Offerpad Solutions (OPAD) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	Offerpad Solutions Inc.
Entity Central Index Key	0001825024
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39641
Entity Tax Identification Number	85-2800538
Entity Address, Address Line One	2150 E. Germann Road
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85286
City Area Code	844
Local Phone Number	388-4539
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	OPAD
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		223,528,935
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A common stock, at an exercise price of $11.50 per share
Trading Symbol	OPADWS
Security Exchange Name	NYSE
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,816,236

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 116,634	$ 43,938
Restricted cash	20,024	6,804
Accounts receivable	10,038	2,309
Inventory	902,062	171,359
Prepaid expenses and other current assets	10,453	2,880
Total current assets	1,059,211	227,290
Property and equipment, net	9,556	8,231
Other non-current assets	193	352
Total Assets	1,068,960	235,873
Current liabilities:
Accounts payable	6,126	2,149
Accrued liabilities	28,354	11,181
Secured credit facilities and notes payable, net - related party	241,208	126,825
Secured credit facilities and notes payable	509,833	50,143
Total current liabilities	785,521	190,298
Secured credit facilities and notes payable, net of current portion		4,710
Warrant liabilities	39,711
Total liabilities	825,232	195,008
Commitments and contingencies (Note 16)
Temporary equity:
Total temporary equity	0	184,123
Stockholders’ equity (deficit):
Additional paid in capital	388,566	5,908
Accumulated deficit	(144,862)	(138,516)
Treasury stock		(10,650)
Total stockholders’ equity (deficit)	243,728	(143,258)
TOTAL LIABILITIES, TEMPORARY EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT)	1,068,960	235,873
Series A Convertible Preferred Stock
Temporary equity:
Total temporary equity	0	14,921
Series A-1 Convertible Preferred Stock
Temporary equity:
Total temporary equity	0	7,470
Series A-2 Convertible Preferred Stock
Temporary equity:
Total temporary equity	0	7,463
Series B Convertible Preferred Stock
Temporary equity:
Total temporary equity	0	49,845
Series C Convertible Preferred Stock
Temporary equity:
Total temporary equity	0	104,424
Class A Common Stock
Stockholders’ equity (deficit):
Common stock value	22	0
Class B Common Stock
Stockholders’ equity (deficit):
Common stock value	$ 2	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Common stock, shares authorized	2,370,000,000
Restricted cash	$ 20,024	$ 6,804
Accounts receivable	10,038	2,309
Inventory	902,062	171,359
Prepaid expenses and other current assets	10,453	2,880
Property and equipment, net	9,556	8,231
Total assets	1,068,960	235,873
Accounts payable	6,126	2,149
Accrued liabilities	28,354	11,181
Secured credit facilities and notes payable	509,833	50,143
Secured credit facilities and notes payable, net of current portion		4,710
Total liabilities	825,232	195,008
Variable Interest Entity
Restricted cash	20,024	6,804
Accounts receivable	8,345	1,638
Inventory	900,283	171,212
Prepaid expenses and other current assets	2,879	1,036
Property and equipment, net	4,377	2,772
Total assets	935,908	183,462
Accounts payable	4,561	716
Accrued liabilities	2,442	575
Secured credit facilities and notes payable	0	653
Secured credit facilities and notes payable, net of current portion	751,041	173,539
Total liabilities	$ 758,044	$ 175,483
Adjusted Balance
Temporary equity, shares outstanding		8,322,000
Series A Convertible Preferred Stock
Temporary equity, shares authorized	0	21,011,000
Temporary equity, shares issued	0	20,907,000
Temporary equity, shares outstanding	0	2,775,000
Temporary equity, liquidation preference	$ 0	$ 15,099
Series A Convertible Preferred Stock | Adjusted Balance
Temporary equity, shares outstanding	0	20,907,000
Series A-1 Convertible Preferred Stock
Temporary equity, shares authorized	0	10,905,000
Temporary equity, shares issued	0	10,905,000
Temporary equity, shares outstanding	0	1,448,000
Temporary equity, liquidation preference	$ 0	$ 7,500
Series A-1 Convertible Preferred Stock | Adjusted Balance
Temporary equity, shares outstanding	0	10,905,000
Series A-2 Convertible Preferred Stock
Temporary equity, shares authorized	0	8,322,000
Temporary equity, shares issued	0	8,322,000
Temporary equity, shares outstanding	0	1,105,000
Temporary equity, liquidation preference	$ 0	$ 7,500
Series A-2 Convertible Preferred Stock | Adjusted Balance
Temporary equity, shares outstanding	0	8,322,000
Series B Convertible Preferred Stock
Temporary equity, shares authorized	0	58,390,000
Temporary equity, shares issued	0	58,390,000
Temporary equity, shares outstanding	0	7,751,000
Temporary equity, liquidation preference	$ 0	$ 50,000
Series B Convertible Preferred Stock | Adjusted Balance
Temporary equity, shares outstanding	0	58,390,000
Series C Convertible Preferred Stock
Temporary equity, shares authorized	0	56,716,000
Temporary equity, shares issued	0	39,985,000
Temporary equity, shares outstanding	0	5,308,000
Temporary equity, liquidation preference	$ 0	$ 105,750
Series C Convertible Preferred Stock | Adjusted Balance
Temporary equity, shares outstanding	0	39,985,000
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.00001
Common stock, shares authorized	2,000,000,000	256,694,000
Common stock, shares issued	223,529,000	57,865,000
Common stock, shares outstanding	223,529,000	57,865,000
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0
Common stock, shares authorized	20,000,000	0
Common stock, shares issued	14,816,000	0
Common stock, shares outstanding	14,816,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 540,287	$ 186,365	$ 1,202,906	$ 841,027
Cost of revenue	487,165	166,600	1,065,383	778,503
Gross profit	53,122	19,765	137,523	62,524
Operating expenses:
Sales, marketing and operating	38,727	16,072	95,398	59,048
General and administrative	8,160	3,981	18,031	12,204
Technology and development	2,777	1,633	7,663	5,454
Total operating expenses	49,664	21,686	121,092	76,706
Income (loss) from operations	3,458	(1,921)	16,431	(14,182)
Other income (expense):
Change in fair value of warrant liabilities	(13,185)		(13,185)
Interest expense	(5,495)	(1,312)	(9,670)	(8,404)
Other income, net		289	248	787
Total other expense	(18,680)	(1,023)	(22,607)	(7,617)
Loss before income taxes	(15,222)	(2,944)	(6,176)	(21,799)
Income tax expense	(81)		(170)
Net loss	$ (15,303)	$ (2,944)	$ (6,346)	$ (21,799)
Net loss per share, basic	$ (0.13)	$ (0.05)	$ (0.08)	$ (0.38)
Net loss per share, diluted	$ (0.13)	$ (0.05)	$ (0.08)	$ (0.38)
Weighted average common shares outstanding, basic	115,985	57,865	78,191	57,865
Weighted average common shares outstanding, diluted	115,985	57,865	78,191	57,865

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Adjusted Balance	Common Stock	Common StockAdjustment	Common StockAdjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalAdjusted Balance	Accumulated Deficit	Accumulated DeficitAdjusted Balance	Treasury Stock	Treasury StockAdjustment	Treasury StockAdjusted Balance	Preferred Stock to Common Stock	Series A Convertible Preferred Stock	Series A Convertible Preferred StockAdjustment	Series A Convertible Preferred StockAdjusted Balance	Series A-1 Convertible Preferred Stock	Series A-1 Convertible Preferred StockAdjustment	Series A-1 Convertible Preferred StockAdjusted Balance	Series A-2 Convertible Preferred Stock	Series A-2 Convertible Preferred StockAdjustment	Series A-2 Convertible Preferred StockAdjusted Balance	Series B Convertible Preferred Stock	Series B Convertible Preferred StockAdjustment	Series B Convertible Preferred StockAdjusted Balance	Series C Convertible Preferred Stock	Series C Convertible Preferred StockAdjustment	Series C Convertible Preferred StockAdjusted Balance
Beginning balance at Dec. 31, 2019	$ (121,503)	$ (121,503)				$ 4,545	$ 4,545	$ (115,398)	$ (115,398)	$ (10,650)		$ (10,650)
Beginning balance, shares at Dec. 31, 2019			7,682	50,183	57,865					636	4,158	4,794
Temporary Equity, Balance at Dec. 31, 2019	154,300	154,300												$ 14,921		$ 14,921	$ 7,470		$ 7,470	$ 7,463		$ 7,463	$ 49,845		$ 49,845	$ 74,601		$ 74,601
Temporary Equity, Balance, shares at Dec. 31, 2019														2,775	18,132	20,907	1,448	9,457	10,905	1,105	7,217	8,322	7,751	50,639	58,390	3,765	24,593	28,358
Conversion of preferred stock to common stock
Issuance of Series C (extension) stock, net of offering costs	29,823																									$ 29,823
Issuance of Series C (extension) stock, net of offering costs, shares																										11,627
Stock-based compensation expense	875					875
Net income (loss)	(21,799)							(21,799)
Ending balance at Sep. 30, 2020	(142,427)					5,420		(137,197)		$ (10,650)
Ending balance, shares at Sep. 30, 2020			57,865							4,794
Temporary Equity, Balance at Sep. 30, 2020	184,123													$ 14,921			$ 7,470			$ 7,463			$ 49,845			$ 104,424
Temporary Equity, Balance, shares at Sep. 30, 2020														20,907			10,905			8,322			58,390			39,985
Beginning balance at Jun. 30, 2020	(139,820)	(139,820)				5,083	5,083	(134,253)	(134,253)	$ (10,650)		$ (10,650)
Beginning balance, shares at Jun. 30, 2020			7,682	50,183	57,865					636	4,158	4,794
Temporary Equity, Balance at Jun. 30, 2020	184,123	184,123												$ 14,921		$ 14,921	$ 7,470		$ 7,470	$ 7,463			$ 49,845		$ 49,845	$ 104,424
Temporary Equity, Balance, shares at Jun. 30, 2020														2,775	18,132	20,907	1,448	9,457	10,905	1,105	7,217	8,322	7,751	50,639	58,390	5,308	34,677	39,985
Stock-based compensation expense	337					337
Net income (loss)	(2,944)							(2,944)
Ending balance at Sep. 30, 2020	(142,427)					5,420		(137,197)		$ (10,650)
Ending balance, shares at Sep. 30, 2020			57,865							4,794
Temporary Equity, Balance at Sep. 30, 2020	184,123													$ 14,921			$ 7,470			$ 7,463			$ 49,845			$ 104,424
Temporary Equity, Balance, shares at Sep. 30, 2020														20,907			10,905			8,322			58,390			39,985
Beginning balance at Dec. 31, 2020	(143,258)	(143,258)				5,908	5,908	(138,516)	(138,516)	$ (10,650)		$ (10,650)
Beginning balance, shares at Dec. 31, 2020			7,682	50,183	57,865					636	4,158	4,794
Temporary Equity, Balance at Dec. 31, 2020	184,123	$ 184,123												$ 14,921		$ 14,921	$ 7,470		$ 7,470	$ 7,463		$ 7,463	$ 49,845		$ 49,845	$ 104,424		$ 104,424
Temporary Equity, Balance, shares at Dec. 31, 2020		8,322												2,775	18,132	20,907	1,448	9,457	10,905	1,105	7,217	8,322	7,751	50,639	58,390	5,308	34,677	39,985
Issuance of common stock upon exercise of stock options	$ 375					375
Issuance of common stock upon exercise of stock options, shares	1,795		1,584
Issuance of common stock upon early exercise of stock options, shares			211
Vesting of early exercised stock options	$ 171					171
Conversion of preferred stock to common stock	184,123		$ 14			184,109				$ 10,650			$ (184,123)	$ (14,921)			$ (7,470)			$ (7,463)			$ (49,845)			$ (104,424)
Conversion of preferred stock to common stock, shares			138,612											(20,907)			(10,905)			(8,322)			(58,390)			(39,985)
Issuance of Class A common stock and Class B common stock in connection with Business Combination	206,347		$ 10			195,687				$ 10,650
Issuance of Class A common stock and Class B common stock in connection with Business Combination, shares			40,073							(4,794)
Stock-based compensation expense	2,316					2,316
Net income (loss)	(6,346)							(6,346)
Ending balance at Sep. 30, 2021	243,728		$ 24			388,566		(144,862)
Ending balance, shares at Sep. 30, 2021			238,345
Temporary Equity, Balance at Sep. 30, 2021	0													$ 0			$ 0			$ 0			$ 0			$ 0
Temporary Equity, Balance, shares at Sep. 30, 2021														0		0	0		0	0		0	0		0	0		0
Beginning balance at Jun. 30, 2021	(132,556)	$ (132,556)				7,653	$ 7,653	(129,559)	$ (129,559)	$ (10,650)		$ (10,650)
Beginning balance, shares at Jun. 30, 2021			7,920	51,740	59,660					636	4,158	4,794
Temporary Equity, Balance at Jun. 30, 2021	184,123	$ 184,123												$ 14,921		$ 14,921	$ 7,470		$ 7,470	$ 7,463		$ 7,463	$ 49,845		$ 49,845	$ 104,424		$ 104,424
Temporary Equity, Balance, shares at Jun. 30, 2021														2,775	18,132	20,907	1,448	9,457	10,905	1,105	7,217	8,322	7,751	50,639	58,390	5,308	34,677	39,985
Vesting of early exercised stock options	64					64
Conversion of preferred stock to common stock													$ (184,123)	$ (14,921)			$ (7,470)			$ (7,463)			$ (49,845)			$ (104,424)
Conversion of preferred stock to common stock, shares														(20,907)			(10,905)			(8,322)			(58,390)			(39,985)
Conversion of preferred stock to common stock	184,123		$ 14			184,109
Conversion of preferred stock to common stock, shares			138,612
Issuance of Class A common stock and Class B common stock in connection with Business Combination	206,347		$ 10			195,687				$ 10,650
Issuance of Class A common stock and Class B common stock in connection with Business Combination, shares			40,073							(4,794)
Stock-based compensation expense	1,053					1,053
Net income (loss)	(15,303)							(15,303)
Ending balance at Sep. 30, 2021	243,728		$ 24			$ 388,566		$ (144,862)
Ending balance, shares at Sep. 30, 2021			238,345
Temporary Equity, Balance at Sep. 30, 2021	$ 0													$ 0			$ 0			$ 0			$ 0			$ 0
Temporary Equity, Balance, shares at Sep. 30, 2021														0		0	0		0	0		0	0		0	0		0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (6,346)	$ (21,799)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	433	308
Gain on sale of equipment	(246)
Amortization of debt financing costs	454	304
Impairment of inventory	1,342	2,971
Stock-based compensation	2,316	875
Change in fair value of warrant liabilities	13,185
Changes in operating assets and liabilities:
Accounts receivable	(7,717)	(1,472)
Inventory	(721,979)	214,080
Prepaid expenses and other assets	(7,174)	(555)
Accounts payable	3,857	439
Accrued liabilities	17,063	685
Net cash (used in) provided by operating activities	(704,812)	195,836
Cash flows from investing activities:
Purchases of property and equipment	(13,609)	(67)
Proceeds from sales of property and equipment	2,032
Net cash used in investing activities	(11,577)	(67)
Cash flows from financing activities:
Proceeds from Business Combination	284,011	0
Issuance cost of common stock	(51,249)
Borrowings from credit facilities and notes payable	1,702,702	556,627
Repayments of credit facilities and notes payable	(1,130,563)	(772,021)
Payment of debt financing costs	(3,229)	(598)
Proceeds from issuance of Class C preferred stock, net		29,823
Proceeds from exercise of stock options	633
Net cash provided by (used in) financing activities	802,305	(186,169)
Net change in cash, cash equivalents and restricted cash	85,916	9,600
Cash, cash equivalents and restricted cash, beginning of period	50,742	29,883
Cash, cash equivalents and restricted cash, end of period	136,658	39,483
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents	116,634	35,948
Restricted cash	20,024	3,535
Total cash, cash equivalents and restricted cash	136,658	39,483
Supplemental disclosure of cash flow information:
Cash payments for interest	9,630	11,890
Supplemental disclosure of non-cash investing and financing activities:
Transfer of property and equipment, net to inventory	10,065
Acquisition of warrant liabilities	26,525
Conversion of Stock, Amount Converted	184,123
Preferred Stock to Common Stock
Supplemental disclosure of non-cash investing and financing activities:
Conversion of Stock, Amount Converted	(184,123)
Treasury Stock
Supplemental disclosure of non-cash investing and financing activities:
Conversion of Stock, Amount Converted	$ 10,650

Business Activity

Business Activity	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business Activity	NOTE 1. BUSINESS ACTIVITY On September 1, 2021 (the “Closing Date”), we consummated the transactions contemplated by the previously announced Agreement and Plan of Merger, dated March 17, 2021 (the “Merger Agreement”), by and among OfferPad, Inc. (“Old Offerpad”), Supernova Partners Acquisition Company, Inc., a Delaware corporation (“Supernova”), and Orchids Merger Sub, Inc., a Delaware corporation (“Merger Sub”). Pursuant to these transactions, Merger Sub merged with and into Old Offerpad, with Old Offerpad becoming a wholly owned subsidiary of Supernova (the “Business Combination” and, collectively with the other transactions described in the Merger Agreement, the “Transactions”). On the Closing Date, and in connection with the closing of the Transactions (the “Closing”), Supernova changed its name to Offerpad Solutions Inc. (“Offerpad Solutions”). Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company,” “Offerpad,” “we,” “us,” or “our” refer to the business of Old Offerpad, which became the business of Offerpad Solutions and its subsidiaries following the Closing. Offerpad was founded in 2015 and together with its subsidiaries, is a customer-centric, home buying and selling platform that provides customers with the ultimate home transaction experience, offering convenience, control, certainty, and value. The Company is headquartered in Chandler, Arizona and operates in nearly 1,500 cities and towns across 20 me tropolitan markets in the United States as of September 30, 2021 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Impact of Business Combination We accounted for the September 1, 2021 Business Combination as a reverse recapitalization whereby Old Offerpad was determined as the accounting acquirer and Supernova as the accounting acquiree. This determination was primarily based on:  former Offerpad stockholders having the largest voting interest in Offerpad Solutions;  the board of directors of Offerpad Solutions having 7 members, and Offerpad’s former stockholders having the ability to nominate the majority of the members of the board of directors;  Offerpad management continuing to hold executive management roles for the post-combination company and being responsible for the day-to-day operations;  the post-combination company assuming the Offerpad name;  Offerpad Solutions maintaining the pre-existing Offerpad headquarters; and  the intended strategy of Offerpad Solutions being a continuation of Offerpad’s strategy. Accordingly, the Business Combination was treated as the equivalent of Old Offerpad issuing stock for the net assets of Supernova, accompanied by a recapitalization. The net assets of Supernova are stated at historical cost, with no goodwill or other intangible assets recorded. While Supernova was the legal acquirer in the Business Combination, because Old Offerpad was determined as the accounting acquirer, the historical financial statements of Old Offerpad became the historical financial statements of the combined company, upon the consummation of the Business Combination. As a result, the financial statements included in t he accompanying unaudited interim condensed consolidated financial statements reflect (i) the historical operating results of Old Offerpad prior to the Business Combination; (ii) the combined results of the Company and Old Offerpad following the closing of the Business Combination; (iii) the assets and liabilities of Old Offerpad at their historical cost; and (iv) the Company’s equity structure for all periods presented. In connection with the Business Combination transaction, we have converted the equity structure for the periods prior to the Business Combination to reflect the number of shares of the Company’s common stock issued to Old Offerpad ’ s stockholders in connection with the recapitalization transaction. As such, the shares, corresponding capital amounts and earnings per share, as applicable, related to Old Offerpad convertible preferred stock and common stock prior to the Business Combination have been retroactively converted as shares by applying the exchange ratio established in the Business Combination. Basis of Presentation and Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to GAAP and SEC rules and regulations. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. Therefore, this information should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s audited consolidated financial statements as of and for th e year ended December 31, 2020 included in the prospectus that constituted part of the Company’s Registration Statement on Form S-1 (File No. 333-259790), which was filed with the SEC on September 24, 2021 and declared effective by the SEC on October 1, 2021. The accompanying financial information reflects all adjustments which are, in the opinion of the Comp any’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant estimates include those related to the net realizable value of inventory, warrant liabilities, stock-based compensation, and deferred income tax allowances, among others. Actual results could differ from those estimates. Principles of Consolidation The Company’s condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company, its wholly owned operating subsidiaries and variable interest entities where the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. Under the provisions of ASC 280, Segment Reporting, the Company is not organized around specific services or geographic regions. The Company operates in one service line, providing a home buying and selling platform. We determined that our Chief Executive Officer is the Chief Operating Decision Maker (CODM) and he uses financial information, business prospects, competitive factors, operating results and other non-U.S. GAAP financial ratios to evaluate our performance, which is the same basis on which our results and performance are communicated to our Board of Directors. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment on a consolidated basis for each of the periods presented. Cash and Cash Equivalents Cash includes demand deposits with banks and financial institutions. Cash equivalents include only investments with initial maturities of three months or less that are highly liquid and readily convertible to known amounts of cash. Restricted Cash Restricted cash consists of cash received from the resale of homes that is specifically designated to repay borrowings under one of the Company’s secured credit facilities and is typically released within a few days of the home sale. Concentrations of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk are primarily cash and cash equivalents. Cash and cash equivalents are placed with major financial institutions deemed to be of high-credit-quality in order to limit credit exposure. Cash is regularly maintained in excess of federally insured limits at the financial institutions. Management believes that the Company is not exposed to any significant credit risk related to cash deposits. Accounts Receivable Accounts receivable are generated through the sale of a home and generally results in a one- or two-day delay in receiving cash from the title company. Accounts receivable are stated at the amount management expects to collect from outstanding balances. Most of the Company’s transactions are processed through escrow and therefore, collectability is reasonably assured. The Company reviews accounts receivable on a regular basis and estimates an amount of losses for uncollectible accounts based on its historical collections, age of the receivable, and any other known conditions that may affect collectability. Inventory Inventory consists of acquired homes and are stated at the lower of cost or net realizable value, with cost determined by the specific identification of each home. Costs include initial purchase costs and renovation costs, as well as holding costs and interest incurred during the renovation period, prior to the listing date. Selling costs, including commissions and holding costs incurred after listing date, are expensed as incurred and included in sales, marketing and operating expenses. The Company reviews inventory for indicators that net realizable value is lower than cost. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized in cost of revenue and the related inventory is adjusted to its net realizable value. The Company recorded inventory impairments of $ 1.0 million and $ 0.1 million during the three months ended September 30, 2021 and 2020 , respectively, and $ 1.3 million and $ 3.0 million during the nine months ended September 30, 2021 and 2020, respectively. Inventory is classified into three categories: Homes under renovation, homes listed for sale, and homes under contract to sell. Property and Equipment Property and equipment is recorded at cost and primarily consist of rooftop solar panel systems installed on residential real estate and properties held for use. The Company depreciates its property and equipment for financial statement purposes using the straight-line method based on the estimated useful lives of the assets. The estimated useful lives of property and equipment by asset category are described below: Property and Equipment Category Estimated Useful Life Rooftop solar panel systems Thirty years Properties held for use Twenty seven and a half years Leasehold improvements Lesser of estimated useful life or remaining lease term Computers and equipment Five years Office equipment and furniture Seven years Software systems Four to five years Long-Lived Asset Impairments Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The Company recognized no impairment charges on property and equipment for the three and nine months ended September 30, 2021 and 2020 . Accrued Liabilities Accrued liabilities include accrued salaries and wages, interest, advertising, and other expenses. Warrant Liabilities The Company evaluates its financial instruments, including its outstanding warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company has outstanding public and private warrants, both of which do not meet the criteria for equity classification and are accounted for as liabilities. Accordingly, the Company recognizes the warrants as liabilities at fair value and adjusts the warrants to fair value at each reporting period. The warrant liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s unaudited condensed consolidated statement of operations. The fair value of the public warrants is estimated based on the quoted market price of such warrants. The fair value of the private warrants is estimated using the Black-Scholes-Merton option-pricing model . Revenue Recognition Revenue is recognized when (or as) performance obligations are satisfied by transferring control of the promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services. The Company applies the following steps in determining the timing and amount of revenue to recognize: (1) identify the contract with our customer; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) the performance obligation is satisfied. Revenue from the sale of homes is derived from the resale of homes on the open market. Home sales revenue is recognized at the time of the closing when title to and possession of the property are transferred to the buyer. The amount of revenue recognized for each home sale is equal to the sale price of the home net of resale concessions and credits to the buyer. Cost of Revenue Cost of revenue includes the initial purchase costs, renovation costs, holding costs and interest incurred during the renovation period, prior to listing date and real estate inventory valuation adjustments, if any. These costs are accumulated in real estate inventory up until the home is ready for resale, and then charged to cost of revenue under the specific identification method when the property is sold. Sales, Marketing and Operating Sales, marketing and operating expenses consist of real estate agent commissions, advertising, and holding costs on homes incurred during the period that homes are listed for sale, which includes utilities, taxes, maintenance, and other costs. Sales, marketing and operating expense includes any headcount expenses in support of sales, marketing, and real estate inventory operations such as salaries, benefits, and stock-based compensation. Sales, marketing and operating expenses are charged to operations as incurred. The Company incurred advertising expenses of $ 13.3 million and $ 3.5 million during the three months ended September 30, 2021 and 2020 , respectively, and $ 32.2 million and $ 8.2 million during the nine months ended September 30, 2021 and 2020 , respectively. Technology and Development Technology and development expenses consist of headcount expenses, including salaries, benefits and stock-based compensation expense for employees and contractors engaged in the design, development, and testing of website applications and software development. Technology and development expenses are charged to operations as incurred. Stock-Based Compensation Stock-based compensation awards consist of stock options. The Company has historically issued stock options with exercise prices equal to the fair value of the underlying stock price. Prior to the completion of the Business Combination and listing of the Company’s common stock on the public stock exchange, the fair value of Old Offerpad common stock that underlies the stock options was determined based on then-current valuation estimates at the time of grant. Because such grants occurred prior to the public trading of the Company’s common stock, the fair value of Old Offerpad common stock was typically determined with assistance of periodic valuation analyses from an independent third-party valuation firm. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for option awards. Compensation expense for all option awards is recorded on a straight-line basis over the requisite service period of the awards, which is generally the option’s vesting period. These amounts are reduced by the forfeitures as the forfeitures occur. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of Deferred Tax Asset (DTAs) and Deferred Tax Liabilities (DTLs) for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, the Company determines DTAs and DTLs on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. The Company recognizes DTAs to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax laws, and results of recent operations. If the Company determines that it would be able to realize its DTAs in the future in excess of their net recorded amount, the Company would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes. Consolidation of Variable Interest Entities The Company is a variable interest holder in certain entities in which equity investors at risk do not have the characteristics of a controlling financial interest or where the entity does not have enough equity at risk to finance its activities without additional subordinated financial support from other parties; these entities are VIEs. The Company’s variable interest arises from contractual, ownership or other monetary interest in the entity, which fluctuates based on the VIE’s economic performance. The Company consolidates a VIE if it is the primary beneficiary. The Company is the primary beneficiary if it has a controlling financial interest, which includes both the power to direct the activities that most significantly impact the economic performance of the VIE and a variable interest that obligates the Company to absorb losses or the right to receive benefits that potentially could be significant to the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. Fair Value Measurements The Company accounts for assets and liabilities in accordance with accounting standards that define fair value and establish a consistent framework for measuring fair value on either a recurring or a nonrecurring basis. Fair value is an exit price representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Accounting standards include disclosure requirements relating to the fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Assets or liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. New Accounting Pronouncements Recently Issued Not Yet Adopted As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which provides guidance requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for substantially all leases, with the exception of short-term leases. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations. The Company has elected, as an EGC, to delay the adoption of this guidance until the time private companies are required to adopt, which is for annual perio ds beginning after December 15, 2021. The Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The Company has elected, as an EGC, to delay the adoption of this guidance until the time private companies are required to adopt, which is for annual periods beginning after December 15, 2022. The Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The Company has elected, as an EGC, to delay the adoption of this guidance until the time private companies are required to adopt, which is for annual periods beginning after December 15, 2021. The Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The Company may elect to take advantage of this optional guidance in its transition away from LIBOR within certain debt contracts. While the goal of the reference rate reform transition is for it to be economically neutral to entities, the Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combination	NOTE 3. BUSINESS COMBINATION On September 1, 2021, Old Offerpad and Supernova consummated the transactions contemplated by the previously announced Merger Agreement. At the Closing, each share of common stock and preferred stock of Old Offerpad that was issued and outstanding immediately prior to the effective time of the Merger (other than excluded shares as contemplated by the Merger Agreement) was cancelled and converted into the right to receive approximately 7.533 shares (the “Exchange Ratio”) of Offerpad Solutions Inc. common stock. The shares of Offerpad Solutions Inc. common stock received as consideration by Brian Bair, the Chief Executive Officer and Founder of the Company, are Class B shares, and entitle Mr. Bair or his permitted transferees to 10 votes per share until the earlier of (a) the date that is nine months following the date on which Mr. Bair (x) is no longer providing services, whether upon death, resignation, removal or otherwise, to Offerpad Solutions as a member of the senior leadership team, officer or director and (y) has not provided any such services for the duration of such nine-month period; and (b) the date as of which Mr. Bair or his permitted transferees have transferred, in the aggregate, more than seventy-five ( 75 %) of the shares of Class B common stock that were held by Mr. Bair and his permitted transferees immediately following the Closing. At the Closing, each option to purchase Old Offerpad’s common stock, whether vested or unvested, was assumed and converted into an option to purchase a number of shares of Offerpad Solutions Class A common stock in the manner set forth in the Merger Agreement. Additionally, in connection with the execution of the Merger Agreement, Supernova entered into subscription agreements, pursuant to which certain Supernova investors agreed to purchase at the closing of the Transactions an aggregate of 20,000,000 shares of Offerpad Solutions Class A common stock, for a price of $ 10.00 per share for an aggregate purchase price of $ 200.0 million (the “PIPE Investment”). The PIPE Investment was consummated simultaneously with the Closing. Further, in connection with the closing of Supernova’s initial public offering, Supernova entered into forward purchase agreements pursuant to which certain affiliates of Supernova agreed to purchase, upon the closing of the Transactions, an aggregate of 5,000,000 shares of Offerpad Solutions Class A common stock and an aggregate of 1,666,667 warrants to purchase one share of Offerpad Solutions Class A common stock, for an aggregate purchase price of $ 50,000,000 , or $ 10.00 per share of Offerpad Solutions Class A common stock and one-third of one warrant to purchase one share of Offerpad Solutions Class A common stock (“Forward Purchase Agreements”). Offerpad Solutions received the funds under the Forward Purchase Agreements upon the Closing. We accounted for the Business Combination as a reverse recapitalization whereby Old Offerpad was determined as the accounting acquirer and Supernova as the accounting acquiree. Refer to Note 2, Summary of Significant Accounting Policies, for further details. Accordingly, the Business Combination was treated as the equivalent of Old Offerpad issuing stock for the net assets of Supernova, accompanied by a recapitalization. The net assets of Supernova are stated at historical cost, with no goodwill or other intangible assets recorded. Upon the closing of the Transactions, Offerpad Solutions received total gross proceeds of $ 284.0 million, which consisted of $ 34.0 million from Supernova’s trust and operating accounts, $ 200.0 million from the PIPE Investment and $ 50.0 million from the Forward Purchase Agreements. Total transaction costs were $ 51.2 million, which principally consisted of advisory, legal and other professional fees. Cumulative debt repayments, inclusive of accrued but unpaid interest, of $ 63.4 million were paid in conjunction with the close, which included a $ 55.8 million repayment of the Secured Term Loan with First American Title Insurance Company, a $ 3.8 million repayment of a term loan that was used to finance the Company’s rooftop solar panel systems, a $ 2.5 million repayment of Notes Payable to related parties and a $ 1.3 million repayment of Notes Payable – other.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventory	NOTE 4. INVENTORY The components of inventory, net of applicable lower of cost or net realizable value adjustments, consist of the following as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Homes under renovation $ 305,622 $ 47,978 Homes listed for sale 307,658 30,826 Homes under contract to sell 288,782 92,555 Inventory $ 902,062 $ 171,359

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Rooftop solar panel systems $ 5,075 $ 5,094 Properties held for use 4,399 2,790 Leasehold improvements 772 749 Software systems 318 318 Computers and equipment 265 265 Office equipment and furniture 107 70 Property and equipment, gross 10,936 9,286 Less: accumulated depreciation ( 1,380 ) ( 1,055 ) Property and equipment, net $ 9,556 $ 8,231 Depreciation expense totaled $ 0.1 million during each of the three months ended September 30, 2021 and 2020 , respectively, and $ 0.4 million and $ 0.3 million during the nine months ended September 30, 2021 and 2020 , respectively.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Liabilities	NOTE 6. ACCRUED LIABILITIES Accrued liabilities consist of the following as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Compensation $ 12,098 $ 6,180 Marketing 5,819 1,035 Legal and professional obligations 5,482 314 Interest 2,421 699 Payroll tax 1,510 1,250 Other 1,024 1,703 Accrued liabilities $ 28,354 $ 11,181

Credit Facilities and Notes Pay

Credit Facilities and Notes Payable	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Credit Facilities and Notes Payable	NOTE 7. CREDIT FACILITIES AND NOTES PAYABLE The following presents the carrying values of the Company’s debt as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Credit facilities and notes payable, net Senior secured credit facilities with financial institutions $ 453,028 $ 49,544 Senior secured credit facility with a related party 159,999 105,397 Senior secured debt - other 59,788 — Mezzanine secured credit facilities with a related party 81,209 19,251 Notes payable with related parties — 2,385 Notes payable - other — 5,309 Debt issuance costs ( 2,983 ) ( 208 ) Total credit facilities and notes payable, net 751,041 181,678 Current portion - credit facilities and notes payable, net Total credit facilities, other debt and notes payable 509,833 50,143 Total credit facilities and notes payable, net - related party 241,208 126,825 Non current portion - credit facilities and notes payable, net Total credit facilities and notes payable — 4,710 Total credit facilities and notes payable, net $ 751,041 $ 181,678 Senior Secured Credit Facilities The Company utilizes senior secured credit facilities that are classified as current liabilities on the accompanying condensed consolidated balance sheets as amounts drawn to purchase and renovate homes are due as homes are sold, which is expected to be within 12 months. The following summarizes certain details related to the Company’s senior secured credit facilities (in thousands, except interest rates): As of September 30, 2021 Borrowing Outstanding Weighted- Maturity Senior secured credit facility with financial institution 1 $ 400,000 $ 387,186 2.59 % August 2022 Senior secured credit facility with financial institution 2 400,000 65,842 2.58 % March 2024 Senior secured credit facility with a related party 225,000 159,999 4.09 % December 2022 $ 1,025,000 $ 613,027 As of December 31, 2020 Borrowing Outstanding Weighted- Maturity Senior secured credit facility with financial institution 1 $ 200,000 $ 49,544 3.72 % August 2022 Senior secured credit facility with a related party 225,000 105,397 5.28 % December 2022 $ 425,000 $ 154,941 As of September 30, 2021 , the Company had three senior secured credit facilities, two with separate financial institutions and one with a related party, which holds more than 5 % of our Class A common stock.  Senior Secured Credit Facility with Financial Institution 1 During 2021, the Company amended its senior secured credit facility with financial institution 1, which collectively increased the borrowing capacity from $ 200.0 million as of December 31, 2020 to $ 400.0 million as of September 30, 2021 ($ 100 million of which is uncommitted). Borrowings on the senior secured credit facility with financial institution 1 accrue interest at a rate based on a LIBOR reference rate plus a margin of 2.5 %.  Senior Secured Credit Facility with Financial Institution 2 In September 2021, the Company entered into a Loan and Security Agreement with financial institution 2. The Loan and Security Agreement initially provides for a $ 300.0 million credit facility available over a 24-month term with an accordion feature providing for additional capacity of $ 100.0 million. Borrowings on the senior secured credit facility with financial institution 2 accrue interest at a rate based on a LIBOR reference rate plus a margin of 2.5 %.  Senior Secured Credit Facility with a Related Party Borrowings on the senior secured credit facility with a related party accrue interest at a rate based on a LIBOR reference rate plus a margin of 4.0 %. Borrowings under the Company’s senior secured credit facilities are collateralized by the real estate inventory funded by the senior secured credit facility. The lenders have legal recourse only to the assets securing the debt and do not have general recourse against the Company with limited exceptions. The Company has, however, provided limited non-recourse carve-out guarantees under its senior and mezzanine secured credit facilities for certain of the SPEs’ obligations in situations involving “bad acts” by an Offerpad entity and certain other limited circumstances that are generally under the Company’s control. Each senior secured facility contains eligibility requirements that govern whether a property can be financed. When the Company resells a home, the proceeds are used to reduce the corresponding outstanding balance under both the related senior secured credit facility and the mezzanine secured credit facility. As of September 30, 2021, the Company’s senior secured credit facility with financial institution 1 matures within the next twelve months following the date these condensed consolidated financial statements are issued. The Company expects to enter into new financing arrangements or amend existing arrangements to meet its obligations as they come due, which the Company believes is probable based on its history of prior credit facility renewals and an assessment of the current lending environment. The Company believes cash on hand, in addition to the cash the Company obtained as a result of the Business Combination, PIPE Investment and Forward Purchase Agreement, together with proceeds from the resale of homes and cash from future borrowings available under each of the Company’s existing credit facilities or the entry into new financing arrangements will be sufficient to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these financial statements are issued. Mezzanine Secured Credit Facilities The Company classifies mezzanine secured credit facilities as current liabilities on the accompanying condensed consolidated balance sheets as amounts drawn to purchase and renovate homes are due as homes are sold, which is expected to be within 12 months. These facilities are structurally and contractually subordinated to the related senior secured credit facilities. The following summarizes certain details related to the Company’s mezzanine secured credit facilities (in thousands): As of September 30, 2021 As of December 31, 2020 Borrowing Outstanding Borrowing Outstanding Mezzanine secured credit facilities $ 124,700 $ 81,209 $ 68,450 $ 19,251 As of September 30, 2021 , the Company had three mezzanine secured credit facilities, all of which are with a related party, which holds more than 5% of our Class A common stock. Borrowings for each of the mezzanine secured credit facilities accrue interest at a rate of 13.00 % and the mezzanine secured credit facilities have maturity dates ranging from December 2022 through March 2024. These borrowings are collateralized by a second lien on the real estate inventory funded by the relevant credit facility. The lenders have legal recourse only to the assets securing the debt, and do not have general recourse to Offerpad with limited exceptions. When the Company resells a home, the proceeds are used to reduce the outstanding balance under both the related senior secured credit facility and the mezzanine secured credit facility. Covenants for Senior Secured Credit Facilities and Mezzanine Secured Credit Facilities The secured credit facilities include customary representations and warranties, covenants and events of default. Financed properties are subject to customary eligibility criteria and concentration limits. The terms of these facilities and related financing documents require the Company to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to equity). As of September 30, 2021, the Company was in compliance with all covenants. Senior Secured Debt - Other During July 2021, the Company entered into an arrangement with a third-party lender to support additional purchases of real estate inventory ( “Senior Secured Debt - Other”) . Borrowings on the Senior Secured Debt - Other accrue interest at a rate based on a Secured Overnight Financing Rate plus a margin of 5.74 %. The weighted-average interest rate on the Senior Secured Debt - Other as of September 30, 2021 was 5.79 %. Notes Payable In February 2020, the Company entered into a secured promissory note with a lender to finance the Company’s rooftop solar panel systems for a $ 4.3 million term loan. The note required the Company to make monthly principal and interest payments. The Company repaid $ 3.8 million on this note in September 2021 in connection with the Closing of the Business Combination transaction, which represented the outstanding balance on the note, together with accrued but unpaid interest. Accordingly, there are no amounts outstanding on this note as of September 30, 2021. The Company had unsecured notes payable of $ 1.3 million at December 31, 2020 that were included in current liabilities in the accompanying condensed consolidated balance sheet as of December 31, 2020. The balance on each note, together with accrued but unpaid interest, was repaid in September 2021 in connection with the Closing of the Business Combination transaction. The Company had unsecured notes payable to related parties of $ 2.4 million at December 31, 2020 that were included in current liabilities in the accompanying condensed consolidated balance sheet as of December 31, 2020 . The balance on each note, together with accrued but unpaid interest, was repaid in September 2021 in connection with the Closing of the Business Combination transaction. Secured Term Loan On June 30, 2021, Offerpad entered into a credit agreement (the “First American Credit Agreement”) with First American Title Insurance Company, which is an affiliate of First American, which holds more than 5% of our Class A common stock. Additionally, Kenneth DeGiorgio, who is a member of our board of directors, is the president of First American. Under the First American Credit Agreement , we borrowed a principal amount of $ 30.0 million. In August 2021, we amended the First American Credit Agreement to borrow an additional $ 25.0 million. The loan accrued interest at an annual rate of 12.0 %. The principal amounts of the loan, together with all accrued but unpaid interest, were repaid in September 2021 in connection with the Closing of the Business Combination. Accordingly, there are no amounts outstanding on this loan as of September 30, 2021 .

Warrant Liabilities

Warrant Liabilities	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Warrant Liabilities	NOTE 8. WARRANT LIABILITIES In connection with the Business Combination, the Company assumed 13,416,637 public warrants and 6,700,000 private placement warrants, both of which were previously issued by Supernova. Further, upon the closing of the Business Combination, an additional 1,666,667 private placement warrants were issued. As such, as of September 1, 2021, the Company had outstanding warrants to purchase an aggregate of up to 21,783,304 shares of Offerpad Solutions Class A common stock that will become exercisable securities in the future after certain requirements have been met. During the three months ended September 30, 2021 , no warrants were exercised. Accordingly, as of September 30, 2021, the Company had 13,416,637 public warrants and 8,366,667 private placement warrants outstanding . Public Warrants Each public warrant entitles the registered holder to acquire one share of the Company’s Class A common stock at a price of $ 11.50 per share, subject to adjustment as discussed below. The warrants became exercisable on October 23, 2021. A holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. The public warrants will expire September 1, 2026 , or earlier upon redemption or liquidation. Redemption of warrants for cash The Company may call the public warrants for redemption for cash:  in whole and not in part;  at a price of $ 0.01 per warrant;  upon not less than 30 days’ prior written notice of redemption to each warrant holder; and  if, and only if, the last reported sale price of the Company’ s Class A common stock equals or exceeds $ 18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of the Company ’s Class A common stock and equity-linked securities) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders. If and when the warrants become redeemable by the Company for cash, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of warrants for shares of Class A common stock The Company may redeem the outstanding warrants for shares of Class A common stock:  in whole and not in part;  at $ 0.10 per warrant upon a minimum of 30 days ’ prior written notice of redemption provided that holders will be able to exercise their warrants prior to redemption and receive that number of shares determined by reference to an agreed table, based on the redemption date and the “fair market value” of Class A common stock (as defined below) except as otherwise described below;  if, and only if, the last reported sale price of the Company’s Class A common stock equals or exceeds $ 10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of the Company’s Class A common stock and equity-linked securities) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and  if and only if, the private placement warrants are also concurrently exchanged at the same price (equal to a number of shares of our Class A common stock) as the outstanding public warrants, as described above. The “fair market value” of the Class A common stock shall mean the average of the last reported sales price for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment). Private Placement Warrants The private placement warrants are not redeemable by us so long as they are held by the Supernova Sponsor or its permitted transferees, except in certain limited circumstances. The Supernova Sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis and the Supernova Sponsor and its permitted transferees has certain registration rights related to the private placement warrants (including the shares of Class A common stock issuable upon exercise of the private placement warrants). Except as described in this section, the private placement warrants have terms and provisions that are identical to those of the public warrants. If the private placement warrants are held by holders other than the Supernova Sponsor or its permitted transferees, the private placement warrants will be redeemable by the Company and exercisable by the holders on the same basis as the public warrants

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9. FAIR VALUE MEASUREMENTS The fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and certain prepaid and other current assets and accrued expenses approximate carrying values because of their short-term nature. The Company’s credit facilities are carried at amortized cost and the carrying value approximates fair value because of their short-term nature. The Company’s liabilities that are measured at fair value on a recurring basis consist of the following as of September 30, 2021 (in thousands): Description Quoted Prices in Significant Other Significant Public warrant liabilities $ 23,480 $ — $ — Private placement warrant liabilities $ — $ — $ 16,231 Public Warrants The fair value of the public warrants is estimated based on the quoted market price of such warrants on the valuation date. The public warrants were initially recognized as a liability in connection with the Business Combination on September 1, 2021 at a fair value of $ 16.2 million. As of September 30, 2021 , the estimated fair value of the public warrants was $ 23.5 million. The $ 7.3 million change in fair value of the public warrants between September 1, 2021 and September 30, 2021 is recorded in Change in fair value of warrant liabilities in our Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2021. Private Placement Warrants The private placement warrants were initially recognized as a liability in connection with the Business Combination on September 1, 2021. The following summarizes the changes in the Company ’ s private placement warrant liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the respective periods (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Beginning balance $ — $ — $ — $ — Initial fair value of private placement warrants 10,291 — 10,291 — Change in fair value of private placement warrants included in net loss 5,940 — 5,940 — Ending balance $ 16,231 $ — $ 16,231 $ — The fair value of the private placement warrants is estimated using the Black-Scholes-Merton option-pricing model based on the following key assumptions and significant inputs as of the respective valuation dates: September 30, September 1, Volatility 34.50 % 25.00 % Stock price $ 8.72 $ 8.80 Expected life of the options to convert 4.919 5.000 Risk-free rate 0.98 % 0.78 % Dividend yield 0.00 % 0.00 % Volatility: Expected volatility is estimated using a Monte Carlo simulation model to determine volatility based on the trading price of the public warrants and to reflect the probability of different outcomes. Expected Life: The expected life of the warrants is assumed to be equivalent to their remaining contractual term . Risk-Free Interest Rate: The risk-free interest rate is estimated based on the U.S. Treasury zero-coupon yield curve on the valuation date for a maturity similar to the expected remaining life of the warrants. Expected Dividend Yield: The expected dividend yield assumption considers that we have not historically paid dividends and we do not expect to pay dividends in the foreseeable future. There were no transfers between Levels 1, 2, and 3 during the three and nine months ended September 30, 2021 and 2020 .

Stockholder's Equity

Stockholder's Equity	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
Stockholder's Equity	NOTE 10. STOCKHOLDERS ’ EQUITY Authorized Capital Stock The Company’ s charter authorizes the issuance of 2,370,000,000 shares, which includes Class A common stock, Class B common stock, Class C common stock and preferred stock. Class A Common Stock Subsequent to the Closing of the Business Combination, our Class A common stock and warrants began trading on the New York Stock Exchange (“NYSE”) under the symbols “OPAD” and “OPAD WS,” respectively. Pursuant to the Company’ s charter, the Company is authorized to issue 2,000,000,000 shares of Class A common stock, par value $ 0.0001 per share. As of September 30, 2021 , we had 223.5 million shares of Class A common stock issued and outstanding. Prior to the Business Combination, Old Offerpad had outstanding shares of Series A, Series A-1, Series A-2, Series B and Series C convertible preferred stock (collectively, “Preferred Stock”). Upon the Closing of the Business Combination , each share of Old Offerpad’s Preferred Stock and common stock that was issued and outstanding immediately prior to the effective time of the Merger was cancelled and converted into Offerpad Solutions Inc. Class A common stock with the application of the Exchange Ratio as discussed in Note 3 - Business Combination. Additionally, we have outstanding warrants to purchase shares of Offerpad Solutions Class A common stock that will become exercisable securities in the future after certain requirements have been met. Refer to Note 8 - Warrant Liabilities. Class B Common Stock Pursuant to the Company’ s charter, the Company is authorized to issue 20,000,000 shares of Class B common stock, par value $ 0.0001 per share. In connection with the Closing of the Business Combination, Brian Bair, the Chief Executive Officer and Founder of the Company, or entities controlled by Mr. Bair, received Class B shares of Offerpad Solutions Inc. common stock as consideration. These Class B shares entitle Mr. Bair or his permitted transferees to 10 votes per share until the earlier of (a) the date that is nine months following the date on which Mr. Bair (x) is no longer providing services, whether upon death, resignation, removal or otherwise, to Offerpad Solutions as a member of the senior leadership team, officer or director and (y) has not provided any such services for the duration of such nine-month period; and (b) the date as of which Mr. Bair or his permitted transferees have transferred, in the aggregate, more than seventy-five ( 75 %) of the shares of Class B common stock that were held by Mr. Bair and his permitted transferees immediately following the Closing. As of September 30, 2021 , we had 14.8 million shares of Class B common stock issued and outstanding. Class C Common Stock Pursuant to the Company’ s charter, the Company is authorized to issue 250,000,000 shares of Class C common stock, par value $ 0.0001 per share. Our Class C common stock will entitle its holder to have substantially the same rights as Class A common stock, except it will not have any voting rights. As of September 30, 2021 , there were no shares of Class C common stock issued and outstanding. Pre ferred Stock Pursuant to the Company’ s charter, the Company is authorized to issue 100,000,000 shares of preferred stock, par value $ 0.0001 per share. Our board of directors has the authority without action by the stockholders, to designate and issue shares of preferred stock in one or more classes or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations, preferences, limitations, restrictions and relative rights of each class or series of preferred stock, including, without limitation, dividend rights, conversion rights, redemption privileges and liquidation preferences, which rights may be greater than the rights of the holders of the common stock. As of September 30, 2021 , there were no shares of preferred stock issued and outstanding. Dividends Our Class A and Class B common stock are entitled to dividends if and when any dividend is declared by our board of directors, subject to the rights of all classes of stock outstanding having priority rights to dividends. We have not paid any cash dividends on common stock to date. We may retain future earnings, if any, for the further development and expansion of our business and have no current plans to pay cash dividends for the foreseeable future. Any future determination to pay dividends will be made at the discretion of our board of directors and will depend on, among other things, our financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments, business prospects and such other factors as our board of directors may deem relevant.

Stock-Based Awards

Stock-Based Awards	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Awards	NOTE 11. STOCK-BASED AWARDS 2016 Stock Plan Prior to the Closing of the Business Combination, the Company maintained the OfferPad 2016 Stock Option and Grant Plan (the “2016 Plan”) that allowed for granting of incentive and non-qualified stock options to employees, directors, and consultants. In connection with the Business Combination, each option granted under the 2016 Plan that was outstanding immediately prior to the Business Combination, whether vested or unvested, was assumed and converted into an option to purchase a number of shares of Class A common stock (rounded down to the nearest whole share) equal to the product of (i) the number of shares of Old Offerpad common stock subject to such Old Offerpad option immediately prior to the Business Combination and (ii) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (A) the exercise price per share of such Old Offerpad option immediately prior to the consummation of the Business Combination by (B) the Exchange Ratio. Stock option activity prior to the Business Combination was retroactively adjusted to reflect this conversion. Awards outstanding under the 2016 Plan were assumed by Offerpad Solutions upon the Closing and continue to be governed by the terms and conditions of the 2016 Plan and applicable award agreement. Shares of our common stock subject to awards granted under the 2016 Plan that expire unexercised or are cancelled, terminated, or forfeited in any manner without issuance of shares thereunder following the effective date of the 2021 Plan (as defined below), will not become available for issuance under the 2021 Plan. In connection with the completion of the Business Combination and the adoption of the 2021 Plan, no additional awards will be granted under the 2016 Plan. 2021 Equity Incentive Plans In connection with the Business Combination, our board of directors adopted, and our stockholders approved, the Offerpad Solutions Inc. 2021 Incentive Award Plan (the “2021 Plan”) under which 26,333,222 shares of Class A common stock were initially reserved for issuance. The 2021 Plan allows for the issuance of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock or cash based awards. The number of shares of the Company’s Class A common stock available for issuance under the 2021 Plan automatically increases on the first day of each calendar year, beginning on and including January 1, 2022 and ending on and including January 1, 2031 equal to the lesser of (i) a number of shares such that the aggregate number of Class A shares available for grant under the 2021 Plan immediately following such increase shall be equal to 5 % of the number of fully-diluted shares on the final day of the immediately preceding calendar year and (ii) such smaller number of Class A shares as is determined by the Company’s board of directors. As of September 30, 2021 , no awards have been granted under the 2021 Plan. In connection with the close of the Business Combination, the Company’s board of directors approved the Offerpad Solutions Inc. 2021 Employee Stock Purchase Plan (“ESPP”). There are 2,633,322 shares of Class A common stock initially reserved for issuance under the ESPP. The number of shares of the Company’s Class A common stock available for issuance under the ESPP automatically increases on the first day of each calendar year, beginning on and including January 1, 2022 and ending on and including January 1, 2031, by the lesser of (a) a number of shares such that the aggregate number of shares of Class A common stock available for grant under the ESPP immediately following such increase shall be equal to 1 % of the number of fully-diluted shares on the final day of the immediately preceding calendar year and (b) such smaller number of Class A shares as determined by the Company’s board of directors; provided that, no more than 50,000,000 shares may be issued under the ESPP. As of September 30, 2021 , no shares have been issued under the ESPP. Stock options The following summarizes stock option activity for the nine months ended September 30, 2021: Options (in thousands) Nonemployee (in thousands) Total (in thousands) Weighted- Weighted-Average (in years) Aggregate (in thousands) Outstanding as of December 31, 2020 3,462 201 3,663 $ 5.09 7.40 $ 14,619 Retroactive conversion of shares due to Business Combination 22,613 1,315 23,928 ( 4.41 ) Outstanding as of December 31, 2020, as converted 26,075 1,516 27,591 0.68 7.40 14,619 Granted 1,559 — 1,559 1.22 Exercised ( 1,252 ) ( 543 ) ( 1,795 ) 0.35 Forfeited ( 521 ) ( 182 ) ( 703 ) 0.65 Outstanding as of September 30, 2021 25,861 791 26,652 0.73 7.09 145,943 Exercisable as of September 30, 2021 17,941 0.58 6.38 78,143 Vested and expected to vest as of September 30, 2021 26,652 0.73 7.09 145,943 The Company has historically issued stock options with exercise prices equal to the fair value of the underlying stock price. Prior to the completion of the Business Combination and listing of the Company’s common stock on the public stock exchange, the fair value of Old Offerpad common stock that underlies the stock options was determined based on then-current valuation estimates at the time of grant. Because such grants occurred prior to the public trading of the Company’s common stock, the fair value of Old Offerpad common stock was typically determined with assistance of periodic valuation analyses from an independent third-party valuation firm. The Company determines the grant-date fair value of stock option awards using a Black-Scholes option pricing model with the following assumptions: Expected Term: The expected term represents the period of time that the option grants are expected to be outstanding and is estimated using the midpoint between the requisite service period and the contractual term of the options. Risk-Free Interest Rate: The risk-free interest rate is estimated using the rate of return on U.S. treasury notes with a life that approximates the expected term. Volatility: As our shares have not previously been publicly traded prior to the Business Combination, and have not regularly traded privately, expected volatility for awards granted prior to the Business Combination was estimated based on the average historical volatility of similar entities with publicly traded shares over the relevant vesting or estimated liquidity period. Expected Dividend Yield: The expected dividend yield assumption considers that we have not historically paid dividends and we do not expect to pay dividends in the foreseeable future. No option awards have been granted from the date of the Business Combination through September 30, 2021 . The range of assumptions used in the Black-Scholes Model for options granted during 2021 prior to the Business Combination are as follows: 2021 Range Expected term (in years) 5.97 - 6.10 Risk-free interest rate 0.64 % - 0.67 % Expected volatility 52.5 % - 52.7 % Dividend yield — Fair value on grant date $ 4.49 - $ 4.55 The Company recognized stock-based compensation expense of $ 1.0 million and $ 0.4 million for the three months ended September 30, 2021 and 2020 , respectively, and $ 2.3 million and $ 0.9 million for the nine months ended September 30, 2021 and 2020, respectively, as part of operating expenses in the accompanying condensed consolidated statements of operations. As of September 30, 2021 , the Company had $ 4.3 million of unrecognized stock-based compensation expense related to outstanding awards.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	NOTE 12. VARIABLE INTEREST ENTITIES The Company formed certain special purpose entities (each, an “SPE”) to purchase and sell residential properties. Each SPE is a wholly owned subsidiary of the Company and a separate legal entity, and neither the assets nor credit of any such SPE are available to satisfy the debts and other obligations of any affiliate or other entity. The credit facilities are secured by the assets and equity of one or more SPEs. These SPEs are variable interest entities, and the Company is the primary beneficiary as it has the power to control the activities that most significantly impact the SPEs’ economic performance and the obligation to absorb losses of the SPEs or the right to receive benefits from the SPEs that could potentially be significant to the SPEs. The SPEs are consolidated within the Company’s condensed consolidated financial statements. The following summarizes the assets and liabilities related to the VIEs as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Assets Restricted cash $ 20,024 $ 6,804 Accounts receivable 8,345 1,638 Inventory 900,283 171,212 Prepaid expenses and other current assets 2,879 1,036 Property and equipment, net 4,377 2,772 Total assets $ 935,908 $ 183,462 Liabilities Accounts payable $ 4,561 $ 716 Accrued liabilities 2,442 575 Secured credit facilities and notes payable, net - current portion 751,041 173,539 Secured credit facilities and notes payable - net of current portion — 653 Total liabilities $ 758,044 $ 175,483

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 13. EARNINGS PER SHARE Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares plus the incremental effect of dilutive potential common shares outstanding during the period. In periods when losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. The components of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net loss $ ( 15,303 ) $ ( 2,944 ) $ ( 6,346 ) $ ( 21,799 ) Denominator: Weighted average common shares outstanding, basic 115,985 57,865 78,191 57,865 Dilutive effect of preferred stock (1) — — — — Dilutive effect of stock options (1) — — — — Dilutive effect of warrants (1) — — — — Weighted average common shares outstanding, diluted 115,985 57,865 78,191 57,865 Net loss per share, basic $ ( 0.13 ) $ ( 0.05 ) $ ( 0.08 ) $ ( 0.38 ) Net loss per share, diluted $ ( 0.13 ) $ ( 0.05 ) $ ( 0.08 ) $ ( 0.38 ) Anti-dilutive securities excluded from diluted loss per share: Anti-dilutive preferred stock (1) — 138,612 — 138,612 Anti-dilutive stock options (1) 26,652 22,973 26,652 22,973 Anti-dilutive warrants (1) — 1,887 — 1,887 (1) Due to the net loss during each of the three and nine months ended September 30, 2021 and 2020 , no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14. INCOME TAXES The Company’s effective tax rate (ETR) was ( 0.5 )% and ( 2.8 )% for three and nine months ended September 30, 2021, respectively, and 0 % for each of the three and nine months ended September 30, 2020, respectively. The Company’s ETR during each of the three and nine months ended September 30, 2021 differed from the federal statutory rate of 21 % primarily due to changes in the valuation allowance, stock-based compensation, and state taxes. The valuation allowance recorded against our net deferred tax assets was $ 34.0 million as of September 30, 2021. As of September 30, 2021, we continue to have a full valuation allowance recorded against all deferred tax assets and will continue to evaluate our valuation allowance in future periods for any change in circumstances that causes a change in judgment about the realizability of the deferred tax assets. The amount of the deferred tax assets considered realizable; however, could be adjusted in future periods if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present, and if we employ tax planning strategies in the future. Section 382 of the Internal Revenue Code (the “Code”) limits the use of net operating losses and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. Further, a portion of the carryforwards may expire before being used to reduce future income tax liabilities. The Business Combination on September 1, 2021 resulted in a change in ownership under Section 382 of the Code. H owever. the Company believes that this ownership change does not result in a permanent limitation that will reduce the total amount of net operating loss carryforwards and credits that can be used.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 15. RELATED-PARTY TRANSACTIONS LL Credit Facilities As of September 30, 2021 , we have one senior secured credit facility with a related party, and three mezzanine secured credit facilities, all of which are with a related party. The following summarizes certain details related to these facilities (in thousands): As of September 30, 2021 As of December 31, 2020 Borrowing Outstanding Borrowing Outstanding Senior secured credit facility with a related party $ 225,000 $ 159,999 $ 225,000 $ 105,397 Mezzanine secured credit facilities $ 124,700 $ 81,209 $ 68,450 $ 19,251 Since October 26, 2016, we have been party to a loan and security agreement (the “LL Funds Loan Agreement”), with LL Private Lending Fund, L.P. and LL Private Lending Fund II, L.P., both of which are affiliates of LL Capital Partners I, L.P., which holds more than 5 % of our Class A common stock. Additionally, Roberto Sella, who is a member of our board of directors, is the managing partner of LL Funds. The LL Funds Loan Agreement is comprised of a senior secured credit line and a mezzanine secured loan, under which we may borrow loans up to a maximum principal amount of line of $ 225.0 million and $ 43.45 million, respectively. Interest accrues on the senior secured credit line and the mezzanine secured credit line at rates of LIBOR + 4.0 % and 13.0 %, respectively. We paid interest for borrowings under the LL Funds Loan Agreement of $ 2.6 million and $ 1.0 million in the three months ended September 30, 2021 and 2020 , respectively, and $ 5.8 million and $ 6.4 million in the nine months ended September 30, 2021 and 2020, respectively. Since March 16, 2020, we have also been party to a mezzanine loan and security agreement (the “LL Mezz Loan Agreement”), with LL Private Lending Fund II, L.P., which is an affiliate of LL Capital Partners I, L.P., which holds more than 5 % of our Class A common stock. Additionally, Roberto Sella, who is a member of our board of directors, is the managing partner of LL Funds. Under the LL Mezz Loan Agreement, we may borrow loans up to a maximum principal amount of line of $ 31.25 million. Interest ac crues on the mezzanine secured credit line at a rate of 13.0 %. We paid interest for borrowings under the LL Mezz Loan Agreement of $ 0.9 million and $ 0.1 m illion in the three months ended September 30, 2021 and 2020 , respectively, and $ 1.6 million and $ 0.3 million in the nine months ended September 30, 2021 and 2020, respectively. Since September 10, 2021, we have been party to a loan and security agreement (the “Loan and Security Agreement”) for which LL Private Lending Fund II L.P is a lender. LL Private Lending Fund II L.P. is an affiliate of LL Capital Partners I, L.P., which holds more than 5 % of our Class A common stock. Additionally, Roberto Sella, who is a member of our board of directors, is the managing partner of LL Funds. The Loan and Security Agreement is comprised of (i) a $ 300.0 million credit facility available over a 24-month term with an accordion feature providing for additional capacity of $ 100.0 million, which a financial institution is lender to, and (ii) a mezzanine facility of $ 37.5 million, with an accordion feature providing for an additional capacity of $ 12.5 million, for which LL Private Lending Fund II L.P. is lender. The mezzanine facility has an interest rate of 13.0 % per annum. We paid interest for borrowings under the mezzanine facility of $ 0.02 million in each of the three and nine months ended September 30, 2021. Commercial Relationship with First American Financial Corporation First American Financial Corporation (“First American”), which holds more than 5 % of our Class A common stock, through its subsidiaries is a provider of title insurance and settlement services for real estate transactions and a provider of property data services. Additionally, Kenneth DeGiorgio, who is a member of our board of directors, is the president of First American. We use First American’s services in the ordinary course of its home-buying and home-selling activities. We paid First American $ 3.2 million and $ 1.3 million during the three months ended September 30, 2021 and 2020 , respectively, and $ 7.5 million and $ 5.7 million during the nine months ended September 30, 2021 and 2020, respectively, for its services, inclusive of the fees for property data services. Credit Agreement with First American On June 30, 2021, Offerpad entered into a credit agreement (the “First American Credit Agreement”) with First American Title Insurance Company, which is an affiliate of First American, which holds more than 5 % of our Class A common stock. Additionally, Kenneth DeGiorgio, who is a member of our board of directors, is the president of First American. Under the First American Credit Agreement , we borrowed a principal amount of $ 30.0 million. In August 2021, we amended the First American Credit Agreement to borrow an additional $ 25.0 million. The largest amount of principal outstanding under the First American Credit Agreement, as amended, was $ 55.0 million. The loan accrued interest at an annual rate of 12.0 %. We used the loan to help continue to fund our ongoing operations through the consummation of the Business Combination. The principal amounts of the loan, together with all accrued but unpaid interest, were repaid in connection with the Closing of the Business Combination. Notes Payable From August 2015 to January 2017, Offerpad issued an aggregate of $ 1.1 million in notes payable to immediate family members of Brian Bair, Offerpad’s chief executive officer and a member of its board of directors. The notes payable bear interest at a rate of 14.0 % per annum, are pre-payable and have no set maturity date. Offerpad paid interest for borrowings under the notes payable of $ 0.05 million in each of the three months ended September 30, 2021 and 2020 , respectively, and $ 0.13 million in each of the nine months ended September 30, 2021 and 2020 , respectively, and no principal. Since 2018, the largest amount of principal outstanding under these notes payable was $ 1.1 million. The principal amount of each note, together with all accrued but unpaid interest, was repaid in connection with the Closing of the Business Combination. Convertible Preferred Stock Financings In April 2018 and June 2018, Offerpad issued and sold 4,650,874 and 2,325,437 shares, respectively, of its Series B convertible preferred stock to LL Capital Partners I, L.P. for a total purchase price of $ 45.0 million. Additionally, in April 2018, Offerpad issued and sold 775,146 shares of its Series B convertible preferred stock for a total purchase price of $ 5.0 million, and issued a warrant to purchase 250,552 shares of its common stock at an exercise price of $ 6.4504 per share, to an affiliated entity of LL Capital Partners I, L.P. In February 2019 and February 2020, Offerpad issued and sold to First American 3,764,606 and 501,947 shares, respectively, of its Series C convertible preferred stock for a total purchase price of $ 85.0 million. Compensation of Immediate Family Members of Brian Bair Offerpad employs two of Brian Bair’s brothers, along with Mr. Bair’s sister-in-law. The following details the total compensation paid to Mr. Bair’s brothers and Mr. Bair’s sister-in-law during the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Mr. Bair’s brother 1 $ 75 $ 61 $ 484 $ 175 Mr. Bair’s brother 2 73 56 384 231 Mr. Bair’s sister-in-law 34 28 103 86 $ 182 $ 145 $ 971 $ 492

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16. COMMITMENTS AND CONTINGENCIES As of September 30, 2021 , the Company was under contract to purchase 415 homes for an aggregate purchase price of $ 140.0 million. The Company’s other long-term commitments, which principally include operating leases and other commitments relating to marketing, information technology and administration services, have the following approximate minimum annual payments as of September 30, 2021 (in thousands): Remainder of 2021 $ 1,615 2022 2,193 2023 1,749 2024 1,379 2025 625 2026 144 $ 7,705

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 17. SUBSEQUENT EVENTS The Company has determined that there have been no events that have occurred that would require recognition in the condensed consolidated financial statements or additional disclosure herein.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Impact of Business Combination	Basis of Presentation and Impact of Business Combination We accounted for the September 1, 2021 Business Combination as a reverse recapitalization whereby Old Offerpad was determined as the accounting acquirer and Supernova as the accounting acquiree. This determination was primarily based on:  former Offerpad stockholders having the largest voting interest in Offerpad Solutions;  the board of directors of Offerpad Solutions having 7 members, and Offerpad’s former stockholders having the ability to nominate the majority of the members of the board of directors;  Offerpad management continuing to hold executive management roles for the post-combination company and being responsible for the day-to-day operations;  the post-combination company assuming the Offerpad name;  Offerpad Solutions maintaining the pre-existing Offerpad headquarters; and  the intended strategy of Offerpad Solutions being a continuation of Offerpad’s strategy. Accordingly, the Business Combination was treated as the equivalent of Old Offerpad issuing stock for the net assets of Supernova, accompanied by a recapitalization. The net assets of Supernova are stated at historical cost, with no goodwill or other intangible assets recorded. While Supernova was the legal acquirer in the Business Combination, because Old Offerpad was determined as the accounting acquirer, the historical financial statements of Old Offerpad became the historical financial statements of the combined company, upon the consummation of the Business Combination. As a result, the financial statements included in t he accompanying unaudited interim condensed consolidated financial statements reflect (i) the historical operating results of Old Offerpad prior to the Business Combination; (ii) the combined results of the Company and Old Offerpad following the closing of the Business Combination; (iii) the assets and liabilities of Old Offerpad at their historical cost; and (iv) the Company’s equity structure for all periods presented. In connection with the Business Combination transaction, we have converted the equity structure for the periods prior to the Business Combination to reflect the number of shares of the Company’s common stock issued to Old Offerpad ’ s stockholders in connection with the recapitalization transaction. As such, the shares, corresponding capital amounts and earnings per share, as applicable, related to Old Offerpad convertible preferred stock and common stock prior to the Business Combination have been retroactively converted as shares by applying the exchange ratio established in the Business Combination.
Basis of Presentation and Interim Financial Information	Basis of Presentation and Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to GAAP and SEC rules and regulations. Accordingly, the unaudited interim condensed consolidated financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. Therefore, this information should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s audited consolidated financial statements as of and for th e year ended December 31, 2020 included in the prospectus that constituted part of the Company’s Registration Statement on Form S-1 (File No. 333-259790), which was filed with the SEC on September 24, 2021 and declared effective by the SEC on October 1, 2021. The accompanying financial information reflects all adjustments which are, in the opinion of the Comp any’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant estimates include those related to the net realizable value of inventory, warrant liabilities, stock-based compensation, and deferred income tax allowances, among others. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The Company’s condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company, its wholly owned operating subsidiaries and variable interest entities where the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. Under the provisions of ASC 280, Segment Reporting, the Company is not organized around specific services or geographic regions. The Company operates in one service line, providing a home buying and selling platform. We determined that our Chief Executive Officer is the Chief Operating Decision Maker (CODM) and he uses financial information, business prospects, competitive factors, operating results and other non-U.S. GAAP financial ratios to evaluate our performance, which is the same basis on which our results and performance are communicated to our Board of Directors. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment on a consolidated basis for each of the periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash includes demand deposits with banks and financial institutions. Cash equivalents include only investments with initial maturities of three months or less that are highly liquid and readily convertible to known amounts of cash.
Restricted Cash	Restricted Cash Restricted cash consists of cash received from the resale of homes that is specifically designated to repay borrowings under one of the Company’s secured credit facilities and is typically released within a few days of the home sale.
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk are primarily cash and cash equivalents. Cash and cash equivalents are placed with major financial institutions deemed to be of high-credit-quality in order to limit credit exposure. Cash is regularly maintained in excess of federally insured limits at the financial institutions. Management believes that the Company is not exposed to any significant credit risk related to cash deposits.
Accounts Receivable	Accounts Receivable Accounts receivable are generated through the sale of a home and generally results in a one- or two-day delay in receiving cash from the title company. Accounts receivable are stated at the amount management expects to collect from outstanding balances. Most of the Company’s transactions are processed through escrow and therefore, collectability is reasonably assured. The Company reviews accounts receivable on a regular basis and estimates an amount of losses for uncollectible accounts based on its historical collections, age of the receivable, and any other known conditions that may affect collectability.
Inventory	Inventory Inventory consists of acquired homes and are stated at the lower of cost or net realizable value, with cost determined by the specific identification of each home. Costs include initial purchase costs and renovation costs, as well as holding costs and interest incurred during the renovation period, prior to the listing date. Selling costs, including commissions and holding costs incurred after listing date, are expensed as incurred and included in sales, marketing and operating expenses. The Company reviews inventory for indicators that net realizable value is lower than cost. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized in cost of revenue and the related inventory is adjusted to its net realizable value. The Company recorded inventory impairments of $ 1.0 million and $ 0.1 million during the three months ended September 30, 2021 and 2020 , respectively, and $ 1.3 million and $ 3.0 million during the nine months ended September 30, 2021 and 2020, respectively. Inventory is classified into three categories: Homes under renovation, homes listed for sale, and homes under contract to sell.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost and primarily consist of rooftop solar panel systems installed on residential real estate and properties held for use. The Company depreciates its property and equipment for financial statement purposes using the straight-line method based on the estimated useful lives of the assets. The estimated useful lives of property and equipment by asset category are described below: Property and Equipment Category Estimated Useful Life Rooftop solar panel systems Thirty years Properties held for use Twenty seven and a half years Leasehold improvements Lesser of estimated useful life or remaining lease term Computers and equipment Five years Office equipment and furniture Seven years Software systems Four to five years
Long-Lived Asset Impairments	Long-Lived Asset Impairments Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The Company recognized no impairment charges on property and equipment for the three and nine months ended September 30, 2021 and 2020 .
Accrued Liabilities	Accrued Liabilities Accrued liabilities include accrued salaries and wages, interest, advertising, and other expenses.
Warrant Liabilities	Warrant Liabilities The Company evaluates its financial instruments, including its outstanding warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company has outstanding public and private warrants, both of which do not meet the criteria for equity classification and are accounted for as liabilities. Accordingly, the Company recognizes the warrants as liabilities at fair value and adjusts the warrants to fair value at each reporting period. The warrant liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s unaudited condensed consolidated statement of operations. The fair value of the public warrants is estimated based on the quoted market price of such warrants. The fair value of the private warrants is estimated using the Black-Scholes-Merton option-pricing model .
Revenue Recognition	Revenue Recognition Revenue is recognized when (or as) performance obligations are satisfied by transferring control of the promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services. The Company applies the following steps in determining the timing and amount of revenue to recognize: (1) identify the contract with our customer; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) the performance obligation is satisfied. Revenue from the sale of homes is derived from the resale of homes on the open market. Home sales revenue is recognized at the time of the closing when title to and possession of the property are transferred to the buyer. The amount of revenue recognized for each home sale is equal to the sale price of the home net of resale concessions and credits to the buyer.
Cost of Revenue	Cost of Revenue Cost of revenue includes the initial purchase costs, renovation costs, holding costs and interest incurred during the renovation period, prior to listing date and real estate inventory valuation adjustments, if any. These costs are accumulated in real estate inventory up until the home is ready for resale, and then charged to cost of revenue under the specific identification method when the property is sold.
Sales, Marketing and Operating	Sales, Marketing and Operating Sales, marketing and operating expenses consist of real estate agent commissions, advertising, and holding costs on homes incurred during the period that homes are listed for sale, which includes utilities, taxes, maintenance, and other costs. Sales, marketing and operating expense includes any headcount expenses in support of sales, marketing, and real estate inventory operations such as salaries, benefits, and stock-based compensation. Sales, marketing and operating expenses are charged to operations as incurred. The Company incurred advertising expenses of $ 13.3 million and $ 3.5 million during the three months ended September 30, 2021 and 2020 , respectively, and $ 32.2 million and $ 8.2 million during the nine months ended September 30, 2021 and 2020 , respectively.
Technology and Development	Technology and Development Technology and development expenses consist of headcount expenses, including salaries, benefits and stock-based compensation expense for employees and contractors engaged in the design, development, and testing of website applications and software development. Technology and development expenses are charged to operations as incurred.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation awards consist of stock options. The Company has historically issued stock options with exercise prices equal to the fair value of the underlying stock price. Prior to the completion of the Business Combination and listing of the Company’s common stock on the public stock exchange, the fair value of Old Offerpad common stock that underlies the stock options was determined based on then-current valuation estimates at the time of grant. Because such grants occurred prior to the public trading of the Company’s common stock, the fair value of Old Offerpad common stock was typically determined with assistance of periodic valuation analyses from an independent third-party valuation firm. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for option awards. Compensation expense for all option awards is recorded on a straight-line basis over the requisite service period of the awards, which is generally the option’s vesting period. These amounts are reduced by the forfeitures as the forfeitures occur.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of Deferred Tax Asset (DTAs) and Deferred Tax Liabilities (DTLs) for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, the Company determines DTAs and DTLs on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. The Company recognizes DTAs to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax laws, and results of recent operations. If the Company determines that it would be able to realize its DTAs in the future in excess of their net recorded amount, the Company would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes.
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities The Company is a variable interest holder in certain entities in which equity investors at risk do not have the characteristics of a controlling financial interest or where the entity does not have enough equity at risk to finance its activities without additional subordinated financial support from other parties; these entities are VIEs. The Company’s variable interest arises from contractual, ownership or other monetary interest in the entity, which fluctuates based on the VIE’s economic performance. The Company consolidates a VIE if it is the primary beneficiary. The Company is the primary beneficiary if it has a controlling financial interest, which includes both the power to direct the activities that most significantly impact the economic performance of the VIE and a variable interest that obligates the Company to absorb losses or the right to receive benefits that potentially could be significant to the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis.
Fair Value Measurement	Fair Value Measurements The Company accounts for assets and liabilities in accordance with accounting standards that define fair value and establish a consistent framework for measuring fair value on either a recurring or a nonrecurring basis. Fair value is an exit price representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Accounting standards include disclosure requirements relating to the fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Assets or liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require.
New Accounting Pronouncements Recently Issues Not Yet Adopted	New Accounting Pronouncements Recently Issued Not Yet Adopted As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which provides guidance requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for substantially all leases, with the exception of short-term leases. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations. The Company has elected, as an EGC, to delay the adoption of this guidance until the time private companies are required to adopt, which is for annual perio ds beginning after December 15, 2021. The Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The Company has elected, as an EGC, to delay the adoption of this guidance until the time private companies are required to adopt, which is for annual periods beginning after December 15, 2022. The Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The Company has elected, as an EGC, to delay the adoption of this guidance until the time private companies are required to adopt, which is for annual periods beginning after December 15, 2021. The Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The Company may elect to take advantage of this optional guidance in its transition away from LIBOR within certain debt contracts. While the goal of the reference rate reform transition is for it to be economically neutral to entities, the Company is currently evaluating the effect that the new guidance will have on its condensed consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Property and Equipment Useful Lives	The estimated useful lives of property and equipment by asset category are described below: Property and Equipment Category Estimated Useful Life Rooftop solar panel systems Thirty years Properties held for use Twenty seven and a half years Leasehold improvements Lesser of estimated useful life or remaining lease term Computers and equipment Five years Office equipment and furniture Seven years Software systems Four to five years

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventory, net of applicable lower of cost or net realizable value adjustments, consist of the following as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Homes under renovation $ 305,622 $ 47,978 Homes listed for sale 307,658 30,826 Homes under contract to sell 288,782 92,555 Inventory $ 902,062 $ 171,359

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Rooftop solar panel systems $ 5,075 $ 5,094 Properties held for use 4,399 2,790 Leasehold improvements 772 749 Software systems 318 318 Computers and equipment 265 265 Office equipment and furniture 107 70 Property and equipment, gross 10,936 9,286 Less: accumulated depreciation ( 1,380 ) ( 1,055 ) Property and equipment, net $ 9,556 $ 8,231

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Compensation $ 12,098 $ 6,180 Marketing 5,819 1,035 Legal and professional obligations 5,482 314 Interest 2,421 699 Payroll tax 1,510 1,250 Other 1,024 1,703 Accrued liabilities $ 28,354 $ 11,181

Credit Facilities and Notes P_2

Credit Facilities and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2021
Line Of Credit Facility [Line Items]
Schedule of Carrying Values of Company Debt	The following presents the carrying values of the Company’s debt as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Credit facilities and notes payable, net Senior secured credit facilities with financial institutions $ 453,028 $ 49,544 Senior secured credit facility with a related party 159,999 105,397 Senior secured debt - other 59,788 — Mezzanine secured credit facilities with a related party 81,209 19,251 Notes payable with related parties — 2,385 Notes payable - other — 5,309 Debt issuance costs ( 2,983 ) ( 208 ) Total credit facilities and notes payable, net 751,041 181,678 Current portion - credit facilities and notes payable, net Total credit facilities, other debt and notes payable 509,833 50,143 Total credit facilities and notes payable, net - related party 241,208 126,825 Non current portion - credit facilities and notes payable, net Total credit facilities and notes payable — 4,710 Total credit facilities and notes payable, net $ 751,041 $ 181,678
Summary of Secured Credit Facilities	The following summarizes certain details related to the Company’s senior secured credit facilities (in thousands, except interest rates): As of September 30, 2021 Borrowing Outstanding Weighted- Maturity Senior secured credit facility with financial institution 1 $ 400,000 $ 387,186 2.59 % August 2022 Senior secured credit facility with financial institution 2 400,000 65,842 2.58 % March 2024 Senior secured credit facility with a related party 225,000 159,999 4.09 % December 2022 $ 1,025,000 $ 613,027 As of December 31, 2020 Borrowing Outstanding Weighted- Maturity Senior secured credit facility with financial institution 1 $ 200,000 $ 49,544 3.72 % August 2022 Senior secured credit facility with a related party 225,000 105,397 5.28 % December 2022 $ 425,000 $ 154,941
Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Summary of Secured Credit Facilities	The following summarizes certain details related to the Company’s mezzanine secured credit facilities (in thousands): As of September 30, 2021 As of December 31, 2020 Borrowing Outstanding Borrowing Outstanding Mezzanine secured credit facilities $ 124,700 $ 81,209 $ 68,450 $ 19,251

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Liabilities Measured at Fair Value on Recurring Basis	The Company’s liabilities that are measured at fair value on a recurring basis consist of the following as of September 30, 2021 (in thousands): Description Quoted Prices in Significant Other Significant Public warrant liabilities $ 23,480 $ — $ — Private placement warrant liabilities $ — $ — $ 16,231
Schedule of Changes in Private Placement Warrant Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	The following summarizes the changes in the Company ’ s private placement warrant liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the respective periods (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Beginning balance $ — $ — $ — $ — Initial fair value of private placement warrants 10,291 — 10,291 — Change in fair value of private placement warrants included in net loss 5,940 — 5,940 — Ending balance $ 16,231 $ — $ 16,231 $ —
Schedule of Fair Value of Private Placement Warrants Estimated Using Black-Scholes-Merton Option Pricing Model	The fair value of the private placement warrants is estimated using the Black-Scholes-Merton option-pricing model based on the following key assumptions and significant inputs as of the respective valuation dates: September 30, September 1, Volatility 34.50 % 25.00 % Stock price $ 8.72 $ 8.80 Expected life of the options to convert 4.919 5.000 Risk-free rate 0.98 % 0.78 % Dividend yield 0.00 % 0.00 %

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following summarizes stock option activity for the nine months ended September 30, 2021: Options (in thousands) Nonemployee (in thousands) Total (in thousands) Weighted- Weighted-Average (in years) Aggregate (in thousands) Outstanding as of December 31, 2020 3,462 201 3,663 $ 5.09 7.40 $ 14,619 Retroactive conversion of shares due to Business Combination 22,613 1,315 23,928 ( 4.41 ) Outstanding as of December 31, 2020, as converted 26,075 1,516 27,591 0.68 7.40 14,619 Granted 1,559 — 1,559 1.22 Exercised ( 1,252 ) ( 543 ) ( 1,795 ) 0.35 Forfeited ( 521 ) ( 182 ) ( 703 ) 0.65 Outstanding as of September 30, 2021 25,861 791 26,652 0.73 7.09 145,943 Exercisable as of September 30, 2021 17,941 0.58 6.38 78,143 Vested and expected to vest as of September 30, 2021 26,652 0.73 7.09 145,943
Schedule Of assumptions used in the Black-Scholes Model for options granted	The range of assumptions used in the Black-Scholes Model for options granted during 2021 prior to the Business Combination are as follows: 2021 Range Expected term (in years) 5.97 - 6.10 Risk-free interest rate 0.64 % - 0.67 % Expected volatility 52.5 % - 52.7 % Dividend yield — Fair value on grant date $ 4.49 - $ 4.55

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Variable Interest Entities [Abstract]
Summary of Assets and Liabilities Related to VIEs	The following summarizes the assets and liabilities related to the VIEs as of the respective period ends (in thousands): September 30, December 31, 2021 2020 Assets Restricted cash $ 20,024 $ 6,804 Accounts receivable 8,345 1,638 Inventory 900,283 171,212 Prepaid expenses and other current assets 2,879 1,036 Property and equipment, net 4,377 2,772 Total assets $ 935,908 $ 183,462 Liabilities Accounts payable $ 4,561 $ 716 Accrued liabilities 2,442 575 Secured credit facilities and notes payable, net - current portion 751,041 173,539 Secured credit facilities and notes payable - net of current portion — 653 Total liabilities $ 758,044 $ 175,483

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share are as follows (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net loss $ ( 15,303 ) $ ( 2,944 ) $ ( 6,346 ) $ ( 21,799 ) Denominator: Weighted average common shares outstanding, basic 115,985 57,865 78,191 57,865 Dilutive effect of preferred stock (1) — — — — Dilutive effect of stock options (1) — — — — Dilutive effect of warrants (1) — — — — Weighted average common shares outstanding, diluted 115,985 57,865 78,191 57,865 Net loss per share, basic $ ( 0.13 ) $ ( 0.05 ) $ ( 0.08 ) $ ( 0.38 ) Net loss per share, diluted $ ( 0.13 ) $ ( 0.05 ) $ ( 0.08 ) $ ( 0.38 ) Anti-dilutive securities excluded from diluted loss per share: Anti-dilutive preferred stock (1) — 138,612 — 138,612 Anti-dilutive stock options (1) 26,652 22,973 26,652 22,973 Anti-dilutive warrants (1) — 1,887 — 1,887 (1) Due to the net loss during each of the three and nine months ended September 30, 2021 and 2020 , no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transaction [Line Items]
Summary of Related Parties	The following details the total compensation paid to Mr. Bair’s brothers and Mr. Bair’s sister-in-law during the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Mr. Bair’s brother 1 $ 75 $ 61 $ 484 $ 175 Mr. Bair’s brother 2 73 56 384 231 Mr. Bair’s sister-in-law 34 28 103 86 $ 182 $ 145 $ 971 $ 492
LL Credit Facilities [Member]
Related Party Transaction [Line Items]
Summary of Related Parties	The following summarizes certain details related to these facilities (in thousands): As of September 30, 2021 As of December 31, 2020 Borrowing Outstanding Borrowing Outstanding Senior secured credit facility with a related party $ 225,000 $ 159,999 $ 225,000 $ 105,397 Mezzanine secured credit facilities $ 124,700 $ 81,209 $ 68,450 $ 19,251

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Company's Other Long Term Commitments	The Company’s other long-term commitments, which principally include operating leases and other commitments relating to marketing, information technology and administration services, have the following approximate minimum annual payments as of September 30, 2021 (in thousands): Remainder of 2021 $ 1,615 2022 2,193 2023 1,749 2024 1,379 2025 625 2026 144 $ 7,705

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2021
Rooftop Solar Panel Systems
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	30 years
Properties Held for Use
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	37 years 6 months
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	Lesser of estimated useful life or remaining lease term
Computers and Equipment
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	5 years
Office Equipment and Furniture
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	7 years
Software Systems | Maximum
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	5 years
Software Systems | Minimum
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Life	4 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Segment	Sep. 30, 2020USD ($)
Accounting Policies [Abstract]
Number of Operating Segments | Segment			1
Number of Reportable Segments | Segment			1
Impairment charges on property and equipment	$ 0	$ 0	$ 0	$ 0
Advertising expenses	13,300	3,500	32,200	8,200
Inventory impairments	$ 1,000	$ 100	$ 1,300	$ 3,000

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($)	Sep. 01, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Proceeds from Business Combination	$ 284,000,000	$ 284,011,000	$ 0
Business combination transaction cost	51,200,000
Repayment of debt	63,400,000
Supernova's Trust and Operating Accounts
Business Acquisition [Line Items]
Proceeds from Business Combination	34,000,000
Secured Term Loan | First American Title Insurance Company
Business Acquisition [Line Items]
Repayment of debt	55,800,000
Term Loan
Business Acquisition [Line Items]
Repayment of debt	3,800,000
Notes Payable - Related Parties
Business Acquisition [Line Items]
Repayment of debt	2,500,000
Notes Payable - Other
Business Acquisition [Line Items]
Repayment of debt	1,300,000
Forward Purchase Agreements
Business Acquisition [Line Items]
Proceeds from Business Combination	50,000,000
PIPE Investment
Business Acquisition [Line Items]
Proceeds from Business Combination	$ 200,000,000
Supernova | Forward Purchase Agreements
Business Acquisition [Line Items]
Warrants issued in business combination	1,666,667
Business combination, Equity interest in acquiree, Description	an aggregate of 5,000,000 shares of Offerpad Solutions Class A common stock and an aggregate of 1,666,667 warrants to purchase one share of Offerpad Solutions Class A common stock, for an aggregate purchase price of $50,000,000, or $10.00 per share of Offerpad Solutions Class A common stock and one-third of one warrant to purchase one share of Offerpad Solutions Class A common stock (“Forward Purchase Agreements”).
Class A Common Stock | Supernova | Forward Purchase Agreements
Business Acquisition [Line Items]
Stock issued in business combination, Shares	5,000,000
Stock issued price per share in business combination	$ 10
Stock issued in business combination, Value	$ 50,000,000
Class A Common Stock | Supernova | PIPE Investment
Business Acquisition [Line Items]
Stock issued in business combination, Shares	20,000,000
Stock issued price per share in business combination	$ 10
Stock issued in business combination, Value	$ 200,000,000
Old Offerpad and Supernova
Business Acquisition [Line Items]
Conversion of stock, shares converted	7,533
Common stock voting rights	10 votes per share
Old Offerpad and Supernova | Class B Common Stock | Minimum
Business Acquisition [Line Items]
Percentage of common stock transferred	75.00%

Inventory - Schedule of Compone

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Homes under renovation	$ 305,622	$ 47,978
Homes listed for sale	307,658	30,826
Homes under contract to sell	288,782	92,555
Inventory	$ 902,062	$ 171,359

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 10,936	$ 9,286
Less: accumulated depreciation	(1,380)	(1,055)
Property and equipment, net	9,556	8,231
Rooftop Solar Panel Systems
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,075	5,094
Properties Held for Use
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,399	2,790
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	772	749
Software Systems
Property Plant And Equipment [Line Items]
Property and equipment, gross	318	318
Computers and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	265	265
Office Equipment and Furniture
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 107	$ 70

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 100	$ 100	$ 433	$ 308

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Compensation	$ 12,098	$ 6,180
Marketing	5,819	1,035
Legal and professional obligations	5,482	314
Interest	2,421	699
Payroll tax	1,510	1,250
Other	1,024	1,703
Total accrued liabilities	$ 28,354	$ 11,181

Credit Facilities and Notes P_3

Credit Facilities and Notes Payable - Schedule of Carrying Values of the Company's Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Credit facilities and notes payable, net
Senior secured debt - other	$ 59,788
Notes payable with related parties		2,385
Notes payable - other		5,309
Debt issuance costs	(2,983)	(208)
Total credit facilites and notes payable, net	751,041	181,678
Current portion - credit facilities and notes payable, net
Total credit facilities and notes payable, net - related party	241,208	126,825
Total credit facilities and notes payable	509,833	50,143
Non current portion - credit facilities and notes payable, net
Total credit facilities and notes payable		4,710
Total credit facilites and notes payable, net	751,041	181,678
Senior Secured Credit Facilities [Member]
Credit facilities and notes payable, net
Secured credit facilities	159,999	105,397
Senior Secured Credit Facilities [Member] | Financial Institutions [Member]
Credit facilities and notes payable, net
Secured credit facilities	453,028	49,544
Mezzanine Secured Credit Facilities Member [Member]
Credit facilities and notes payable, net
Secured credit facilities	$ 81,209	$ 19,251

Credit Facilities and Notes P_4

Credit Facilities and Notes Payable - Schedule of Company's Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 1,025,000	$ 425,000
Outstanding Amount	613,027	154,941
Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity		200,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Outstanding Amount	159,999	105,397
Two Thousand and Twenty Two August Revolving Credit Facility [Member] | Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	400,000	200,000
Outstanding Amount	$ 387,186	$ 49,544
Weighted- Average Interest Rate	2.59%	3.72%
Maturity Date	Aug. 31, 2022	Aug. 31, 2022
Two Thousand And Twenty Four March Revolving Credit Facility [Member] | Senior Secured Credit Facilities With Financial Institutions 2 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 400,000
Outstanding Amount	$ 65,842
Weighted- Average Interest Rate	2.58%
Maturity Date	Mar. 31, 2024
Two Thousand and Twenty Two December Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 225,000	$ 225,000
Outstanding Amount	$ 159,999	$ 105,397
Weighted- Average Interest Rate	4.09%	5.28%
Maturity Date	Dec. 31, 2022	Dec. 31, 2022

Credit Facilities and Notes P_5

Credit Facilities and Notes Payable - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)Facility	Aug. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Line Of Credit Facility [Line Items]
Number of facilities | Facility	3
Borrowing Capacity	$ 1,025,000,000		$ 425,000,000
Financial Institutions [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	2
Related Parties [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	1
Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity			200,000,000
Borrowing Capacity	$ 400,000,000
Uncommitted amount	$ 100,000,000
Maturity term	12 months
Senior Secured Credit Facilities With Financial Institutions 1 [Member] | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Interest rate margin	2.50%
Senior Secured Credit Facilities With Financial Institutions 2 [Member]
Line Of Credit Facility [Line Items]
Line Of Credit Facility Maximum Amount Outstanding During Period	$ 300,000,000
Line Of Credit Facility Expiration Period	24 months
Line Of Credit Additional Borrowing Capacity	$ 100,000,000
Senior Secured Credit Facilities With Financial Institutions 2 [Member] | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Interest rate margin	2.50%
Senior Secured Credit Facility [Member]
Line Of Credit Facility [Line Items]
Interest rate margin	5.74%
Debt instrument, interest rate	5.79%
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 225,000,000		225,000,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Interest rate margin	4.00%
Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Debt instrument, interest rate	13.00%
First American Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Borrowing amount under credit agreement		$ 25,000,000
Loans, outstanding amount		$ 0
First American Credit Agreement [Member] | First American Title Insurance Company
Line Of Credit Facility [Line Items]
Related party, holding percentage	5.00%
Borrowing amount under credit agreement	$ 30,000,000
Debt instrument, interest rate	12.00%
Secured Promissory Note [Member]
Line Of Credit Facility [Line Items]
Secured Debt	$ 4,300,000
Repayments of Secured Debt	$ 3,800,000
Unsecured Notes Payable [Member]
Line Of Credit Facility [Line Items]
Unsecured Notes Payable			1,300
Unsecured Notes Payable to Related Party			$ 2,400

Credit Facilities and Notes P_6

Credit Facilities and Notes Payable - Schedule of Company's Mezzanine Secured Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Outstanding Amount	$ 613,027	$ 154,941
Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	124,700	68,450
Outstanding Amount	$ 81,209	$ 19,251

Warrant Liabilities - Additiona

Warrant Liabilities - Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 01, 2021	Dec. 31, 2020
Derivative Warrant Liabilities [Line Items]
Number Of warrants exercised	0
Warrants expiration period after completion of business combination or earlier upon redemption or liquidation date		Sep. 1, 2026
Public Warrant
Derivative Warrant Liabilities [Line Items]
Exercise price of warrants	$ 11.50	$ 11.50
Private Placement
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	8,366,667	8,366,667
Public Placement
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	13,416,637	13,416,637
Supernova
Derivative Warrant Liabilities [Line Items]
Class of warrants issued		1,666,667
Supernova | Public Warrant
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	13,416,637	13,416,637
Supernova | Private Placement
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	6,700,000	6,700,000
Class A Common Stock
Derivative Warrant Liabilities [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001		$ 0.00001
Class A Common Stock | Public Warrant
Derivative Warrant Liabilities [Line Items]
Number of securities into which each warrant or right may be converted	1	1
Redemption Of Warrants When Price Per Share Of Class A Common Stock Equals Or Exceeds 18.00
Derivative Warrant Liabilities [Line Items]
Exercise price of warrants	$ 0.01	$ 0.01
Redemption price per share	18	$ 18
Trading Day Period		20 days
Minimum period prior written notice of redemption		30 days
Redemption Of Warrants When Price Per Share Of Class A Common Stock Equals or Exceeds 10.00
Derivative Warrant Liabilities [Line Items]
Exercise price of warrants	0.10	$ 0.10
Redemption price per share	$ 10	$ 10
Minimum period prior written notice of redemption		30 days
Overall trading period		10 days
Maximum | Class A Common Stock
Derivative Warrant Liabilities [Line Items]
Number of warrants to be issued			21,783,304
Minimum | Redemption Of Warrants When Price Per Share Of Class A Common Stock Equals or Exceeds 10.00
Derivative Warrant Liabilities [Line Items]
Warrants exercisable in connection with redemption feature per share		$ 0.361

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands	Sep. 30, 2021USD ($)
Quoted Prices in Active Markets for Identical Liabilities (Level 1) | Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	$ 23,480
Significant Unobservable Inputs (Level 3) | Private Placement Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	$ 16,231

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 01, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ 13,185		$ 13,185
Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination acquired receivable fair value					$ 16,200
Fair value of warrants	23,500		23,500
Change in fair value of warrant liabilities	$ 7,300		$ 7,300

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities Measured on Recurring Basis Unobservable Input Reconciliation (Details) - Private Placement Warrant - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 0	$ 0	$ 0	$ 0
Initial fair value of private placement warrants	10,291		10,291
Change in fair value of private placement warrants included in net loss	5,940		5,940
Ending balance	$ 16,231	$ 0	$ 16,231	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of Private Placement Warrants Estimated Using Black-Scholes-Merton Option Pricing Model (Details) - Private Placement Warrant	Sep. 30, 2021yr	Sep. 01, 2021yr
Volality
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	34.50	25
Stock Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	8.72	8.80
Expected Life of the Options to Convert
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	4.919	5
Risk-free Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0.98	0.78
Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0	0

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - $ / shares	Sep. 01, 2021	Sep. 30, 2021	Dec. 31, 2020	Feb. 29, 2020	Feb. 28, 2019
Class Of Stock [Line Items]
Common stock, shares authorized		2,370,000,000
Preferred stock, shares authorized		100,000,000
Preferred stock, par value per share		$ 0.0001
Preferred stock, shares issued		0		3,764,606,000	3,764,606,000
Preferred stock, shares outstanding		0
Class A Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized		2,000,000,000	256,694,000
Common stock, par value		$ 0.0001	$ 0.00001
Common stock, shares issued		223,529,000	57,865,000
Common stock, shares outstanding		223,529,000	57,865,000
Class B Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized		20,000,000	0
Common stock, par value		$ 0.0001	$ 0
Common stock, shares issued		14,816,000	0
Common stock, shares outstanding		14,816,000	0
Class C Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized		250,000,000
Common stock, par value		$ 0.0001
Common stock, shares issued		0
Common stock, shares outstanding		0
Founder | Class B Common Stock
Class Of Stock [Line Items]
Common stock voting rights		10 votes per share
Percentage of common stock transferred		75.00%
Old Offerpad and Supernova
Class Of Stock [Line Items]
Common stock voting rights	10 votes per share
Old Offerpad and Supernova | Minimum | Class B Common Stock
Class Of Stock [Line Items]
Percentage of common stock transferred	75.00%

Stock Based Awards - Additional

Stock Based Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation awards granted			1,559,000
Stock based compensation expense	$ 1	$ 0.4	$ 2.3	$ 0.9
Unrecognized stock based compensation expense	$ 4.3		$ 4.3
2021 Equity Incentive plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Diluted shares conversion percentage			5.00%
Share-based compensation awards granted			0
2021 Equity Incentive plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance	26,333,222		26,333,222
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Diluted shares conversion percentage			1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued			0
Number of Shares Available for Grant	50,000,000		50,000,000
Employee Stock Purchase Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Available for Grant	2,633,322		2,633,322

Stock Based Awards - Summary of

Stock Based Awards - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Outstanding at beginning of period	3,663
Options, Retroactive conversion of shares due to business combination	23,928
Options, Outstanding converted	27,591
Options,granted	1,559
Options, excercised	1,795
Options,forfeited	(703)
Options, Outstanding at end of period	26,652	3,663
Options, exercisable	17,941
Options, Vested and expected to vest	26,652
Weighted Average Exercise Price
Weighted average exercise price per share, outstanding beginning of period	$ 5.09
Weighted Average Exercise Price per share, retroactive conversion of shares due to business combination	(4.41)
Weighted average exercise price per share, Outstanding converted	0.68
Weighted average exercise price per share, Granted	1.22
Weighted average exercise price per share, Exercised	0.35
Weighted average exercise price per share, Forfeited	0.65
Weighted average exercise price per share, Outstanding at end of period	0.73	$ 5.09
Weighted average exercise price per share, Exercisable	0.58
Weighted average exercise price per share, Vested and expected to vest	$ 0.73
Weighted average remaining contractual term	7 years 1 month 2 days	7 years 4 months 24 days
Weighted average remaining contractual term, Outstanding converted		7 years 4 months 24 days
Weighted average remaining contractual term, Exercisable	6 years 4 months 17 days
Weighted average remaining contractual term, Vested and expected to vest	7 years 1 month 2 days
Aggregate intrinsic value, Outstanding beginning of period	$ 14,619
Aggregate intrinsic value, Outstanding converted	14,619
Aggregate intrinsic value, Outstanding end of period	145,943	$ 14,619
Aggregate intrinsic value, Exercisable	78,143
Aggregate intrinsic value, Vested and expected to vest	$ 145,943
Options Issued Under Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Outstanding at beginning of period	3,462
Options, Retroactive conversion of shares due to business combination	22,613
Options, Outstanding converted	26,075
Options,granted	1,559
Options, excercised	1,252
Options,forfeited	(521)
Options, Outstanding at end of period	25,861	3,462
Nonemployee Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Outstanding at beginning of period	201
Options, Retroactive conversion of shares due to business combination	1,315
Options, Outstanding converted	1,516
Options,granted
Options, excercised	543
Options,forfeited	(182)
Options, Outstanding at end of period	791	201

Stock Based Award - Schedule Of

Stock Based Award - Schedule Of assumptions used in the Black-Scholes Model for options granted (Details)	9 Months Ended
	Sep. 30, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 11 months 19 days
Risk-free interest rate	0.64%
Expected volatility	52.50%
Fair value on grant date	$ 4.49
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Risk-free interest rate	0.67%
Expected volatility	52.70%
Fair value on grant date	$ 4.55

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities Related to VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Accounts receivable	$ 10,038	$ 2,309
Inventory	902,062	171,359
Prepaid expenses and other current assets	10,453	2,880
Property and equipment, net	9,556	8,231
Total Assets	1,068,960	235,873
Liabilities
Accounts payable	6,126	2,149
Accrued liabilities	28,354	11,181
Total liabilities	825,232	195,008
Variable Interest Entity Primary Beneficiary [Member]
Assets
Restricted cash	20,024	6,804
Accounts receivable	8,345	1,638
Inventory	900,283	171,212
Prepaid expenses and other current assets	2,879	1,036
Property and equipment, net	4,377	2,772
Total Assets	935,908	183,462
Liabilities
Accounts payable	4,561	716
Accrued liabilities	2,442	575
Secured credit facilities and notes payable, net - current portion	751,041	173,539
Secured credit facilities and notes payable - net of current portion		653
Total liabilities	$ 758,044	$ 175,483

Earnings Per Share - Summary of

Earnings Per Share - Summary of Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net income (loss)		$ (15,303)	$ (2,944)	$ (6,346)	$ (21,799)
Weighted average common shares outstanding, basic		115,985	57,865	78,191	57,865
Dilutive effect of preferred stock	[1]	0	0	0	0
Dilutive effect of stock options	[1]	0	0	0	0
Dilutive effect of warrants	[1]	0	0	0	0
Weighted average common shares outstanding, diluted		115,985	57,865	78,191	57,865
Net loss per share, basic		$ (0.13)	$ (0.05)	$ (0.08)	$ (0.38)
Net loss per share, diluted		$ (0.13)	$ (0.05)	$ (0.08)	$ (0.38)
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share	[1]	26,652	22,973	26,652	22,973
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share	[1]	0	1,887	0	1,887
Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share	[1]	0	138,612	0	138,612
[1]	Due to the net loss during each of the three and nine months ended September 30, 2021 and 2020 , no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Components of Basic and Diluted Earnings Per Share (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Dilutive securities	$ 0	$ 0	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Company's effective tax rate	0.50%	0.00%	2.80%	0.00%
Company's federal statutory rate	21.00%		21.00%
Valuation allowance	$ 34		$ 34

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands	Sep. 10, 2021USD ($)	Aug. 31, 2021USD ($)	Feb. 29, 2020USD ($)shares	Feb. 28, 2019USD ($)shares	Jun. 30, 2018USD ($)shares	Apr. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)Facilityshares	Sep. 30, 2020USD ($)	Mar. 16, 2020USD ($)	Oct. 26, 2016USD ($)	Aug. 31, 2015USD ($)
Related Party Transaction [Line Items]
Number of Facilities | Facility										3
Preferred stock, shares issued | shares			3,764,606,000	3,764,606,000			0			0
Preferred stock shares sold | shares			501,947,000	501,947,000
Proceeds from issuance or sale of equity			$ 85,000	$ 85,000
Series B Convertible Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares issued | shares						775,146,000
Preferred stock shares sold | shares						775,146,000
Proceeds from issuance or sale of equity						$ 5,000
Notes Payable - Other
Related Party Transaction [Line Items]
Debt Instrument Interest Rate Stated Percentage														14.00%
Debt instrument, outstanding amount							$ 1,100			$ 1,100
Interest expense, borrowings							$ 50	$ 50		$ 130	$ 130
Notes payable														$ 1,100
First American Financial Corporation
Related Party Transaction [Line Items]
Ownership percentage							5.00%			5.00%
Fees paid for services							$ 3,200	1,300		$ 7,500	5,700
LL Capital Partners I, L.P
Related Party Transaction [Line Items]
Class of warrant or right outstanding | shares						250,552,000
Warrants exercisable | $ / shares						$ 6.4504
LL Capital Partners I, L.P | Series B Convertible Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, shares issued | shares					4,650,874,000	4,650,874,000
Preferred stock shares sold | shares					2,325,437,000	2,325,437,000
Proceeds from issuance or sale of equity					$ 45,000	$ 45,000
Senior Secured Credit Line
Related Party Transaction [Line Items]
Number of Facilities | Facility										1
Mezzanine facility [Member]
Related Party Transaction [Line Items]
Number of Facilities | Facility										3
L L Funds Loan Agreement
Related Party Transaction [Line Items]
Ownership percentage													5.00%
Interest expense, borrowings							2,600	1,000		$ 5,800	6,400
L L Funds Loan Agreement | Senior Secured Credit Line
Related Party Transaction [Line Items]
Maximum principal amount													$ 225,000
L L Funds Loan Agreement | Mezzanine Secured Loan
Related Party Transaction [Line Items]
Maximum principal amount													$ 43,450
L L Funds Loan Agreement | London Interbank Offered Rate (LIBOR) | Senior Secured Credit Line
Related Party Transaction [Line Items]
Debt Instrument Interest Rate Stated Percentage													4.00%
L L Funds Loan Agreement | London Interbank Offered Rate (LIBOR) | Mezzanine Secured Loan
Related Party Transaction [Line Items]
Debt Instrument Interest Rate Stated Percentage													13.00%
LL Mezz Loan Agreement
Related Party Transaction [Line Items]
Ownership percentage												5.00%
Maximum principal amount												$ 31,250
Interest expense, borrowings							900	$ 100		1,600	$ 300
LL Mezz Loan Agreement | Mezzanine Secured Loans
Related Party Transaction [Line Items]
Debt Instrument Interest Rate Stated Percentage												13.00%
Loan and Security Agreement
Related Party Transaction [Line Items]
Ownership percentage	5.00%
Outstanding amount	$ 300,000
Line of credit facility, Expiration period	24 months
Line of credit additional borrowing capacity	$ 100,000
Interest expense, borrowings							$ 20			$ 20
Loan and Security Agreement | Mezzanine facility [Member]
Related Party Transaction [Line Items]
Debt Instrument Interest Rate Stated Percentage	13.00%
Debt instrument, outstanding amount	$ 37,500
Additional borrowing capacity	$ 12,500
First American Credit Agreement [Member]
Related Party Transaction [Line Items]
Debt Instrument Interest Rate Stated Percentage		12.00%
Outstanding amount									$ 30,000
Line of credit additional borrowing capacity		$ 25,000
Borrowing outstanding		$ 55,000
First American Credit Agreement [Member] | Class A Common Stock
Related Party Transaction [Line Items]
Ownership percentage									5.00%

Related-Party Transactions - Su

Related-Party Transactions - Summary of Credit Facilities as Related Parties (Details) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Outstanding Amount	$ 613,027	$ 154,941
Senior Secured Credit Facility With Related Party
Related Party Transaction [Line Items]
Borrowing Capacity	225,000	225,000
Outstanding Amount	159,999	105,397
Mezzanine Revolving Credit Facilities
Related Party Transaction [Line Items]
Borrowing Capacity	124,700	68,450
Outstanding Amount	$ 81,209	$ 19,251

Related-Party Transactions - _2

Related-Party Transactions - Summary of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Total compensation	$ 182	$ 145	$ 971	$ 492
Brother1
Related Party Transaction [Line Items]
Total compensation	75	61	484	175
Bother 2
Related Party Transaction [Line Items]
Total compensation	73	56	384	231
Sister in law
Related Party Transaction [Line Items]
Total compensation	$ 34	$ 28	$ 103	$ 86

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)Home
Commitments And Contingencies Disclosure [Abstract]
Contract to purchase homes | Home	415
Aggregate purchase price | $	$ 140

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Company's Other Long Term Commitments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 1,615
2022	2,193
2023	1,749
2024	1,379
2025	625
2026	144
Other long term commitments	$ 7,705