How Selling your Home to Offerpad Works

Selling your home has never been easier than it is today. For those looking to make a fast sale, there are a plethora of options at their disposal. Rather than listing your home with an agent and going down the traditional route, people now can receive instant cash offers on their house and sell their home within days. One such company that currently buys homes is Offerpad. Like many other companies like it, Offerpad makes selling your home as easy as possible, giving sellers flexibility and providing them with good, clean, and easy service and support. Offerpad currently operates in eight different states.

 

How selling your home with Offerpad works

 

Offerpad began in 2015 and since has helped tons of homeowners sell their home and successfully move. The process works in just 6 easy steps. First, the seller provides Offerpad with a summary of the property they wish to sell. This includes the address, details of the home, upgrades, and current condition along with any photos (photos are not necessary but are highly encouraged). 

 

Next, once Offerpad receives your home description, it reviews it, uses its own algorithm while taking several other things into account to create your offer. Overall, this process takes just 24 hours. Upon completion, your offer will be sent to you.

 

The third step is to review your offer. Once the offer is submitted to the buyer, they have a chance to review everything included.. 

 

After that, the seller is able to quickly sign all the necessary documents online. Offerpad will send you the purchase contract and should it be to the seller’s satisfaction, simply sign online, and the deal will officially be under contract.

 

Following the signing of the documentation, Offerpad performs an inspection of your home to verify the information included in the initial description. Once that is completed, all that is left is the closing. At the closing, Offerpad pays the agreed upon price to purchase your home. After that, you’re free to move on into the next phase of your life.

 

Other amenities

 

Additional services included with the offer range from free local moves and totally flexible closing dates to extended stays after your close. With Offerpad’s Extended Stay Program, you are allowed to stay in your house for up to 3 days after the sale. This saves homeowners the usual chaos of having to close and move on the same day. Sellers have until 7 pm on the third day to be complete vacated from the house. For example, if the closing occurs on the 3rd, the seller has until 7 pm on the 6th to vacate.

 

Another feature is their Free Move Program. Once your house in under contract with an offer from Offerpad, the moving company will contact you to set up a moving date (the date can be rescheduled if needed). The move is free anywhere within 50 miles, and Offerpad will pay the moving company directly. The only additional costs required are anything you and the moving company agree to prior to the move such as additional insurance. On the day of the 

 

How buying a home with Offerpad works

 

Buying a home with Offerpad is as easy as selling. Currently they have listed homes for sale in; Phoenix, Las Vegas, Atlanta, Tampa, Charlotte, and Dallas among others. Their goal is to remove the stress and hassle associated with the traditional methods of buying a home and making it as easy and stress free as possible.

 

With Offerpad’s Instant Access, prospective buyers can browse from hundreds of homes in their local area quick and easy with no agent required. Buyer’s are paired with their own transaction managers to help guide them through the entire process. Offerpad takes care of the entire process and provides flexibility with move in dates to accommodate your schedule. The goal is to sell you a home quickly without hassle and without the need to involve agents and go through endless paperwork and agent fees. 

 

Viewing a house is easy through their instant access service. Homes are available for viewing between 6 am and 11 pm local time, simply arrive at the house and the instructions for viewing will be there for you at the door when you show up. 

 

Does it really work?

In just 5 years, Offerpad has purchased thousands of homes from homeowners, offering fair market value prices. People who are in a bind with their home or are just looking to make a quick sale with as little hassle as possible find Offerpad to be among the best services to go through. Their customer service is personable and previous clients boast of the swiftness and professionalism of the process.

Alternatives

 

These days more and more organizations such as Offerpad are popping up and growing in a wide range of areas. One such company is Value Cash Offers. Offerpad currently is not operating in Illinois. For those in Illinois looking to sell quickly and receive an instant cash offer on their property, VCO is the place to go. Value Cash Offer provides people with a quick and easy way to sell their home. Selling a house is not an easy process, especially when you’re trying to sell your home fast. Value Cash Offer makes the process as easy as possible. Value Cash Offer walks their clients through the entire process and provides them with direct assistance throughout. 

 

VCO will buy your home in any condition and under any circumstances. Whether your need to move quickly for work related reasons, have a bad mortgage, fire damage, mold, etc., VCO will give you a cash offer and buy your home as is. With zero closing costs, sellers can take the full offer with no hassles or extraneous fees. Selling a house can take up to 3-5 months using the traditional method of finding an agent, listing the house, staging it and doing any repairs necessary. Using Value Cash Offer, sellers can receive an offer and cash out fully within 7 days. For those in Illinois looking to sell quickly, Value Cash Offer is the best option. 

How To Choose The Right Size of Home For You

If you are in the market for a new home, size and location are of the utmost importance.  An abundance of space is tempting yet it will hike your property tax bill.  A large home also requires that much more maintenance to boot.  Too little space will make you feel cramped and make it difficult to start a family or even welcome a pet.  Here’s a quick look at how to choose a home with just the right amount of space.

 

Mind the Size of Square Footage

Home size is measured in square feet.  If you are a single home buyer without a family or partner, space is not that important.  However, there is always the potential that you will add a significant other and/or a pet to the home in due time.  The average home stretches across 2,687 square feet.  An individual home buyer will be comfortable with less than this amount of space.  However, if you err on the side of going too small with your new home, it might prove difficult to sell the house when the time comes to upgrade to something larger.  The average couple can enjoy a high-quality of life in a home with as little as 1,250 square feet.  The key is to find the right balance between space, resale value and property taxes.

A family consisting of three or more people will likely require a 3-bedroom home.  The typical 3-bedroom home has around 1,300 square feet to 1,600 square feet of space.  If you plan on adding to your family, look for a home with more than 2,000 square feet of space to ensure your growing family has enough room to play and enjoy at least a modicum of privacy.  Those who are planning on adding spacious niceties such as a home gym or home theater will require 3,000 square feet or more.

 

The Pros and Cons of Spacious Homes

It is awfully tempting to choose a home that is larger than what is currently necessary in terms of space and luxuries.  Do not give into this temptation until you have considered the downsides to a large home.  For one, the hike in square feet will bump up your property taxes that much more.  Additional space will also cost more to cool and heat.  Though it is certainly nice to use the extra rooms in a large home for storage, it is comparably cheaper to opt for a smaller home and pay for storage at a nearby facility.

If you were to poll those who moved into homes larger than necessary, most would testify they love their abundance of space.  However, these same homeowners enjoying their spacious digs are also quick to complain the extra room minimizes social interaction amongst family members.  A home of just the right size forces family members to cross paths and communicate at a fairly high frequency.

 

How to Choose the Perfect Size: Count the Bedrooms

Those in the housing industry swear by the mantra of “location, location, location.”  However, location is only one piece to the real estate puzzle.  Home size is just as important as its position on the map.  In general, there should be enough dining room and living room space to accommodate two times as many people as there are bedrooms in the home.  The bedroom count really is the main determinant of total square footage.  If possible, allot some space for family members and guests to interact away from the living room and kitchen to make the house feel like a true home.  A home with such “away” spaces for people to congregate in small groups makes the property that much more enjoyable for everyone.

How To Know If You Are Paying Too Much For Property Taxes

Home ownership is expensive. It is something that often causes sticker shock for first-time homeowners. Between regular maintenance and property taxes, the living costs can get a lot higher than they were expecting. However, do you know for sure if you are paying the right amount in property taxes? This article will help you figure out if you can cut down how much you owe the town or city you live in real estate taxes.

 

 

1.Check your property’s assessing card.

There is very little you can do about the city’s tax rate, but your property’s assessment is something you should check. Property assessment cards are public, so you should easily be able to access the description that the town or city has of your property, either by looking it up online or by visiting the town assessor’s office directly.

You would be surprised by own many mistakes are commonly made on these reports: some common errors include the square footage of the house, how many bedrooms and bathrooms are included, the condition of the house, etc.

 

Properties assessment are rarely reviewed if they are in adverse condition: for example, you might have purchased your property as a foreclosure or as an estate sale, and the shape of the house is not as good as it was when it was assessed for the last time.

 

 

2. Research the market

The assessed value property taxes are based on is often calculated based on market value. If you recently purchased your property for significantly less money than what it is assessed for, you might be paying too much in property taxes.

If you suspect that your property is overvalued, don’t hesitate to research neighboring properties similar to your own in terms of age, condition, size, number of bedrooms and bathrooms, etc. and see what they are assessed for or recently sold for. Find at least 4 or 5 comparable properties to make your argument.

 

If you are confident and if the savings you would make on your property taxes justify the cost, don’t hesitate to hire an independent appraiser whose report would make a strong argument in your favor.

 

 

3. Investigate which tax exemption you might be qualifying for

You might be pleasantly surprised and find out that you qualify for some property tax breaks, whether it is a tax exemption or a tax credit that you may have to pay back eventually.

 

Common property taxes exemptions and credits include:

  • Seniors, especially those on a fixed or limited income
  • Service members and veteran
  • People with a disability

However, you might also qualify for a property tax exemption or credit if you are a first-time homeowner or if your property is located on a large piece of land under the homesteading exemptions.

 

Like all tax related subjects, these exemptions vary by state, localities, and your situation so contact a tax professional, a tax advisor or your local tax authority to find out what you might qualify for.

 

 

4. Appeal for a tax abatement

You can appeal for a tax abatement within specific dates depending on the town your property is located.

Before appealing for an abatement, you must be very confident that you will qualify for one. If the tax assessor finds that your property is under-assessed, if you recently made improvements such as additional square footage or a new deck, for example, you would be at risk to see your property taxes increase instead of going down.

 

Don’t hesitate to walk with the tax assessor to indicate any adverse conditions, like a noisy highway or a nearby factory.

 

How Does Home Foreclosure Work?

The world of home foreclosure can be confusing to those new to real estate. Buying a foreclosure is a great way to find a good deal, especially in competitive markets. Home prices are expected to rise 4.3% next year and 3.6% in 2020 which is twice as fast as the speed of inflation. 

Because of this competition, a lot of buyers are interested in foreclosed properties, but it’s not as simple as it seems at first glance. Foreclosed homes belong to the bank, and before this, they belonged to a homeowner who left the home either voluntarily or involuntarily. There are a lot of aspects to foreclosure to consider, from why the seller lost their home to the auction process. 

 

 

What Causes Foreclosure?

The first thing to understand is just how the seller went into foreclosure in the first place. Foreclosure is what happens when a homeowner no longer pays their mortgage. It’s a legal process in which the owner forfeits their rights to their property to the bank. 

When people think of foreclosure today, they likely picture the market crash of 2008. During this time, many homeowners walked away from their homes simply because the value dipped so low. Today, however, homes go into foreclosure for a number of reasons. While we refer to the owner of the home as the “homeowner,” it’s important to realize that this term is misleading. Because the homeowner has a mortgage, they’re actually a “borrower.” Most mortgages are considered “secured” loans, and that means the lender can recover a portion of the debt by seizing the property and reselling it. 

 

 

Foreclosure Process

The foreclosure process is lengthier than most buyers think. After the borrower fails to make timely payments on their mortgage for 3-6 months, they’re given public notice. This is technically called a Notice of Default (NOD) in many states. This notice lets the borrower know they’re in danger of losing their rights to the property. 

 

After the NOD from the lender, the borrower enters a period called pre-foreclosure. This can last up to 120 days, and this is when the borrower will attempt to find an arrangement with the lender. They might choose to pay the amount owed or opt for a short sale. A short sale is the sale of a home for an amount that is less than the unpaid mortgage. 

 

Many home investors actually prefer to purchase homes during the short sale before the foreclosure proceedings are final. However, if there’s no agreement reached between the lender and the borrower, the foreclosure continues into an auction. A foreclosure auction is also known as a Trustee Sale, and the home is auctioned off to the highest bidder for a cash payment. 

 

It’s important to note that besides needing to purchase auctioned properties in cash, buyers also must purchase them “as is.” This means there are no inspections allowed before making an offer. Because there’s no way to assess the property, it’s important to be aware of risks like structural or interior damage. 

 

Finally, if the home is not sold at the auction, the lender reclaims ownership. This is called a bank-owned property or REO (real estate owned). These home are then re-sold through a local real estate agent or through the open market. They might even be sold through a liquidation auction. 

 

 

Real Estate Foreclosures

While real estate foreclosures can be a reliable way to get a steep discount on a home purchase, it’s a complicated and often risky process. It’s in the buyers best interest to find a real estate agent who specializes in auctioned and foreclosed properties to help navigate these homes. 

 

After the auction process, banks often sell foreclosures in bulk. This means the lender will package several properties into one transaction and sell them all at once. This can offer an even more significant discount. The real picture of home foreclosure is often an ugly one, and it’s important to take this process seriously as a buyer. 

Selling Your Home to a Cash Buyer vs. A Real Estate Agent

Selling your home can be a time-consuming and difficult task as there are many factors to consider. One thing to considers is whether or not you are interested in selling your home to a cash buyer or professional buyer in order to receive quick payment and get the process over with as fast as possible. However, while cash buyers and professional buyers operate similarly, they have several differences that you should be aware of.

 

 

Cash Buyers vs. Professional Buyers

While not all cash buyers can be considered professional buyers, all professional buyers can be considered cash buyers.

More specifically, a cash buyer might just be a person who makes sporadic one-off investments in property. This person may not make a living through flipping houses and is likely just trying to make quick cash. A cash buyer could also be someone who plans to purchase a home to live in and offers cash in order to complete the transaction quickly.

 

On the other hand, professional buyers are individuals who have made a career out of investing in and flipping properties. These professionals are generally more reliable, safer to deal with, and will offer a more fair price for your home. 

While this is a general idea of the differences between cash buyers and professional home buyers, there are more details to consider.

 

 

Selling Your Home As-Is

One of the reasons you might choose to sell your home to a cash or professional buyer is to avoid having to make costly renovations and repairs. 

Professional buyers will be more willing and able to purchase your home as-is because they will likely have with insurance companies and construction companies. This allows them to save money when renovating your house before reselling. 

 

Meanwhile, cash buyers will typically request that you make certain renovations to your home before offering to purchase it from you. As such, even if a cash buyer offers you more money than the professional buyer, you might end up making less overall.

 

 

Purchase Price

If you choose to sell your home for cash, you probably understand that you will receive less than if you went through a realtor. However, cash buyers will likely offer you even less than you expected. These buyers are often inexperienced and try to purchase for extremely low prices to allow room for error.

 

Professional buyers might still offer you less than expected, but you should remember that selling your home for cash saves you from expenses such as real estate commission, repair costs, appraisal costs, and inspections.

 

 

Time to Sell

Professional home buyers typically have a long history of purchasing and flipping houses. As a result, they are able to quickly assess how much a home is worth, how much they will have to spend on repairs, and how long it will take to sell. Professional buyers will often be able to close in as little as a week.

Meanwhile, inexperienced cash buyers may take much longer as they take their time to fully evaluate the situation and weigh their options.

If you plan on selling your home for cash rather than going through a real estate agent, you should be sure to evaluate the reputation of any prospective buyers to ensure that you are getting as good a deal as possible.