Offerpad has chosen Indianapolis as its first Midwestern market. The iBuyer’s full suite of services will be available this summer.
IBuyer Offerpad is one step closer to reaching its 1,000-market goal with the launch of its full suite of services in Indianapolis. Consumers will be able to use Offerpad’s homebuying and homeselling services this summer, according to an announcement on Thursday.
“We’ve been monitoring Indianapolis for some time now,” Offerpad’s Vice President of Strategic Initiatives Matt Brohn said in a prepared statement. “It’s one of the fastest-growing and hottest housing markets in the country.”
Homesellers can choose a traditional iBuying experience with Offerpad’s all-cash instant offer service or a hybrid selling experience with Offerpad Flex, where an Offerpad-employed agent lists their home on the open market with a backup, all-cash offer from Offerpad.
With both options, sellers have access to flexible closing dates, moving services, and can stay in their home for up to 60 days after escrow with the company’s newly launched 60-Day Extended Stay program.
Meanwhile, homebuyers can use Offerpad’s buying services, which include early access to Offerpad-owned homes, a dedicated solutions coordinator, and up to $1,000 off closing costs. Buyers can also “trade-in” their old home by selling it to Offerpad for an all-cash offer.
Although Offerpad won’t be available to consumers until the third quarter of 2021, the company is already looking for homebuilders, agents and brokers to join its partnership programs. The Homebuilder Services program allows builders to market their new listings to Offerpad buyers, while the Agent Partnership Program enables brokers and listing agents to earn a three percent referral fee.
“The market’s strong economic trends including affordability, employment and population growth, and a burgeoning tech community, are encouraging,” Brohn said of Offerpad’s growth potential in the city. “Indy also has appealing home construction dynamics with a positive outlook and inventory, as well as a large amount of real estate transactions overall – key indicators of support for current and future Offerpad services.”
Offerpad expanded to Denver and Nashville in March and currently operates in more than 900 cities and towns across Alabama, Arizona, Colorado, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas.
Offerpad also announced in March its plans to go public through Spencer Rascoff’s special purpose acquisition company, Supernova Partners Acquisition Company, Inc.