Skip to main content

SELLERS BEWARE OF iBUYERS

Price Group Realtors is working with a new client to list her home after a disastrous experience with an on-line real estate investment company Offerpad!

OfferPad is a company that, in a “simple 6 step process” will determine the value of your home (sight unseen), send you a purchase contract to sign and VOILA…you wait for your selected closing date!

Unfortunately, it doesn’t always work that way.  Our client, Carolyn felt like she had done her homework before going with OfferPad.  She’d seen their ads on tv, she read reviews on their website and she was encouraged after reading, “OfferPad pays cash so you don’t have to worry about last minute unmet contingencies.”

After receiving her offer and signing the purchase agreement, everything seemed to be going as planned until…SIX DAYS BEFORE CLOSING she received a call from OfferPad that they were rescinding their offer to purchase because “the market is too unreliable right now!”  

During the time they were “under contract”, Carolyn contracted to purchase a condo and put down $5,000 earnest money deposit.  Fortunately, the sellers were understanding of her dilemma and have agreed not to sue her for failure to performance (which they had the right to do) and keep her $5,000 but instead they agreed to a delayed closing, allowing her time to get her existing home sold.  Price Group Realtors is now listing her home for sale, with every reason to believe that we will have her home SOLD in short order.

While working through all of this with Carolyn, we’ve learned more about OfferPad.  They mis-lead their customers into thinking that they aren’t charging a commission but in the fine print of their contracts they are charging 7.5% and building that into the “purchase price” they offer.  What we know is that they are investors and as investors they are in business to make a profit, period.  

For anyone considering using a company like OfferPad to save you the “hassle” of putting your home on the market, or to save money by not paying a commission or to get a quick closing…please look further than their website for reviews, they only put the good ones on there.  Instead, check out a third-party organization as in this link https://www.revdex.com/reviews/offerpad-llc/2047344 . 

In summary, when deciding to put your home on the market work with a Realtor.  Realtors aren’t just agents.  We’re professional members of the National Association of REALTORS® and we subscribe to its strict code of ethics.

Leave a Reply

Your email address will not be published. Required fields are marked *