First Offerpad Deal from Orlando Buyers Agent

OfferPad is now in Orlando

First Offerpad Deal from Orlando Buyers Agent

We had our first transaction with OfferPad, a new way to sell real estate.   It may be in the Orlando market, but it seems distant.  It was like dealing with a robot.


Orlando is seeing new innovative brokerages such as OfferPad, OpenDoor, and Zillow Instant offers which are geared to sellers that want no hassle.  They will receive an online quote from a source to buy their home.  While this can give sellers less hassle, there are additional fees they will incur in order for these companies to resell this home to a new buyer.


This is where I come in.



OfferPad Gives Automatic Property Access to Buyers


We scheduled a tour of several homes to see one Saturday.  When we walked up to this home listed with OfferPad, my buyers mentioned they already looked at the property.  I was puzzled until they explained that buyers can text OfferPad and gain a code to access the push button coded lock on the door.  Great, I said! They opened the door, and a several days later we were under contract.  This home was listed in the MLS, and so OfferPad cooperated with real estate agents.




Negotiating was like dealing with a Robot


We submitted an offer and we received a call from the customer service center that deals with offers within an hour.  He asked a few questions and typed in the terms of the offer into the computer to transmit to another person to approve or counter.


Low and behold the offer was completely rejected!  It was rejected because the buyer wanted a 50 day closing to avoid a penalty on their lease. It was rejected simply because other closings in the country are occurring a week earlier.


I was shocked we did not simply have a counter for the closing date.  This would have occurred in a traditional transaction.  It felt like I was dealing with a robot and no human to explain how a counter offer should work or that closing at 50 days was reasonable in the Orlando market.  The Buyers ended up moving the closing date, and OfferPad responded to the rest of the terms.  OfferPad is highly responsive to requests.  They respond in hours and not days which was a huge plus.




Transaction Tasks and Inspections


You are assigned a closing coordinator that works for OfferPad.  They were highly responsive, even more so than traditional real estate agents that I deal with.  Negotiating on inspections were easier than expected, considering the instant rejection we received at the initial offer.


OfferPad never debated the property had inspection issues and sent their own contractors to evaluate fixing the buyers repairs.   The buyers ended up receiving a brand new AC installed by OfferPad.  The value of this AC unit was 3 times the amount OfferPad grants buyers for repairs.  This was a nice win!


I did have to get involved with the AC company in order for them to pull permits for the installation and making sure the contractor was paid before closing so they would not lien the property.    OfferPad was not too concerned about this.  Thank goodness I did, because the AC company had the wrong sized breaker and a couple of other items the County Inspector required to be changed.


Buyers that buy directly from OfferPad are not aware when things are not completed correctly or what can be negotiated.



It pays to have an Exclusive Buyers Agent that can negotiate for you and watch for things in the transaction.


First Offerpad Deal from Orlando Buyers AgentBuying Property from a Robot


Buyers will buy properties from a robot with a company, called Rex, out of California.  They set up a computer kiosk in the home where it can answer questions about the home.  So you purchase these homes without the experience of a real estate agent.  Now that is scary!


Buyers do not buy properties every day and therefore, they are less knowledgeable about conditions they need to be aware of when shopping for a home.  A good buyers agent will be able to size up a property and discuss the pro’s and con’s and construction of a home for future maintenance and help determine if its a compatible home for your loan or homeowners insurance.  How do those home buyers know how to negotiate? Or how do they do know something is a problem or not?


Rex does not list their properties in the MLS and they find their own buyers.  As such, they do not cooperate with real estate agents.  Those buyers will really be on their own.



Don’t Go it Alone


If you are in the market for an Orlando Home you owe to yourself to consult with an Exclusive Buyers Agent to learn the benefits how they can help you with your home purchase.  Buyers Broker of Florida is Orlando’s top buyer’s agency office 407-539-1053.

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