Offerpad confirmed to Inman Monday that it will no longer be making new offers on homes to purchase, following on the heels of Redfin, Opendoor and Zillow, effectively putting an end to the purchasing side of nearly all iBuyers nationwide for the foreseeable future. Like the latter two companies, an Offerpad spokesperson confirmed the decision was due to health concerns over COVID-19 (coronavirus).
“This is a challenging time for the entire world — none of us have seen anything like this,” said Cortney Read, Offerpad’s senior director of communications. “Entire industries have been shut down and some cities are paralyzed.”
“Due to health concerns for customers and employees, the uncertainty of the economic impact, and to ensure we are complying with proper local municipalities, protocols and CDC requirements related to COVID-19, we are not currently providing offers to new sellers,” Read added. “We are constantly evaluating the health crisis and economic impact, and we aim to resume our core business of instant offers when it is safer to do so.”
Buying new homes is just one portion of Offerpad’s business and the company will continue to sell the homes it has in its inventory.
“To ensure that our customers, employees, and third parties are safe to the best of our ability, our processes have been subject to temporary changes,” Offerpad’s website currently reads. “We need to ensure that all services, including third parties, associated with a customer’s purchase or sale will be available. We appreciate your flexibility during this time.”
The growing spread of coronavirus and the subsequent restrictions being put in place in many markets essentially forced the hand of iBuyers to stop the buying process, due to their inability to conduct in-home inspections and price properties.
