Need an all-cash offer to win a bidding war? These 6 startups can help you buy your dream home.
In today's red-hot housing market, regular people are searching for ways to gain equal footing with deep-pocketed investors and wealthy homebuyers who are flush with cash.
. Yes, some of those all-cash offers come from investors and deep-pocketed buyers with funds from a recent home sale, but part of the uptick is due to a growing number of companies providing services to help regular people make all-cash offers. Some of these cash-offer companies charge transaction fees as a percentage of the home price, but those fees can be waived if you use that same company to get your long-term mortgage, since the company then makes money by originating your loan.
Mike Delprete, a scholar-in-residence at the University of Colorado Boulder who studies the intersection of tech and real estate, said he expects this model to keep growing. The more people lose out to all-cash offers, the more they'll be incentivized to work with a company to make one themselves, reinforcing the cycle.
Ribbon itself does not offer long-term mortgages, something Ribbon spokesperson Sean Piazza said is part of what makes it unique. The company does not have a lending arm or a brokerage house, as part of its founding mission is to eliminate impact on small lending and brokerage businesses, Piazza said in a statement.
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