Understanding Today’s Connected Borrower

Sign up for this webinar to learn how to transform the borrower journey from transaction to relationship and gain a significant lift in production in today’s digital lending environment.

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

CEO of eXp World holdings addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Should lenders look to non-QM when the refi boom slows?

Angel Oak shared with HW how non-QM lending could be an effective way for lenders to replace lost business in the event of a refi boom slowdown.

Real EstateFintech

Spencer Rascoff SPAC to take iBuyer Offerpad public

Zillow co-founder left as Seattle-based firm pivoted to iBuying in early 2019

Savor the irony: A blank-check company started by Spencer Rascoff is bringing an iBuyer, Offerpad, public.

Offerpad, a Phoenix-based company, said Thursday that it was bought by a Rascoff-controlled special purpose acquisition company, named Supernova Partners Acquisition Company.

Supernova Partners will shepherd Offerpad onto the New York Stock Exchange, according to a press release. The deal will provide the iBuyer with “up to $650 million in gross cash proceeds,” per the release.

Offerpad will also receive a $200 million commitment from private equity investors such as BlackRock and Zimmer Partners. And the deal pledges $50 million from “Supernova affiliates” and “up to $403 million of cash held in the trust account of Supernova.”

The seven-year-old Offerpad – founded by the company’s present CEO Brian Bair – describes itself as a lean operation looking to accelerate growth.


Real estate agents and LOs: the great collaboration

Technology has given consumers the power of choice and expedited the entire real estate purchasing process. Successful agents, brokerages and loan officers of the future are going to rely significantly on technology to find, nurture and engage with buyers and sellers while also playing an expanding role as personal advisors.

Presented by: Propertybase

“Offerpad’s experienced tech and real estate leadership team created a highly efficient ibuying business, while raising less capital than competitors,” the release reads. CrunchBase data says Offerpad raised $155 million prior to Thursday’s announcement.

Rascoff is the co-founder of Zillow, but he departed as company CEO in early 2019, replaced by another company co-founder, Rich Barton.

One reported reason for Rascoff’s exit was – get ready – that he did not do enough to grow Zillow’s iBuying program, Zillow Offers.

Under Barton, Zillow has since pivoted hard to iBuying. He has said not doing so would represent an “existential crisis.” The majority of the company’s 2020 revenue and expenses came from Zillow Offers.

Since leaving Zillow several years ago, Rascoff has had multiple business forays including starting a Los Angeles-based journalism company that covers tech, dot.LA.

He also launched two other special purpose acquisition companies, neither of which has yet found a partner to take public.

Offerpad, meanwhile, plans to go public less than one year after OpenDoor, another instant homebuying platform, started trading on Nasdaq.

Leave a comment

Most Popular Articles

Here it is: A bill to help first-time homebuyers

The newest iteration of a first-time homebuyer tax credit has several significant restrictions. And it’s not a tax credit.

Apr 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please