Remedies for buyers to blame: Real Estate Entrepreneurship Flying home A new product called Flyhomes Guarantee for Buyers was launched today, which provides customers with a way to move out of their recently purchased home. This is the latest idea from the Seattle company, which is known for helping people buy houses directly with cash.
How does this work: If the Flyhomes buyer decides to move out within one year after the closure, Flyhomes will list the house and waive its commission. In addition to consumption tax and seller transaction fees, when the house is sold, the customer still needs to pay the buyer’s agent.The idea is to help buyers alleviate the anxiety of buying a house, especially in today’s highly competitive market Home sales are fast.
Flying family background: Founded in 2016, Flyhomes has helped more than 3,000 families purchase nearly $3 billion worth of homes.
Its cash discount program treats customers as cash buyers, which brings convenience to sellers by eliminating uncertainty and can provide Flyhomes buyers with advantages. Buyers get short-term loans from Flyhomes, and Flyhomes provides cash until its customers complete long-term mortgage loans. Flyhomes stated that it will not make money through short-term loans, which have an annual interest rate of about 6%. Buyers also pay transfer fees when refinancing with short-term mortgages.
Most of the company’s revenue comes from agency commissions.
This 450-person startup also provides mortgage services and owns Buy before sell plan This helps the seller to buy and move into the next home before selling the current property.
Flyhomes is currently active in five states.The company is led by the CEO and co-founder Tushar GagTo date, it has raised more than US$200 million in funding, including a US$150 million Series C financing in June. Investors include Norwest Venture Partners, Battery Ventures, Fifth Wall, Camber Creek, Balyasny Asset Management, Andreessen Horowitz, Canvas Partners and former Zillow Group CEO Spencer Rascoff.