My Offer Pad Experince

[Jay Hinrichs]

For those of U that have Offer Pad in your markets competing against the wholesalers and Brokers.

Here is my experience.

Website easy to use.. put in my details of my Town home in Vegas..

follow up E mail saying my offer would be there shortly.

2 days later e mail saying my offer was ready.. ask some trial close questions Like will you need help moving and what day would you like to close.

Contract is pre filled out in Docusign .. in reviewing contract.

The Buyer Offer Pad makes it known they are not representing me as an agent but they also point out that they ARE licensed agents and brokers. 

Offer is straight forward but slanted to the buyer.. as in Seller pays all closing costs.

there is a 7.5 % convenience fee.. thats deducted from the offer price.

15 days for due diligence which i suspect when they walk through they judge your level of sophistication and probably come back with more concessions.  

OFFER:  305k minus 7% for a net of 280 ish minus closing costs. and further negotiation if any..  

ALSO HIGHLIGHTED is mandatory sellers sales disclosure document filled out by seller and signed. 

Reality of this property on MLS would sell for 400 to 425k as is .

Agent then called to follow up and of course went through the normal wholesalers spew.. NO showings as is we can close etc etc.

what they did not provide though was a proof of funds I should have inquired about that.

So just a slicker more automated ( YET LICENSED) wholesaler.

[Jay Hinrichs]

@James Wise  well from my perspective these are licensed agents / brokers buying listings.  

and by low balling like this they should make far more than just a listing fee.

I am sure there is big VC money behind this and they are probably burning through their marketing dollars. 

But if your considering selling your home as is with no showings.. and these guys engage compared to billy bob wholesaler doing it on my own have no money and the only way i going to get the deal done is to assign the contract .. I could see people going with these folks as they are far more professional in appearance sake anyway.