Having a hard time buying a home right now? The coolest solution is right here.

Ribbon© allows you to make offers with no financial or appraisal contingencies. They guarantee your offer once the inspection is completed.  Here is a quick walkthrough to get you started on your Dream Home.

First off, you will be making an offer with your Realtor. Then Ribbon will give you an addendum attached to that contract. The contract would say that if you, as the buyer, cannot close with your own financing by the closing time/end of the contract, then the contract will be assigned to Ribbon, who will buy that property with cash.

The buyer will now become the tenant of Ribbon, and they buy the property back at the same price. The inspection contingency is the only contingency that there will be because Ribbon will become the buyer's landlord after closing. Ribbon then has to make sure that the home does not have structural or safety issues. After the inspection, the sale is guaranteed even if the buyer backs out.

This is a huge benefit for a seller and Ribbon enables a home buyer to compete with other home buyers that have cash.  The seller can coordinate their next move more easily, and it gives them peace of mind that you are able to close on time.

Ribbon can close up to 14 days later, faster than anybody on the market.

How it works:

- The buyer must be pre-approved for a loan with the lender and then submits that pre-approval to Ribbon. The buyer provides Ribbon with the address, so they go ahead and evaluate the home to let them know what Ribbon is willing to pay for the home. You, as the buyer, can offer more than that, but you will have to make up for the difference in the deposit that you put down.

- The buyer can then write an offer with their agent and attach the ribbon addendum to it. After doing the inspection, Ribbon gets a copy of the inspection and could ask for repairs (if there are structural or safety issues). The buyer can close with their own financing and only pay a 1% fee for Ribbon to guarantee the offer.

- If the buyer can't close the mortgage on time or if they needed to accelerate their time frame and close in 14 days, Ribbon can close and give the buyer 180 days to buy the property back from them at the same price (210 days if it's an FHA loan). The buyer would rent by the day. That type of loan would cost the buyer 2.4% of the purchase price that you would pay Ribbon for their service.

- Ribbon guarantees appraisal protection since they go through an evaluation process and they have professional evaluators on staff. When the home appraises for less than the contract amount, Ribbon will make up for the difference with no additional fee.

 

If you want to know more about Ribbon visit https://www.ribbonhome.com/

 

Nathan Walldorf can help you connect with a lender that can do this type of loan. Call him and see how he can help you with your Real Estate needs. 423-544-7700.