Ribbon, Flyhomes, Orchard. These so-called "power buyers" offer services that empower the buyer to close on the home with the power of cash.
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Hello, LOs!
By now you've probably heard the names: Ribbon, Flyhomes, Orchard. These so-called "power buyers" offer services that empower the buyer to close on the home with the power of cash. The range of services include buy before you sell, where sellers can secure their next home without a financing contingency before listing and selling their current abode; a sale leaseback, where they can unlock equity by selling to a power buyer and lease it back; and the straight cash offer, where homebuyers can make offers backed by the power buyer and avoid a financing contingency.
These companies wouldn't exist if there were not an addressable problem (bridge financing, that cash remains a seller preference) and a way to make money.
Few mortgage lenders out there are offering these services to buyers, even in an extreme purchase market. So, LOs, lemme ask you – would you like your lender to offer such services, where your client is essentially coming in as a cash-only buyer and refinancing 30 days later? How much more competitive would it make you as an LO? Share your thoughts with me at james@hwmedia.com.
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