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Offerpad ups the ante in iBuying, launches new home-renovation feature

Aly J. Yale
The Mortgage Reports contributor

Move-in ready without the hassle

Want that new house move-in ready, but not prepared to put in the work? Offerpad has you covered. The iBuyer just announced a new feature that allows homebuyers to customize any home in their inventory — at cost — before move-in.

Verify your new rate (Dec 15th, 2019)

A new offer from Offerpad

Offerpad, the original iBuyer launched in 2015, just announced a new feature, this time aimed at buyers instead. The move will allow buyers to purchase homes from Offerpad’s constantly growing store of inventory, select and visualize custom upgrades, and then see those improvements made before move-in.

Keller Williams partners with Offerpad for new iBuying program

According to Cortney Read, Offerpad’s director of communication, the change will remove a lot of hassle for buyers needing that move-in ready home — a high priority with today’s younger buyers. 

“In the time it takes for a seller to research, find and meet with a contractor, we’ve already completed the renovation job,” Read said. “We’ve had more and more people come to us asking how they can take advantage of our resources and connections to customize their home, and so we are proud to soon deliver a fully rounded new feature for those wanting to skip another hassle of the moving process.”

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Upgrades baked into the mortgage

Offerpad’s in-house renovations team takes just 12 days to complete upgrades, on average. Even better, the projects are done at cost — meaning buyers are only charged the bare minimum. They’re also rolled into the buyer’s loan balance.

Buyers interested in using the feature will be able to browse Offerpad inventory, click through photos, and choose from a variety of upgrades and customization options. There will also be an integrated mortgage calculator that will show how much each upgrade increases the buyer’s monthly payment.

“Imagine this: You find one of many Offerpad’s move-in ready homes and immediately you’re able to start personalizing it,” Read said. “By simply clicking on the kitchen photos, you have three different options for lighting kits. You move to flooring and decide, ‘do I want hard wood or tile?’ You sort through images of the countertops and select the grey quartz you always dreamed of.”

Offerpad’s new feature will go live in Phoenix and Tuscon sometime in Q4. It will expand to additional Offerpad markets over the next two years.

Verify your new rate (Dec 15th, 2019)

Get today’s mortgage rates

Are you considering buying a move-in ready home from Offerpad? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Dec 15th, 2019)