Offerpad Introduces PriceLock

CHANDLER, Ariz.-(BUSINESS WIRE)- Offerpad (NYSE: OPAD), a leader in providing streamlined home selling solutions, is proud to announce the launch of PriceLock, a commitment to provide homeowners with confidence during the selling process.

PriceLock gives sellers peace of mind by locking in their final selling price at contract signing, removing any uncertainty and protecting against unexpected price reductions later, often seen in the industry.

Here's How It Works:

1. Request an Offer:
   Sellers request an offer and receive an estimated cash offer within minutes
2. Schedule an Inspection:
   Sellers can schedule their home inspection on their timeline, is some cases as soon the next day
3. Price Confirmed - PriceLock:
   After the inspection, Offerpad confirms the purchase price, locking it in with PriceLock
4. Choose a Closing Date:
   Sellers select their preferred closing date, ensuring confidence and control throughout the process
5. Free Local Move:
   Offerpad provides a free local move, streamlining the transition to a new home

"Customers shouldn't have to worry about uncertainty when selling their home or question whether their price might change later," said Cortney Read, Chief of Staff & VP of Operations at Offerpad. "With PriceLock, our sellers can trust that the price we commit to at contract signing is the price they'll receive. We're dedicated to providing that level of certainty and confidence."

Price and eligibility varies. Terms and conditions apply. The Free Local Move covers a 50-mile radius of customer's origin zip code for homes up to 2,800 sq. ft and 13,000 lbs. Additional charges may apply after that limit. Visit www.offerpad.com/move-for-free for more details.

About Offerpad

Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that removes the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we've leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. Learn more at www.offerpad.com.

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Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad's future financial or operating performance. For example, statements regarding Offerpad's financial outlook, including homes sold, revenue and Adjusted EBITDA, for the second quarter 2024, and expectations regarding market conditions, strategic imperatives and profitability, including the timing of reaching sustainable positive Adjusted EBITDA, 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 important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad's ability to respond to general economic conditions; the health of the U.S. residential real estate industry; Offerpad's ability to grow market share in its existing markets or any new markets it may enter; Offerpad's ability to manage its growth and its costs structure effectively; Offerpad's ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad's ability to successfully launch new product and service offerings, and to manage, develop and refine its technology platform; Offerpad's ability to maintain and enhance its products and brand, and to attract customers; Offerpad's ability to achieve and maintain profitability in the future; the success of strategic relationships with third parties; and Offerpad's failure to meet the New York Stock Exchange's continued listing standards. These and other important factors discussed under the caption "Risk Factors" in Offerpad's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024, and Offerpad's other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. 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 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.