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Press release content from Business Wire. The AP news staff was not involved in its creation.

Flyhomes Levels Real Estate Playing Field, Announces All-Cash Offers Won’t Cost Homebuyers More Than Traditional Offers

December 17, 2021 GMT

SEATTLE--(BUSINESS WIRE)--Dec 17, 2021--

Flyhomes, creator of the world’s best homebuying and selling experience, today announced it will now cover all incremental costs associated with using the Flyhomes Cash Offer. With this update, the Flyhomes Cash Offer becomes the first and only all-cash offer with no fees, additional costs or lender requirements for the borrower.

Unlike our competitors, we’ve never charged our borrowers an additional fee to use the Flyhomes Cash Offer or mandated which mortgage lender our clients ultimately use,” said Tushar Garg, co-founder and CEO of Flyhomes. “But there were still incremental closing costs that made it more costly than a traditional offer. We found that some clients would decide not to use a Flyhomes Cash Offer because of these costs and then regret it when they lost the home of their dreams. We never want to see that, so we’ve removed that barrier by covering those costs ourselves. This makes the cost of the Flyhomes Cash Offer to the borrower the same as a traditional offer. We want to make every buyer a cash buyer, and this is a major step toward making that a reality.”

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The first company to make all-cash offers available to consumers at scale, Flyhomes began offering the Flyhomes Cash Offer to clients in late 2017. By providing the funds needed to purchase a new home with cash, its clients have a substantial advantage over typical homebuyers and the ability to compete with deep-pocketed investors, iBuyers, and home flippers. On average, clients who use a Flyhomes Cash Offer purchase their home 4.5x faster (saving them the heartache of losing an industry average of 6 offers), and they win without having the highest offer more than half the time (saving an average of nearly 3% on the purchase price compared to the highest competing offer).

The Flyhomes Cash Offer process is straightforward. Once an offer is accepted, the buyer receives a short-term loan from Flyhomes Mortgage, allowing them to move into their new home in as few as 10 days. The buyer then receives a credit from Flyhomes to be applied to the closing costs of the long-term mortgage that will replace the short-term loan 1. Many other companies require that clients take their long-term mortgage with them to avoid fees on cash offers. Flyhomes clients can work with Flyhomes Mortgage for their long-term mortgage or select the lender of their choice without incurring additional fees from Flyhomes.

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The Flyhomes Cash Offer is available to both first-time homebuyers and existing homeowners, who can use it to buy their next home even before selling their current one in a program called Buy Before You Sell. It is also available to buyers looking to purchase a secondary or vacation home. The Flyhomes Cash Offer is currently available in WA, TX, CA, CO and OR 2 and coming soon to MA, UT, MD, VA, and DC.

About Flyhomes

Flyhomes is building the world’s best homebuying and selling experience 3. Launched in 2016 by Tushar Garg and Stephen Lane, Flyhomes has reinvented the homebuying and selling process at every step. To date, we’ve helped clients close on more than $3.6 billion worth of homes at prices ranging from $150,000 to $7 million. To offer a truly seamless experience, every client is given a dedicated Flyhomes Agent along with a team of research analysts, loan officers, and tour specialists.

This straightforward approach, combined with competitive services like our Flyhomes Cash Offer, Buy Before You Sell, and our all-inclusive listing services help clients compete—even in the most highly competitive markets. And, because we know life happens, we back every service with a one-of-a-kind guarantee so our clients can buy and sell with confidence.

For more information, visit flyhomes.com.

1 The Flyhomes Cash Offer Credit only applies when a buyer works with Flyhomes Brokerage. It appears on the settlement statement as a credit from Flyhomes Brokerage.
2 Flyhomes helps offset incremental transaction costs of the Flyhomes Cash Offer through a brokerage credit which is available in all current Flyhomes markets except OR. Clients in OR will instead receive a lower interest rate on the short-term loan from Flyhomes Mortgage to help offset incremental transaction costs of the Flyhomes Cash Offer.
3https://www.flyhomes.com/licenses CA DRE #02012110, CA DFPI #60DBO-100084

View source version on businesswire.com:https://www.businesswire.com/news/home/20211216006085/en/

CONTACT: Media Contacts:

Justin O’Neill

joneill@flyhomes.com

415-699-0033Antenna Group

flyhomes@antennagroup.com

KEYWORD: DISTRICT OF COLUMBIA OREGON MASSACHUSETTS COLORADO MARYLAND CALIFORNIA WASHINGTON VIRGINIA UTAH TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE BANKING CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES OTHER CONSUMER WOMEN MEN OTHER PROFESSIONAL SERVICES CONSUMER OTHER CONSTRUCTION & PROPERTY FINANCE

SOURCE: Flyhomes

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PUB: 12/17/2021 06:40 AM/DISC: 12/17/2021 06:41 AM

http://www.businesswire.com/news/home/20211216006085/en