Real estate tech platform HomeLight has announced two new programs to help buyers and sellers.
The first gives buyers the cash to speed up closing their home purchase, whether they are a first-time buyer or an existing homeowner seeking a move.
“Our vision at HomeLight is to make every real estate transaction simple, certain and satisfying. Cash Close and HomeLight Elite Agent are huge steps toward fulfilling that vision,” said Drew Uher, HomeLight’s founder and CEO.
HomeLight Cash Close is a suite of programs that facilitate all-cash offers including a trade-in option for existing homeowners to search for their new home without worrying about selling theirs; meaning they can move on their own timeline.
The suite also includes a cash offer option which means that qualified buyers have the guarantee of being able to make an all-cash purchase even if they are applying for a mortgage.
“These products are a huge step forward for HomeLight’s clients — NAR transaction data shows that in November of 2019, 23% of settlements were delayed while 4% were cancelled altogether. 41% of those delays were caused by issues related to buyer financing. HomeLight’s goal with Cash Close is to take those numbers to zero,” said Uher.
The second program is HomeLight Elite Agent, designed to connect consumers with the best performing real estate agents in their area.
These agents are determined using metrics including days on market, transaction close rate, time to contact, win rate, and ratings from past clients.
“Unlike other premium agent programs on real estate search portals, real estate agents cannot pay for HomeLight Elite Agent status. Instead, HomeLight Elite is awarded to the top 1% of real estate agents on HomeLight’s platform. HomeLight Elite Agent will be the preeminent community of agents in the real estate industry, not a marketing gimmick or pay-to-play program,” said Uher.
Initially, Cash Close will be available to real estate agents and clients based on a waiting list and HomeLight Elite Agents will receive priority registration.
Cash Close is available in California and HomeLight Elite is available in select markets in California, Colorado, Texas and Florida. Both are expected to be rolled-out to other markets during 2020.
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