Offerpad Solutions (OPAD) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
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	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	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		232,377,521
Warrants [Member]
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, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 196,838	$ 169,817
Restricted cash		26,830	24,616
Accounts receivable		9,121	6,165
Inventory		1,184,045	1,132,571
Prepaid expenses and other current assets		9,475	9,808
Total current assets		1,426,309	1,342,977
Property and equipment, net		5,299	5,146
Other non-current assets		5,992	4,959
Total Assets	[1]	1,437,600	1,353,082
Current liabilities:
Accounts payable		7,843	6,399
Accrued and other current liabilities		34,959	35,027
Secured credit facilities and notes payable, net		1,034,354	861,762
Secured credit facilities and notes payable - related party		111,465	164,434
Total current liabilities		1,188,621	1,067,622
Warrant liabilities		3,899	24,061
Other long-term liabilities		4,080	3,830
Total liabilities	[2]	1,196,600	1,095,513
Commitments and contingencies (Note 17)
Stockholders' equity:
Additional paid in capital		400,507	389,601
Accumulated deficit		(159,532)	(132,056)
Total stockholders' equity		241,000	257,569
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		1,437,600	1,353,082
Class A Common Stock
Stockholders' equity:
Common stock value		23	22
Class B Common Stock
Stockholders' equity:
Common stock value		$ 2	$ 2
[1] Our consolidated assets as of September 30, 2022 and December 31, 2021 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $ 26,730 and $ 24,616 ; Accounts receivable, $ 8,472 and $ 4,845 ; Inventory, $ 1,184,045 and $ 1,132,571 ; Prepaid expenses and other current assets, $ 2,995 and $ 2,871 ; Total assets of $ 1,222,242 and $ 1,164,903 , respectively. Our consolidated liabilities as of September 30, 2022 and December 31, 2021 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $ 4,798 and $ 2,810 ; Accrued and other current liabilities, $ 6,192 and $ 3,537 ; Secured credit facilities and notes payable, net, $ 1,145,819 and $ 1,026,196 ; Total liabilities, $ 1,156,809 and $ 1,032,543 , respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Restricted cash		$ 26,830	$ 24,616
Accounts receivable		9,121	6,165
Inventory		1,184,045	1,132,571
Prepaid expenses and other current assets		9,475	9,808
Property and equipment, net		5,299	5,146
Total assets	[1]	1,437,600	1,353,082
Accounts payable		7,843	6,399
Accrued and other current liabilities		34,959	35,027
Secured credit facilities and notes payable		1,034,354	861,762
Total liabilities	[2]	1,196,600	1,095,513
Variable Interest Entity [Member]
Restricted cash		26,730	24,616
Accounts receivable		8,472	4,845
Inventory		1,184,045	1,132,571
Prepaid expenses and other current assets		2,995	2,871
Total assets		1,222,242	1,164,903
Accounts payable		4,798	2,810
Accrued and other current liabilities		6,192	3,537
Secured credit facilities and notes payable		1,145,819	1,026,196
Total liabilities		$ 1,156,809	$ 1,032,543
Class A Common Stock
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		2,000,000,000	2,000,000,000
Common stock, shares issued		232,377,521	224,154,000
Common stock, shares outstanding		232,377,521	224,154,000
Class B Common Stock
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		20,000,000	20,000,000
Common stock, shares issued		14,816,236	14,816,000
Common stock, shares outstanding		14,816,236	14,816,000
[1] Our consolidated assets as of September 30, 2022 and December 31, 2021 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $ 26,730 and $ 24,616 ; Accounts receivable, $ 8,472 and $ 4,845 ; Inventory, $ 1,184,045 and $ 1,132,571 ; Prepaid expenses and other current assets, $ 2,995 and $ 2,871 ; Total assets of $ 1,222,242 and $ 1,164,903 , respectively. Our consolidated liabilities as of September 30, 2022 and December 31, 2021 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $ 4,798 and $ 2,810 ; Accrued and other current liabilities, $ 6,192 and $ 3,537 ; Secured credit facilities and notes payable, net, $ 1,145,819 and $ 1,026,196 ; Total liabilities, $ 1,156,809 and $ 1,032,543 , respectively.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 821,732	$ 540,287	$ 3,275,100	$ 1,202,906
Cost of revenue	819,573	487,165	3,047,818	1,065,383
Gross profit	2,159	53,122	227,282	137,523
Operating expenses:
Sales, marketing and operating	55,043	38,727	190,170	95,398
General and administrative	14,640	8,160	45,418	18,031
Technology and development	2,687	2,777	9,112	7,663
Total operating expenses	72,370	49,664	244,700	121,092
(Loss) income from operations	(70,211)	3,458	(17,418)	16,431
Other income (expense):
Change in fair value of warrant liabilities	1,961	(13,185)	20,162	(13,185)
Interest expense	(15,889)	(5,495)	(30,856)	(9,670)
Other income, net	643	0	671	248
Total other expense	(13,285)	(18,680)	(10,023)	(22,607)
Loss before income taxes	(83,496)	(15,222)	(27,441)	(6,176)
Income tax benefit (expense)	3,474	(81)	(35)	(170)
Net loss	$ (80,022)	$ (15,303)	$ (27,476)	$ (6,346)
Net loss per share, basic	$ (0.32)	$ (0.13)	$ (0.11)	$ (0.08)
Net loss per share, diluted	$ (0.32)	$ (0.13)	$ (0.11)	$ (0.08)
Weighted average common shares outstanding, basic	247,148	115,985	244,397	78,191
Weighted average common shares outstanding, diluted	247,148	115,985	244,397	78,191

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Preferred Stock to Common Stock	Series A Convertible Preferred Stock	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock
Beginning balance at Dec. 31, 2020	$ (143,258)		$ 5,908	$ (138,516)	$ (10,650)
Beginning balance, shares at Dec. 31, 2020		57,865,000			4,794,000
Temporary Equity, Balance at Dec. 31, 2020	184,123						$ 14,921	$ 7,470	$ 7,463	$ 49,845	$ 104,424
Temporary Equity, Balance, shares at Dec. 31, 2020							20,907,000	10,905,000	8,322,000	58,390,000	39,985,000
Issuance of common stock upon exercise of stock options	375		375
Issuance of common stock upon exercise of stock options, shares		1,584,000
Issuance of common stock upon early exercise of stock options, shares		211,000
Vesting of early exercised stock options	171		171
Conversion of preferred stock to common stock	184,123	$ 14	184,109		$ 10,650	$ 184,123
Conversion of preferred stock to common stock, shares		138,612,000
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							(20,907,000)	(10,905,000)	(8,322,000)	(58,390,000)	(39,985,000)
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	4,794,000	40,073,000
Stock-based compensation expense	$ 2,316		2,316
Net 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		238,345,000
Beginning balance at Jun. 30, 2021	(132,556)		7,653	(129,559)	$ (10,650)
Beginning balance, shares at Jun. 30, 2021		59,660,000			4,794,000
Temporary Equity, Balance at Jun. 30, 2021	184,123						$ 14,921	$ 7,470	$ 7,463	$ 49,845	$ 104,424
Temporary Equity, Balance, shares at Jun. 30, 2021							20,907,000	10,905,000	8,322,000	58,390,000	39,985,000
Vesting of early exercised stock options	64		64
Conversion of preferred stock to common stock	184,123	$ 14	184,109
Conversion of preferred stock to common stock, shares		138,612,000
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							(20,907,000)	(10,905,000)	(8,322,000)	(58,390,000)	(39,985,000)
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		40,073,000			4,794,000
Stock-based compensation expense	1,053		1,053
Net 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		238,345,000
Beginning balance at Dec. 31, 2021	257,569	$ 24	389,601	(132,056)
Beginning balance, shares at Dec. 31, 2021		238,970,000
Issuance of common stock upon exercise of stock options	$ 4,671	$ 1	4,670
Issuance of common stock upon exercise of stock options, shares	8,101,000	8,101,000
Issuance of common stock upon vesting of restricted stock units	$ (57)		(57)
Issuance of common stock upon vesting of restricted stock units, shares		123,000
Conversion of preferred stock to common stock					$ 0	$ 0
Stock-based compensation expense	6,293		6,293
Net loss	(27,476)			(27,476)
Ending balance at Sep. 30, 2022	241,000	$ 25	400,507	(159,532)
Ending balance, shares at Sep. 30, 2022		247,194,000
Beginning balance at Jun. 30, 2022	318,681	$ 25	398,166	(79,510)
Beginning balance, shares at Jun. 30, 2022		246,966,000
Issuance of common stock upon exercise of stock options	130		130
Issuance of common stock upon exercise of stock options, shares		108,000
Issuance of common stock upon vesting of restricted stock units	(54)		(54)
Issuance of common stock upon vesting of restricted stock units, shares		120,000
Stock-based compensation expense	2,265		2,265
Net loss	(80,022)			(80,022)
Ending balance at Sep. 30, 2022	$ 241,000	$ 25	$ 400,507	$ (159,532)
Ending balance, shares at Sep. 30, 2022		247,194,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Cash flows from operating activities:
Net loss		$ (27,476)	$ (6,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	$ 100	764	433
Gain on sale of property and equipment		0	(246)
Amortization of debt financing costs		2,160	454
Impairment of inventory	1,000	49,734	1,342
Stock-based compensation		6,293	2,316
Change in fair value of warrant liabilities	13,185	(20,162)	13,185
Changes in operating assets and liabilities:
Accounts receivable		(2,956)	(7,717)
Inventory		(101,208)	(721,979)
Prepaid expenses and other assets		(2,988)	(7,174)
Accounts payable		1,444	3,857
Accrued and other liabilities		2,471	17,063
Net cash used in operating activities		(91,924)	(704,812)
Cash flows from investing activities:
Purchases of property and equipment		(917)	(13,609)
Proceeds from sales of property and equipment		0	2,032
Net cash used in investing activities		(917)	(11,577)
Cash flows from financing activities:
Borrowings from credit facilities and notes payable		2,889,790	1,702,702
Repayments of credit facilities and notes payable		(2,771,861)	(1,130,563)
Payment of debt financing costs		(466)	(3,229)
Proceeds from exercise of stock options		4,898	633
Payments for taxes related to stock-based awards		(285)	0
Proceeds From Business Combination		0	284,011
Issuance cost of common stock		0	(51,249)
Net cash provided by financing activities		122,076	802,305
Net change in cash, cash equivalents and restricted cash		29,235	85,916
Cash, cash equivalents and restricted cash, beginning of period		194,433	50,742
Cash, cash equivalents and restricted cash, end of period	136,658	223,668	136,658
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents	116,634	196,838	116,634
Restricted cash	20,024	26,830	20,024
Total cash, cash equivalents and restricted cash	136,658	223,668	136,658
Supplemental disclosure of cash flow information:
Cash payments for interest		36,536	9,630
Supplemental disclosure of non-cash investing and financing activities:
Transfer of Property And Equipment Net to Inventory		0	10,065
Acquisition of warrant liabilities		0	26,525
Conversion of preferred stock to common stock	184,123		184,123
Conversion of treasury stock	$ 184,123		184,123
Preferred Stock to Common Stock
Supplemental disclosure of non-cash investing and financing activities:
Conversion of preferred stock to common stock		0	184,123
Conversion of treasury stock		0	184,123
Treasury Stock
Supplemental disclosure of non-cash investing and financing activities:
Conversion of preferred stock to common stock		0	10,650
Conversion of treasury stock		$ 0	$ 10,650

Business Activity

Business Activity	9 Months Ended
	Sep. 30, 2022
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 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 operated in over 1,800 cities and towns in 28 metropolitan markets across 16 states as of September 30, 2022 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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 the 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 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 the year ended December 31, 2021 included in the Company’s 2021 Annual Report on Form 10-K as filed with the SEC on March 7, 2022. 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 and warrant liabilities, 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. Inventory Inventory consists of acquired homes and are stated at the lower of cost or net realizable value, with cost and net realizable value 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 impairment on a quarterly basis, or more frequently if events or changes in circumstances indicate that the carrying value of inventory may not be recoverable. The Company evaluates inventory for indicators that net realizable value is lower than cost at the individual home level. The Company generally considers multiple factors in determining net realizable value for each home, including the residential real estate market conditions in both the local market in which the home is located and in the U.S. in general, recent comparable home sale transactions in the specific area where the home is located, the impact of national, regional or local economic conditions and expected selling costs. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as impairment in cost of revenue and the related inventory is adjusted to its net realizable value. For homes under contract to sell as of the impairment assessment date, if the carrying value exceeds the contract price less expected selling costs, the carrying value of these homes are adjusted to the contract price less expected selling costs. For all other homes, if the carrying value exceeds the expected sale price less expected selling costs, the carrying value of these homes are adjusted to the expected sale price less expected selling costs. Changes in the Company’s pricing assumptions may lead to a change in the outcome of the Company’s impairment analysis, and actual results may also differ from the Company’s assumptions. The Company recorded inventory impairments of $ 27.5 million and $ 1.0 million during the three months ended September 30, 2022 and 2021 , respectively, and $ 49.7 million and $ 1.3 million during the nine months ended September 30, 2022 and 2021 , respectively. Stock-Based Compensation Stock-based compensation awards consist of stock options, restricted stock units and performance-based restricted stock units. The Company measures and recognizes compensation expense for all stock-based compensation awards based on their estimated fair values on the grant date. The Company records compensation expense for all stock-based compensation awards on a straight-line basis over the requisite service period of the awards, which is generally the vesting period of the award. These amounts are reduced by forfeitures in the period the forfeitures occur. Stock Options The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of stock option awards as of the grant date. The Black-Scholes-Merton option pricing model requires the Company to estimate the following key assumptions based on both historical information and management judgment regarding market factors and trends: • Expected term – The Company uses the simplified method when calculating the expected term due to insufficient historical exercise data. The expected term is estimated using the mid-point between the vesting period and the contractual term of the options. • Risk-free interest rate – The Company estimates the risk-free interest rate using the rate of return on U.S. treasury notes interpolated between the years equal to the expected term assumption. • Expected stock price volatility – As the Company’s shares were not publicly traded prior to the Business Combination, and have a limited trading history subsequent to the Business Combination, the Company estimates expected volatility for stock option awards based on the average historical volatility of similar publicly traded companies. • Expected dividend yield – The expected dividend yield assumption considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. • Stock price – The Company has 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. Subsequent to the Business Combination, the fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock on the grant date. Restricted Stock Units The Company determines the fair value of restricted stock units based on the closing price of the Company’s Class A common stock on the grant date. Performance-Based Restricted Stock Units The Company determines the fair value of performance-based restricted stock units using a Monte Carlo simulation model that determines the probability of satisfying the market condition stipulated in the award. The Monte Carlo simulation model incorporates various key assumptions, including expected stock price volatility, contractual term, risk-free interest rate, dividend yield and stock price on the grant date. The Company estimates expected stock price volatility based on the average historical volatility of similar publicly traded companies. The Company estimates the risk-free interest rate using the rate of return on U.S. treasury notes equal to the contractual term of the award. The expected dividend yield assumption considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. The Company determines the requisite service period for performance-based restricted stock units by comparing the derived service period to achieve the market-based condition and the explicit service-based period, using the longer of the two service periods as the requisite service period. New Accounting Pronouncements Recently Issued Not Yet Adopted 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, 2022
Business Combinations [Abstract]
Business Combination	NOTE 3. BUSINESS COMBINATION On September 1, 2021, Old Offerpad and Supernova consummated the transactions contemplated by the 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. 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 of $ 63.4 million, inclusive of accrued but unpaid interest, were paid in conjunction with the close.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2022
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: September 30, December 31, ($ in thousands) 2022 2021 Homes preparing for and under renovation $ 138,808 $ 327,455 Homes listed for sale 814,971 400,308 Homes under contract to sell 230,266 404,808 Inventory $ 1,184,045 $ 1,132,571

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2022
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: September 30, December 31, ($ in thousands) 2022 2021 Rooftop solar panel systems $ 5,075 $ 5,075 Leasehold improvements 1,076 797 Software systems 344 318 Computers and equipment 265 265 Office equipment and furniture 614 160 Construction in progress 158 — Property and equipment, gross 7,532 6,615 Less: accumulated depreciation ( 2,233 ) ( 1,469 ) Property and equipment, net $ 5,299 $ 5,146 Depreciation expense totaled $ 0.5 million and $ 0.1 million during the three months ended September 30, 2022 and 2021, respectively, and $ 0.8 million and $ 0.4 million during the nine months ended September 30, 2022 and 2021 , respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	NOTE 6. LEASES The Company’s operating lease arrangements consist of its corporate headquarters in Chandler, Arizona and field office facilities in most of the metropolitan markets in which the Company operates in the United States. These leases typically have original lease terms of 1 year to 6 years, and some leases contain multiyear renewal options. The Company does not have any finance lease arrangements. The Company’s operating lease costs are included in operating expenses in the accompanying condensed consolidated statements of operations. During the three months ended September 30, 2022 and 2021 , operating lease cost was $ 0.6 million and $ 0.3 million, respectively, and variable and short-term lease costs were $ 0.1 million and $ 0.1 million, respectively. During the nine months ended September 30, 2022 and 2021 , operating lease cost was $ 1.5 million and $ 1.0 million, respectively, and variable and short-term lease costs were $ 0.3 million and $ 0.3 million, respectively. Cash payments for amounts included in the measurement of operating lease liabilit ies were $ 0.5 million and $ 0.4 million d uring the three months ended September 30, 2022 and 2021, respectively, and $ 1.4 million and $ 1.1 million d uring the nine months ended September 30, 2022 and 2021, respectively. Right-of-use assets obtained in exchange for new or acquired operating lease liabilities were $ 0.6 million and $ 0.2 million d uring the three months ended September 30, 2022 and 2021, respectively, and $ 2.3 million and $ 0.2 million d uring the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021 , the Company’s operating leases had a weighted-average remaining lease term of 2.9 years and 3.5 years, respectively, and a weighted-average di scount rate of 4.2 % and 4.1 %, respectively. The Company’s operating lease liability maturities as of September 30, 2022 are as follows: ($ in thousands) Remainder of 2022 $ 570 2023 2,381 2024 2,291 2025 1,017 2026 269 2027 79 Thereafter — Total future lease payments 6,607 Less: Imputed interest ( 370 ) Total lease liabilities $ 6,237 The Company’s operating lease right-of-use assets and operating lease liabilities, and the associated financial statement line items, are as follows as of the respective period ends: ($ in thousands) Financial Statement Line Items September 30, December 31, Right-of-use assets Other non-current assets $ 5,759 $ 4,784 Lease liabilities: Current liabilities Accrued and other current liabilities 2,157 1,345 Non-current liabilities Other long-term liabilities 4,080 3,830 Total lease liabilities $ 6,237 $ 5,175

Accrued and Other Liabilities

Accrued and Other Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued and Other Liabilities	NOTE 7. ACCRUED AND OTHER LIABILITIES Accrued and other current liabilities consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2022 2021 Payroll and other employee related expenses $ 10,499 $ 12,836 Home renovation 7,635 8,540 Marketing 6,538 5,795 Interest 6,112 3,537 Operating lease liabilities 2,157 1,345 Legal and professional obligations 1,323 1,743 Other 695 1,231 Accrued and other current liabilities $ 34,959 $ 35,027 The Company incurred advertising expenses of $ 7.5 million and $ 13.3 million during the three months ended September 30, 2022 and 2021 , respectively, and $ 38.4 million and $ 32.2 million during the nine months ended September 30, 2022 and 2021, respectively. Other long-term liabilities as of September 30, 2022 and December 31, 2021 consist of the non-current portion of our operating lease liabilities.

Credit Facilities and Notes Pay

Credit Facilities and Notes Payable	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Credit Facilities and Notes Payable	NOTE 8. CREDIT FACILITIES AND NOTES PAYABLE The carrying value of the Company’s credit facilities, notes payable and other debt consists of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2022 2021 Credit facilities and notes payable, net Senior secured credit facilities with financial institutions $ 920,503 $ 747,514 Senior secured credit facility with a related party 38,840 81,926 Senior secured debt - other — 33,320 Mezzanine secured credit facilities with third-party lenders 119,080 87,851 Mezzanine secured credit facilities with a related party 72,625 82,508 Debt issuance costs ( 5,229 ) ( 6,923 ) Total credit facilities and notes payable, net 1,145,819 1,026,196 Current portion - credit facilities and notes payable, net Total credit facilities, other debt and notes payable, net 1,034,354 861,762 Total credit facilities and notes payable - related party 111,465 164,434 Total credit facilities and notes payable, net $ 1,145,819 $ 1,026,196 Senior Secured Credit Facilities The Company utilizes senior secured credit facilities to provide financing for the Company’s real estate inventory purchases and renovation. The senior secured credit facilities 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, 2022 Borrowing Outstanding Weighted- End of Final Facility with financial institution 1 $ 600,000 $ 400,637 4.11 % June 2024 June 2024 Facility with financial institution 2 400,000 306,689 3.63 % September 2023 March 2024 Facility with financial institution 3 500,000 213,177 4.04 % December 2023 December 2024 Facility with a related party 85,000 38,840 6.13 % December 2022 December 2022 Senior secured credit facilities $ 1,585,000 $ 959,343 As of December 31, 2021 Borrowing Outstanding Weighted- Facility with financial institution 1 $ 400,000 $ 365,392 2.60 % Facility with financial institution 2 400,000 375,063 2.60 % Facility with financial institution 3 500,000 7,059 2.60 % Facility with a related party 85,000 81,926 4.10 % Senior secured credit facilities $ 1,385,000 $ 829,440 As of September 30, 2022 , the Company had four senior secured credit facilities, three 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 In June 2022, the Company amended its senior secured credit facility with financial institution 1. The amended facility increased the borrowing capacity from $ 400.0 million ($ 100.0 million of which was uncommitted) to $ 600.0 million ($ 300.0 million of which is uncommitted) and extended the maturity date from August 2022 to June 2024. Further, under the amended senior secured credit facility with financial institution 1, borrowings accrue interest at a rate based on a Secured Overnight Financing Rate (“SOFR”) reference rate plus a margin. • Senior Secured Credit Facility with Financial Institution 2 As of September 30, 2022, the committed borrowing capacity on the senior secured credit facility with financial institution 2 is $ 400.0 million. In September 2022, the Company amended its senior secured credit facility with financial institution 2, which, among other things, amended the interest rate under the facility to be based on a SOFR reference rate plus a margin. • Senior Secured Credit Facility with Financial Institution 3 As of September 30, 2022 , the borrowing capacity on the senior secured credit facility with financial institution 3 is $ 500.0 million ($ 200.0 million of which is uncommitted). In June 2022, the Company amended its senior secured credit facility with financial institution 3, which, among other things, amended the interest rate under the facility to be based on a SOFR reference rate plus a margin. • Senior Secured Credit Facility with a Related Party As of September 30, 2022 , the borrowing capacity on the senior secured credit facility with a related party is $ 85.0 million and the Company has the option to borrow above the fully committed borrowing capacity, subject to the lender’s discretion. 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 %, with a minimum interest rate of 6.0 % . The Company may also pay fees on its senior secured credit facilities, including a commitment fee and fees on certain unused portions of the committed borrowing capacity, as defined in the respective credit agreements. Borrowings under the Company’s senior secured credit facilities are collateralized by the real estate inventory financed 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. Mezzanine Secured Credit Facilities The Company utilizes mezzanine secured credit facilities to provide financing for the Company’s real estate inventory purchases and renovation. The mezzanine secured credit facilities 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. 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, except interest rates): As of September 30, 2022 Borrowing Outstanding Weighted- End of Final Facility 1 with a related party $ 97,500 $ 66,213 11.00 % June 2024 June 2024 Facility with third-party lender 1 90,000 71,510 9.50 % September 2023 March 2024 Facility with third-party lender 2 112,500 47,570 9.50 % December 2023 December 2024 Facility 2 with a related party 14,000 6,412 11.00 % December 2022 December 2022 Mezzanine secured credit facilities $ 314,000 $ 191,705 As of December 31, 2021 Borrowing Outstanding Weighted- Facility 1 with a related party $ 65,000 $ 58,767 13.00 % Facility with third-party lender 1 90,000 86,262 9.50 % Facility with third-party lender 2 112,500 1,588 9.50 % Facility 2 with a related party 14,000 23,742 13.00 % Mezzanine secured credit facilities $ 281,500 $ 170,359 As of September 30, 2022, the Company had four mezzanine secured credit facilities, two with separate third-party lenders and two with a related party, which holds more than 5% of our Class A common stock. • Mezzanine Secured Credit Facility 1 with a Related Party In July 2022, the Company amended its mezzanine secured credit facility 1 with a related party . The amended facility increased the borrowing capacity from $ 65.0 million to $ 97.5 million ($ 32.5 million of which is uncommitted) and extended the maturity date from August 2022 to June 2024. Borrowings on the mezzanine secured credit facility 1 with a related party accrue interest at a fixed rate of 11.0 %. • Mezzanine Secured Credit Facility with Third-Party Lender 1 As of September 30, 2022, the committed borrowing capacity on the mezzanine secured credit facility with third-party lender 1 is $ 90.0 million. Borrowings on the mezzanine secured credit facility with third-party lender 1 accrue interest at a fixed rate of 9.5 %. • Mezzanine Secured Credit Facility with Third-Party Lender 2 As of September 30, 2022 , the borrowing capacity on the mezzanine secured credit facility with third-party lender 2 is $ 112.5 million ($ 45.0 million of which is uncommitted). Borrowings on the mezzanine secured credit facility with third-party lender 2 accrue interest at a fixed rate of 9.5 %. • Mezzanine Secured Credit Facility 2 with a Related Party As of September 30, 2022, the borrowing capacity on the mezzanine secured credit facility 2 with a related party is $ 14.0 million and the Company has the option to borrow above the fully committed borrowing capacity, subject to the lender’s discretion. Borrowings on the mezzanine secured credit facility 2 with a related party accrue interest at a fixed rate of 11.0 %. The Company may also pay fees on its mezzanine secured credit facilities, including a commitment fee and fees on certain unused portions of the committed borrowing capacity, as defined in the respective credit agreements. Borrowings under the Company’s mezzanine secured credit facilities are collateralized by a second lien on the real estate inventory financed 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. Maturities As of September 30, 2022, certain of the Company’s senior secured credit facilities and mezzanine secured credit facilities mature 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, 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 condensed consolidated financial statements are issued. 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 tangible net worth). As of September 30, 2022 , the Company was in compliance with all covenants.

Warrant Liabilities

Warrant Liabilities	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Warrant Liabilities	NOTE 9. WARRANT LIABILITIES In connection with the Business Combination, the Company assumed 13.4 million public warrants and 6.7 million private placement warrants, both of which were previously issued by Supernova. Further, upon the closing of the Business Combination, an additional 1.7 million private placement warrants were issued. As such, as of September 1, 2021, the Company had outstanding warrants to purchase an aggregate of up to 21.8 million shares of Offerpad Solutions Class A common stock that will become exercisable securities in the future after certain requirements have been met. During the nine months ended September 30, 2022 , a private placement warrant holder elected to transfer 1.8 million private placement warrants, upon which the warrants were converted into public warrants pursuant to the terms of the Warrant Agreement. Accordingly, as of September 30, 2022 , the Company had 15.2 million public warrants and 6.6 million 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, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 10. 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 (in thousands): As of September 30, 2022 Quoted Prices in Significant Other Significant Public warrant liabilities $ 2,591 $ — $ — Private placement warrant liabilities $ — $ — $ 1,308 As of December 31, 2021 Quoted Prices in Significant Other Significant Public warrant liabilities $ 14,356 $ — $ — Private placement warrant liabilities $ — $ — $ 9,705 Public Warrants The public warrants were initially recognized as a liability in connection with the Business Combination on September 1, 2021. The fair value of the public warrants is estimated based on the quoted market price of such warrants on the valuation date. The Company recorded changes in the fair value of the public warrants of $ 1.4 million and $ 11.8 million during the three and nine months ended September 30, 2022, respectively, and $ 7.3 million during each of the three and nine months ended September 30, 2021. These changes are recorded in Change in fair value of warrant liabilities in our Condensed Consolidated Statements of Operations. 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: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Beginning balance $ 1,897 $ — $ 9,705 $ — Initial fair value of private placement warrants — 10,291 — 10,291 Change in fair value of private placement warrants included in net (loss) income ( 589 ) 5,940 ( 8,397 ) 5,940 Ending balance $ 1,308 $ 16,231 $ 1,308 $ 16,231 The following summarizes the range of assumptions used in the Black-Scholes-Merton option-pricing model to determine the fair value of the private placement warrants d uring the respective periods: Nine Months Ended September 30, 2022 2021 Volatility 47.00 % - 81.00 % 25.00 % - 34.50 % Stock price $ 1.21 - $ 5.03 $ 8.72 - $ 8.80 Expected life of the options to convert (in years) 3.919 - 4.419 4.919 - 5.000 Risk-free rate 2.43 % - 4.16 % 0.78 % - 0.98 % 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, 2022 and 2021 .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	NOTE 11. 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, 2022, we had 232,377,521 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 9, 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, 2022 , we had 14,816,236 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, 2022 , there were no shares of Class C common stock issued and outstanding. Preferred 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, 2022 , 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, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Awards	NOTE 12. 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 again become available for issuance under the 2016 Plan or 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 increases annually 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 shares of Class A common stock 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 shares of Class A common stock as is determined by the Company’s board of directors. As of September 30, 2022, the Company has granted stock options, restricted stock units (“RSUs”) and performance-based RSUs (“PSUs”) under the 2021 Plan. In connection with the close of the Business Combination, our board of directors adopted, and our stockholders 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 increases annually 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 shares of Class A common stock as determined by the Company’s board of directors; provided that, no more than 50,000,000 shares of Class A common stock may be issued under the ESPP. As of September 30, 2022 , no shares have been issued under the ESPP. Stock Options The following summarizes stock option activity during the nine months ended September 30, 2022: Number of (in thousands) Weighted- Weighted-Average (in years) Aggregate (in thousands) Outstanding as of December 31, 2021 25,576 $ 0.73 6.82 $ 137,170 Granted 1,147 4.90 Exercised ( 8,101 ) 0.58 Forfeited, canceled or expired ( 405 ) 1.36 Outstanding as of September 30, 2022 18,217 1.05 5.89 7,139 Exercisable as of September 30, 2022 13,693 0.71 5.40 7,066 Vested and expected to vest as of September 30, 2022 18,217 1.05 5.89 7,139 The Company granted stock option awards during the nine months ended September 30, 2022 with a service vesting condition that is generally four years . The range of assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock option awards granted during the nine months ended September 30, 2022 are as follows: Expected term (in years) 6.25 Risk-free interest rate 1.63 % - 3.37 % Expected volatility 57.8 % - 60.0 % Dividend yield 0.0 % Fair value on grant date $ 1.43 - $ 5.11 As of September 30, 2022, the Company had $ 4.4 million of unrecognized stock-based compensation expense related to unvested stock options. Restricted Stock Units The Company granted RSUs with service vesting conditions during the nine months ended September 30, 2022 to employees and non-employee members of our board of directors. The vesting period for RSUs granted to employees is generally three years , subject to continued employment, and the vesting period for RSUs granted to non-employee members of our board of directors generally ranges from three months to three years , subject to continued service on the board of directors. The following summarizes RSU award activity during the nine months ended September 30, 2022: Number of (in thousands) Weighted Outstanding as of December 31, 2021 203 $ 7.88 Granted 1,947 4.86 Vested and settled ( 161 ) 5.33 Forfeited ( 103 ) 5.02 Outstanding as of September 30, 2022 1,886 5.13 As of September 30, 2022 , 180,592 RSUs have vested, but have not yet been settled in shares of the Company’s Class A common stock, pursuant to elections made by certain non-employee members of our board of directors to defer settlement thereof under the Offerpad Solutions Inc. Deferred Compensation Plan for Directors. As of September 30, 2022 , the Company had $ 7.5 million of unrecognized stock-based compensation expense related to unvested RSUs. Performance-Based Restricted Stock Units The Company granted PSUs during the nine months ended September 30, 2022, which include both a service vesting condition and a performance vesting condition that is associated with the share price of the Company’s Class A common stock. Subject to the employee’s continued employment or service through the end of the performance period, the PSUs will vest based on the achievement of pre-determined price per share goals over the performance period calculated based on the average price per share over any 60 consecutive calendar-day period during the performance period. Shares earned under the PSU awards are transferred to the award holders upon the completion of the requisite service period of three years . If the average price per share does not meet the minimum price per share goal as of the last day of the performance period, the PSUs automatically will be forfeited and terminated without consideration. The assumptions used in the Monte Carlo simulation model to determine the fair value of the PSU awards granted during the nine months ended September 30, 2022 are as follows: Risk-free interest rate 1.47 % Expected volatility 60.0 % Dividend yield 0.0 % Fair value on grant date $ 5.11 The following summarizes PSU award activity during the nine months ended September 30, 2022: Number of (in thousands) Weighted Outstanding as of December 31, 2021 — $ — Granted 2,115 4.72 Vested — — Forfeited ( 97 ) 4.72 Outstanding as of September 30, 2022 2,018 4.72 As of September 30, 2022, the Company had $ 7.7 million of unrecognized stock-based compensation expense related to unvested PSUs. Stock-based Compensation Expense The following details stock-based compensation expense for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Sales, marketing and operating $ 553 $ 169 $ 1,517 $ 534 General and administrative 1,603 763 4,334 1,413 Technology and development 109 121 442 369 Stock-based compensation expense $ 2,265 $ 1,053 $ 6,293 $ 2,316

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	NOTE 13. 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: September 30, December 31, ($ in thousands) 2022 2021 Assets Restricted cash $ 26,730 $ 24,616 Accounts receivable 8,472 4,845 Inventory 1,184,045 1,132,571 Prepaid expenses and other current assets 2,995 2,871 Total assets $ 1,222,242 $ 1,164,903 Liabilities Accounts payable $ 4,798 $ 2,810 Accrued and other current liabilities 6,192 3,537 Secured credit facilities and notes payable, net - current portion 1,145,819 1,026,196 Total liabilities $ 1,156,809 $ 1,032,543

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 14. 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: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2022 2021 2022 2021 Numerator: Net loss $ ( 80,022 ) $ ( 15,303 ) $ ( 27,476 ) $ ( 6,346 ) Denominator: Weighted average common shares outstanding, basic 247,148 115,985 244,397 78,191 Dilutive effect of stock options (1) — — — — Dilutive effect of restricted stock units (1) — — — — Weighted average common shares outstanding, diluted 247,148 115,985 244,397 78,191 Net loss per share, basic $ ( 0.32 ) $ ( 0.13 ) $ ( 0.11 ) $ ( 0.08 ) Net loss per share, diluted $ ( 0.32 ) $ ( 0.13 ) $ ( 0.11 ) $ ( 0.08 ) Anti-dilutive securities excluded from diluted loss per share: Anti-dilutive stock options (1) 9,450 26,652 3,829 26,652 Anti-dilutive restricted stock units (1) 1,682 — 1,793 — Anti-dilutive performance-based restricted stock units 2,018 — 2,083 — Anti-dilutive warrants 21,783 — 21,783 — (1) Due to the net loss during each of the three and nine months ended September 30, 2022 and 2021, 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, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 15. INCOME TAXES The Company determines its interim tax provision by applying the estimated effective income tax rate expected to be applicable for the full fiscal year to its income (loss) before income taxes for the period. The Company’s effective tax rate is dependent on several factors, such as tax rates in state jurisdictions and the relative amount of income the Company earns in the respective jurisdiction. The Company recorded a $ 3.5 million income tax benefit and $ 0.1 million of income tax expense during the three months ended September 30, 2022 and 2021 , respectively, and income tax expense of $ 0.04 million and $ 0.2 million during the nine months ended September 30, 2022 and 2021 , respectively. The Company’s effective tax rate was 4.2 % and ( 0.5 )% for the three months ended September 30, 2022 and 2021 , respectively, and ( 0.1 )% and ( 2.8 )% for the nine months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rate during the three and nine months ended September 30, 2022 differed from the federal statutory rate of 21 % primarily due to net operating loss carryforwards, stock-based compensation, changes in the fair value of warrant liabilities and state taxes. The valuation allowance recorded against our net deferred tax assets was $ 33.3 million as of September 30, 2022. As of September 30, 2022, 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. The Internal Revenue Code contains provisions that limit the utilization of net operating loss carryforwards and tax credit carryforwards if there has been an ownership change. Such ownership change, as described in Section 382 of the Internal Revenue Code, may limit the Company’s ability to utilize its net operating loss carryforwards and tax credit carryforwards on a yearly basis. To the extent that any single-year limitation is not utilized to the full amount of the limitation, such unused amounts are carried over to subsequent years until the earlier of utilization or the expiration of the relevant carryforward period. The Company determined that an ownership change occurred on February 10, 2017. An analysis was performed and while utilization of net operating losses would be limited in years prior to December 31, 2020, subsequent to that date, there is no limitation on the Company’s ability to utilize its net operating losses. As such, the ownership change has no impact to the carrying value of the Company’s net operating loss carryforwards or ability to use them in future years.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	NOTE 16. RELATED-PARTY TRANSACTIONS LL Credit Facilities As of September 30, 2022 , we have one senior secured credit facility with a related party and two mezzanine secured credit facilities with a related party. The following summarizes certain details related to these facilities: As of September 30, 2022 As of December 31, 2021 ($ in thousands) Borrowing Outstanding Borrowing Outstanding Senior secured credit facility with a related party $ 85,000 $ 38,840 $ 85,000 $ 81,926 Mezzanine secured credit facilities with a related party $ 111,500 $ 72,625 $ 79,000 $ 82,509 Since October 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 facility and a mezzanine secured credit facility, under which we may borrow funds up to a maximum principal amount of line of $ 85.0 million and $ 14.0 million, respectively. The LL Funds Loan Agreement also provides us with the option to borrow above the fully committed borrowing capacity, subject to the lender’s discretion. Refer to Note 8, Credit Facilities and Notes Payable , for further details about the facilities under the LL Funds Loan Agreement. Since March 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. Under the LL Mezz Loan Agreement, we may borrow funds up to a maximum principal amount of $ 97.5 million. Refer to Note 8, Credit Facilities and Notes Payable , for further details about the mezzanine facility under the LL Mezz Loan Agreement. We paid interest for borrowings under the LL facilities of $ 2.4 million and $ 3.5 million during the three months ended September 30, 2022 and 2021 , respectively, and $ 6.8 million and $ 7.4 million during the nine months ended September 30, 2022 and 2021. Use of First American Financial Corporation’s Services 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. We use First American’s services in the ordinary course of our home-buying and home-selling activities. We paid First American $ 3.8 million and $ 3.2 million during the three months ended September 30, 2022 and 2021 , respectively, and $1 4.7 million and $ 7.5 million during the nine months ended September 30, 2022 and 2021, respectively, for its services, inclusive of the fees for property data services. Warehouse Lending Facility with FirstFunding, Inc. During July 2022 , Offerpad Mortgage, LLC (“Offerpad Home Loans” or “OPHL”) entered into a warehouse lending facility with FirstFunding, Inc. (“FirstFunding”), a wholly-owned subsidiary of First American, which holds more than 5 % of our Class A common stock. Offerpad Home Loans uses the warehouse lending facility to fund mortgage loans it originates and then sells to third-party mortgage servicers. The committed amount under the facility is $ 15.0 million and OPHL pays certain customary and ordinary course fees to FirstFunding under the facility, including a funding fee per loan and interest. 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, which includes both base salary and annual performance-based cash incentives, during the respective year-to-date periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Mr. Bair’s brother 1 $ 115 $ 75 $ 533 $ 484 Mr. Bair’s brother 2 108 73 502 384 Mr. Bair’s sister-in-law 32 34 94 103 $ 255 $ 182 $ 1,129 $ 971 During the nine months ended September 30, 2022 , Mr. Bair’s brothers and Mr. Bair’s sister-in-law received grants of equity awards under the Offerpad Solutions Inc. 2021 Incentive Award Plan, which included awards of restricted stock units ( “RSUs”), performance-based RSUs (“PSUs”) and/or stock options, as follows: Number of RSUs Number of Target PSUs Number of Stock Options Mr. Bair’s brother 1 84,367 126,551 — Mr. Bair’s brother 2 79,404 119,107 — Mr. Bair’s sister-in-law 3,000 — 6,000 166,771 245,658 6,000 In June 2022, Mr. Bair’s brothers each entered into employment agreements with the Company with customary severance and other terms provided to similarly situated executives.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17. COMMITMENTS AND CONTINGENCIES Homes Purchase Commitments As of September 30, 2022 , the Company was under contract to purchase 195 homes for an aggregate purchase price of $ 75.0 million. Lease Commitments The Company has entered into operating lease agreements for its corporate headquarters in Chandler, Arizona and field office facilities in most of the metropolitan markets in which the Company operates in the United States. Refer to Note 6, Leases , for further details.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 18. 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, 2022
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 the 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 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 the year ended December 31, 2021 included in the Company’s 2021 Annual Report on Form 10-K as filed with the SEC on March 7, 2022. 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 and warrant liabilities, 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.
Inventory	Inventory Inventory consists of acquired homes and are stated at the lower of cost or net realizable value, with cost and net realizable value 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 impairment on a quarterly basis, or more frequently if events or changes in circumstances indicate that the carrying value of inventory may not be recoverable. The Company evaluates inventory for indicators that net realizable value is lower than cost at the individual home level. The Company generally considers multiple factors in determining net realizable value for each home, including the residential real estate market conditions in both the local market in which the home is located and in the U.S. in general, recent comparable home sale transactions in the specific area where the home is located, the impact of national, regional or local economic conditions and expected selling costs. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as impairment in cost of revenue and the related inventory is adjusted to its net realizable value. For homes under contract to sell as of the impairment assessment date, if the carrying value exceeds the contract price less expected selling costs, the carrying value of these homes are adjusted to the contract price less expected selling costs. For all other homes, if the carrying value exceeds the expected sale price less expected selling costs, the carrying value of these homes are adjusted to the expected sale price less expected selling costs. Changes in the Company’s pricing assumptions may lead to a change in the outcome of the Company’s impairment analysis, and actual results may also differ from the Company’s assumptions. The Company recorded inventory impairments of $ 27.5 million and $ 1.0 million during the three months ended September 30, 2022 and 2021 , respectively, and $ 49.7 million and $ 1.3 million during the nine months ended September 30, 2022 and 2021 , respectively.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation awards consist of stock options, restricted stock units and performance-based restricted stock units. The Company measures and recognizes compensation expense for all stock-based compensation awards based on their estimated fair values on the grant date. The Company records compensation expense for all stock-based compensation awards on a straight-line basis over the requisite service period of the awards, which is generally the vesting period of the award. These amounts are reduced by forfeitures in the period the forfeitures occur. Stock Options The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of stock option awards as of the grant date. The Black-Scholes-Merton option pricing model requires the Company to estimate the following key assumptions based on both historical information and management judgment regarding market factors and trends: • Expected term – The Company uses the simplified method when calculating the expected term due to insufficient historical exercise data. The expected term is estimated using the mid-point between the vesting period and the contractual term of the options. • Risk-free interest rate – The Company estimates the risk-free interest rate using the rate of return on U.S. treasury notes interpolated between the years equal to the expected term assumption. • Expected stock price volatility – As the Company’s shares were not publicly traded prior to the Business Combination, and have a limited trading history subsequent to the Business Combination, the Company estimates expected volatility for stock option awards based on the average historical volatility of similar publicly traded companies. • Expected dividend yield – The expected dividend yield assumption considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. • Stock price – The Company has 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. Subsequent to the Business Combination, the fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock on the grant date. Restricted Stock Units The Company determines the fair value of restricted stock units based on the closing price of the Company’s Class A common stock on the grant date. Performance-Based Restricted Stock Units The Company determines the fair value of performance-based restricted stock units using a Monte Carlo simulation model that determines the probability of satisfying the market condition stipulated in the award. The Monte Carlo simulation model incorporates various key assumptions, including expected stock price volatility, contractual term, risk-free interest rate, dividend yield and stock price on the grant date. The Company estimates expected stock price volatility based on the average historical volatility of similar publicly traded companies. The Company estimates the risk-free interest rate using the rate of return on U.S. treasury notes equal to the contractual term of the award. The expected dividend yield assumption considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. The Company determines the requisite service period for performance-based restricted stock units by comparing the derived service period to achieve the market-based condition and the explicit service-based period, using the longer of the two service periods as the requisite service period.
New Accounting Pronouncements Recently Issued Not Yet Adopted	New Accounting Pronouncements Recently Issued Not Yet Adopted 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.

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2022
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: September 30, December 31, ($ in thousands) 2022 2021 Homes preparing for and under renovation $ 138,808 $ 327,455 Homes listed for sale 814,971 400,308 Homes under contract to sell 230,266 404,808 Inventory $ 1,184,045 $ 1,132,571

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2022 2021 Rooftop solar panel systems $ 5,075 $ 5,075 Leasehold improvements 1,076 797 Software systems 344 318 Computers and equipment 265 265 Office equipment and furniture 614 160 Construction in progress 158 — Property and equipment, gross 7,532 6,615 Less: accumulated depreciation ( 2,233 ) ( 1,469 ) Property and equipment, net $ 5,299 $ 5,146

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Company Operating Lease Liability Maturities	The Company’s operating lease liability maturities as of September 30, 2022 are as follows: ($ in thousands) Remainder of 2022 $ 570 2023 2,381 2024 2,291 2025 1,017 2026 269 2027 79 Thereafter — Total future lease payments 6,607 Less: Imputed interest ( 370 ) Total lease liabilities $ 6,237
Schedule of Company Operating Lease Right of Use Assets and Operating Lease Liabilities	The Company’s operating lease right-of-use assets and operating lease liabilities, and the associated financial statement line items, are as follows as of the respective period ends: ($ in thousands) Financial Statement Line Items September 30, December 31, Right-of-use assets Other non-current assets $ 5,759 $ 4,784 Lease liabilities: Current liabilities Accrued and other current liabilities 2,157 1,345 Non-current liabilities Other long-term liabilities 4,080 3,830 Total lease liabilities $ 6,237 $ 5,175

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued and Other Liabilities	Accrued and other current liabilities consist of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2022 2021 Payroll and other employee related expenses $ 10,499 $ 12,836 Home renovation 7,635 8,540 Marketing 6,538 5,795 Interest 6,112 3,537 Operating lease liabilities 2,157 1,345 Legal and professional obligations 1,323 1,743 Other 695 1,231 Accrued and other current liabilities $ 34,959 $ 35,027

Credit Facilities and Notes P_2

Credit Facilities and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2022
Line Of Credit Facility [Line Items]
Schedule of Carrying Values of Company Debt	The carrying value of the Company’s credit facilities, notes payable and other debt consists of the following as of the respective period ends: September 30, December 31, ($ in thousands) 2022 2021 Credit facilities and notes payable, net Senior secured credit facilities with financial institutions $ 920,503 $ 747,514 Senior secured credit facility with a related party 38,840 81,926 Senior secured debt - other — 33,320 Mezzanine secured credit facilities with third-party lenders 119,080 87,851 Mezzanine secured credit facilities with a related party 72,625 82,508 Debt issuance costs ( 5,229 ) ( 6,923 ) Total credit facilities and notes payable, net 1,145,819 1,026,196 Current portion - credit facilities and notes payable, net Total credit facilities, other debt and notes payable, net 1,034,354 861,762 Total credit facilities and notes payable - related party 111,465 164,434 Total credit facilities and notes payable, net $ 1,145,819 $ 1,026,196
Summary of Company's Senior 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, 2022 Borrowing Outstanding Weighted- End of Final Facility with financial institution 1 $ 600,000 $ 400,637 4.11 % June 2024 June 2024 Facility with financial institution 2 400,000 306,689 3.63 % September 2023 March 2024 Facility with financial institution 3 500,000 213,177 4.04 % December 2023 December 2024 Facility with a related party 85,000 38,840 6.13 % December 2022 December 2022 Senior secured credit facilities $ 1,585,000 $ 959,343 As of December 31, 2021 Borrowing Outstanding Weighted- Facility with financial institution 1 $ 400,000 $ 365,392 2.60 % Facility with financial institution 2 400,000 375,063 2.60 % Facility with financial institution 3 500,000 7,059 2.60 % Facility with a related party 85,000 81,926 4.10 % Senior secured credit facilities $ 1,385,000 $ 829,440
Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Summary of Company's Senior Secured Credit Facilities	The following summarizes certain details related to the Company’s mezzanine secured credit facilities (in thousands, except interest rates): As of September 30, 2022 Borrowing Outstanding Weighted- End of Final Facility 1 with a related party $ 97,500 $ 66,213 11.00 % June 2024 June 2024 Facility with third-party lender 1 90,000 71,510 9.50 % September 2023 March 2024 Facility with third-party lender 2 112,500 47,570 9.50 % December 2023 December 2024 Facility 2 with a related party 14,000 6,412 11.00 % December 2022 December 2022 Mezzanine secured credit facilities $ 314,000 $ 191,705 As of December 31, 2021 Borrowing Outstanding Weighted- Facility 1 with a related party $ 65,000 $ 58,767 13.00 % Facility with third-party lender 1 90,000 86,262 9.50 % Facility with third-party lender 2 112,500 1,588 9.50 % Facility 2 with a related party 14,000 23,742 13.00 % Mezzanine secured credit facilities $ 281,500 $ 170,359

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
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 (in thousands): As of September 30, 2022 Quoted Prices in Significant Other Significant Public warrant liabilities $ 2,591 $ — $ — Private placement warrant liabilities $ — $ — $ 1,308 As of December 31, 2021 Quoted Prices in Significant Other Significant Public warrant liabilities $ 14,356 $ — $ — Private placement warrant liabilities $ — $ — $ 9,705
Schedule of Changes in Private Placement Warrant Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	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: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Beginning balance $ 1,897 $ — $ 9,705 $ — Initial fair value of private placement warrants — 10,291 — 10,291 Change in fair value of private placement warrants included in net (loss) income ( 589 ) 5,940 ( 8,397 ) 5,940 Ending balance $ 1,308 $ 16,231 $ 1,308 $ 16,231
Schedule of Fair Value of Private Placement Warrants Estimated Using Black-Scholes-Merton Option Pricing Model	The following summarizes the range of assumptions used in the Black-Scholes-Merton option-pricing model to determine the fair value of the private placement warrants d uring the respective periods: Nine Months Ended September 30, 2022 2021 Volatility 47.00 % - 81.00 % 25.00 % - 34.50 % Stock price $ 1.21 - $ 5.03 $ 8.72 - $ 8.80 Expected life of the options to convert (in years) 3.919 - 4.419 4.919 - 5.000 Risk-free rate 2.43 % - 4.16 % 0.78 % - 0.98 % Dividend yield 0.00 % 0.00 %

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following summarizes stock option activity during the nine months ended September 30, 2022: Number of (in thousands) Weighted- Weighted-Average (in years) Aggregate (in thousands) Outstanding as of December 31, 2021 25,576 $ 0.73 6.82 $ 137,170 Granted 1,147 4.90 Exercised ( 8,101 ) 0.58 Forfeited, canceled or expired ( 405 ) 1.36 Outstanding as of September 30, 2022 18,217 1.05 5.89 7,139 Exercisable as of September 30, 2022 13,693 0.71 5.40 7,066 Vested and expected to vest as of September 30, 2022 18,217 1.05 5.89 7,139
Schedule of assumptions used	The range of assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock option awards granted during the nine months ended September 30, 2022 are as follows: Expected term (in years) 6.25 Risk-free interest rate 1.63 % - 3.37 % Expected volatility 57.8 % - 60.0 % Dividend yield 0.0 % Fair value on grant date $ 1.43 - $ 5.11
Summary of RSU award activity	The following summarizes RSU award activity during the nine months ended September 30, 2022: Number of (in thousands) Weighted Outstanding as of December 31, 2021 203 $ 7.88 Granted 1,947 4.86 Vested and settled ( 161 ) 5.33 Forfeited ( 103 ) 5.02 Outstanding as of September 30, 2022 1,886 5.13
Summary of PSU award activity	The following summarizes PSU award activity during the nine months ended September 30, 2022: Number of (in thousands) Weighted Outstanding as of December 31, 2021 — $ — Granted 2,115 4.72 Vested — — Forfeited ( 97 ) 4.72 Outstanding as of September 30, 2022 2,018 4.72
Schedule of stock-based compensation expense	The following details stock-based compensation expense for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Sales, marketing and operating $ 553 $ 169 $ 1,517 $ 534 General and administrative 1,603 763 4,334 1,413 Technology and development 109 121 442 369 Stock-based compensation expense $ 2,265 $ 1,053 $ 6,293 $ 2,316
Performance-Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of assumptions used	The assumptions used in the Monte Carlo simulation model to determine the fair value of the PSU awards granted during the nine months ended September 30, 2022 are as follows: Risk-free interest rate 1.47 % Expected volatility 60.0 % Dividend yield 0.0 % Fair value on grant date $ 5.11

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2022
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: September 30, December 31, ($ in thousands) 2022 2021 Assets Restricted cash $ 26,730 $ 24,616 Accounts receivable 8,472 4,845 Inventory 1,184,045 1,132,571 Prepaid expenses and other current assets 2,995 2,871 Total assets $ 1,222,242 $ 1,164,903 Liabilities Accounts payable $ 4,798 $ 2,810 Accrued and other current liabilities 6,192 3,537 Secured credit facilities and notes payable, net - current portion 1,145,819 1,026,196 Total liabilities $ 1,156,809 $ 1,032,543

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2022 2021 2022 2021 Numerator: Net loss $ ( 80,022 ) $ ( 15,303 ) $ ( 27,476 ) $ ( 6,346 ) Denominator: Weighted average common shares outstanding, basic 247,148 115,985 244,397 78,191 Dilutive effect of stock options (1) — — — — Dilutive effect of restricted stock units (1) — — — — Weighted average common shares outstanding, diluted 247,148 115,985 244,397 78,191 Net loss per share, basic $ ( 0.32 ) $ ( 0.13 ) $ ( 0.11 ) $ ( 0.08 ) Net loss per share, diluted $ ( 0.32 ) $ ( 0.13 ) $ ( 0.11 ) $ ( 0.08 ) Anti-dilutive securities excluded from diluted loss per share: Anti-dilutive stock options (1) 9,450 26,652 3,829 26,652 Anti-dilutive restricted stock units (1) 1,682 — 1,793 — Anti-dilutive performance-based restricted stock units 2,018 — 2,083 — Anti-dilutive warrants 21,783 — 21,783 — (1) Due to the net loss during each of the three and nine months ended September 30, 2022 and 2021, 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, 2022
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, which includes both base salary and annual performance-based cash incentives, during the respective year-to-date periods: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Mr. Bair’s brother 1 $ 115 $ 75 $ 533 $ 484 Mr. Bair’s brother 2 108 73 502 384 Mr. Bair’s sister-in-law 32 34 94 103 $ 255 $ 182 $ 1,129 $ 971
Grants of Equity Awards to Related Parties	grants of equity awards under the Offerpad Solutions Inc. 2021 Incentive Award Plan, which included awards of restricted stock units ( “RSUs”), performance-based RSUs (“PSUs”) and/or stock options, as follows: Number of RSUs Number of Target PSUs Number of Stock Options Mr. Bair’s brother 1 84,367 126,551 — Mr. Bair’s brother 2 79,404 119,107 — Mr. Bair’s sister-in-law 3,000 — 6,000 166,771 245,658 6,000 In June 2022, Mr. Bair’s brothers each entered into employment agreements with the Company with customary severance and other terms provided to similarly situated executives.
LL Credit Facilities [Member]
Related Party Transaction [Line Items]
Summary of Related Parties	The following summarizes certain details related to these facilities: As of September 30, 2022 As of December 31, 2021 ($ in thousands) Borrowing Outstanding Borrowing Outstanding Senior secured credit facility with a related party $ 85,000 $ 38,840 $ 85,000 $ 81,926 Mezzanine secured credit facilities with a related party $ 111,500 $ 72,625 $ 79,000 $ 82,509

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Inventory impairments	$ 27,500	$ 1,000	$ 49,734	$ 1,342

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($)		9 Months Ended
	Sep. 01, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Proceeds from Business Combination	$ 284,000,000	$ 0	$ 284,011,000
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
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

Inventory - Schedule of Compone

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Homes preparing for and under renovation	$ 138,808	$ 327,455
Homes listed for sale	814,971	400,308
Homes under contract to sell	230,266	404,808
Inventory	$ 1,184,045	$ 1,132,571

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,532	$ 6,615
Less: accumulated depreciation	(2,233)	(1,469)
Property and equipment, net	5,299	5,146
Rooftop Solar Panel Systems
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,075	5,075
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,076	797
Software Systems
Property Plant And Equipment [Line Items]
Property and equipment, gross	344	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	614	160
Construction In Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 158	$ 0

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 500	$ 100	$ 764	$ 433

Leases - Schedule of Company Op

Leases - Schedule of Company Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 570
2023	2,381
2024	2,291
2025	1,017
2026	269
2027	79
Thereafter	0
Total future lease payments	6,607
Less: Imputed interest	(370)
Operating Lease Liability	$ 6,237	$ 5,175

Leases - Schedule of Company _2

Leases - Schedule of Company Operating Lease Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets	$ 5,759	$ 4,784
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent
Operating Lease, Liability, Current	$ 2,157	1,345
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities
Operating Lease, Liability, Noncurrent	$ 4,080	3,830
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Operating Lease, Liability, Total	$ 6,237	$ 5,175

Leases (Additional Information)

Leases (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Short-Term Lease, Cost	$ 0.1	$ 0.1	$ 0.3	$ 0.3
Operating Lease, Weighted Average Remaining Lease Term	2 years 10 months 24 days		2 years 10 months 24 days		3 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	4.20%		4.20%		4.10%
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 0.6	0.3	$ 1.5	1
Measurement Of Operating Lease Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	0.5	0.4	1.4	1.1
Acquired Operating Lease Liabilities [Member]
Lessee, Lease, Description [Line Items]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0.6	$ 0.2	$ 2.3	$ 0.2
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Term	6 years		6 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Term	1 year		1 year

Accrued And Other Liabilities -

Accrued And Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll and other employee related expenses	$ 10,499	$ 12,836
Home renovation	7,635	8,540
Marketing	6,538	5,795
Interest	6,112	3,537
Operating lease liabilities	2,157	1,345
Legal and professional obligations	1,323	1,743
Other	695	1,231
Accrued and other current liabilities	$ 34,959	$ 35,027

Accrued And Other Liabilities_2

Accrued And Other Liabilities (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Payables and Accruals [Abstract]
Advertising Expense	$ 7.5	$ 13.3	$ 38.4	$ 32.2

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, 2022	Dec. 31, 2021
Credit facilities and notes payable, net
Senior secured debt - other	$ 0	$ 33,320
Debt issuance costs	(5,229)	(6,923)
Total credit facilites and notes payable, net	1,145,819	1,026,196
Current portion - credit facilities and notes payable, net
Total credit facilities and notes payable	1,034,354	861,762
Total credit facilities and notes payable, net - related party	111,465	164,434
Total credit facilites and notes payable, net	1,145,819	1,026,196
Senior Secured Credit Facilities [Member]
Credit facilities and notes payable, net
Secured credit facilities	38,840	81,926
Senior Secured Credit Facilities [Member] | Financial Institutions [Member]
Credit facilities and notes payable, net
Secured credit facilities	920,503	747,514
Mezzanine Secured Credit Facilities [Member]
Credit facilities and notes payable, net
Secured credit facilities	72,625	82,508
Mezzanine Secured Credit Facilities [Member] | Third-party lenders [Member]
Credit facilities and notes payable, net
Secured credit facilities	$ 119,080	$ 87,851

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, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 1,585,000	$ 1,385,000
Outstanding Amount	959,343	829,440
Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	600,000
Senior Secured Credit Facilities With Financial Institutions 2 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	400,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	85,000	85,000
Outstanding Amount	38,840	81,926
June 2024 Revolving Credit Facility [Member] | Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	600,000	400,000
Outstanding Amount	$ 400,637	$ 365,392
Weighted- Average Interest Rate	4.11%	2.60%
End of Revolving / Withdrawal Period	Jun. 30, 2024
Maturity Date	Jun. 30, 2024
March 2024 Revolving Credit Facility [Member] | Senior Secured Credit Facilities With Financial Institutions 2 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 400,000	$ 400,000
Outstanding Amount	$ 306,689	$ 375,063
Weighted- Average Interest Rate	3.63%	2.60%
End of Revolving / Withdrawal Period	Sep. 30, 2023
Maturity Date	Mar. 31, 2024
December 2024 Revolving Credit Facility [Member] | Senior Secured Credit Facilities With Financial Institutions 3 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 500,000	$ 500,000
Outstanding Amount	$ 213,177	$ 7,059
Weighted- Average Interest Rate	4.04%	2.60%
End of Revolving / Withdrawal Period	Dec. 31, 2023
Maturity Date	Dec. 31, 2024
December 2022 Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 85,000	$ 85,000
Outstanding Amount	$ 38,840	$ 81,926
Weighted- Average Interest Rate	6.13%	4.10%
End of Revolving / Withdrawal Period	Dec. 31, 2022
Maturity Date	Dec. 31, 2022

Credit Facilities and Notes P_5

Credit Facilities and Notes Payable - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Facility	Dec. 31, 2021 USD ($)
Line Of Credit Facility [Line Items]
Number of facilities | Facility	4
Borrowing Capacity	$ 1,585,000	$ 1,385,000
Financial Institutions [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	3
Related Parties [Member]
Line Of Credit Facility [Line Items]
Number of facilities | Facility	1
First American Title Insurance Company [Member]
Line Of Credit Facility [Line Items]
Related party, holding percentage	5%
Senior Secured Credit Facilities With Financial Institutions 1 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 600,000
Uncommitted amount	100,000
Line of Credit Facility, Current Borrowing Capacity	400,000
Senior Secured Credit Facilities With Financial Institutions 1 [Member] | Maximum
Line Of Credit Facility [Line Items]
Uncommitted amount	300,000
Senior Secured Credit Facilities With Financial Institutions 2 [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	400,000
Senior Secured Credit Facility With Financial Institution Three [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	500,000
Uncommitted amount	200,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 85,000	$ 85,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR)
Line Of Credit Facility [Line Items]
Interest rate margin	4%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Minimum [Member]
Line Of Credit Facility [Line Items]
Interest rate margin	6%
Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 97,500
Uncommitted amount	32,500
Line of Credit Facility, Current Borrowing Capacity	65,000
Short-term Debt, Average Outstanding Amount	$ 45,000
Debt Instrument Interest Rate Stated Percentage	11%
Mezzanine Credit Facility With Related Party [Member] | Two Thousand And Twenty Two December Mezzanine Credit Facility With Related Party [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 14,000
Mezzanine Credit Facility With Related Party [Member] | Two Thousand And Twenty Two August Mezzanine Credit Facility With Related Party Member | Related Parties [Member]
Line Of Credit Facility [Line Items]
Debt instrument, additional interest rate	11%
Mezzanine Credit Facility With Related Party [Member] | TwoThousand And Twenty Four March Mezzanine Credit Facility With Related Party Member
Line Of Credit Facility [Line Items]
Debt instrument, interest rate	9.50%
Mezzanine Credit Facility With Related Party [Member] | TwoThousand And Twenty Four March Mezzanine Credit Facility With Related Party Member | Related Parties [Member]
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 90,000
Mezzanine Credit Facility With Related Party [Member] | Two Thousand And Twenty Four December Mezzanine Credit Facility With Related Party Member
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 112,500
Debt instrument, interest rate	9.50%

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, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 1,585,000	$ 1,385,000
Outstanding Amount	959,343	829,440
Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	314,000	281,500
Outstanding Amount	191,705	170,359
December 2022 Mezzanine credit facility with a related party [Member] | Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	14,000	14,000
Outstanding Amount	$ 6,412	$ 23,742
Weighted- Average Interest Rate	11%	13%
End of Revolving / Withdrawal Period	Dec. 31, 2022
Maturity Date	Dec. 31, 2022
June 2024 Mezzanine Credit Facility With Related Party [Member] | Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 97,500	$ 65,000
Outstanding Amount	$ 66,213	$ 58,767
Weighted- Average Interest Rate	11%	13%
End of Revolving / Withdrawal Period	Jun. 30, 2024
Maturity Date	Jun. 30, 2024
March 2024 Mezzanine Credit Facility With Related Party [Member] | Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 90,000	$ 90,000
Outstanding Amount	$ 71,510	$ 86,262
Weighted- Average Interest Rate	9.50%	9.50%
End of Revolving / Withdrawal Period	Sep. 30, 2023
Maturity Date	Mar. 31, 2024
December 2024 Mezzanine Credit Facility With Related Party [Member] | Mezzanine Revolving Credit Facilities
Line Of Credit Facility [Line Items]
Borrowing Capacity	$ 112,500	$ 112,500
Outstanding Amount	$ 47,570	$ 1,588
Weighted- Average Interest Rate	9.50%	9.50%
End of Revolving / Withdrawal Period	Dec. 31, 2023
Maturity Date	Dec. 31, 2024

Warrant Liabilities - Additiona

Warrant Liabilities - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 01, 2021
Derivative Warrant Liabilities [Line Items]
Warrants expiration period after completion of business combination or earlier upon redemption or liquidation date	Sep. 01, 2026
Public Warrant
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	15,200,000
Exercise price of warrants	$ 11.50
Private Placement
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	6,600,000
Number of private placement warrant elected to transfer	1,800,000
Supernova
Derivative Warrant Liabilities [Line Items]
Class of warrants issued	1,700,000
Supernova | Public Warrant
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	13,400,000
Supernova | Private Placement
Derivative Warrant Liabilities [Line Items]
Class of warrant or right outstanding	6,700,000
Class A Common Stock
Derivative Warrant Liabilities [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Class A Common Stock | Public Warrant
Derivative Warrant Liabilities [Line Items]
Number of securities into which each warrant or right may be converted	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
Redemption price per share	$ 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
Redemption price per share	$ 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			21,800,000
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) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
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	$ 2,591	$ 14,356
Quoted Prices in Active Markets for Identical Liabilities (Level 1) | Private Placement Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Significant Other Observable Inputs (Level 2) | Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Significant Other Observable Inputs (Level 2) | Private Placement Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Significant Unobservable Inputs (Level 3) | Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Significant Unobservable Inputs (Level 3) | Private Placement Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liabilities	$ 1,308	$ 9,705

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ (1,961)	$ 13,185	$ (20,162)	$ 13,185
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net			0	0
Public Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ 1,400	$ 7,300	$ 11,800	$ 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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 1,897	$ 0	$ 9,705	$ 0
Initial fair value of private placement warrants	0	10,291	0	10,291
Change in fair value of private placement warrants included in net income	(589)	5,940	(8,397)	5,940
Ending balance	$ 1,308	$ 16,231	$ 1,308	$ 16,231

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, 2022	Sep. 30, 2021
Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0	0
Maximum [Member] | Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0.8100	0.3450
Maximum [Member] | Stock Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	5.03	8.80
Maximum [Member] | 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	4.419	5
Maximum [Member] | Risk-free Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0.0416	0.0098
Minimum [Member] | Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0.4700	0.2500
Minimum [Member] | Stock Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	1.21	8.72
Minimum [Member] | 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	3.919	4.919
Minimum [Member] | Risk-free Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and Rights Outstanding	0.0243	0.0078

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
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
Preferred stock, shares outstanding	0
Class A Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	232,377,521	224,154,000
Common stock, shares outstanding	232,377,521	224,154,000
Class B Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	14,816,236	14,816,000
Common stock, shares outstanding	14,816,236	14,816,000
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%

Stock Based Awards - Additional

Stock Based Awards - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation awards granted	1,147,000
Vesting period	4 years
Unrecognized stock based compensation expense | $	$ 4.4
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested and unsettled	161,000
Unrecognized stock based compensation expense | $	$ 7.5
Restricted Stock Units (RSUs) [Member] | Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs) [Member] | Non-Employee [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 months
Restricted Stock Units (RSUs) [Member] | Non-Employee [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Vested and unsettled	0
Unrecognized stock based compensation expense | $	$ 7.7
Class A Common Stock | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested and unsettled	180,592
2021 Equity Incentive plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Diluted shares conversion percentage	5%
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
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Diluted shares conversion percentage	1%
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued	0
Number of Shares Available for Grant	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

Stock Based Awards - Summary of

Stock Based Awards - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options, Outstanding at beginning of period | shares	25,576
Options, Granted | shares	1,147
Options, Excercised | shares	(8,101)
Options, Forfeited, canceled or expired | shares	(405)
Options, Outstanding at end of period | shares	18,217	25,576
Options, Exercisable | shares	13,693
Options, Vested and expected to vest | shares	18,217
Weighted Average Exercise Price
Weighted average exercise price per share, Outstanding beginning of period | $ / shares	$ 0.73
Weighted average exercise price per share, Granted | $ / shares	4.90
Weighted average exercise price per share, Exercised | $ / shares	0.58
Weighted average exercise price per share, Forfeited, canceled or expired | $ / shares	1.36
Weighted average exercise price per share, Outstanding at end of period | $ / shares	1.05	$ 0.73
Weighted average exercise price per share, Exercisable | $ / shares	0.71
Weighted average exercise price per share, Vested and expected to vest | $ / shares	$ 1.05
Weighted average remaining contractual term	5 years 10 months 20 days	6 years 9 months 25 days
Weighted average remaining contractual term, Exercisable	5 years 4 months 24 days
Weighted average remaining contractual term, Vested and expected to vest	5 years 10 months 20 days
Aggregate intrinsic value, Outstanding beginning of period | $	$ 137,170
Aggregate intrinsic value, Outstanding end of period | $	7,139	$ 137,170
Aggregate intrinsic value, Exercisable | $	7,066
Aggregate intrinsic value, Vested and expected to vest | $	$ 7,139

Stock Based Award - Schedule Of

Stock Based Award - Schedule Of assumptions used in the Black-Scholes Model for options granted (Details) - Options Issued Under Plan	9 Months Ended
	Sep. 30, 2022 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months
Dividend yield	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	1.63%
Expected volatility	57.80%
Fair value on grant date	$ 1.43
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	3.37%
Expected volatility	60%
Fair value on grant date	$ 5.11

Stock Based Awards - Summary _2

Stock Based Awards - Summary of RSU award activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance | shares	203
Granted | shares	1,947
Vested and settled | shares	(161)
Forfeited | shares	(103)
Ending Balance | shares	1,886
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 7.88
Weighted Average Grant Date Fair Value, Granted | $ / shares	4.86
Weighted Average Grant Date Fair Value, Vested and Settled | $ / shares	5.33
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	5.02
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 5.13

Stock Based Awards - Schedule o

Stock Based Awards - Schedule of assumptions used in the Monte Carlo simulation model (Details) - Performance-Based Restricted Stock Units [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	1.47%
Expected volatility	60%
Dividend yield	0%
Fair value on grant date	$ 5.11

Stock Based Awards - Summary _3

Stock Based Awards - Summary of PSU award activity (Details) - Performance-Based Restricted Stock Units [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance | shares	0
Granted | shares	2,115,000
Vested | shares	0
Forfeited | shares	97,000
Ending Balance | shares	2,018,000
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 0
Weighted Average Grant Date Fair Value, Granted | $ / shares	4.72
Weighted Average Grant Date Fair Value, Vested and Settled | $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	4.72
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 4.72

Stock Based Awards - Summary _4

Stock Based Awards - Summary of stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,265	$ 1,053	$ 6,293	$ 2,316
Sales, Marketing and Operating [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	553	169	1,517	534
General and Administrative [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	1,603	763	4,334	1,413
Technology and Development [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 109	$ 121	$ 442	$ 369

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities Related to VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Restricted cash		$ 26,830	$ 24,616
Accounts receivable		9,121	6,165
Inventory		1,184,045	1,132,571
Prepaid expenses and other current assets		9,475	9,808
Property and equipment, net		5,299	5,146
Total Assets	[1]	1,437,600	1,353,082
Liabilities
Accounts payable		7,843	6,399
Accrued and other current liabilities		34,959	35,027
Total liabilities	[2]	1,196,600	1,095,513
Variable Interest Entity [Member]
Assets
Restricted cash		26,730	24,616
Accounts receivable		8,472	4,845
Inventory		1,184,045	1,132,571
Prepaid expenses and other current assets		2,995	2,871
Total Assets		1,222,242	1,164,903
Liabilities
Accounts payable		4,798	2,810
Accrued and other current liabilities		6,192	3,537
Secured credit facilities and notes payable, net - current portion		1,145,819	1,026,196
Total liabilities		$ 1,156,809	$ 1,032,543
[1] Our consolidated assets as of September 30, 2022 and December 31, 2021 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $ 26,730 and $ 24,616 ; Accounts receivable, $ 8,472 and $ 4,845 ; Inventory, $ 1,184,045 and $ 1,132,571 ; Prepaid expenses and other current assets, $ 2,995 and $ 2,871 ; Total assets of $ 1,222,242 and $ 1,164,903 , respectively. Our consolidated liabilities as of September 30, 2022 and December 31, 2021 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $ 4,798 and $ 2,810 ; Accrued and other current liabilities, $ 6,192 and $ 3,537 ; Secured credit facilities and notes payable, net, $ 1,145,819 and $ 1,026,196 ; Total liabilities, $ 1,156,809 and $ 1,032,543 , respectively.

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net loss		$ (80,022)	$ (15,303)	$ (27,476)	$ (6,346)
Weighted average common shares outstanding, basic		247,148	115,985	244,397	78,191
Dilutive effect of stock options	[1]	0	0	0	0
Dilutive effect of restricted stock units	[1]	0	0	0	0
Weighted average common shares outstanding, diluted		247,148	115,985	244,397	78,191
Net loss per share, basic		$ (0.32)	$ (0.13)	$ (0.11)	$ (0.08)
Net loss per share, diluted		$ (0.32)	$ (0.13)	$ (0.11)	$ (0.08)
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:	[1]	9,450	26,652	3,829	26,652
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:	[1]	1,682	0	1,793	0
Performance-Based Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:		2,018	0	2,083	0
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted loss per share:		21,783	0	21,783	0
[1] (1) Due to the net loss during each of the three and nine months ended September 30, 2022 and 2021, no dilutive securities were included in the calculation of diluted loss per share because they would have been anti-dilutive.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 3,474	$ (81)	$ (35)	$ (170)
Company's effective tax rate	4.20%	(0.50%)	(0.10%)	(2.80%)
Company's federal statutory rate	21%		21%
Valuation allowance	$ 33,300		$ 33,300

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Facility shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 16, 2020 USD ($)	Oct. 26, 2016 USD ($)
Related Party Transaction [Line Items]
Number of Facilities | Facility			4
Borrowing Capacity	$ 1,585,000		$ 1,585,000		$ 1,385,000
Fees paid for services	$ 255	$ 182	$ 1,129	$ 971
Preferred stock, shares issued | shares	0		0
First American Financial Corporation
Related Party Transaction [Line Items]
Fees paid for services	$ 3,800	3,200	$ 4,700	7,500
Senior Secured Credit Line
Related Party Transaction [Line Items]
Number of Facilities | Facility			1
LL Mezz Loan Agreement
Related Party Transaction [Line Items]
Maximum principal amount						$ 97,500
Interest expense, borrowings	$ 2,400	$ 3,500	$ 6,800	$ 7,400
L L Funds Loan Agreement | Class A Common Stock
Related Party Transaction [Line Items]
Ownership percentage							5%
L L Funds Loan Agreement | Senior Secured Credit Line
Related Party Transaction [Line Items]
Maximum principal amount							$ 85,000
L L Funds Loan Agreement | Mezzanine Secured Loan
Related Party Transaction [Line Items]
Maximum principal amount							$ 14,000
First Funding Inc.
Related Party Transaction [Line Items]
Ownership percentage	5%		5%
Borrowing Capacity	$ 15,000		$ 15,000
First American Credit Agreement [Member] | Class A Common Stock
Related Party Transaction [Line Items]
Ownership percentage	5%		5%

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, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Borrowing Capacity	$ 1,585,000	$ 1,385,000
Outstanding Amount	959,343	829,440
Senior Secured Credit Facility With Related Party
Related Party Transaction [Line Items]
Borrowing Capacity	85,000	85,000
Outstanding Amount	38,840	81,926
Mezzanine Secured Credit Facilities With a Related Party
Related Party Transaction [Line Items]
Borrowing Capacity	111,500	79,000
Outstanding Amount	$ 72,625	$ 82,509

Related-Party Transactions - _2

Related-Party Transactions - Summary of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Total compensation	$ 255	$ 182	$ 1,129	$ 971
Brother 1
Related Party Transaction [Line Items]
Total compensation	115	75	533	484
Brother 2
Related Party Transaction [Line Items]
Total compensation	108	73	502	384
Sister-in-law
Related Party Transaction [Line Items]
Total compensation	$ 32	$ 34	$ 94	$ 103

Related-Party Transactions - _3

Related-Party Transactions - Summary of Equity Awards Granted to Related Parties (Details)	9 Months Ended
	Sep. 30, 2022 shares
Related Party Transaction [Line Items]
Share-based compensation awards granted	1,147,000
Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	1,947,000
Performance-Based Restricted Stock Units [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	2,115,000
2021 Equity Incentive plan | Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	166,771
2021 Equity Incentive plan | Performance-Based Restricted Stock Units [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	245,658
2021 Equity Incentive plan | Share-Based Payment Arrangement, Option [Member]
Related Party Transaction [Line Items]
Share-based compensation awards granted	6,000
2021 Equity Incentive plan | Brother 1 | Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	84,367
2021 Equity Incentive plan | Brother 1 | Performance-Based Restricted Stock Units [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	126,551
2021 Equity Incentive plan | Brother 1 | Share-Based Payment Arrangement, Option [Member]
Related Party Transaction [Line Items]
Share-based compensation awards granted	0
2021 Equity Incentive plan | Brother 2 | Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	79,404
2021 Equity Incentive plan | Brother 2 | Performance-Based Restricted Stock Units [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	119,107
2021 Equity Incentive plan | Brother 2 | Share-Based Payment Arrangement, Option [Member]
Related Party Transaction [Line Items]
Share-based compensation awards granted	0
2021 Equity Incentive plan | Sister-in-law | Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	3,000
2021 Equity Incentive plan | Sister-in-law | Performance-Based Restricted Stock Units [Member]
Related Party Transaction [Line Items]
Equity awards granted to related party	0
2021 Equity Incentive plan | Sister-in-law | Share-Based Payment Arrangement, Option [Member]
Related Party Transaction [Line Items]
Share-based compensation awards granted	6,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($) Home
Commitments and Contingencies Disclosure [Abstract]
Contract to purchase homes | Home	195
Aggregate purchase price | $	$ 75