Offerpad and First American Title Close Escrow with iBuyer’s 24-Hour Close Option

Rhea-AI Summary

Offerpad, a tech-enabled Real Estate Solutions Center and leading iBuyer, in partnership with First American Title Insurance Company, facilitated a swift escrow closing for a home seller in just 24 hours. This new 24-Hour Close program, available in Las Vegas, Phoenix, and Tucson, significantly cuts down the usual closing timeframe of 30-45 days. By leveraging advanced technology and dedicated teams, this initiative aims to provide sellers with more flexibility and certainty in cash sales. Offerpad's innovative approach promises a smoother real estate experience for homeowners.

Positive

• Successful 24-hour escrow closing pilot program enhances customer experience.
• Reduced closing time increases competitiveness in real estate market.

Negative

• None.

Offerpad, the tech-enabled Real Estate Solutions Center and a leading iBuyer, in partnership with First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation (NYSE: FAF), recently helped an Offerpad home seller close escrow on their sale in just one day.

Currently available as a pilot program in Offerpad’s Las Vegas, Phoenix and Tucson markets under the company's research and development department, Offerpad Greenhouse, the 24-Hour Close option significantly reduces the typical home closing timeframe for sellers. First American Title’s automated processes, including its proprietary Ignite transaction platform and Secure Portal, technology integrations, and dedicated Proptech team all helped streamline a process that typically takes 30-45 days.

Offerpad’s 24-Hour Close option allows home sellers more freedom, flexibility and certainty with a cash sale and expertly engineered home closing processes that provide a true on-demand selling experience. First American Title’s close cooperation with Offerpad made the companies’ first next-day close of escrow a reality for a Nevada customer who wanted to quickly qualify for his next home purchase.

“Our passion for solving customers' pain points is what drives Offerpad's innovation in providing the right solutions for their real estate needs,” said Brian Bair, Offerpad’s founder and CEO. “Empowering sellers with 24-hour cash offers and the option to close escrow in 24 hours allows them to design a solution that fits their individual situation, giving both our customers and Offerpad a unique advantage when it comes to buying and selling a home."

When combined with Offerpad’s recently announced Extended Stay options, sellers choosing a 24-hour close can use funds from the proceeds of their sale while enjoying the ability to stay in their home for up to 90 days as they plan their next move.

“First American is committed to leading the digital transformation of the title and settlement industry. Completing a next-day closing with Offerpad and supporting the ongoing pilot program reflect our advantages in technology, the efficiency of our operations, and the commitment of our people to delivering for our customers,” said Dennis J. Gilmore, CEO at First American Financial Corporation. “We continue to invest in new and innovative approaches to enhance the real estate closing transaction experience for all the parties involved.”

To learn more about Offerpad’s Real Estate Solutions Center visit Offerpad.com.

About First American Title Insurance Company

First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. First American Title provides comprehensive title insurance coverage and professional services for real estate purchases, construction, refinances and equity loans. For more information, visit www.firstam.com/title.

About Offerpad

Offerpad is using technology-enabled solutions across its digital platform to remake the home selling and buying experience. With firsthand real estate experience and powerful proprietary technology, the company provides several consumer-focused options including instant cash offers and superior home listing services. Offerpad is a privately held company headquartered in Chandler, Arizona, operating across the country in nearly 1,000 cities and towns. Visit Offerpad.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210524005260/en/

FAQ

What is Offerpad's new 24-Hour Close program?

Offerpad's 24-Hour Close program allows home sellers to close escrow within 24 hours, significantly reducing the traditional closing timeframe.

In which markets is the 24-Hour Close program currently available?

The program is currently available in Offerpad's Las Vegas, Phoenix, and Tucson markets.

What partnership does Offerpad have for the 24-Hour Close initiative?

Offerpad partnered with First American Title Insurance Company to streamline the closing process through their advanced technology.

What benefits does the 24-Hour Close program provide to home sellers?

The program offers home sellers more freedom, flexibility, and the ability to close cash sales quickly, enhancing their selling experience.

How does the 24-Hour Close program improve the real estate transaction process?

It reduces the typical closing timeframe of 30-45 days to just 24 hours, allowing for quicker transactions.

What is First American's role in the 24-Hour Close program?

First American Title provides technology integrations and operational support to optimize the closing process for Offerpad's sellers.