The company has hired Selim Freiha to serve as its chief financial officer and Shrisha Radhakrishna to serve as its chief technology and product officer.
The iBuyer has appointed David Benson to its board of directors, effective immediately. Benson was Fannie Mae's president for six years, retiring from the role in May 2024.
The power buyer CEO also weighs in on whether traditional iBuyers will ever see their Goldilocks moment and turn a regular profit.
CEO Brian Bair told National Mortgage News in a recent interview that agents no longer view Offerpad as a threat, noting they can make 4 percent if a client takes the company’s cash offer and the home is updated and resold.
The iBuyer declined to confirm how many employees have been let go. Recent SEC filings show widespread cuts compared to a year earlier.
Dubbed Powered by Offerpad, the platform enables the iBuyers's PRO and MAX agent partners to manage listings, get real-time transaction updates and directly communicate with Offerpad support staff.
Shares in Offerpad hit a new all-time low in after-hours trading Monday after the iBuyer reported that it continues to trim its losses but expects further declines in revenue and homes sold in the third quarter.
The iBuyer's revenue declined 24 percent year over year to $1.5 billion as losses hit $92 million, down from positive income of $23 million the previous year.
A University of Washington study revealed iBuyers give Black homeowners better offers than they receive on the open market. However, those offers potentially come with some longterm tradeoffs.
Agents with My State MLS membership will be able to receive cash offer estimates on properties that qualify within minutes.
"The Offer Mobile" is driving around neighborhoods in Nashville, Tennessee, to literally bring Opendoor's instant offers to consumers' front doors.
Peter Knag joins the company in the middle of a rough real estate market, and when iBuying specifically appears to have lost some of its buzz.