New Offerpad program aims to get buyers into a house in 24 hours
Offerpad claims its upcoming program can help homebuyers move into a house within 24 hours of finding it.
While standard industry move-in and closing times sit at an average of 43 days, the company says its Instant Own program can get house shoppers in the door of an Offerpad home in as a little as one, and close within a few days after that.
Offerpad is also working on a Buyer Boost program, which will leverage the company's buying power to secure a house with an instant cash offer on behalf of the buyer.
"In addition to giving them the keys to their dream home, the program will eliminate many other common barriers to purchasing a property. With Offerpad Buyer Boost, there is no need for a contingent offer or moving more than once. Overlapping mortgage payments are completely eliminated from the equation for buyers, potentially saving them thousands of dollars long term," said a company press release.
The move toward instant online home buying coincides with a growing trend of iBuyers in the market. Last year, iBuyers accounted for 1% of all home sales.
Offerpad said it will not be releasing further details at this time as it sets to fine-tune the programs. Instant Own, currently in beta mode in select cities, is expected to launch in the first quarter of 2020. Offerpad Buyer Boost's pilot phase could go live as early as this year's fourth quarter.
"Buyers no longer need to be on any time frame but their own. If someone tours an Offerpad home on Monday, decides they want to buy it on Tuesday and then move in on Wednesday — done. Instant Own will be their solution," said Brian Bair, Offerpad founder and CEO. "Buy a car in a day, purchase a boat on the spot, now we can help you own a home within days."