Homebuying and selling startup Offerpad announced it’s testing two new pilot programs, set to debut later this year or early 2020. Offerpad Instant Own would allow buyers to move into Offerpad-owned homes in as little as 24 hours and Offerpad Buyer Boost is aimed at empowering homeowners to make all-cash offers.
Offerpad Instant Own, which is currently in beta mode in select markets, is aimed at reducing the closing time that most homeowners contend with when they buy a home.
On average, buyers have to wait 43 days to close on a home, according to Offerpad, citing 2018 data. The platform would have them move into an Offerpad home in as little as 24 hours, with the closing process taking just days.
“Buyers no longer need to be on any timeframe but their own,” Brian Bair, Offerpad’s founder and CEO said in a statement. “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,” Bair added. “Buy a car in a day, purchase a boat on the spot, now we can help you own a home within days.”
Offerpad did not immediately return a request for comment on if the Instant Own platform has any fees associated with it, but Inman will update this story when it does. The company does not charge buyers any additional fees — beyond the traditional closing costs — when they purchase a home through Offerpad.
The iBuying startup’s second announcement, a platform called Buyer Boost, is aimed at giving buyers more buying power. Buyer Boost puts Offerpad’s immense capital to use for homebuyers, with Offerpad securing an all-cash offer for prospective buyers.
The pilot phase for Buyer Boost is expected to be underway in the fourth quarter of 2019. The company did not immediately return a request for comment on the fees associated with the platform.
“With Offerpad Buyer Boost, there is no need for a contingent offer or moving more than once,” the company said in a release. “Overlapping mortgage payments are completely eliminated from the equation for buyers, potentially saving them thousands of dollars long term.”
Buyer Boost offers a similar service to Homeward, a startup from Tim Heyl, a Keller Williams mega agent. Homeward allows current homeowners to use their equity toward an all-cash offer on a new home, without having to sell their old home first.