If you are nearing a time in your life when a foreclosure might happen on your house, it’s time to act. Companies such as OfferPad, Opendoor and Knock are trying to offer a speedy and hassle-free option for those facing foreclosure soon or those in many situations such as divorce, inheritance of an unwanted home or a death in the family.
These companies have reinvented the traditional concept of home selling and buying. Clients can avoid open houses and showings, deals falling through because of someone else’s finances, or months and months of waiting.In fact, these direct home buying companies are trying to make the journey easy by letting sellers and buyers go conveniently online to click a few buttons.
Some of these companies only operate in certain larger cities but are opening up markets eventually in different areas of the country. It is recommended to check with your local Better Business Bureau and getting a list of references from those who have used the companies.
“OfferPad helps thousands of consumers move forward in their lives, by providing a different option on how to sell and buy a home,” says Cortney Read, OfferPad’s (make nofollow) director of communication and outreach. “Over the past three years, our focus has been to streamline the real estate transaction process by providing convenience and certainty throughout the process.”
How do these companies buy a home in a non-traditional way?
Open Door’s website tells home sellers to enter their home details and they can get an offer in just a few clicks. They also offer a free home assessment on the seller’s schedule once the offer is accepted. They can close in a few days and get paid within a matter of days.
How do they help people in a pre-foreclosure situation?
“Our customers can stem from several situations, whether they are looking to move in two weeks or need a 90-day process, we are able to accommodate their timeline,” Read says. “Consumers in the situation of a pre-foreclosure can expect the exact same service that we provide to all our customers.”
Consumers can go to offerpad.com, type in their property address, upload photos and share specifics on the condition of the home. Within 24-hours, they can expect an offer. If they are interested in moving forward with the given offer, someone will be in contact with them regarding next steps of the process. The customer can select their closing date to align with their current situation.
What are the advantages of using one of these companies to sell your home to?
The homeowner doesn’t have to deal with strangers walking through their home during open houses. They don’t have to think about the doing renovations.
Many of these direct home buying companies take on those responsibilities. And many of these companies also can help customers find a new home to purchase at the same time.
OfferPad just partnered last year with loanDepot, a non-bank consumer lender, to offer a new digital financing option for buyers on the OfferPad site.
NiceGuysBuyingHousesinAtlanta says on its website that they even buy homes that have been damaged is fire damaged or has had bad rental tenants.
Open Door even lists what type of homes they will purchase including these — homes built after 1960; single-family homes, duplexes and townhomes; homes sitting on a maximum ½ acre; valuation between $100,000 and $500,000; those that are non-distressed or Real Estate Owned; that don’t have a solar lease; and those not in age-restricted communities.
How long is the process of selling one’s home when they first contact OfferPad?
On average, a home in the traditional real estate process can take more than 80 to sell. OfferPad customers are selecting an average of 28-30 days.
“We are able to make the process occur within two weeks or extend it out further – the customer has that option and control,” Read says.
What cities are you in now?
OfferPad is currently available in eight markets: Atlanta, Charlotte, Las Vegas, Orlando, Phoenix, Salt Lake City, Tampa and Utah.
“We have an office in each market that is backed by local real estate expertise. Those who are interested in an offer can expect that next to our technology, we have boots on the ground that know their area and will help determine the offer,” she adds.
If someone wants to buy a house with OfferPad, how does that work?
OfferPad customers can actually sell their home to us, qualify for their mortgage through OfferPad Home Loans, and then purchase a home with OfferPad.
“Our homes that are ready to buy are located on our website, but we are able to help customers find their next home, even if we aren’t the one selling it. OfferPad is ready to support families looking to move, and we can provide the resources to make it streamlined,” Read states.
Eliminating one more piece of stress and cost, OfferPad provides a free move to all customers moving within a 50-mile radius.