DENVER, CO (February 26, 2021) – PorchLight Real Estate Group, a residential real estate brokerage serving the greater Denver metro area and Boulder, has announced its partnership with Homeward, a real estate company offering financial programs that enable homebuyers to make cash offers, even before they sell their current home, or if they are buying without selling at all.
In the current, highly competitive market, cash offers are three times more likely to win than financed bids and typically close faster, too. Homeward allows customers to buy the home they want using a cash offer, and then sell their current property at full market value.
Founded in 2018 by Tim Heyl and backed by Adams Street Partners, Homeward gives homebuyers credit for their home equity upfront and lets them make a cash offer to secure their next home using the company’s funds. Most Homeward customers also receive a floor price guarantee, so if their existing home doesn't sell in six months, Homeward will buy it from them.
The Buy before you sell product eliminates rushed decisions and stress on home sellers by enabling them to know where they’re going once their home is sold. After approval, clients can make a cash offer on a new home and move in after closing. They will then rent the home from Homeward, sell their existing home, and buy back their new home from Homeward. The convenience fee is often rolled into the mortgage payment and rent is prorated by the day with no markup.
For buyers who are not selling an existing home, the Buy with cash product provides a major advantage in the current low-inventory market. Once approved by Homeward, buyers can make an immediate offer on a home within their budget while removing every major contingency. A client can then move upon closing and rent the home back from Homeward until their mortgage is finalized. And when the buyer uses Homeward's preferred lender—which has a rate match guarantee with other lenders—to finance the purchase of the home, they can become a cash buyer at no cost.
"Most proptech companies displace the agent," explained Brian Gubernick, Homeward’s Chief Real Estate Officer. "But we think working with a real estate agent is more important than ever, so we want to innovate with them. We're excited to partner with Porchlight."
“This partnership is going to make a significant difference for both our clients and agents,” said Amy Bayer, Co-Founder and CEO of PorchLight. “The market here in the metro Denver and Boulder areas is highly competitive due to low housing inventory. While our agents are using smart strategies to help clients win bids, Homeward will help take things over the top. Cash and no contingencies is the ultimate advantage, and now our agents and clients have it.”
To learn more about Homeward, visit Homeward.com.
For more information on PorchLight Real Estate Group, visit PorchLightGroup.com or call 303.733.5335.
Independent, local and a women-owned business, PorchLight Real Estate Group provides a personalized approach to real estate in Denver and Boulder. With five conveniently located offices, we serve all types of clients from first-time homebuyers to luxury sellers and those relocating to or from the area. Our comprehensive services are tailored to meet the needs of each client while 150+ thoughtful agents provide the insight and industry expertise required to successfully navigate an ever-evolving market. By guiding our buyers and sellers through the process, advocating on their behalf, as well as developing authentic relationships, our agents empower clients to make smart real estate decisions.