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BrokerageReal EstateIPO / M&A

iBuyer Offerpad claims profitability, pre-IPO

Ibuyer states it earned $9 million in second quarter ahead of merger with Spencer Rascoff-lead SPAC

Offerpad CEO Brian Bair

Humans have yet to colonize Mars, but we apparently have created a profitable instant homebuying company.

Offerpad, the six-year-old, Chandler, Arizona-based company, which has plans to go public later this year, reported $9.2 million in net income for the second quarter of 2021 after losing $16.6 million in the second quarter of last year. The company also reported $379 million in revenue for the second quarter, a 32% year-over-year jump.

Offerpad’s core business is exactly that of eight-year-old Opendoor. Buy a home for cash, charge a 5% service fee, resell the home.

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