Taylor Morrison and Offerpad Expand Relationship Nationwide

Rhea-AI Summary

Offerpad and Taylor Morrison Home Corporation have expanded their partnership to provide a seamless experience for new construction homebuyers in 14 markets, allowing them to sell their current home while purchasing a new one. Homeowners can benefit from a competitive cash offer within an hour, flexible closing dates, and extended stay options. Since launching in Phoenix, over 70 customers have successfully sold their homes through Offerpad. This initiative aims to simplify moving for homeowners and enhance customer satisfaction.

Positive

• Partnership expands to 14 markets, enhancing customer accessibility.
• More than 70 successful home sales through Offerpad since the Phoenix launch.
• Competitive cash offers within an hour provide timely financial solutions.
• Flexibility in closing dates and extended stay options cater to customer needs.

Negative

• None.

New construction homebuyers can remain in current home for up to six months post-closing with a cash sale to Offerpad

CHANDLER, Ariz.--(BUSINESS WIRE)-- Taylor Morrison Home Corporation (NYSE:TMHC), the nation’s fifth largest homebuilder and developer, and Offerpad (NYSE:OPAD), a leading tech-enabled platform for buying and selling residential real estate, have created a national, customer-focused relationship to help Taylor Morrison’s new buyers in 14 of its current markets.

Taylor Morrison Home Corporation (NYSE:TMHC), the nation’s fifth largest homebuilder and developer, and Offerpad (NYSE:OPAD), a leading tech-enabled platform for buying and selling residential real estate, have created a national, customer-focused relationship to help Taylor Morrison’s new buyers in 14 of its current markets. (Graphic: Business Wire)

The companies’ new relationship expands from an initial successful launch in the Phoenix market across 40 Taylor Morrison communities to a nationwide presence. Since launching, more than 70 customers have benefited from selling their home through Offerpad and over 1,180 more customers have explored the benefits by visiting the Taylor Morrison and Offerpad online portal.

“Our strategic relationship with Offerpad creates a more seamless real estate experience when selling your current home and purchasing a Taylor Morrison home,” said Taylor Morrison’s Chief Customer Officer Amy Rino. “Like Offerpad, Taylor Morrison recognizes the positive momentum in leveraging digital solutions when making real estate decisions, and I’m excited for the flexibility and benefits this expanded relationship will offer our customers.”

The business relationship between Offerpad and Taylor Morrison allows homeowners moving into their new home an easy and convenient sale of their existing home with added benefits including:

• A competitive cash offer on the existing home from Offerpad within approximately one hour during business hours
• The flexibility to schedule the existing home’s closing date up to nine months out in order to align with their new Taylor Morrison home’s closing
• An extended stay of up to six months in the existing home post-closing
• A free local move (certain restrictions apply)
• Skipping the cost of owning two homes

Charles Bumpous, a recent home seller to Offerpad and a Taylor Morrison homebuyer in the Phoenix area, said, “We decided to use Offerpad for the convenience and ease and it was the best decision we made. We were building a new house and wanted to move once, without the headache of showing our current home. We would totally do this again!”

Offerpad’s National Vice President of Sales, Kyle Rush, said, “This relationship is designed to remove roadblocks many homeowners encounter when selling their existing home while trying to get into their new home. When the seller can receive cash for their home with certainty before moving out, they can make decisions that might not have been available otherwise.”

Offerpad is available in nearly 1,500 cities and towns across 21 markets with plans to enter more in 2022 beginning with Sacramento, Riverside and San Bernardino, California. As Offerpad expands, Taylor Morrison and Offerpad’s relationship is set to extend to all incoming markets where both companies operate.

About Offerpad

Offerpad’s mission is to provide your best way to buy and sell a home. Period. We use technology-enabled solutions to remake the home selling and buying experience by offering customers the convenience, control and certainty to solve their housing needs. We combine our fundamental real estate expertise with our data-driven digital “Solutions Center” platform to give users a holistic, customer-centric experience, enabling them to efficiently sell and buy their homes online with streamlined access to other services including mortgage, listing, and buyer representation services. Visit Offerpad.com for more information.

About Taylor Morrison

Headquartered in Scottsdale, Arizona, Taylor Morrison is the nation's fifth largest homebuilder and developer. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and 55-plus active lifestyle homebuyers under our family of brands—including Taylor Morrison, Esplanade, Darling Homes Collection by Taylor Morrison and Christopher Todd Communities built by Taylor Morrison. From 2016-2021, Taylor Morrison has been recognized as America's Most Trusted® Builder by Lifestory Research. Our strong commitment to sustainability, our communities and our team is highlighted in our latest annual Environmental, Social and Governance (ESG) Report.

For more information about Taylor Morrison, please visit www.taylormorrison.com.

Forward Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s market expansion plans, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad does not undertake any duty to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220105005364/en/

David Stephan

951-970-6336

david.stephan@offerpad.com

Alice Giedraitis

480-840-8137

agiedraitis@taylormorrison.com

Source: Offerpad

FAQ

What is the partnership between Offerpad and Taylor Morrison?

Offerpad and Taylor Morrison have formed a relationship to assist new construction homebuyers by allowing them to sell their current home and purchase a new one in 14 markets.

How many markets does the Offerpad and Taylor Morrison partnership cover?

The partnership covers 14 markets, initially launched in Phoenix.

How many customers have benefited from Offerpad's services through Taylor Morrison?

Over 70 customers have successfully sold their homes through Offerpad since the partnership's launch.

What benefits does Offerpad provide to home sellers working with Taylor Morrison?

Offerpad provides competitive cash offers, flexible closing dates, and the option for homeowners to stay in their current home for up to six months post-closing.

What is the stock symbol for Offerpad and Taylor Morrison?

The stock symbols are OPAD for Offerpad and TMHC for Taylor Morrison.