Offerpad is an online flat fee MLS company that eliminates the hassles of listing your home. They use an automated valuation model to value homes and their in-house experts provide a second opinion. They also have a back-up cash offer option for homes that don’t sell with their initial offer.
Selling with Offerpad can be a great solution for home sellers who are dealing with sudden family situations, want to avoid preparing their home before the sale, inherited a property from out of state, or need a quick move for another reason. However, sellers should be aware that they can expect lower offers than they would get from a real estate agent, and high fees can eat into your proceeds.
To start, homeowners must fill out an application to qualify for the service. They must meet certain criteria, including that the home is a single-family residential property built after 1960 on less than one acre of land and is worth at least $1 million in value.
Upon reviewing the applicant’s property, Offerpad uses a combination of machine learning technology and expert human judgment to generate an offer. This offer is sent to the homeowner with two options: accept or decline. If accepted, the home seller pays Offerpad a 6% fee to list their property and can also opt for a cash offer. Read more https://www.showmecashoffer.com/we-buy-houses-creve-coeur-mo/
The company only purchases homes in markets where it has extensive data points, such as high-income and luxury residences. It does not purchase homes in areas that are too remote or if the home’s value is below its maximum amount for the area.
Once the offer is received, it is reviewed by Offerpad’s in-house experts before it is sent to the homeowner. If there are any adjustments, the owner will be notified and can then make a decision to accept or reject the offer.
The company has a reputation for being a legitimate real estate firm that is licensed in the states where it operates. It is also rated by the Better Business Bureau and is committed to responding to any complaints it receives.