Homie Cash ™ Allows Buyers to Make Cash Offers on Homes
The new program improves your cash offer, giving you the edge you need to land a home in the highly competitive market.
SALT LAKE CITY, July 13, 2021 (GLOBE NEWSWIRE) – As the housing market continues to set records with low inventory and increased competition among buyers, cash is king. Today Homie Loans announced Homie Cash ™, a new program that allows buyers to make cash offers to dramatically increase their chances of winning the perfect home.
Cash offers are 3 times more likely to win in a competitive bidding war, making them one of the most effective strategies for improving a buyer’s chances of their bid being accepted.
“I’ve seen too many of our clients, from first-time homebuyers to empty nesters, lose the home they really want to investors or cash buyers. We saw the need, so we launched Homie Cash ™ to give shoppers a head start on the competition, ”said Johnny Hanna, Co-Founder and CEO.“ By turning your offer into a cash offer, Homie Cash ™ offers you peace of mind knowing you can bid cash as soon as you find a home you really want. “
On average, five or more deals are made on every home in Utah and Colorado. In utah, the number of cash offers increased 58% from the previous year in June. Cash offers represented 17% of transactions, compared to 10% the previous year. In Colorado, cash offers (as a percentage of total transactions) have increased year over year in the Denver metro area, increasing from 11.5% of all transactions in June 2020 to 20.2% of all transactions in June 2021.
One of the first Homie Cash ™ buyers looked at over 20 homes and made three traditional offers well above asking price over the course of a month and found no success. Then they started using Homie Cash ™ and the first cash offer they made was accepted. They were still worried that their offer would be rejected, but making a cash offer gave them the competitive edge they needed to stand out among many offers and land the home they really wanted.
“Homie Cash ™ is leveling the playing field by allowing buyers who don’t have hundreds of thousands of dollars in their bank accounts to become cash buyers and compete with each other,” Hanna said. “We are putting the power back into the hands of disadvantaged buyers in this extremely competitive market.
Participating in Homie Cash ™ is easy. Buyers complete a short application to qualify for the program. Once the application is submitted, Homie Loans will pre-approve buyers to ensure they are eligible for a compliant mortgage before sending out an offer on a property. Once approved, they work with their Homie real estate agent to make cash offers with Homie funds.
Quick facts about Homie Cash ™:
- Program fee is $ 0 if used with Homie Loans
- Up to $ 2,500 discount for closing costs when bundling services
- End-to-end transaction under one roof
- No funding possibility
- Close in as little as 21 days
Homie Cash ™ is currently available in Utah and Colorado, with plans to roll it out to other states in the near future. For more information on Homie Cash ™, visit homie.com/cash.
Homie uses modern technology, combined with the expertise of dedicated local agents to save thousands of customers. To date, Homie has already saved consumers nearly $ 100 million in real estate commissions and has helped clients buy and sell more than $ 3 billion in homes. The Homie family of companies is a one-stop-shop, saving customers time, energy and money. Homie has brought together real estate, mortgage, securities, insurance and market services under one roof to make life easier for its clients.
In 2020, Homie was named 25th in Deloitte’s North America Technology Fast 500, an annual ranking of the fastest growing companies. With a presence in Nevada, Arizona, Idaho, Colorado and Utah, the company plans to expand this year. Homie Real Estate and Homie Loans are affiliated businesses in that they are both owned by the same person. To learn more, visit www.homie.com/cash. Homie Loans NMLS # 1016597.
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