Offerpad has announced two new programs designed to help homebuyers close on homes faster: Instant Own and Buyer Boost.
Instant Own offers prospective buyers the option to move into an Offerpad home in as little as 24 hours and close within days. Offerpad Instant Own aims to shorten the time buyers have to wait to close on a home.
The company said that it will officially launch Instant Own in all Offerpad cities in the first quarter of 2020. Currently, the program is in beta mode in select markets, according to Offerpad.
The Buyer Boost is also currently in development. Offerpad plans to pilot the program in the fourth quarter of 2019. With Buyer Boost, the firm will buy a property with a cash offer on behalf of the buyer. The program eliminates the need for contingent offers and removes overlapping mortgage payments.
"Buyers no longer need to be on any timeframe but their own. If someone tours an Offerpad home on Monday, decides they want to buy it on Tuesday and then move in on Wednesday – done,” said Brian Blair, founder and chief executive officer of Offerpad. “Instant Own will be their solution. Buy a car in a day, purchase a boat on the spot. Now we can help you own a home within days."