How Offerpad Makes Offers to Homeowners: What You Need to Know

by Jodi Ramsey

Selling your home to Offerpad? Here’s what you should expect from their process, including how repair costs impact your final offer.

Step 1: The Initial Offer

Selling to Offerpad starts with a simple online process:

1.Submit Your Home Details

Homeowners provide information about their property, such as size, condition, and location via Offerpad’s website.

2.Receive a Preliminary Cash Offer

Offerpad generates an initial offer based on the market data and property details—but this offer doesn’t yet include repair costs.

Important: The initial offer might look appealing, but it’s subject to change after inspection.

 

 

Step 2: The Home Inspection Process

Once you accept the initial offer, Offerpad schedules a home inspection to assess any necessary repairs.

What Happens During the Inspection?

  • Trained professionals evaluate your home to check for repairs that could impact the property’s value.

What Are Your Options?

  • Repair Credit: Deduct repair costs from the offer—no upfront costs to you.
  • DIY Repairs: Choose to complete the repairs yourself before closing.

Be aware: The final offer will likely be lower than the initial one if repairs are needed.

 

Step 3: Repair Costs and Price Adjustments

 

One of the most significant factors that could reduce your final offer is repair costs.🔍 Homeowners report that Offerpad’s repair deductions can be substantial, leading to a much lower final sale price than expected.

💡 Pro Tip: Review the repair estimates carefully and compare Offerpad’s offer with market conditions before proceeding.

Step 4: Service Fees & Closing Costs

 

  • In addition to repair deductions, homeowners should consider the following fees when selling to Offerpad:
  • Service Fee: Around 5% of the sale price.
  • Closing Costs: Typically 1% of the sale price.

These costs can further reduce your final payout, so it’s important to budget accordingly.

 

Step 5: The Final Offer – Is It Worth It?

After repairs and fees are deducted, your final Offerpad offer may be significantly lower than what you initially received.

🔑 Before accepting the final offer, consider:

  • Comparing Offerpad’s offer with traditional selling methods.
  • Evaluating multiple offers from other iBuyers.
  • Consulting with a real estate professional for guidance.

 

 

Final Thoughts

Selling your home to Offerpad can be a convenient and fast option, but it’s essential to understand how repair costs and fees affect your bottom line.

Want to explore other selling options? Let’s connect and discuss the best strategy for your home sale.

 

 

 

Sources:

Offerpad Official Website

HomeLight Review of Offerpad

Clever Real Estate Analysis

 

agent
Jodi Ramsey

+1(912) 344-1965 | jodi@shorelinetoskyline.com

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