As house hunters are increasingly outbid by all-cash buyers, startups are stepping in to level the playing field. FlyHomes and other companies make all-cash offers on homes using a line of credit from a bank while buyers work to secure a mortgage, Bloomberg reported. In exchange, the startup earns a 3 percent commission on the deal as a broker once the buyer gets a mortgage. FlyHomes says more than half of its offers are accepted. […]
source https://therealdeal.com/2018/06/28/startups-help-homebuyers-by-fronting-cash-in-bidding-wars/
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