IBuyer Offerpad announced on Wednesday a new service for sellers that will now allow them to remain in their homes for up to 60 days after closing escrow.
The company said that in today’s competitive market, Offerpad’s 60-Day Extended Stay allows sellers more flexibility in relocating to their new home, and alleviates the pressure some sellers feel to move quickly once the deal is sealed. To qualify, sellers will need to complete a post-possession addendum.
Offerpad previously had a 3-Day Extended Stay policy in place for sellers, which will also continue to be active for those sellers that don’t choose to apply for the 60-Day Extended Stay option.
“Customers come to Offerpad because they don’t want the typical home buying and selling experience,” Offerpad CEO Brian Bair said in a statement. “They want certainty, control and freedom and that’s exactly what we’re delivering with our new 60-Day Extended Stay service. It’s the right solution at the right time, enabling our customers to sell quickly and move freely without the fear and stress of having to find a new home at the same time during today’s highly competitive market conditions.”
Homeowners that work with the iBuyer can request a free, 24-hour cash offer via the company’s website, partner with Offerpad to list their property with a back-up cash offer, or shop for homes through the company’s search portal. Offerpad’s other services also include show-ready home services, advances for home improvements, free local moves and extended stay options.
Offerpad currently operates in 1,000 cities and towns in the states of Alabama, Arizona, Colorado, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas. In mid-March, the company announced its expansion into Denver and Nashville.
Offerpad also recently announced its intentions to go public with the help of Spencer Rascoff’s special purpose acquisition company.