It’s now been a few days since Zillow sent the housing business into a bit of a fervor when it announced that it was getting into the home selling business with its “Instant Offers” program, and more details about how the program will work are beginning to emerge.
Through the program, homeowners looking to sell their home can now get cash offers from investors along with a comparative market analysis from a local real estate agent, before determining if they want to list their home on the open market or sell it directly to an investor.
One of the unknown pieces of the program, which is currently in a pilot phase in Las Vegas and Orlando, is which investors are taking part in it, beyond Invitation Homes, which buys single-family homes and turns them into rental properties.
Now, another of the participating investors has revealed itself. OfferPad, which buys homes directly from homeowners through its own platform, announced this week that it is participating in Zillow’s Instant Offers as well.
OfferPad currently operates in Phoenix, Las Vegas, Salt Lake City, Tampa and Orlando.
The company said this week that it is excited to participate in Zillow’s Instant Offers pilot program in Las Vegas and Orlando.
“The best thing about this partnership is that it was driven by the consumer,” Brian Bair, co-founder of OfferPad, said. “The rise of technology in almost every aspect of our lives has created a new type of home seller -- one that knows the process can, and should, be easier and less stressful. Zillow has long been known for its dedication to the consumer, and the test of this new marketplace introduces even more transparency for its users.”
OfferPad said that should a homeowner choose the company’s offer through Zillow’s program, they’ll be eligible to receive “additional benefits” that the company makes available to its users.
According to the company, OfferPad provides “dedicated support” throughout the entire selling process to ensure a “smooth transaction.” Additionally, OfferPad covers the title and escrow fees.
Sellers moving within 50 miles of their current home can also use OfferPad’s “Free Local Move” program, the company said. In the program, for sellers that have a 2,800-square-foot or less home, OfferPad will move them for free.
“We are very excited to be part of this test,” Bair said. “The market needs are changing, and it is services like OfferPad and Zillow Instant Offers that will change the game for the future of our industry.”