Offerpad Competitors

What is Offerpad?

Offerpad is a platform that specialized in iBuying. iBuying is a new emerging business where a home seller can receive a quick quote on their home. Initial offer price comes in within 24 hours. Offerpad's quotes are often at a discount to prevailing market rates. Homeowners don't have to make costly repairs to their home to get an offer. Part of the appeal is that there are no real estate agents commissions. The whole process is quick with closing date coming within a week. This is in contrast to standard 30 to 45 days with traditional sales. Since Offerpad is the sole buyer, there are no negotiations. Owner won't have to host any open houses since Offerpad is the sole buyer. Offerpad will conduct their own home inspection. Offerpad, provides offers below open market prices and does not let owners negotiate. However, Offerpad is open to a second review if the owner believes that some detail was missed.

While the closing might be quick, the final sale price might be below current market prices. This is due to missing out on competition created by an open market. When many retail buyers go to an open house and compete for the property, it tends to result in higher prices. While this process is tedious and requires more work, it results in higher sales price. When many people compete for the same property the home owner benefits. OfferMarket creates competition by having an open and free real estate marketplace. Having an open and free marketplace attract many sellers and buyers.