Offerpad to resume home-buying

iBuyer rolls out new safety procedures; follows Opendoor’s restart

TRD NATIONAL /
May.May 06, 2020 08:00 AM
Offerpad CEO Brian Bair (Credit: iStock; Offerpad)

Offerpad CEO Brian Bair (Credit: iStock; Offerpad)

Following in the footsteps of rival Opendoor, another iBuyer will resume home buying this week.

Arizona-based Offerpad said it will restart purchases after suspending that part of its operation in March due to the coronavirus.

Starting Friday, Offerpad will also roll out new safety procedures, including 3D walkthroughs and video tours. At Offerpad-owned homes, prospective buyers can tour vacant, sanitized properties.

Founded in 2015, Offerpad is one of several iBuyers whose business model hinges on purchasing homes directly from sellers, making modest repairs and re-selling homes at a profit. The company has raised more than $975 million in debt and equity to date. It closed a $75 million Series C round in March 2019.
Last year, Offerpad partnered with Keller Williams to boost business. Keller agents steer sellers seeking all-cash offers to Offerpad. In return, Offerpad enlists Keller agents to sell listings.

Keller Williams was one of the only companies in the space that didn’t curtail its iBuying offerings during the pandemic.

Offerpad, Redfin, Zillow and Opendoor, all stopped buying homes after most states enacted shelter-in-place orders. In addition to complexities around inspections and showings, several cited difficulty pricing homes for resale.

With states starting to reopen, SoftBank-backed Opendoor said this week it would start buying homes again. Redfin and Zillow have yet to restart that part of their business.

In a statement, Zillow said it was continuing to monitor market signals and local health orders.

 

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