let's take a look at disadvantages.
The biggest disadvantage of this service is that it will actually end up costing the seller money. David used his property as an example to point out how even though it seems like OfferPad is a good deal, in reality, it is not good for all sellers. He recently refinanced, and his Orlando 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. All in all, David was offered $38,000 less then what his house appraised for and still has to pay the full commission.
If an Orlando seller is trying to net the most money possible for their property, OfferPad might not be the best option to sell your home. It is always good to talk to a real estate agent before doing anything to find out a more accurate value of a property, ensuring that the property can sell at top dollar.
As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.