NEW YORK--(BUSINESS WIRE)--Ribbon, a real estate solution designed for homebuyers and real estate agents, today announced its expansion to Texas. With Ribbon, homebuyers have the ability to make a non-contingent all-cash offer to present to homesellers, ensuring a guaranteed close and a stress-free experience for both sellers, agents and buyers.
"With low-interest rates, many are looking to purchase a home, creating a significantly competitive market," said Shaival Shah, CEO and co-founder of Ribbon. "Entering Texas gives us an opportunity to assist more real estate agents help homebuyers find their dream home, giving them the ability to make cash offers when necessary so as to create an equal opportunity for all to purchase a home."
According to the Real Estate Center at Texas A&M University, total Texas housing sales rose 17.1% in July of 2020, exceeding pre-pandemic levels with a record-breaking 36,165 sales. As Texas real estate is quickly rising, Ribbon aims to assist local agents in closing more deals, winning more sales and ultimately helping their clients have a fair chance at securing the home of their dreams.
With Ribbon’s Cash Offers feature, pre-approvals and home valuations are completed within 24 hours, making the offer and selling experience efficient and transparent to all parties involved. In the event that a homebuyer cannot close with a mortgage on time, Ribbon will purchase the home on behalf of the buyer, and lease it to them for up to six months. This gives homebuyers additional flexibility to organize financing without losing out on the opportunity of purchasing a home. Ribbon’s expansion into Texas allows local brokers and agents to close more deals and equip homebuyers with the immediate assistance needed to secure homes in high-demand real estate markets such as Dallas, Houston, San Antonio and Austin. Brokers and agents can start using Ribbon immediately, at no cost and begin delivering competitive cash offers to their clients.
"We were experiencing difficulty with our initial lender due to pandemic limitations on appraisers and the high demand in our area. We needed things to sync up but they simply weren’t," said the Bowman family who bought a home in Raleigh, NC with Ribbon. "There was a potential for the sellers to lose their home and for us to miss out on the opportunity to buy. Ribbon stepped in to relieve the sellers of the home so they could close their other pending deal. And it gave us the couple extra weeks we needed to wrap up the mortgage approval with a new lender."
Ribbon operates in North Carolina, South Carolina and Tennessee with plans to expand into several new locations into Q4 and beyond. Since its founding in 2017, Ribbon has assisted more than 20,000 families in achieving home ownership. For more information, visit www.ribbonhome.com.
Ribbon was born in 2017 with the mission of creating a level playing field and improving the experience for consumers and real estate agents in the home buying process. We are a group of passionate technologists, financial innovators and real estate experts. Our team has built market leading companies and overseen the purchase and sale of over 20,000 homes throughout our careers. We come from companies such as LendingClub, Zillow, Twitter, Kickstarter, Toast, Spotify, Invitation Homes, and American Homes for Rent.
Ribbon raised financing from top tier venture capitalist firms including Greylock, NFX, Bain Capital Ventures, NYCA and Thomvest, and debt financing through Goldman Sachs. The company is currently operating in North Carolina, South Carolina and Tennessee, with plans for rapid expansion. For more information, please visit www.ribbonhome.com.