My wife and I were planning to sell our Colorado home (a new build completed in late 2019) to move closer to family. After receiving a very strong offer from OfferPad, we decided to move forward with them. Their rep even confirmed with our agent that the original offer would stand.
Then came their inspection. The inspector flagged two extremely minor issues:
– A spring hinge was needed on the garage door so it would close automatically ($30 fix).
– A wire in the fuse box needed to be capped (literally a 5¢ part).
Despite these trivial issues—both of which I could easily fix—OfferPad slashed their offer by $30,000. That’s not a typo. Thirty thousand dollars.
It became crystal clear that this is part of their model: come in with a high offer to win you over, then use the inspection as an excuse to claw back tens of thousands, regardless of actual repair costs. If we had already been under contract to buy another home, we might have been forced to swallow their shady “adjusted” offer.
To be blunt, OfferPad never intended to honor their original offer. It’s one of the most dishonest, manipulative business interactions I’ve ever experienced. Luckily, we hadn’t locked ourselves into another purchase yet, but I can see how easily others could get trapped.
It’s a seller’s market. You’ll do just fine without OfferPad. Avoid them at all costs.