A new start up is buying homes directly from homeowners and selling them to buyers, reports HousingWire‘s Ben Lane.
Ribbon, which is currently operating in the Carolinas, offers a novel concept. The company works with homebuyers and their real estate agents to provide home sellers with a guaranteed sale, providing sellers with an all-cash offer regardless of where the buyer is in the mortgage process. Basically, if a homebuyer can’t close on their mortgage in time, instead of losing out on the house of their dreams, Ribbon will buy and reserve the home on their behalf. The buyer then rents the home from Ribbon until they get their financing in order.
Lane says the deal offers benefits for those on both sides.