Offerpad and First American Title Close Escrow with iBuyer’s 24 hour close option
CHANDLER, Arizona – (BUSINESS WIRE) – Offerpad, the technology-driven real estate solutions center and a leading buyer, 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 enter into receivership for his sale in 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 shutdown option dramatically reduces home shutdown time. typical for sellers. First American Title’s automated processes, including its proprietary Ignite transaction platform and secure portal, technology integrations, and the dedicated Proptech team, all helped streamline a process that typically takes 30-45 days.
24 hour close on Offerpad This option allows home sellers more freedom, flexibility and certainty with expertly designed cash sale and home closing processes that deliver a true on-demand selling experience. First American Title’s close cooperation with Offerpad made the first next day’s escrow close a reality for a Nevada customer who wanted to qualify quickly for their next home purchase.
“Our passion for solving customer problems is what drives Offerpad innovation in providing the right solutions for their real estate needs,” said Brian Bair, Founder and CEO of Offerpad. “Providing sellers with 24-hour payment offers and the ability to close escrow within 24 hours enables them to design a solution to suit their individual situation, giving our customers and Offerpad a unique advantage when it comes to to buy and sell a house. ”
When combined with the recently announced Offerpad Extended stay options, sellers who choose a 24-hour close can use the funds from the proceeds of their sale while enjoying the option of staying in their home for up to 90 days while they plan their next move.
“First American is committed to leading the digital transformation of the securities and settlement industry. The completion of a next day close with Offerpad and the support of the ongoing pilot program reflects our technological advantages, the efficiency of our operations and the commitment of our staff to deliver for our customers, ”said Dennis J. Gilmore , CEO of First American Financial Company. “We continue to invest in new and innovative approaches to improve the real estate closing transaction experience for all parties involved.”
To learn more about the Offeringpad Real Estate Solutions Center, visit Offerpad.com.
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of America’s leading financial company (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the country, the company provides title services through its direct operations and an extensive network of agents in the United States and abroad. First American Title offers comprehensive title insurance coverage and professional services for real estate purchases, construction, refinancing and equity loans. For more information visit www.firstam.com/title.
Offerpad uses technology solutions on its digital platform to remake the experience of selling and buying at home. With first-hand real estate experience and powerful proprietary technology, the company offers several consumer-focused options including instant cash offers and premium home listing services. Offerpad is a privately held company headquartered in Chandler, Arizona, which operates across the country in nearly 1,000 cities and towns. Visit Offerpad.com for more information.