Homebuyers in Colorado may be getting a big boost from the recently launched BoardRE startup. The company is upgrading its offers to all cash.
"Board uses its resources to buy a home on behalf of clients it has approved for a mortgage in an all-cash deal," according to HousingWire.
"Once the loan is set to close, Board sells the home to the buyer at the same price in a transaction that takes two weeks or less, and lends them the money to buy it back - all at no additional cost to the homebuyer, because Board generates its revenue from the origination fee."
According to Refin research, cash buyers are 97 percent more likely to win in a multi-offer situation. The report also revealed that cash buyers may also receive a 5 percent discount in the asking price compared to buyers with a mortgage.
"Our goal is to ensure our borrowers can compete effectively with all-cash buyers, so they don’t lose the home of their dreams to to an unfair advantage," said Co-Founder and CEO Adam Pollack, according to HW.
To learn more about BoardRE and its lending strategy, click on the image above.